Dennis Gaviola

The facade of the Bangko Sentral ng Pilipinas on February 15, 2024. Jonathan Cellona, ABS-CBN News

Article (news)

Jekki Pascual

ABS-CBN News

MANILA — The Bangko Sentral ng Pilipinas (BSP) on Monday launched the Youth Financial Inclusion (YFI) Initiative, which aims to help Filipino youth become more financially literate.BSP Deputy Governor Bernadette Romulo-Puyat highlighted the importance of engaging with the youth in financial literacy and also getting insights from them on how best to spread awareness and understanding on spending, investing, and even avoiding financial scams.“You are 31 million strong. That is nearly one-third of our population. With this strength in numbers, you can influence the economy in ways that are both significant and lasting,” Romulo-Puyat told students during the online launch of the YFI Initiative.Romulo-Puyat said based on BSP data only 27 percent of teens aged 15 to 19 have formal accounts, while only 21 percent have savings. She said there is a need to make the youth more aware of financial services, adding that is also about planning for the future.NYC Chairperson Usec. Joseph Francisco Ortega added that many Filipinos still lack knowledge in managing and planning finances. This could affect the economy in the long run.“This lack of knowledge can lead to poor financial decisions, high levels of debt, and limited economic movement. Not to mention, maapektuhan ang gobyerno natin kasi this poverty will lead always to corruption,” Ortega said.He added, “Understanding financial concepts early in life sets the stage for long term success. Bakit? Because it empowers you to make smart choices about spending, saving, investing.”BSP has partnered with various government agencies and groups such as the National Youth Commission (NYC), Presidential Communications Office, Department of Budget and Management, Department of Information and Communication Technology, National Economic and Development Authority, among others.Several programs are lined up for the year like the YFI Ambassadors Program, YFI Hackathon, and YFI Congress. There will be trainings, seminars, and other activities. BSP said this will be a participatory program, which means students can also share their thoughts and insights on financial inclusion.

The Bangko Sentral ng Pilipinas (BSP) on Monday launched the Youth Financial Inclusion (YFI) Initiative, which aims to help Filipino youth become more financially literate.

The Bangko Sentral ng Pilipinas (BSP) on Monday launched the Youth Financial Inclusion (YFI) Initiative, which aims to help Filipino youth become more financially literate.

BSP wants youth to be financially literate

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BSP wants youth to be financially literate

Jekki Pascual,

ABS-CBN News

Published January 20, 2025 06:31 PM PHT

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