The Bangko Sentral ng Pilipinas has signed a memorandum of agreement with BDO Foundation and the Tagbilaran City government to advance financial literacy.
The partnership aims to implement financial education initiatives that will help residents make informed financial decisions, build financial health, and improve their economic well-being.
The memorandum formalizes cooperation among the government, private sector, and community to deliver effective financial education, with the central bank noting that collaboration is essential for achieving this goal.
The central bank has carried out financial education programs for various sectors, including micro, small, and medium enterprises, senior citizens, and civil society organizations, as well as universities in Bohol.
Partner financial institutions have assisted residents in opening formal financial accounts, while the BSP has discussed expanding access to financial services with banks and other institutions in the locality.
The partnership also aims to strengthen the financial capacity of fisherfolks, building on last year's financial education initiatives for their agriculture, youth, and academic sectors.
Tagbilaran City Mayor Jane Censoria Cajes-Yap emphasized the importance of teaching financial literacy to young people, stating that it will enable them to improve their lives and make informed financial decisions.
