Friday, September 12, 2014

200,000 Pantawid Pamilya beneficiaries to undergo financial literacy trainings

From the Website of DSWD


200,000 Pantawid Pamilya beneficiaries to undergo financial literacy trainings

DSWD Secretary Corazon Juliano Soliman, and BPI Globe BanKo President and Chief Executive Officer (CEO) John Rubio seal their partnership project “BanKo para sa Pangarap Ko,” through the signing of the memorandum of agreement.

By year end, some 200,000 Pantawid Pamilyang Pilipino Program families are expected to benefit from the series of financial literacy trainings being conducted by the Department of Social Welfare and Development (DSWD) through its Sustainable Livelihood Program (SLP), and BPI Globe BanKo (BanKO).

This is one of the agreements in the memorandum between DSWD and BanKO in their partnership project entitled “BanKo para sa Pangarap Ko” which started in May this year.

Through the financial literacy trainings, Pantawid Pamilya beneficiaries will learn how to manage their finances and enable them to come up with better financial decisions.

From May to July, SLP has facilitated some 2,793 financial literacy sessions, with BanKO representatives serving as subject-matter experts, to Pantawid Pamilya families in Payatas, Quezon City; Tuburan, Cebu; Tacloban, Leyte; Culion, Palawan; and Carmen, Cagayan de Oro.

The project also encourages them to open savings accounts with an initial deposit of P50.

As of August, the partnership has benefited 70,000 Pantawid Pamilya families opening their own savings accounts. Collectively, the new account holders have reached a total of P9.8M in transaction value, with at least a collective savings of P8.4M from May to July of this year.

DSWD Secretary Corazon Juliano-Soliman emphasized that this partnership with BanKO is very timely since poor families need a financial instrument for a sustained growth.

“Bigyan natin sila ng konting puhunan (Let us provide them with some financial capital),” she asserted.

“Hayaan natin silang maging instrumento ng pag-unlad at masabi din nila na kaya nila ang pagbabago (Let us allow them to become instruments of development, and eventually, they will be able to say that they can bring about positive change in their lives),” the Secretary stated.

For his part, BanKO President and Chief Executive Officer (CEO) John Rubio expressed, “Supporting [DSWD's] program helps us achieve our mission.”

Rubio shared that BanKO envisions to provide every Filipino with a bank account. The bank account, he shared, is, “Para sa pangarap ng bawat Filipino (For the dream of every Filipino).”

Within the next five to six years, BanKO also endeavors to eradicate “5-6”, an underground lending scheme where lenders take advantage of borrowers with high interest rates and unfair financial practices.

Rubio also shared that BanKO aims for the accessibility of financial services in the country.

Through BanKO partner outlets, transaction for financial services should be within ten minutes.

DSWD looks forward to the unrelenting support of BanKO and other partner institutions in order to achieve a common dream for a financially literate and self-sufficient Filipino.

“We have proven once again that [we can achieve] partnership, synergy, and convergence between the public and private sectors for inclusive growth,” shared Sec. Soliman.

Aside from trainings on financial literacy, SLP also organizes basic business management, facilitates employment, and technical and vocational skills in the context of the participant communities.

These serve as pathways to community enterprises and employment opportunities that are disaster-resilient, market-driven, and resource-based to ensure their sustainability and reinforce self-sufficiency among poor families.

DSWD Website

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