BSP Enhances Its Consumer, Education Programs

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In line with its 16th anniversary celebration, the Bangko Sentral ng Pilipinas (BSP) is launching an array of meaningful activities this month aimed at helping the ordinary Filipino make well-informed financial decisions.In charge of this month’s activities is the BSP’s Financial Consumer Affairs Group (FCAG), which was created three years ago to support the BSP’s Supervision and Examination Sector (SES) in ensuring the protection of depositors and investors and enabling the smooth and orderly functioning of the entire financial system.The declaration last year of the period from July 2009 to June 2010 as “Financial Consumer Empowerment Year” gave further impetus to the program.Ms. Ma. Belinda G. Caraan, FCAG acting deputy director and head, said the declaration formally launched and announced the BSP’s proposed holistic and consolidated approach in its consumer protection and education advocacy.Caraan stressed that by declaring this year as a special year for financial empowerment, the BSP aims to reach out and deliver a message of hope and encouragement to Filipino consumers “to make informed financial choices for the betterment of their lives."The Financial Consumer Affairs Group is launching a financial education expo on July 24, a half-day affair that intends to heighten awareness on the availability and accessibility of the BSP’s financial education initiatives to all Filipinos.The expo would include lectures, exhibits and game booths. There will also be two guided learning tours to ensure that all guests participate and absorb all the learning activities provided in the caravan.BSP employees will also get the chance to play a part in the bank’s efforts by participating in a slogan and poster-making contest. The grand prize winner will get R5,000, while the first and second runners-up will receive R3,000 and R2,000, respectively.The FCAG will use the winning entries in its brochures, advisories, and other financial education materials, according to Caraan.The BSP also recently launched its saving promotions program called “Banking on Your Future,” which targets Filipino schoolchildren as a new generation of savers.This event kicked off with the signing of a memorandum of agreement with the Coordinating Council of Public Educators Association for the inclusion of economic and financial concepts in the private elementary school curriculum. …