Intensify Financial Literacy Programs, Senator Angara Urges Government

Manila Bulletin, April 12, 2018 | Go to article overview

Intensify Financial Literacy Programs, Senator Angara Urges Government


By Hannah Torregoza

With so many Filipinos still falling victim to investment scams, Senator Juan Edgardo (Sonny) Angara underscored the need for government to intensify its financial literacy programs.

"Glowing reviews and optimistic projections have been heaped on the Philippine economy, particularly regarding its financial system," Angara said.

"Opportunities abound on account of these developments but many Filipinos do not even have a basic grasp of economic and financial concepts," he lamented.

He said the recent discovery of close to P1-billion in fraudulent bitcoin investments only illustrates that Filipinos are still lacking in financially literacy that they still fall prey to schemes that promise huge returns in a short span of time.

Last April 4, the Philippine National Police (PNP), arrested Arnel and Leonady Ordonio following complaints from investors that the couple had conned them into investing in bitcoins.

The Ordonios were reported to have collected P900-million in cryptocurrency investments from their alleged victims.

Angara noted that despite the existence of Republic Act 10922 or the Economic and Financial Literacy Act, there is still little improvement in making Filipinos financially savvy.

"This is not the first time that we have seen such kind of scams that have victimized our hapless kababayan whose only intention is to earn legitimate income for their families," said Angara, who chairs the Senate ways and means committee.

"Their lack of knowledge of the financial system and investment, however, will only continue the cycle of victimization if we do not address this," he stressed.

The law, he said, declares the second week of November of every year as "Economic and Financial Literacy Week" so as to develop national consciousness on economic and financial literacy.

During the observation of this week, the National Economic and Development Authority (NEDA) is tasked to lead other government agencies and financial institutions such as the Bangko Sentral ng Pilipinas (BSP), the Department of Finance (DOF), the Department of Education (DepEd), the Commission on Higher Education (CHED), the National Youth Commission (NYC), and the Department of the Interior and Local Government (DILG) in launching activities aimed at encouraging and teaching Filipinos to have technical expertise on investments. …

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