Ejercito: "Filipinos should be equipped with basic financial knowledge"

Senator JV Ejercito wants Filipinos to be equipped with basic financial knowledge through the declaration of the 2nd week of November as Economic and Financial Literacy Week. The Senate approved his proposed measure, Senate Bill No. 2779, today on second reading.

"The objective of the bill is to promote the consciousness of Filipinos regarding the country's economic and financial positions. This proposed legislation complements the government's battle cry for inclusive growth as part of the Philippine Development Plan," Ejercito said.

He added, "Once this bill is enacted into law, there will be consciousness-raising and knowledge-expanding activities that could be integrated in the school curriculum for the benefit of the students and the youth. The bill also mandates the printing and distribution of financial literacy materials, as well as the active participation of the private sector and the civil society."

Ejercito, who chairs the Senate Economic Affairs committee, pointed out that in the recent 2015 National Baseline Survey on Financial Inclusion of the Bangko Sentral ng Pilipinas, it was found that only 4 out of 10 Filipino adults have some form of savings while in the latest MasterCard Financial Literacy Index, the Philippines ranked 8th among 16 countries surveyed.

"It is alarming to know that most Filipinos lack basic financial knowledge. This is not in accordance with the inclusivity that we wish to achieve. Being inclusive not only means providing opportunities, but also being able to change the mindset of the people in terms of their potential contribution to the economy through sound financial decisions," Ejercito said.