FINANCIAL LITERACY. Pantawid Pamilyang Pilipino Program (4Ps) beneficiaries participate in the pilot implementation of the Digital Financial Literacy Program of the Department of Social Welfare and Development 5 (Bicol) in Bulan, Sorsogon on Feb. 29, 2024. The new program seeks to promote financial inclusivity and sustainability among 4Ps beneficiaries in the country. (Photo courtesy of DSWD-5)
LEGAZPI CITY – The Department of Social Welfare and Development (DSWD) 5 (Bicol) has begun implementing the Digital Financial Literacy Program, which will capacitate Pantawid Pamilyang Pilipino Program (4Ps) beneficiaries concerning savings and online banking applications.
In an interview on Friday, Jessica Buendia, DSWD-5 4Ps information officer, said the pilot implementation in Bulan, Sorsogon on Thursday was part of the directives of DSWD Secretary Rex Gatchalian to include the economically disadvantaged population into the financial system of the country.
"This new program seeks to promote financial inclusivity and sustainability among 4Ps beneficiaries. It aligns with Republic Act 11310, also called the 'Act Institutionalizing the 4Ps,' which emphasizes the need to provide beneficiaries with capacity-building activities to improve their overall well-being. The initiative aims to offer support that can help beneficiaries achieve long-term financial stability," she said.
Buendia said as part of a pilot program, beneficiaries of the government's conditional cash transfer program 4Ps received orientations on financial literacy and digital financial services.
Representatives of partner organizations, including Landbank of the Philippines (LBP), Bank of the Philippine Islands (BPI) Foundation, Ayala Foundation, GCash, and Maya, talked about their respective services. After the discussions, attendees signed up with their preferred digital financial service provider.
"Aside from how to save money, the participants were taught how to use online banking applications since most beneficiaries balance their cash cards at the bank itself, which is costly and inconvenient. Landbank already has a Piso Savings Account, they encourage the beneficiaries to open an account instead of using a piggy bank because there are incidents where the money is taken or lost. The GCash and Maya also discussed their services like digital saving with high-interest and e-loading business," Buendia said.
He noted that the initiative is expected to benefit the 400,503 active 4Ps beneficiaries in the region.
Aside from Bulan, Sorsogon, other areas in the country that have implemented the Digital Financial Literacy Program are Quezon City; Cagayan de Oro City; Guiuan, Eastern Samar; Iloilo City; and Agusan del Sur. (PNA)
