DepEd seeks to boost financial literacy among studes, teachers

The Department of Education (DepEd), led by Secretary Leonor Magtolis Briones and other DepEd officials, receives the second set of financial literacy videos from Banco de Oro Foundation and Bangko Sentral ng Pilipinas during the turnover ceremonies at the DepEd Central Office on March 13. (Photo courtesy of DepEd)

MANILA -- The Department of Education (DepEd) is set to take financial education in public schools to a higher level.

In a statement Friday, Education Secretary Leonor Briones said DepEd has received the second set of financial literacy videos from Banco de Oro (BDO) Foundation and Bangko Sentral ng Pilipinas (BSP) during turn-over ceremonies at the DepEd Central Office on March 13.

The videos are part of the memorandum of agreement (MOA) signed by DepEd, BDO and BSP on May 28, 2018.

The MOA aims to provide lessons on responsible handling of personal finances and manage resources through a financial literacy program in compliance with Republic Act 10922 or the Economic and Financial Literacy Act.

The first set of financial videos, which has been uploaded to DepEd's online learning portal, focuses on the why’s and how’s of saving. They are now being used for classroom instruction and teacher trainings nationwide.

Meanwhile, the second batch of videos for teachers and learners focuses on the topics of budgeting and financial management, investing, avoidance of scams, managing indebtedness, and entrepreneurship.

"For me, we can talk about financial literacy, we can talk about money in a very rational way, the way economists do it. But we will have to look at the sociology, the cultural side of it. What makes people spend more than their income? Why do people save? Why is it that others save and others don’t?,” Briones said.

In an earlier interview, DepEd Undersecretary for Finance-Budget and Performance Monitoring Annalyn Sevilla told the Philippine News Agency (PNA) that young students who grow up understanding their financial priorities and calculating financial risks become crucial advocates of nation-building.

Sevilla added that the videos would be key in instilling other values, which life-long learners must possess, apart from teaching the value of saving money.

“Kapag ang bata ay tinuruan ng financial management, natututo silang maging responsible and to think critically. Naiisip nila kung alin ang mas importante pagkagastusan at mamuhay lamang sa kakayahan nila (When a child is taught financial management, they learn to be responsible and to think critically. They are able to analyze which is more important to spend on and to live within their means),” she said.

Sevilla stressed that financial literacy is not just about saving money but also involves knowledge of how money works in the community.

“Ang decision-making ng mga bata sa pera ay nagpo-progress (Children’s decision-making about money progresses) from simple to big things, when they become parents, businessmen and leaders of our communities, they will manage their finances according to what was taught to them when they were young,” she added.

Recognizing the roles of teachers in raising financially-literate Filipinos, Sevilla said DepEd is also keen about equipping them with financial management skills which they can show to the learners.

“For the newly-hired teachers, Secretary Briones instructed, part ng kanilang (of their) orientation is financial literacy. Meron kaming (We have a) resource person na nagtuturo ng (who teaches) personal management of your finances, not just the partnership with BDO, BSP, Government Service Insurance System but a lot of non-government organizations volunteering to teach our teachers,” she said. (PNA)