The BSP is developing a new financial education strategy to improve the economic health of consumers across the Philippines.

The proposed framework envisions a society where individuals possess the knowledge and confidence to make sound economic decisions.

Regulators target releasing the completed strategy later this year, following ongoing consultations with industry stakeholders.

The central bank recently convened government agencies and private sector partners at its head office in Manila.

Civil society organisations and development institutions also joined the consultation to help refine the draft framework.

Bernadette Romulo Puyat, Deputy Governor of the central bank, stated that consultations matter because research cannot replace on-the-ground insights.

“A national strategy only becomes meaningful when government, industry, civil society, and development partners work together to make it succeed. That is when it becomes more than a document,” she added.

Officials and partners presented key findings on the local economic landscape and introduced the draft framework during the event.

Stakeholders participated in workshops to share insights and identify priority initiatives to further refine the strategy.

The regulatory body will consolidate and analyse the gathered input to improve the final document.

The World Bank provides technical assistance for the project alongside input from the Foreign Commonwealth and Development Office.

The resulting document will form part of the broader national strategy for financial inclusion covering the period until 2028.

Regulators will subsequently endorse the framework to a steering committee composed of various government agencies for final approval.

Featured image: Edited by Fintech News Philippines based on an image by mrsiraphol via Magnific.