Pasig financial literacy push targets vulnerable sectors

Insider Spotlight 

• Pasig City is strengthening livelihood and social reintegration programs by adding practical financial education for vulnerable sectors
• The program targets relocated families, micro-entrepreneurs, solo parents, persons with disabilities, senior citizens and people recovering from drug use
• BDO Foundation and the Bangko Sentral ng Pilipinas are working with the city government to help beneficiaries manage businesses and build financial resilience
  
  
  

Pasig City is adding financial education to its livelihood and social programs on the premise that financial assistance and skills training alone may not be enough to help vulnerable residents achieve lasting economic stability.

The city government has partnered with BDO Foundation and the Bangko Sentral ng Pilipinas (BSP) on a financial education program intended to give residents practical money-management skills and support their longer-term financial resilience.

Financial challenges

The initiative is designed to complement Pasig's existing livelihood and social reintegration efforts, particularly for groups that may face greater financial challenges. Beneficiaries include relocated families, micro-entrepreneurs, persons recovering from drug use, solo parents, persons with disabilities and senior citizens.

"After completing livelihood and skills training, they also need to understand how to manage and sustain a business," Pasig City Anti-Drug Abuse Office officer in charge Zenaida Concepcion said in a press statement. 

"Financial assistance is available through the local government, but financial education helps ensure that beneficiaries are equipped to make informed decisions and improve their quality of life," Concepcion added. 

BSP's National Strategy for Financial Inclusion 

The program is aligned with the BSP's National Strategy for Financial Inclusion and reflects a broader effort to connect financial literacy with poverty reduction, employment and inclusive development.

"Empowering people with financial knowledge contributes not only to stronger families and communities but also to broader national development goals of reducing poverty, promoting decent work, and building inclusive and sustainable societies," BDO Foundation president Mario A. Deriquito said. 

Practical extension 

BDO Foundation has been implementing financial education initiatives with the BSP and public- and private-sector organizations as part of its financial inclusion advocacy.

The partnership was formalized through a memorandum of agreement involving BDO Foundation, the BSP and Pasig City. A ceremonial signing at Pasig's temporary city hall included Pasig City Mayor Vico Sotto, BSP Deputy Governor Bernadette Romulo-Puyat and representatives of BDO Foundation and the city government.

The initiative ultimately seeks to turn financial knowledge into a practical extension of government assistance—helping beneficiaries not only access livelihood opportunities but manage their resources and sustain economic gains over time. —Vanessa Hidalgo | Ed: Corrie S. Narisma