• CHERYL G. CRUZ
All public and private educational institutions in Bacolod City should integrate basic financial literacy in their non-curricular or co-curricular programs, the Sangguniang Panlungsod said.
“Integrating financial literacy in schools will prepare students to make informed financial decisions, avoid unnecessary debt, and build financial stability early in life,” the SP said in a resolution it approved recently.
It noted that several studies and surveys, including those by the Bangko Sentral ng Pilipinas, state that “a large percentage of Filipino youth have limited understanding of personal finance, budgeting, saving, investing, and responsible credit use,” hence the need for improved financial literacy among students.
The resolution, authored by Councilor Caesar Distrito, noted a growing population of students in both public and private educational institutions in the highly-urbanized city.
“It is fitting that the City leads by example in building financially literate and empowered youth,” Distrito stressed, adding that the local government, through its City Youth and Development Office and in collaboration with the BSP, local banks, credit cooperatives, and financial institutions, can support these initiatives by offering financial education modules, seminars, and workshops.
The city government recognizes the increasing importance of financial literacy, in light of modern-day challenges including inflation, online shopping, digital lending, and youth exposure to financial scams and consumer debt, the SP added. | CGC
