MORE than 1,000 leaders, decision-makers, influencers, and representatives from public and private institutions, development partners, international organizations, civic societ, and the academe gathered for the first ever Financial Education Stakeholders Expo organized by the Bangko Sentral ng Pilipinas (BSP) at SMX Convention Center Manila.

The two-day expo, which kicked off Tuesday, November 27, is designed to be an annual gathering of public and private institutions that implement and support sustainable and effective financial education policies and programs, a press release from the BSP said.

The long-term objective is to build an organized network of players that share the vision of a financially-literate citizenry and cohesively implements a variety of initiatives to achieve this vision. This is in line with the BSP advocacy for financial education, and supports the BSP mandates of maintaining price stability, financial stability and efficient payments system, it said.

It is the BSP's conviction that a financially-educated Filipino is an empowered Filipino, able to make wise financial decisions that positively impact personal financial circumstances, and consequently contribute to inclusive and sustained economic development, the press release added.

BSP governor Nestor Espenilla Jr. noted that “financial education is a powerful tool that supports individual well-being as well as economic growth. Filipinos with the ability to understand, select and use financial services suitable for their needs can better take advantage of economic opportunities, and gain maximum benefit from participating in the formal financial system.”

BSP deputy governor Chuchi Fonacier added: “Improving the financial literacy and capability levels of Filipinos requires collaborative effort among multiple stakeholders from the government and private sectors. The expo provides venue for parties to connect, leverage on each other’s competencies, explore mutually-beneficial partnerships, and work together in unison towards a financially-literate nation.”

The expo included talks on leadership and financial stewardship; and personal finance management principles and strategies.

Plenary discussions also focused on the state of financial education practices in the Philippine and around the world; and innovative approaches in financial education program design and delivery, as informed by behavioral research or behavioral economics.

One session covered the experiences of selected financial service providers in implementing financial education programs as part of their corporate social responsibility.

The expo supports Republic Act No. 10922 which designates the second week of November as Economic and Financial Literacy Week. It is also aligned with the objectives of the Philippine National Strategy for Financial Inclusion, particularly the pillar on Financial Education and Consumer Protection. (PR)