BSP to translate banking terms to Filipino

THE Bangko Sentral ng Pilipinas (BSP) will be translating some banking and economic terms to the Filipino language, an effort that they hope will help Filipinos become more financially literate.

The initiative will be in collaboration with the Komisyon sa Wikang Filipino (KWF). KWF will train selected BSP officials to spearhead the translation of some banking and economic terms of the central bank, said BSP Economic and Financial Center Deputy Director Maria Farah Angka.They have already identified some of the learning materials that will have to be translated into Filipino. As the project progresses, this will be translated into other dialects, including Cebuano.

“We have already identified the learning materials...It is progressing, but we are working on the details. We acknowledge the need for us to communicate to the public with the dialect they are familiar with,” Angka said during the BSP’s Economic and Financial Learning Program (ELFP) press briefing last week.

The official cleared that there is no definite timeline yet for the completion of the project.

While it is still in the planning stage, BSP is focusing on EFLP, a program that consolidates the learning outreach activities of the BSP. It includes a series of learning sessions that promotes public awareness and understanding of key economic and financial issues.

This year is ELFP’s fifth leg in Cebu. Activities include: BSP Reaches Out (BRO), a savings campaign for kids and teens from Grade 1 to Grade 10 where BSP went around some schools in Cebu City to encourage young bank depositors; the “Be up to Speed on BSP,” an information campaign on the role of the BSP in the economy; and the “Financial Education Expo for the Working Sector,” where the BSP set up learning booths with audio-visual presentations, graphic displays and interactive activities at the Sarrosa International Hotel.

In addition, ELFP included activities like the “Paghahanda sa Kinabukasan,” a financial learning campaign for overseas Filipinos and their beneficiaries at the BSP Cebu office in Osmeña Blvd., and a users’ forum on BSP-produced statistics that covered topics on monetary and financial statistics, expectations surveys and leading indicators, inflation and consumer price index issues, as well as regional economic developments.

The ELFP in Cebu started Oct. 5 and ended Oct. 9.

The program, according to BSP Cebu Acting Director Leonides Sumbi, embodies the goal of the BSP to promote economic and financial education among its stakeholders, who can become more effective partners of the BSP in safeguarding price stability and in ensuring a stronger and safer banking and payments system.

The International Fund for Agricultural Development (IFAD) of the United Nations recently named BSP the winner of the 2015 Global Forum on Remittances and Development (GFRD) Public Sector Award for the ELFP.
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