Major banks launch savings programs for kids and teens

UNTV News and Rescue

FILE PHOTO: Bangko Sentral ng Pilipinas

PHILIPPINES — Major banks in the country have joined in an agreement with Bangko Sentral ng Pilipinas or BSP to help millions of Filipino youth to save money.

The project, “Banking on Your Future and Kiddie Teen Program,” is a cooperation initiated by BSP together with the Bank Marketing Association of the Philippines and 12 major banks in the country.

It targets 12 million Filipino school children aged 12 and below. They are encouraged to open accounts with initial deposits of one hundred pesos only.

Bangko Sentral ng Pilipinas also gives a special authorization the 12 major banks to conduct bank deposit activities in schools

“Our goal is to raise financially responsible Filipinos starting with our school children and to promote good money habits such as saving regularly by providing our youth access to child-friendly deposit accounts and other bank products”, said BSP Governor Amando Tetangco Jr.

The partnership has also extended the age limit of the banks’ kiddie account program to 19 years old. This is to let those who have opened bank accounts to sustain their savings until they graduate from high school.

Also, BSP intensifies its partnership with the Department of Education by a proposed integration in the present elementary curriculum lessons on money, money management saving and basic economics related to savings.

Meanwhile, BSP has accorded teachers and students who have sustained their savings with the Bida sa Pag-iimpok at Pangkabuhayan Award which DepEd launched in 2014.

“I would like to thank and really express our appreciation to the Bangko Sentral ng Pilipinas which is not only the guardian of our monetary system but has also expanded its interest to culture and to the advocacy and gospel of thrift and of savings” Education secretary Leonor Briones. — UNTV News and Rescue

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