The Philippines

10 Years of GMW | Global Money Week Annual Report 2022 The Philippines

GMW national coordinator: Cooperative Development Authority Participating organisations: The Central Bank of The Philippines (Bangko Sentral ng Pilipinas - BSP), Development Bank of the Philippines, Sta. Cruz Savings and Development Cooperative (SACDECO), National Youth Commission, ALNEMPCO laboratory cooperative, NATCCO Youth Cooperative, MIFEDCO MIMARO Island Federation of Coops, Central Isulan Teachers Employees, Retirees Multipurpose Cooperative (CITERMPCO), Pru Life UK Total number of participating organisations: 49 Number of children and young people reached directly: 22,193 Number of adults reached directly: 22,855 Number of people reached indirectly: 374,580

The Cooperative Development Authority celebrated Global Money Week 2022 with various activities at the national and regional level. Despite the ongoing pandemic, virtual and face-to-face activities were organised and implemented following health protocols. The GMW kicked off with the nationwide launching on March 21, which was spearheaded by CDA Head Office under the stewardship of Finance Cooperatives Cluster Head who explained the rationale behind the GMW campaign. CDA Chairperson expressed his full support and highlighted the importance of financial literacy and education for youth. National Youth Commission Chairperson shared how banking and savings are not common among the Filipino youth and therefore CDA’s initiative to advocate financial literacy through the Global Money Week is an important step to change the youth’s mindset about savings. The regional director shared about region III’s experiences in organising GMW activities in previous years. Education, Advocacy and Union Cluster gave a closing speech by linking the importance of this campaign to the global movement towards quality education and the support of achieving the Sustainable Development Goals (SDGs). A total of 421 participants joined the Zoom meeting while 558 accessed the launching via Facebook Live. Among the Zoom participants, 151 were from the youth sector.

At the national level, the CDA Head Office organised two financial literacy webinars. One for youth and another one for teachers. During a financial literacy webinar for youth, the Development Bank of the Philippines’ speakers talked about financing, debt management, and the programmes that DBP implements. Strategies on how the youth of today save their money and budget their allowance were also tackled. SACDECO Marketing Manager, shared the best practices of their cooperative. He also mentioned the different savings and financial literacy programmes of their lab. He highlighted the fact that we need to invest in youth and be able to prepare them for the futures. A total of 426 Zoom participants attended the webinar, 63% of which were between ages 8-30. While Global Money Week is essentially focused on youth, it is very important to include teachers in the GMW activities. This is in recognition of their vital role in guiding the young and educating them to be financially smart and resilient. In line with this, the CDA Head Office requested the Bangko Sentral ng Pilipinas to become speakers in the financial literacy webinar for Teachers’ Cooperatives. A total of 255 participants registered in this Zoom meeting.

At the regional level, CDA Regional Offices conducted their own GMW activities. Among these were TikTok challenge, poster making contest, money management webinar, business proposal writing contest, “Virtual Escape Room Challenge - Financial Literacy Edition”, drawing contest, eMoney webinar, and more. A total of 2,193 children, youth, and young adults participated in all GMW activities of CDA’s Head Office and 1,594 adults and 47 institutions participated in their regional offices. It is estimated that a total of 14,808 individuals were reached indirectly through social media and other forms of communication.

Throughout Global Money Week 2022, the Bangko Sentral ng Pilipinas (BSP) along with its partners reached over 20,000 youth and professionals through digital activities such as social media campaigns under PisoLit, the financial education platform of the BSP on Facebook and Instagram. The BSP also shared multimedia educational materials on key personal finance topics through the PisoLit platform.

Pru Life UK held an open-to-public virtual event under its online financial literacy programme. The PRUWise Webinars were titled “Build Your Future: Be Smart About Money Today” and organised via Zoom on March 25. The specific episode was dedicated to the 11th anniversary of Cha-Ching celebration in support of Global Money Week.

The two-hour event featured a live virtual interview with the award-winning Filipino host and millennial businessman, who shared his success story, financial tips and strategies aimed at inspiring and guiding the young participants to achieve their life goals and build their financial futures.

The episode featured a learning session with in-house financial experts from Pru Life UK. These experts provided professional advice. Their call-to-action focused on the six financial pillars (earn, save, spend, protect, invest, and give).

As a way to engage the participants, a posting contest on the Pulse Wealth Smarts Community was also conducted, wherein participants could share their learning experience and takeaways.