BDO Foundation spearheads training on financial literacy for Iloilo vendors

The Philippine Star

August 20, 2024 | 12:00am

MANILA, Philippines — Market vendors in Iloilo City have completed the financial literacy training provided by BDO Foundation, the corporate social responsibility arm of BDO Unibank, aimed at empowering local entrepreneurs with the essential knowledge and skills to manage their finances effectively and sustainably.

Iloilo City had asked BDO Foundation to develop a tailored financial education training program for its market vendors. This collaboration also involved the Uswag Negosyo Academy the LGU’s training arm under the Local Economic Development and Investment Promotion  Office, which focuses on the growth of local MSMEs in the city.

The program consisted of two modules: first is the basics of financial literacy, including budgeting, saving, financial planning and debt management; while the second module utilized a modified Fish N’ Learn approach, covering advanced topics such as investing in business, microinsurance and fraud prevention. Fish N’ Learn is a financial education game originally designed for fisherfolk, but the regional fisheries office was able to modify it to suit the market vendors’ context.

“There were 200 market vendors who displayed dedication and commitment to enhancing their financial knowledge. This program reflects our dedication to empowering local communities and advancing financial inclusion throughout the Philippines,” BDO Foundation president Mario Deriquito said. Additionally, the foundation provided training to LGU trainers to ensure the continuity of the program for more market vendors within the city.

Iloilo City Mayor Jerry Trenas commended the initiative, highlighting its positive impact on the community. “This partnership with BDO Foundation has provided our market vendors with valuable skills to help them grow their businesses and improve their quality of life. We look forward to continuing this fruitful collaboration,” he said.

The market vendors received cash incentives worth P5,000 each as additional business capital. They opened accounts with BDO Network Bank, where the incentives were deposited, allowing them to manage their finances actively and use banking services.

Deriquito emphasized that improving Filipinos’ financial literacy contributes to sustainable poverty alleviation. “Communities may receive grants or employment opportunities, but they need to know how to manage and grow their finances to sustain their needs. While profiting from their businesses, small business owners also need to manage their finances to continue running and growing their enterprises,” he said.

In partnership with the Bangko Sentral ng Pilipinas and other collaborators, BDO Foundation develops and makes available materials on personal financial education for various sectors and trainers who can develop other trainers or provide direct training to beneficiaries nationwide. LGUs and other organizations can utilize these resources to improve financial literacy in their respective communities.