PHL financial education strategy set for release this year

THE BANGKO SENTRAL ng Pilipinas (BSP) is leading the development of the country’s National Strategy for Financial Education (NSFE) framework targeted for release before yearend, it said on Thursday.

The central bank said the framework, which aims to help improve Filipinos’ financial health, is now being crafted alongside government agencies, private sector partners, civil society organizations, and development institutions.

The framework will be part of the Philippines’ National Strategy for Financial Inclusion 2022 to 2028 that seeks to broaden access to financial services by promoting digitalization, literacy, consumer protection, and trust in the formal financial system.

The BSP said the completed NSFE will be endorsed for approval by the interagency Financial Inclusion Steering Committee (FISC). The FISC is chaired by the central bank and has 21 member agencies, including the Finance, Information and Communications Technology, and Education departments.

It convened stakeholders on May 13 at its Manila head office, where a draft NSFE framework was presented along with key findings on the country’s financial education landscape.

“Stakeholders also took part in workshops to share insights and identify initiatives to refine the NSFE and guide priority actions,” the BSP said. “These discussions build on earlier consultations and research on existing financial education initiatives, gaps, and priority areas. Input gathered from stakeholders will be consolidated and analyzed to further improve the NSFE.”

“No amount of research can replace the insights of those doing the work on the ground. That is why consultations matter,” BSP Deputy Governor Bernadette Romulo-Puyat said. “A national strategy only becomes meaningful when government, industry, civil society, and development partners work together to make it succeed. That is when it becomes more than a document.”

The World Bank is providing technical assistance for the formulation of the NSFE framework, while the United Kingdom’s Foreign, Commonwealth and Development Office is helping with inputs.

According to the BSP’s 2025 Consumer Finance and Inclusion Survey (CFIS) released last month, 50% of Filipino adults owned bank, e-wallet, and other types of transaction accounts in 2025, down from 56% in 2021.

The report also showed improving financial literacy in the country, with 74% of the adults surveyed getting at least half of the six financial literacy questions correct. This was higher than the 69% logged in 2021. — Katherine K. Chan