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Philippines' central bank aims to boost financial literacy

In an effort to boost financial literacy, Bangko Sentral ng Pilipinas (BSP) has pledged to educate the public on the benefits of being “financially healthy”. The initiative was announced by BSP Deputy Governor Bernadette Romulo-Puyat during the 45th anniversary of the Bank of the Philippine Islands Foundation. The deputy governor highlighted collaborations with industry partners and the development of financial literacy modules for educators and learners. The move comes as a response to the country ranking in the bottom 30 out of 144 countries for financial literacy, with a BSP survey indicating that just 1% of adults could answer financial literacy questions correctly. BPI CEO Jose Teodoro Limcaoco expressed the banking industry's support for the initiative.


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