In an effort to teach children the importance of money management, the Bangko Sentral ng Pilipinas (BSP) and partner institutions have embarked on projects that seek to enable children to grow into financially responsible adults.
Just last August, the BSP and the Bank Marketing Association of the Philippines (BMAP) launched a special “Kiddie Account Program” that aims to encourage the country’s 12 million Filipino school children to save money.
Under the program, school children up to 12 years old can open bank accounts with initial deposits of R100 or less at any of the participating banks’ head offices or their 3,000 branches.
The 12 participating banks are the Development Bank of the Philippines (DBP), Bank of the Philippine Islands (BPI), China Bank Savings, East West Bank, Maybank, Philippine National Bank (PNB), Allied Bank, Banco de Oro (BDO), Philippine Savings Bank (PSBank), Philippine Veterans Bank, Security Bank, and RCBC Savings Bank.
BSP Governor Amando Tetangco Jr. said these 12 banks are investing time and resources to help Filipino children develop the habit of saving regularly.
Continue reading at Manila Bulletin
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