2022 January – Efforts to institutionalize financial education in the capacity-building initiatives of the Armed Forces of the Philippines (AFP) gained momentum with the unveiling of financial education materials intended for the uniformed and civilian personnel of the Philippine Air Force, Philippine Army, and Philippine Navy.

In a virtual ceremony, the Bangko Sentral ng Pilipinas (BSP) and BDO Foundation turned over to the AFP a set of learning tools composed of new financial education videos, modules, and a trainer’s manual as part of the ongoing financial education program for the armed forces. The program is in line with the AFP’s Transformation Roadmap or ATR, which considers financial wellness as an integral aspect of a person’s holistic development.

During the event, three new learning videos were introduced covering topics such as debt management, investments, retirement planning, digital literacy, and scam prevention. The AFP can now leverage a total of six videos tailor-fitted for the armed forces for its financial literacy learning sessions across the country.

The ceremonial turnover was spearheaded by BSP Governor Benjamin E. Diokno, AFP Chief of Staff Gen. Andres C. Centino, and BDO Unibank President and CEO, as well as BDO Foundation Trustee, Nestor V. Tan. The event was witnessed by BSP Economic and Financial Learning Office Director Maria Farah Angka, AFP Deputy Chief of Staff for Personnel Maj. Gen. Adriano Perez Jr., BDO Foundation President Mario A. Deriquito, and BDO Foundation Trustees Ma. Corazon Mallillin and Evelyn Salagubang.

The BSP Governor emphasized that the country’s central monetary authority “will continue to enhance and intensify the delivery of its financial education programs to reach the unserved and underserved sectors, including the AFP’s over 140,000 personnel and their families.”

“We salute and thank the men and women of the Philippine Air Force, the Philippine Army, and the Philippine Navy for your hard work and sacrifice for our country and our people – not only as peacekeepers, but also as security frontliners during the pandemic,” the BSP Governor added.

Meanwhile, Gen. Centino highlighted the importance of improving the financial well-being of soldiers and civilian personnel saying, “As we continue to adapt to the challenges posed by the COVID-19 pandemic, it is important that our personnel are financially literate and stable in order for them to focus on their jobs.”

In October 2021, the AFP issued a directive on the integration of financial literacy modules in the career courses of its officers, enlisted personnel, and civilian human resources as well as the utilization of the learning materials developed under its partnership with the BSP and BDO Foundation.

The financial education partnership, which began in 2019, is in line with the BSP’s National Strategy for Financial Inclusion and BDO Foundation’s financial inclusion advocacy. The Program’s vision for the men and women of the armed forces is aptly captured in the program’s tagline, “Ang sundalo ng bayan, armado ng pinansyal na talino at kaalaman.”

Advocating financial education. Through the financial education program for the armed forces, the BSP, AFP, and BDO Foundation aim to equip the 140,000 uniformed and civilian personnel of the AFP with tools, knowledge, and resources to make sound financial decisions.

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