|FINANCIAL LITERACY INITIATIVES|
Concept Paper on the Proposal to Include in the Tertiary Curriculum
Information on the PDIC, Savings Consciousness, and Responsible Depositing
The Communications and Stakeholder Relations Group of the Philippine Deposit Insurance Corporation (PDIC) is tasked to help increase public awareness on the importance of saving as well as financial literacy. This is in support of PDIC's mandate to provide depositor protection and help maintain stability in the banking system. It is rooted on the belief that informed depositors are empowered depositors. The Corporation continuously seeks channels to reach out to the public with information on their rights and responsibilities as depositors.
The youth are the future change agents and leaders of the nation, thus, they are seen to be a great influence in shaping our economy. Once imbued with the knowledge of power in savings and their rights and responsibilities as depositors at a young age, depositor empowerment would take root; more so if the same is continually nurtured in their college years.
In October 2005, the PDIC and the Department of Education (DepEd) signed a memorandum of understanding to undertake the PDIC-Basic Secondary Education (BSE) Module Development Project which provided for the integration of information on PDIC and deposit insurance as a financial safety net as well as the value of saving and financial literacy in the secondary curriculum. This will be carried out by producing and distributing teachers' guides in Araling Panlipunan (Economics) for fourth year students and Pagpapahalaga (Values Education) for second, third and fourth year students.
The teachers' guides were designed to help teachers carry out live and interesting class discussions. Activities for students and evaluation guides were also included. In other words, a teacher will be able to teach the content even without a specialized seminar on economics and finance, thus saving on costs for the government. The teachers' guides will be used in about 5,000 public secondary schools throughout the country reaching some 5 million high school students.
The proposal to include in the tertiary curriculum information on the PDIC, savings consciousness and responsible banking is seen as a continuation of the groundwork we begun with the PDIC-BSE Module Development Project. Our aim is to educate future leades and arm them with knowledge on their basic rights and responsibilities as young depositors. The exposure of these young minds to the value of saving and financial literacy will enhance savings consciousness among the youth. It will likewise help increase knowledge on depositor rights and responsibilities. With proper information, these students will be able to make informed and prudential decisions regarding finances. Within their sphere of influence, said knowledge can trickle down to other depositors.
- To inculcate and reinforce among the youth the value of saving and frugality as a tool in maintaining economic stability which in the long run can boost Philippine economy;
- To raise awareness among the youth of PDIC's role in the banking system; and
- To empower the youth with their basic rights and responsibilities as young depositors.
- Target Participants
- Importance of Saving
- Relationship of Saving, Capital Formation and Investment
- PDIC's Mandate
- Deposit Insurance
- Rights and Responsibilities of Depositors
This year, PDIC is setting its sights on stepping up its financial literacy campaign to include in the tertiary level. In collaboration with the Commission on Education (CHED), financial literacy, savings awareness, responsible banking and deposit insurance will now form part of the revised Bachelor of Science in Business Administration (BSBA) curriculum. the formal integration came after the signing of the tripartite memorandum of understanding among the PDIC, CHED and the Philippine Council of Deans and Educators in Business (PCDEB) last March 15, 2007. The MOU seeks, among others, to develop globally competitive graduate in the business administration program. THe PDIC is a member of the industry working group in charge of enhancing the BSBA curriculum specifically on financial management as an area of specialization.