By definition, the Bangko Sentral ng Pilipinas (BSP) said financial inclusion is “a state wherein there is effective access to a wide range of financial services for all Filipinos.” These services include savings, credit, payments or remittance, and insurance.”
For its financial inclusion advocacy and other efforts to help improve financial literacy levels in the country, BDO Unibank, through BDO Foundation, Inc., its Corporate Social Responsibility (CSR) arm, was recently conferred with the “Financial Inclusion Initiative of the Year” Award by Asian Banking & Finance, a Singapore-based financial publication.
This will be the fourth year in a row that BDO Foundation received the award for its financial education program for Overseas Filipino Workers (OFWs) done together with the Overseas Workers Welfare Administration (OWWA) and the BSP.
BDO Foundation president Mario Deriquito accepted the award during a virtual presentation of Retail Banking Awards 2020 organized by Asian Banking & Finance.
Deriquito said the inspiration for the program and its achievements underscored the significant contributions of migrant workers to the Philippine economy and the need to support OFWs through financial education.
“Leveraging our partnership with OWWA and BSP, we developed educational materials and modules, which are now being used in training programs for OFWs and their families,” Deriquito shared. “Together, we trained close to 600 subject matter experts tasked to handle financial literacy sessions. Ultimately, we were able to institutionalize financial education in OWWA’s training initiatives.”
He added that the award is proof of the foundation’s successful collaboration with OWWA and BSP and affirms its reputation as a staunch advocate of financial education. “Embracing our role as a champion of financial inclusion, we will continue to promote financial responsibility among migrant workers and recipients of remittances.”
Asian Banking & Finance said the award was given to BDO Foundation “for showcasing a strong initiative to drive financial education among the country’s citizens both within and outside the country as well as supporting key government agencies in monitoring and evaluating the state of financial education programs in place, BDO Foundation is deservedly taking home the award.”
Through the on-going program, BDO Foundation contributes to OWWA’s capacity to provide financial education for migrant workers and their families as it supports the implementation of the BSP’s National Strategy for Financial Inclusion. The award-winning initiative is expected to benefit an estimated 2.3 million OFWs in the short term and some 10.2 million migrant workers in the long term.
The “Financial Inclusion Initiative of the Year Award” is the latest award that BDO Foundation took home during the Retail Banking Awards. Last year, the foundation was awarded with the “CSR Program of the Year Gold Award” for its financial education program for public schools. In previous years, BDO Foundation was cited for constructing resettlement homes for persons with disabilities displaced by Typhoon Yolanda and successfully rehabilitating rural health units in disaster-stricken and economically disadvantaged communities all over the country.
Currently in its 15th year, Retail Banking Awards honors the outstanding products and services of banks and financial institutions in the Asia-Pacific region.