Business and Economy
PH ranks 68 in financial literacy index
Asian Development Bank in Mandaluyong City, Philippines.
MANILA — The Philippines was listed in the 68th spot in terms of financial literacy in a global study made by Asian Development Bank (ABD).
The country was behind Malaysia, Thailand, Hongkong, Singapore and Taiwan as cited in a survey undertaken by MastetCard.
The study revealed that majority of Asian countries lack national strategy for financial education and literacy compared to other regions.
Unlike Indonesia and India, the Philippines have not included financial education in its national strategy.
Among the agencies in the country, only the Bangko Sentral ng Pilipinas has created a public awareness campaign on economic issues.
Other agencies like the Securities and Exchange Commission, National Credit Council and Insurance Commission have limited initiatives in raising financial literacy.
“The main focus is the economic and financial learning program to promote awareness of economic financial issues. The program targets specific audiences like schoolchildren, secondary and tertiary students, overseas Filipino workers, microfinance clients, and others,” the ADB said.
