AFP partners with BSP, BDO Foundation for soldiers’ financial education

Published August 14, 2019, 5:45 PM

by Gabriela Baron & Minka Klaudia Tiangco

By Martin Sadongdong

From undergoing rigid trainings to secure the country, Filipino soldiers will now be also trained to ensure their future through personal financial management with the signing of a memorandum of agreement between the Armed Forces of the Philippines (AFP), Bangko Sentral ng Pilipinas (BSP) and BDO Foundation, Inc. (BDOFI).

Armed Forces of the Philippines (AFP) (MANILA BULLETIN)
Armed Forces of the Philippines (AFP) (MANILA BULLETIN)

In a statement Wednesday, General Benjamin Madrigal, AFP chief of staff, said the planned training on financial education for the soldiers will greatly contribute to the efficiency and effectiveness of their performance knowing that their future will be secured.

“It will also increase awareness in scam prevention, arming each AFP personnel with practical knowledge that they can use in protecting their assets and growing their investments,” Madrigal said.

Madrigal was represented by Lieutenant General Antonio Ramon Lim, AFP Inspector General, during the MOA signing held at the Commissioned Officers Club at Camp Aguinaldo in Quezon City on Tuesday.

According to Lim, the MOA mandates the launching of a financial education program for every military personnel in partnership with the BSP and BDOFI.

He said that the program calls for the creation of a technical working group (TWG) composed of representatives from the parties “to conceptualize and agree on specific activities and timelines of the joint endeavor that will increase the AFP personnel’s financial independence and security.”

Among the key lessons that will be taught to the soldiers include financial planning, saving, budgeting, and debt servicing among others.

The technical working group will also train future instructions from the AFP to ensure the continuity of the project and the widest delivery of training across all AFP units nationwide, he added.

“We commend the AFP leadership for committing to enhance the holistic well-being of our peace-makers with the inclusion of financial health in the personal scorecards or charters of AFP personnel alongside professional development and physical wellness,” said BSP Governor Benjamin Diokno, who was present during the MOA signing.

“The ultimate goal is for AFP personnel to acquire knowledge, skills, and values and tools to manage their personal finances and make sound financial decisions,” said BDOFI President Mario Deriquito.

Deriquito said the BDOFI will shoulder the cost of the project amounting to P3 million for the production of the learning tools, instruction materials and other operational costs.

With this, Madrigal expressed his gratitude to the BSP and BDOFI for enabling the military men to be equipped with proper financial knowledge through trainings.