BDO Unibank was recognized by Singapore-based finance publication Asian Banking & Finance for its corporate citizenship initiatives for the fourth year in a row.
In a statement the bank said its corporate social responsibility arm BDO Foundation received an award for its financial inclusion advocacy and efforts to help improve financial literacy levels in the Philippines.
The foundation was conferred the Financial Inclusion Initiative of the Year Award for the financial education program for overseas Filipino workers (OFWs), its partnership project with the Overseas Workers Welfare Administration (OWWA) and Bangko Sentral ng Pilipinas (BSP).
According to Asian Banking & Finance, "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."
BDO Foundation president Mario Deriquito accepted the award at a virtual presentation of Retail Banking Awards 2020 organized by Asian Banking & Finance.
Asked by the award-giving body about the inspiration for and the achievements of the program, Deriquito 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 said.
He added that, "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."
Derituito noted that, "The award is a testament to our successful collaboration with OWWA and BSP. It
reaffirms our 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."
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 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 accolade received by BDO Foundation from Retail Banking Awards.
Last year, the foundation was given the CSR Program of the Year Gold Award for the 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.