The Department of Social Welfare and Development (DSWD) has launched its first Family Development Session TV (FDS TV) to promote financial literacy among the beneficiaries of the Pantawid Pamilyang Pilipino Program (4Ps).
During the pilot airing of the FDS TV on May 20, the DSWD zeroed in on financial literacy, particularly on financial planning and the importance of saving, especially in times of emergency such as coronavirus disease (COVID-19) pandemic.
“The conduct of FDS is not just a conditionality but a significant aspect of development of the beneficiaries as they are taught various life skills through this activity,” it said in a statement.
In 2020, the DSWD suspended compliance monitoring of all program conditionalities, including the attendance to the monthly conduct of the FDS.
During the FDS TV’s pilot airing, Financial Advisor Vicent Catudio, who has been involved in the development of the 4Ps Financial Literacy Module for beneficiaries, stressed the importance of financial planning for a better future.
He said 4Ps recipients must have the self-awareness on the following: source of income or livelihood; list of expenditures; current status or situation; list of debts and bills to pay; and the presence of savings.
Catudio reminded the beneficiaries to also take into consideration their health and that of their family members because it affects their financial status.
He said the Pantawid Pamilya families’ financial plan or the budgetary plan must be one, specific, measurable, realistic, and time bound.
Another resource speaker, Sarah Padilla, a bank officer of the Bangko Sentral ng Pilipinas (BSP) discussed responsible budgeting as a process of crafting a realistic plan on how to use one’s money, including the 4Ps cash grants.
She said part of responsible budgeting is to list down all income, expenses, need of the families, and the financial goal to identify their priorities.
She said the family can avoid financial stress if they have a realistic budget plan with all expenses and bills being laid out versus the income.
Padilla shared the following tips in budgeting: "expenses must not be more than the income; prioritize the needs of the family; and set aside some savings even how small it is.”
She said it is important that all family members are all on board in the budgeting process to achieve the goal of keeping within the budget and of savings.
She said the beneficiaries should also consider putting their savings in a bank.
There are more than 4.3 million 4Ps household-beneficiaries in the country.