Over four million tech-voc learners are set to benefit from the free online financial literacy course in collaboration with the Bangko Sentral ng Pilipinas (BSP), and BDO Foundation (BDOF), the Technical Education and Skills Development Authority (TESDA) said on Wednesday, June 7.
According to TESDA, it targets to improve the financial health and capability of over four million tech-voc learners through the free online personal finance course.
TESDA Director General Danilo P. Cruz highlighted how having financial literacy better prepares tech-voc learners to succeed in the 21st Century work environment.
"The 21st-century workplace demands workers to demonstrate self-management and develop practices and attitudes toward lifelong learning and career development. In this regard, TESDA, together with the Bangko Sentral ng Pilipinas and the BDO Foundation aims that, once launched, this course will help our learners develop self-management strategies and reflective practices as they handle their personal finances. It will also enable them to make sound financial decisions towards the attainment of their life and career goals," Cruz said.
The Financial Literacy Course (FLC) will be available to the general public and to technical-vocational education and training (TVET) learners via the TESDA Online Program (TOP) accessible at www.e-tesda.gov.ph.
The project is the result of an agreement signed last March by Cruz, BSP Governor Felipe Medalla and Deputy Governor Bernadette Romulo-Puyat; TESDA Deputy Director General Rosanna Urdaneta; BDO Foundation President Mario Deriquito, and trustees Lucy Co Dy and Lazaro Jerome Guevarra.
The course is currently under development and scheduled for launch by 2024 under the platform's Lifelong Learning Skills courses. Topics covered in the FLC include financial planning, saving and budgeting, debt and investment management, digital financial literacy, and consumer protection.
Meanwhile, Felipe emphasized the contributions of TVET learners to the economy, and the importance of strategic partnerships in upskilling vulnerable sectors.
BSP said recognizes the vital role of TVET learners as the linchpin of the Philippine economy, whether they pursue employment or entrepreneurship here or abroad. Through the FLC, we empower them to take charge of their own personal and financial growth.
"This ownership, in turn, leads them to unlock better outcomes and opportunities for themselves, their families, and for our economy. To expand the reach of BSP's financial inclusion efforts, sustainable public-private partnerships are instrumental in developing more financial education (fin-ed) programs that are free, effective, accessible, interactive, and scalable," Medalla said.
"This forms part of our continuing contribution to the BSP's National Strategy for Financial Inclusion. We look forward to working closely with TESDA and the BSP's Economic and Financial Learning Office on the development of the FLC. Through this partnership project, we hope to help enhance the economic well-being of the participants of TESDA's training programs. Thank you, BSP and TESDA, for giving BDO Foundation this opportunity to take part in yet another project that will contribute to creating a financially inclusive future," BDO Foundation President Deriquito explained.
The tripartite partnership for TVET learners aligns with the objectives and priority initiatives of the National Strategy for Financial Inclusion (NSFI) 2022-2028, which aims to strengthen financial education and consumer protection by prioritizing the financial and digital literacy of financially underserved sectors.