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Manila Bulletin devider Philippines devider National devider Yamsuan bats for financial literacy to protect workers from scam

Yamsuan bats for financial literacy to protect workers from scam

Published Feb 12, 2024 07:43 am

At A Glance

  • As workers continue to lose their hard-earned money to scammers and fraudulent activities, a neophyte lawmaker in the House of Representatives proposed the creation of government-led financial literacy programs to help protect such laborers.

FB_IMG_1684229002823.jpgBicol Saro Party-list Rep. Brian Yamsuan (Facebook)

 

 

 

 

 

As workers continue to lose their hard-earned money to scammers and fraudulent activities, a neophyte lawmaker in the House of Representatives proposed the creation of government-led financial literacy programs to help protect such laborers.

In a statement on Monday, Feb. 12, Bicol Saro Party-list Rep. Brian Raymund Yamsuan says the best way to shield Filipinos from scams is to educate them on how to manage their finances and enable them to invest their money wisely.

“While the digital economy has provided us many benefits, it has also spawned all types of scams that have robbed many of our kababayans (countrymen) of their hard-earned money,” Yamsuan said.

“The government, through the DOLE (Department of Labor and Employment), should take the lead in bridging the financial literacy gap among Filipinos,” he added.

Under House Bill (HB) No. 9888 or the proposed Financial Literacy and Fraud Prevention for Workers Act, the DOLE alongside the Department of Trade and Industry (DTI) and Bangko Sentral ng Pilipinas (BSP) are tasked to make financial literacy materials readily accessible through various communication platforms.

These financial literacy materials will be presented in an easily comprehensible format, and translated in relevant regional languages and dialects “to ensure a wider reach of the materials to the intended audience”.

Yamsuan stressed that combatting digital fraud cannot be done “through law enforcement alone”, as he viewed prevention as an equally important measure in protecting the public.

Citing data from the Philippine National Police-Anti-Cybercrime Group (PNP – ACG), victims of various online scams have lost over P155 million in the first eight months of 2023 alone.

However, Yamsuan believes that these figures could even be higher since many victims choose not to report or file complaints.

Scams today usually involve bogus investments, jobs, and loan offers, as well as lottery or prize scams and phishing tactics.

“Thus, enhancing financial literacy is necessary in empowering workers, not only by educating them to recognize and safeguard themselves from fraudulent schemes, but also to ensure that they have a good understanding of the fundamental concepts of finances,” noted Yamsuan.

Ultimately, this would allow them to make informed and sound financial decisions which can contribute to a more stable financial environment,” he added.

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Financial literacy online scam Brian Raymund Yamsuan
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