Market vendors in Iloilo City have successfully completed a financial literacy training program provided by BDO Foundation, the corporate social responsibility branch of BDO Unibank. This initiative aimed to equip local entrepreneurs with the crucial skills and knowledge to manage their finances effectively and sustainably. The city of Iloilo requested BDO Foundation to create a customized financial education program for its market vendors. This effort was supported by the Uswag Negosyo Academy, the LGU’s training arm under the Local Economic Development and Investment Promotion Office, which focuses on the development of local MSMEs in the city.
The program was divided into two modules. The first module covered the fundamentals of financial literacy, including budgeting, saving, financial planning, and debt management. The second module used an adapted Fish N’ Learn approach, addressing more advanced topics such as business investing, microinsurance, and fraud prevention. Originally designed for fisherfolk, the Fish N’ Learn game was modified by the regional fisheries office to better suit the needs of market vendors.
“There were 200 market vendors who displayed dedication and commitment to enhancing their financial knowledge. This program reflects our dedication to empowering local communities and advancing financial inclusion throughout the Philippines”, BDO Foundation president Mario Deriquito said. Additionally, the foundation provided training to LGU trainers to ensure the continuity of the program for more market vendors within the city.
Iloilo City Mayor Jerry Trenas commended the initiative, highlighting its positive impact on the community. “This partnership with BDO Foundation has provided our market vendors with valuable skills to help them grow their businesses and improve their quality of life. We look forward to continuing this fruitful collaboration”, he said. The market vendors were given cash incentives of PHP 5,000 each to boost their business capital. These incentives were deposited into accounts they opened with BDO Network Bank, enabling them to actively manage their finances and utilize banking services.
Deriquito emphasized that improving Filipinos’ financial literacy contributes to sustainable poverty alleviation. “Communities may receive grants or employment opportunities, but they need to know how to manage and grow their finances to sustain their needs. While profiting from their businesses, small business owners also need to manage their finances to continue running and growing their enterprises”, he said.
In collaboration with the Bangko Sentral ng Pilipinas and other partners, BDO Foundation creates and provides personal financial education materials for different sectors and trainers who can either train others or offer direct training to beneficiaries across the country. LGUs and other organizations can use these resources to enhance financial literacy within their communities.
