Bayad and DepEd, amplifies advocacy on financial literacy

Winners and participants of Bayad Sapat Dapat Comprehensive School Program - Quiz Bee on Financial Literacy at Mandaue City Central School, Mandaue City, Cebu.

With the lingering economic disruptions caused by the COVID-19 pandemic, 2023 ended up to be a financially challenging year for Filipinos. According to Bangko Sentral ng Pilipinas, the inflation rate has climbed from 2.4 percent in 2020 to 6.0 percent in 2023, the highest inflation rate recorded in 15 years.

It is in this light that Bayad - the pioneer and industry-leader in bill payments, and the Department of Education (DepEd), amplifies its advocacy on Financial Literacy through its continuous implementation of “Bayad Sapat Dapat”, a comprehensive school program that aims to reinforce the importance of financial literacy and money management in the formation years of Filipino students.

Bayad and DepEd, Empowering Filipino Youth Through Financial Literacy

Based on the 2021 Financial Inclusion Survey by the Bangko Sentral ng Pilipinas, the number of Filipino adults without savings increased to 63% from 47% in 2019, partly attributed to the global health crisis that may have reduced household income or increased medical expenses.

The BSP added that the percentage of savers significantly declined, particularly among adults in the National Capital Region, South Luzon, and Visayas regions. “The lower incidence of savings in 2021 was recorded across geographical areas except in Mindanao, which registered an increase and surpassed all areas,” the report said.