COTABATO CITY (PIA) – Some 200 students from Sero Central School (SCS) in Cotabato City have opened a basic deposit account to start saving money and develop their financial management skills.
The initiative aims to teach students the importance of saving and budgeting at an early age, fostering a sense of responsibility and independence.
By equipping them with essential financial skills, the program hopes to empower these young individuals to make informed decisions about their money in the future, Bangko Sentral ng Pilipinas (BSP)-Cotabato Branch acting director Zarinah Aligsao said.
SCS has partnered with the BSP and the BDO Network Bank for the opening of bank accounts for young children.
This opportunity is being offered by BDO Network Bank’s Young Pera Savers, which hopes to help children learn the value of saving and start building a financial future.
According to the BSP Cotabato branch, the account deposit is in the form of a passbook to monitor the child’s savings, with an initial deposit of only P50.
Aligsao expressed confidence that the strategy will help children develop a saving habit and teach them to manage their own money at a young age.
“Basically, it promotes the basic deposit account and targets the school children. Meaning, magkakaroon ng (there will be a) bank account, and also this activity jumpstarts ‘yong kanilang (their) savings activity,” she said.
The BSP also believes that the activity will promote the value of frugality and discipline among children.
“For starters, this would only be made available sa passbooks so ‘yong disiplina mas mataas or mas matindi. So, mas nadidisiplina ang bata sa pag manage ng expenses nila at sa pag handle ng kanilang kaperahan,” Aligsao added.
(For starters, this would only be made available in passbooks so the discipline would be higher or more intense. So, the child becomes more disciplined in managing their expenses and handling their money.)
SCS Principal Mergie Benedicto also underscored the importance of teaching children how to save money to nurture sound financial habits.
“Ako po ay nanawagan sa ating mga magulang at mga kabataan na habang maaga ay turuan natin ang ating mga kabataan na mag-ipon through Young Savers Kids account po kung saan ang ipon ng inyong mga anak ay hindi lang sa alkansya kundi ideposit natin ito sa bangko,” she said.
(I call on our parents and young people to teach our children to save early through a Young Saver Kids account, where your children’s savings will not just be in a piggy bank but will be deposited in the bank.)
Meanwhile, Yanilyn Bacang, a mother of two, expressed her gratitude for the program, believing that it will teach children about financial responsibility.
“Mahalaga po ito sa mga anak ko bilang isang ina sapagkat pagdating ng panahon ang mga anak kung matututo silang mag ipon may makukuhang silang pera kung kailangan nila,” she pointed out.
(As a mother, it is crucial for my children to learn to save, as it will provide them with the necessary financial resources for future needs.)
After the opening of children’s bank accounts, the BSP also conducted another learning session on effective budgeting and other saving strategies, focusing on the youth, parents, and teachers.
The Young Saver Kids activity also formed part of the recent National Bank Week celebration, which was anchored on the theme, “Bangko at Mamamayan: Magkabalikat Tungo sa Masaganang Bukas.” (LTB – PIA Cotabato City)
