Money Matters for Kids

After four years, the Bangko Sentral ng Pilipinas (BSP) brought to Cebu its interactive exhibit on financial learning for schoolchildren.

Governor Hilario P. Davide and BSP officials formally opened the 5th Money Matters for Kids (MMK) Exhibit last Nov. 5 at the BSP Cebu Regional Office, Cor. Osmena Boulevard and P. Del Rosario Streets, Cebu City.

The opening ceremony was also attended by over 60 elementary pupils from city central school and B-Kim Center of Arts and Sciences.

“The MMK is an interactive exhibit on financial literacy designed to provide young children aged 12 and below with a fun way of learning the concepts of money, saving, spending, and sharing, as well as the importance of saving for the future,” accoding the news release of the agency.

BSP through its integrated Economic and Financial Learning Program intends “to empower financial consumers to make informed financial decisions and improve their financial well-being.”

“Financial literacy is not an event, it is a lifelong process,” said Dr. Johnny Noe E. Ravalo, assistant Governor of the BSP’s Financial Supervision Research and Consumer Protection Sub-sector.

Ravalo stated he was worried when those self-proclaimed financial savvy Filipinos got low scores in the financial literacy examination in a survey conducted by a private firm.

He said since it is lifelong process you can only teach the young children. “You do not teach someone how to prepare for retirement when they are already 54 years old… because the investing period is already too short,” he further said.

“If you have Php 10,000 and you save it (in the bank) for 15 years at a deposit rate of one percent or two percent, how much do you think you will have when you retire?” he asked the school children.

BSP said the MMK exhibit has already attracted 19,906 children and adult visitors since its inception in 2011.

The exhibit gave the viewers a chance to play the roles of bank managers and tellers and to know the concept of deposits and withdrawals through a make-believe bank and a mock-up Automated Teller Machine (ATM).

They will also be taught how to differentiate genuine from fake money.

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