Parañaque Builds Culture of Financial Literacy
Parañaque City’s 2nd district representative-elect, Brian Raymund Yamsuan, aims to foster a strong culture of financial literacy among his constituents. Through his twin livelihood and employment initiatives, he plans to equip residents with essential money management skills.
Yamsuan, who previously represented Bicol Saro Party-list in the 19th Congress, emphasized that financial literacy will be a core part of the training for beneficiaries of his livelihood programs. “Ang layunin natin ay maging ‘wais’ ang bawat Parañaqueño sa paghawak ng kanilang pera, simula dito sa distrito dos,” he said. This approach helps participants make informed and responsible decisions regarding government funds they receive.
Empowering Through Livelihood Programs
The programs, “Bigay Negosyo” and “Dagdag Puhunan Para sa Kabuhayan,” are underway in coordination with the Department of Labor and Employment (DOLE) and the Department of Social Welfare and Development (DSWD). These initiatives aim to provide not just financial aid but also the knowledge to effectively use the funds for sustainable business growth.
Yamsuan explained, “Kasama na sa financial literacy program ang pagtuturo sa kanila kung paano mag-budget, mag-ipon, mag-invest, humiram ng karagdagang pondo at magkaroon ng kaalaman tungkol sa mga financial products and services na maari nilang gamitin para mapalago ang kanilang maliit na negosyo.” This comprehensive training covers budgeting, saving, investing, borrowing, and understanding financial products.
Promoting Financial Inclusion and Protection
The representative stressed that building a culture of financial literacy is the first step toward achieving financial inclusion. “Developing a culture of financial literacy should be our first step towards financial inclusion where every Filipino, regardless of his economic status, has easy and affordable access to financial services,” he noted.
He also plans to extend this program to beneficiaries of “ayuda” or cash aid. Since the government allocates billions annually for livelihood and social support, equipping recipients with financial skills will prevent wasteful spending and maximize the benefits of such aid.
“Financial literacy will not only help recipients of these support programs make rational decisions about the money they receive, but will also mean less ‘ayuda’ and other forms of social protection going to waste due to poor financial decisions,” Yamsuan said. Moreover, being financially knowledgeable empowers Filipinos to avoid scams that have become widespread online.
For more news and updates on financial literacy, visit Filipinokami.com.