August 04, 2009

BANGKO Sentral ng Pilipinas (BSP) Governor Amando Tetangco Jr. takes the subject of the state of financial literacy in the country, or what passes for it at present, very seriously.He walks the talk, as colleagues and industry watchers say of the man and his pet project.“Financial literacy is a buzzword all over the world. It’s not just in emerging markets. We approach it locally on two levels,” he said.

There is one pursued in earnest for adult Filipinos who fall prey to get-rich-quick schemes very often; and another for school-age children who go through life thinking that savings are what are left after deducting expenses from earnings.The latter idea drives Tetangco nuts, and tells people the opposite: “We tell them earnings minus savings equal expenses so you have control over expenses and you achieve the kind of savings you want!”