by Adriel Nisperos
In 2019, the Bangko Sentral ng Pilipinas (BSP) reported that only around 29% of Filipino adults own bank accounts with the majority of the unbanked belonging in the most vulnerable sectors. Furthermore, it was found that most Filipinos do not have knowledge about financial services thus unable to access and avail such services. While there have been efforts to boost the financial literacy of Filipinos as spearheaded by BSP, there is still much that can be done especially adding innovation in the equation.
One of the ways to help Filipinos get themselves out of poverty is through financial literacy, educating and empowering them to take control of their finances. Seeing this opportunity, PhilDev partnered with Cebuana Lhuillier Foundation Inc. (CLFI) to mount the Financial Literacy Innovation Challenge, our biggest challenge yet, to discover how we might increase the level of financial literacy in underserved and marginalized communities. The Challenge overall aims to support innovative efforts in the field of financial literacy.
Meet the Challenge Partner: Cebuana Lhuillier Foundation Inc.
The Cebuana Lhuillier Foundation Inc. is the social development arm of Cebuana Lhuillier, the leading microfinancial services company in the country. It carries out the corporate social responsibility initiatives of the company and aims to effect positive change in the society.
CLFI has made its mark in the country for administering poverty alleviation measures to the underserved and disadvantaged individuals and sectors nationwide. The Foundation incorporates a multifaceted approach with emphasis on education as it aims to empower individuals to allow them to live the best life possible and encourage its partner-beneficiaries to also pay it forward.
Financial Literacy Innovation Challenge
The Financial Literacy Innovation Challenge will run for three weeks starting on April 19 and end on May 10, 2021 during the culminating event, The Final Pitch. Participants will go through PhilDev’s innovation challenge journey composed of various learning sessions on innovation and financial literacy, and a mentorship opportunity from experts and leading social innovators in the country. The winning teams will receive cash prizes and an opportunity to work with Cebuana Lhuillier Foundation Inc. to implement their project or business solutions.
For community partnerships, email our Program Coordinator at ariana@phildev.org