SEC intensifies efforts to boost financial literacy

The Securities and Exchange Commission (SEC) is intensifying efforts to address gaps in understanding of financial management among Filipinos.

- Richmond Mercurio

SEC chairperson Emilio Aquino said a financially literate public is key to unlocking more opportunities for growth in the capital market and in turn, the overall economy.

Citing a 2021 Financial Inclusion Survey of the Bangko Sentral ng Pilipinas (BSP), the SEC said that only two percent of Filipinos correctly answered six basic financial literacy questions.

The commission said the result of the BSP survey is consistent with the finding of the World Bank that only a quarter of adult Filipinos are well informed on basic financial concepts.