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PIA Press Release
2008/07/19

Bank launches savings advocacy among school children

by Prix D Banzon

Davao City (19 July) -- There is a big change in the spending behavior of Filipinos and their attitude towards saving is very low.

Real Bank president Alfredo Barretto in an interview after his guesting at the Kapihan sa PIA on Friday (July 18) said this pattern can be seen mostly among employees where they earn to pay their obligations of their credit card.

"Most Filipinos have the attitude of spending ahead of what they earned and we've seen this among employees," he said.

He said people have to learn to save and go back to what people learned before.

"This is where we beef up our campaign on savings and we do this with the public school children," he said.

He said they wanted to teach savings to the kids and the strength of the banking industry will be dependent on how well we establish this among the kids and this could be good for the industry.

He said with this advocacy program the other bigger banks could participate even as he said that there are other banks that are into it.

The savings advocacy among kids is in partnership with the Department of Education for public school's Grade I and II where Real Bank will pilot it in 10 public schools in Davao City.

It is a comprehensive school program where kids will be taught the value of savings.

He said it is not just the money that the kid could save but also how these children learn how to take care of its resources.

Barreto also said that they are set to expand to Davao, citing the city's continuing growth plus its strategic location as the primary reasons on why putting up a branch here is a must.

Real Bank already in its 32nd year has an asset of P7 billion. It had P1 billion in 2004 and with some changes in management and location.

It is a thrift bank that offers services from commercial loans to selected salary loans where 40 percent are for real estate and remaining 60 percent for other commercial loans. (PIA) [top]

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