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PIA Press Release
2008/07/09

DepED, BSP re-launch financial literacy project

by T. Villavert

Iloilo City (9 July) -- "It is appropriate that our schools observe the habit of giving value especially to the low-denomination coins," Education Secretary Jesli Lapus said as he disclosed the re-launching of the "Tulong Barya para sa Eskwela" project.

The Tulong sa Barya Para sa Eskwela project is a joint recirculation campaign of Bangko Sentral Ng Pilipinas and DepEd in line with its Adopt-A-School program where various entities both government and private sector provide support for basic education.

The DepEd press report disclosed that during the initial implementation last year, a total amount of P6,658,548.55 was generated. The participating schools raised P2,747,116.94. Owing to the amount of coins collected, the Bangko Sentral ng Pilipinas (BSP) saved P8.2 million for the cost of minting said amount of coins brought back to circulation.

The BSP in turn donated the P8.2 million savings to the DepEd in the form of 510 units of computers distributed in different provinces.

For Western Visayas, it will be recalled that the Bangko Sentral Ng Pilipinas awarded some forty-three (43) computer sets to public schools in Region VI and region IV-B in a ceremony held last December 14, 2007 at the BSP-Iloilo Branch in Iloilo City.

Under the renewed agreement between the BSP and DepEd, the total project cost amounts to P151.5 million. This is broken down into P66million for target coins for circulation, P80million for savings from minting the coins to be circulated and P5.5 million for the printing of Financial Literacy Guide for Teachers.

The financial literacy project aims to increase savings especially among "small" savers, which include the public school teachers and the students. The BSP and DepEd are joined by the Ateneo de Manila University's Economic Reform and Advocacy to develop teaching guides and teachers training, the DepEd press report disclosed. (PIA) [top]

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