Filipinos are known for their resilience. Time and again, we have picked ourselves up after every disaster, natural calamities, and even the recent pandemic. But in terms of financial resilience, how are we faring?
The unbanked suffered the most when the pandemic hit the Philippines. The unbanked are those who do not have access to traditional financial services such as checking or savings account. These Filipinos use the alternative way of conducting financial transactions which are oftentimes more costly.
The Bangko Sentral ng Pilipinas (BSP) has been working towards the betterment of the financial landscape in the country. The goal is to increase financial literacy and financial resilience for the Filipinos.
Banking the unbanked leads to financial resilience
Financial literacy is learning how to manage your money, understanding your spending and saving habits, making good use of the financial products available, and having access to financial services to make it advantageous for an individual to recover when faced with financial difficulty.
Banco de Oro (BDO) has the same vision as the BSP for the Filipinos -- to be able to promote financial literacy by banking the unbanked, most especially the vulnerable sector of the society and to provide them with the products and services that can help them build financial resilience.
Finding ways to make banking accessible
It isn't surprising that most people find going to the bank intimidating. It's probably because we are uncomfortable talking to a stranger about money. Another reason is the location of the bank. The idea of dressing up and traveling to the nearest bank makes a person resort to the most convenient way of saving money -- the alkansya.
To address this, you can now open an account with BDO without visiting a branch.
You can go through the process of account opening at the comfort of your home. While you still have to visit the BDO branch of your choice to pick up the passbook, checkbook, or debit card, your future transactions can be done online via BDO Online Banking or BDO Mobile Banking app available for download on the App Store or Google Play.
Finding ways to quick access to cash
The lockdown during the height of the pandemic has exposed the challenges in meeting the most common financial needs of Filipinos: quick access to cash. The ATM has been very helpful when making cash withdrawals. But there are places in the provinces that do not have banks or a nearby ATM. Our kababayans need to travel in order to transact.
BDO has solved this through Cash Agad POS machines available at partner agents such as sari-sari store, bakeries, gas stations, and other MSMEs located in the community. Using the POS terminal, you can perform banking transactions such as balance inquiry and cash withdrawal. All Philippine-issued ATM cards (BDO and non-BDO) are accepted. The balance inquiry is FREE of charge while a convenience fee is charged for cash withdrawal. The fee is cheaper compared to the transportation expense you'll incur if you travel to a nearby city where a bank or ATM is located.
Currently, there are over 9,500 partner agents and Cash Agad sa mahigit 1,400 municipalities nationwide.
Finding ways to support overseas Filipinos
Working abroad for the betterment of the family's way of living requires a lot of sacrifice. Our OFWs have to deal with loneliness. Being far from the family also means missing out important occasions and gatherings. BDO understands the importance of helping our kababayans save money so that they can be reunited with their loved ones soon.
We often hear sad stories of OFWs who have worked for decades only to come home to retire without money. BDO Kabayan Savings makes saving and remitting money easier. Overseas Filipinos and their beneficiaries may open an account online or at simply visit any BDO branch in the Philippines. You only need one (1) valid ID and 100 Pesos initial deposit for a Peso account and 100 US Dollars for a Dollar account.
Paying your bills in the Philippines even when you are abroad is another innovation to make life manageable. BDO Kabayan Bills Bayad allows you to pay directly your utility bills, credit card bills, and even your loan amortization instead of sending money to a relative in the Philippines.
Finding ways to protect
Have you saved enough money to be financially stable? My parents have saved up for their retirement. But when my mom had cancer, our family savings started to deplete. Good thing, they bought different insurance policies to financially secure us.
The most important asset that you have is your family. You would do anything to protect them. If your family depends on you financially, it is very important to have an insurance to help you get through during difficult times. BDO Insure find ways to protect you by offering insurance policies such as medical, travel, car, and even for your pet. The best part of it is that you can purchase all these insurance policies online. All you have to do is choose the insurance that best suit your need and BDO will assist you all the way.
Finding ways to reach your dreams
What do you wish for? Drive your own brand new car? Build your dream house? Or expand your business? BDO find ways to help you reach your dreams by offering BDO Loan products with low interest rates. You don't need to go to the bank too because you can apply online for your Auto Loan, Home Loan, SME Loan, and Personal Loan.
Finding ways to reward
A reward is a good motivation to achieve your goals and to challenge yourself to aim higher. BDO find ways to reward you for using the bank's financial tools though the BDO Rewards loyalty program. When you open an account, you can qualify for rewards membership depending on your monthly average balance.
- Emerald - maintain P100,000 monthly average balance
- Sapphire - maintain P500,000 monthly average balance
- Diamond - maintain P5,000,000 monthly average balance
You will earn 10 Rewards Peso Points for every P100,000 you maintain in your account. Accumulated points can be redeemed to pay when you shop with partner merchants or convert to SMAC points. Members are also entitled to exclusive perks and privileges such as free airport lounge access.
Finding ways to make banking safe
The #BDOAntiScam campaign educates Filipinos to become smarter than the scammer. These scammers are getting better at making their fake websites look legit. BDO regularly post advisories and reminders for the accountholders to be extra vigilant.
Financial literacy key to financial resilience
Understanding personal finance helps you become more aware of how to improve your financial standing and make effective financial decisions to meet your financial goals. BDO, through technology and innovation has allowed Filipinos to explore and acquire understanding of financial products such as savings, mobile banking, instant loans, money transfers, and even insurance.
Achieving financial literacy through technology and innovation requires the availability of financial products that provides immediate solution to a person's needs. That is why BDO does not only present you the product but also provides information about the product. There are also financial tools such as loan calculator and investment yield calculator to empower you in choosing what works best for you.
BDO will continue finding ways for technology and innovation to make real difference in the lives of the Filipinos by making their products easily available whenever you need them and wherever you are.