With the lingering economic disruptions caused by the COVID-19 pandemic, 2023 proved to be a financially challenging year for Filipinos. The Bangko Sentral ng Pilipinas reported a significant rise in the inflation rate from 2.4 percent in 2020 to 6.0 percent in 2023, marking the highest inflation rate in 15 years. This stark increase underscores the urgent need for enhanced financial literacy among Filipinos, particularly the youth, to build financial resilience.
Bayad and DepEd's Initiative: "Bayad Sapat Dapat"
In response to these economic challenges, Bayad, the pioneer and industry leader in bill payments, in partnership with the Department of Education (DepEd), has been actively promoting financial literacy through its comprehensive school program, "Bayad Sapat Dapat." This initiative aims to instill the importance of financial literacy and money management among Filipino students during their formative years.
"Bayad Sapat Dapat" is designed to help young Filipinos develop a financial mindset that emphasizes economic sufficiency and prudent financial management. By equipping students with essential financial skills, the program seeks to empower households and communities to navigate and withstand financial adversities.
Celebrating Five Years of Financial Literacy Advocacy
Now in its fifth year, "Bayad Sapat Dapat" continues to make a significant impact. The program's highlight, the Financial Literacy Quiz Bee, tests students on financial management, savings, and priority-setting. The most recent quiz bee took place on May 3, 2024, at Mandaue City Central School, Cebu, with the supervision of Bayad, DepEd, and Marylindbert International, Inc.
Out of 3,000 students from various divisions in Region 7, 43 were chosen as finalists. Shandy Monica Taborada, a Grade 12 student from Mandaue City Science High School, emerged as this year's champion. Shandy reflected on her experience, stating, “Participating in the Bayad Sapat Dapat Quiz Bee extends beyond just winning the competition. It enabled us students to expand our understanding of key financial principles and improve our decision-making skills.”
Joining Shandy in the ranks of financial literacy champions were Christine Ella Dabuco Fuentes from Lahug Night High School, Cebu City (2nd place), Anthony Tenebroso from Ramon Teves Pastor Memorial Dumaguete Science High School, Negros Oriental (3rd place), Jinky O. Casio from Science and Technology Education Center, Lapu-Lapu City (4th place), and Cherry Mae Decena from Mabolo National High School, Cebu City (5th place).
A Collaborative Effort for a Financially Literate Generation
Mandaue City Science High School Principal Leslie Joy R. Paňa emphasized the importance of the initiative, saying, “Now more than ever, DepEd is steadfast in driving forth the Financial Education Policy in the K to 12 Curriculum. This is why we proactively support the Bayad Sapat Dapat Comprehensive School Program as we harmonize our efforts in raising a generation of financially literate individuals.”
Bayad’s AVP and Head for Corporate Branding & Marketing Services, Wendell Kristian P. Labre, highlighted the increasing financial vulnerabilities facing the nation. He remarked, “Together with the Department of Education, we are even more committed to upholding the financial health of Filipino households and communities by empowering the youth to make wise financial decisions.”
Bayad Chief Commercial and Marketing Officer, Dennis S. Gatuslao, stressed the crucial role of financial literacy in economic recovery. He stated, “It is crucial that at this point in time, students take to heart the importance of financial literacy in the economic recovery of our country.”
Bayad President and CEO, Lawrence Y. Ferrer, concluded by underscoring the company's mission, “Our goal in Bayad has always been anchored on elevating the standard of living of Filipinos. We continue to amplify our advocacy on Financial Literacy to expose students early on to wise financial habits.”
Looking Forward
The "Bayad Sapat Dapat" program represents a critical step towards fostering a financially resilient generation in the Philippines. By instilling essential financial skills and knowledge in young Filipinos, Bayad and DepEd are paving the way for a more economically stable and prosperous future. The collaborative efforts between these organizations highlight the importance of financial education in navigating and overcoming economic challenges, ensuring that the next generation is well-prepared to make informed financial decisions.