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Financial Inclusion and the Role of Financial Literacy in the Philippines

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Financial literacy in the Philippines can be enhanced by integrating financial education into the school curriculum, promoting awareness of BSP programs, and focusing on practical financial skills development.

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Individual factors affecting financial inclusion in the Philippines include financial literacy, age, gender, employment status, awareness of BSP programs, income level, and being the main household financial decision-maker.

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Home ⇛ harvest ⇛ vol. 16 no. 1 (2020), the financial literacy of baliuag university college of business administration and accounting students: its impact on financial attitudes and practices.

Sammy Isidro P. Pagaduan

Being financially literate is a big challenge among many Filipinos. The Philippines ranked second lowest among ASEAN countries in a survey on financial literacy (Mendez, 2015). Thus, this study aims to measure the influence of financial literacy in terms of students' attitudes and practices in handling their personal finances. It was conducted among eighty-three (83) respondents from the College of Business Administration and Accountancy (CBAA) of Baliuag University. A self-report questionnaire was administered to measure their knowledge and familiarity with financial concepts, as well as their attitudes and practices in handling personal finances. To test the hypotheses stating that financial literacy does not significantly predict financial attitudes and financial practices, two separate simple linear regressions were run using financial behaviors under two categories financial attitudes and financial practices as criterion variables. Findings of the study indicate moderate levels on measures of financial literacy, financial attitudes, and financial practices. The predictive impact of financial literacy on financial attitudes was found to have a significant result. Financial literacy strongly influences attitudes pertaining to managing one's finances.

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Financial Literacy in the Philippines: Scope, Statistics, Tips 2024

By Ameena Rey-Franc

Financial literacy is arguably one of the most vital yet passively recognized concepts in the Philippines. 

Want an experiment? Ask any random Filipino professional regarding financial literacy and they’ll have a sort of intellectual grasp on the subject. Proceed by respectfully investigating how well they manage their finances, and you might find an inconsistency. The real-world application of financial understanding seems amiss among Filipinos.

The statement above, as harsh as it sounds, is not meant to throw flak at our kababayans, but an illustration of the financial reality in the Philippines. Statistics and research studies will tell us that Filipinos are one of the most financially uneducated people across the globe.

And that’s a big problem bound to be massive if left unmanaged. So in this article, we’ll look at financial literacy in the Philippines and provide actionable personal finance tips to help you better manage your finances. Let’s explore the following:

What is Financial Literacy?

Statistics on financial literacy in the philippines, financial literacy of young professionals in the philippines, best financial literacy programs in the philippines, financial literacy month in the philippines, financial literacy law in the philippines.

• Sound personal finance tips that you can easily apply in your life

Before we get down to business, let’s redefine financial literacy.

Investopedia defines financial literacy as the ability to understand and use financial skills effectively . These finance skills include the following: budgeting, saving, investing, and accounting. Financial literacy allows people to make educated decisions regarding financial management.

Looking at the brief definition, we can extract two important prerequisite domains to call oneself financially literate:

• “Understanding” (referring to the knowledge of essential financial skills)
• “Use” (referring to the application of said financial skills)

Both are needed for financial literacy. Unfortunately, many Filipinos tend to have a limited understanding of financial skills, which negatively impacts their financial health. Let’s take a close look at some statistics on financial literacy in the Philippines.

With the current economic state faced by the world, financial literacy is more crucial than ever. And the absence of such understanding may predispose people to potentially irreparable financial disasters. Such is the case for 3 in 4 people in the Philippines.

According to the study of the Global Financial Literacy Excellence Center , the Philippines is one of the countries with the poorest level of financial education. They found that only 25% of the population are financially literate adults . While the Philippines are not the worst performer around the globe, we certainly lag behind other ASEAN countries like Singapore, Malaysia, Indonesia, and Thailand.

Meanwhile, countries in the Scandinavian Peninsula, particularly Denmark, Norway, and Sweden, garnered the top spot with 7 out of 10 adults being financially literate . Yemen was reported with the least financial literacy among adults with only 13%. Moreover… 

Dr. Jose P. Rizal, the country’s national hero, is famous for many things. One of which is his immortalized adage, “ Ang kabataan ang pag-asa ng ating bayan, ” which means the youth will be the pillars that shape the Philippines’ society, including its economic future.

As young professionals step into the workforce, armed with their education and ambitions, they carry the burden of ensuring not only their own financial well-being but also contributing to the overall economic growth of the country.

Financial literacy will play a crucial role in the fulfillment of this vision. The question is: are young professionals in the Philippines financially literate?

A 2020 study , carried out by three researchers from the Polytechnic University of the Philippines, examined the answer to this question. level of financial literacy among young Filipino professionals (both male and female, 20-35 years old, Quezon City residents).

The researchers found a significant correlation (not causation) between financial knowledge and financial behavior. In other words, knowledge of financial skills does not always translate to good financial behavior. Financial attitude, or a person’s long-term financial goals, plays a crucial role in bridging knowledge and behavior.

According to the study, only 35% of the respondents understood financial wellness or effective money habits to achieve financial security and stability. A lack thereof results in poor financial management.

When asked about loans, the participants admitted to facing challenges regarding the subject, with 28% dealing with personal loans, 46% facing credit card borrowings, and 53% facing financial distress due to living beyond their means as a result of a lack of self-discipline.

Based on the study’s results, the researchers emphasized that “ exposure and experience with financial education programs ” is a huge factor in financial education. They concluded the research by leaving their professional recommendations on how to boost financial literacy in the Philippines:

• Financial education begins at home: Youth best learn financial literacy when they acquire this information from parents, not financial experts and institutional advisors. However, not all parental advice on finances may be applicable today . It’s important to verify the applicability of advice through extensive research.
• Financial education must be taught in school: The study placed an interest in the importance of integrating financial education into the curriculum of schools, colleges, and universities.

Fortunately, the Department of Education has implemented DepEd Order No. 022, Series of 2021 to improve financial literacy among young learners. It aimed to integrate financial concepts into learning areas to educate learners and personnel alike on financial literacy.

Good for the students, right? But how about out-of-school adults who struggle with financial management? Financial literacy programs might help them.

Financial Literacy Programs

The abovementioned study emphasized the role of parents in educating their children on financial literacy. Unfortunately, not all parents are equipped with financial literacy skills to pass on. This poses a dilemma that young Filipinos may repeat the cycle of poor financial management without proper guidance at home.

This is where financial literacy programs come in. With adequate financial literacy, Filipinos can be empowered to live financially healthy lives. BSP Deputy Governor Bernadette Romulo-Puyat described being financially healthy as the capacity to:

• Meet the financial obligations
• Resist financial shocks
• Achieve financial goals
• Attain financial control and security

Financial literacy programs work to help adults reach that state.

In the Philippines, several organizations and initiatives aim to promote financial literacy among individuals of all ages. Here are some notable ones:

• Bangko Sentral ng Pilipinas (BSP) Financial Education Advocacy : The BSP, the central bank of the Philippines, actively promotes financial literacy through various programs and initiatives. They offer resources for both educators and consumers, including teaching guides, toolkits, and interactive materials.
• The Thrifty Pinay: Of course, why wouldn’t I include my own programs? TTP started in 2018 and as a BS Accountancy graduate, keynote speaker, author, and writer, I’ve conducted numerous speaking engagements revolving around topics such as budgeting, investing, psychology of money, women empowerment, motivation, goal-setting, and so much more. Have a look at our list of seminars .
• Ateneo de Manila University’s Center for Personal Finance : Ateneo’s Center for Personal Finance offers workshops, seminars, and online courses designed to improve financial literacy among Filipinos. They cover topics such as budgeting, investing, debt management, and retirement planning.
• UP National College of Public Administration and Governance’s Institute of Public Governance : The Institute of Public Governance conducts research and advocacy on financial literacy in the Philippines. They offer training programs and workshops for government agencies, NGOs, and other organizations interested in promoting financial literacy.
• RFP Institute’s Registered Financial Planner Program : The Registered Financial Planner (RFP) program is one course I recommend enrolling at if you want to take financial planning seriously (read my honest review here ). It is offered by the RFP Institute and provides comprehensive training on financial planning and investment management. It aims to produce certified financial planners who can help improve financial literacy and promote sound financial decision-making in the Philippines.
• Philippine Securities and Exchange Commission (SEC) : The SEC provides educational materials and resources on investing, securities regulation, and investor protection. They offer investor education seminars and workshops to help Filipinos understand the basics of investing and make informed investment decisions.

These organizations and initiatives play a crucial role in promoting financial literacy and empowering individuals to make sound financial decisions in the Philippines. Whether through government agencies, financial institutions, or educational institutions, efforts to enhance financial literacy are vital for the economic well-being of us Filipinos.

More Financial Literacy Programs for Filipinos

The Philippines government is taking strides toward helping Filipinos achieve financial literacy, and for good reason!

Republic Act 10922 (a Finanicial Literacy Law in the Philippines), otherwise known as the Economic and Financial Literacy Act, is a Philippine law that aims to promote financial awareness among its citizens. 

Under the law mentioned above, every second week of November is declared as Economic and Financial Literacy Week, wherein the National Economic and Development Authority (NEDA) conducts activities to promote financial literacy among Filipinos.

Just last November 2023, NEDA spearheaded the celebration with the theme, “ Bayanihanomics : Sama-samang Pakikilahok para sa Matibay na Ekonomiya. ” 

Other government agencies and government-owned and controlled corporations are also mandated by RA 10922 to conduct programs that raise awareness and develop national consciousness on financial matters. 

Be on the lookout for financial literacy programs by following the social media pages of NEDA and other government agencies.

Aside from the above, even private institutions and finance influencers join the national initiative to attain financial literacy. 

For instance, the Prudence Foundation has launched its “ Cha-Ching ” Program, which aims to educate young schoolers on how to manage finances. On the other hand, one of Sun Life Foundation’s flagship programs, “ Pera-aralan ,” targets public school teachers to help them develop positive money habits.

The Thrifty Pinay also joins in the campaign to develop financial literacy in the Philippines. For years now, with the grace of God, I have been actively invited by companies like Grab, JPMorgan Chase, VISA, government and private organizations, to talk about financial management. Check out my speaking engagement excerpts here.

To book TTP for a webinar on personal finance, click here .

Personal Finance Tips in the Philippines

If you want to take baby steps toward financial literacy, here are some tips to help you out:

• Embrace the “gulayan” mentality:   Historically, Filipinos were known to grow their vegetables in a “gulayan” or vegetable garden. In the same manner, you may cultivate a financial literacy habit little by little starting with your savings. Start small and set achievable goals. You can use a budgeting method like the 50/30/20 rule (allocate 50% for needs, 30% for wants, and 20% for savings/debt repayment).
• Use your diskarte instincts: Be resourceful! Filipinos are known for their “diskarte” or resourcefulness. Look inward and explore ways to save on everyday expenses. For instance, can you walk instead of taking public transportation from time to time? Can you cook more meals at home instead of eating out? These micro-expenses can be a huge sum when heaped.
• Think long-term: Invest in your Future. Don’t let your hard-earned money just sit idle. Explore investment options like Pag-IBIG or SSS, which offer benefits and long-term growth. Moreover, you can talk to a financial advisor to learn more about investment options that fit your risk tolerance and goals.
• Know the difference between needs and wants: Filipinos value family and celebrations. It’s totally fine to spend on what brings you joy but learn to prioritize basic needs like food, shelter, and utilities first. Budgeting will help you identify areas where you can cut back on unnecessary spending.
• Make financial literacy a family affair: Financial literacy begins in the family. Talking openly about money not only builds financial consciousness but also forges deeper bonds with family members. Try to get your kids involved in budgeting and saving discussions. Also, teach your children the value of money, so they can develop responsible spending habits.

Remember: Financial literacy is not an overnight success. 

It takes discipline and dedication to become financially responsible. But there is a silver lining to keeping your belt tight and curling your legs up when the blanket is short. All those efforts and sacrifices of missing out will pay off once you see the fruits of proper financial management! 

If you’re interested in booking TTP for financial literacy talks during your webinar or event, click here .

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• Personal Finance Ratios Every Filipino Should Know (So You Can Crush Your Goals)
• 10 Appreciating Assets Every Woman Should Aspire To Own Philippines
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Recognized as one of the Top Finance Blogs in the PH. Ameena Rey-Franc (founder of TTP) is a former Banker and BS Accountancy graduate turned Blogger, Keynote Speaker, and entrepreneur. Currently an RFP delegate, she is also the Author of a book about Financial Resilience and has held seminars for reputable companies like GrabFoodPH, Pru Life UK, VISA, JPMorgan Chase& Co., Paypal, Fundline, Moneymax, and many more. The Thrifty Pinay's mission is to empower women to LEARN, EARN, and be FINANCIALLY-INDEPENDENT no matter what life stage they are in.

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Financial Literacy of Teachers and School Heads in the Division of Marinduque: Basis for Financial Education Enhancement Program

2023, Psychology and Education: A Multidisciplinary Journal

The teaching profession is known to be one of the less-paid professions in the Philippines. Teachers who have plenty of work and responsibilities become even more challenged on how they will effectively and efficiently divide and utilize their remaining salaries for their needs and their families as a whole. In this case, an enhancement program should have been designed and implemented to help and guide teachers and administrators in managing their finances well. Thus, this thesis entitled: Financial Literacy of Teachers and School Heads in the Division of Marinduque: Basis for Financial Enhancement Program.Specifically, this study sought to answer the following questions: (1) What is the level of financial literacy of teachers and school heads in the division of Marinduque?; (2) Are there any significant differences in the level of financial literacy between teachers and school heads in the division of Marinduque?; (3) How teachers and school heads in the division of Marinduque are categorized in terms of their level of financial literacy?; (4) What Enhancement Training Program could be designed to develop and improve financial literacy among teachers and school heads in the division of Marinduque? The researcher used quantitative, descriptive, and comparative research methods to gather information about the conditions and situations of the variables for the investigation through the mean score, mean percentage score, standard deviation, and t-test for independent sample analysis. Based the data gathered in terms of the problem, the following are the significant findings:The level of financial literacy of teachers and school heads are both low, with a mean score 0f 2.36 and 2.38 and a standard deviation of 0.61 and 0.63, respectively.Moreover, this study revealed no significant difference between the level of financial literacy between teachers and school heads at 0.01 level of significance. Hence, the null hypothesis is accepted.Furthermore, from the 267 teacher respondents, only 78 or 29.21 percent are classified as having a high level of financial literacy as they are both high on financial knowledge and financial behavior. On the other hand, out of 44 school heads, only 20 or 45.45 percent is considered as high on both components of financial literacy.In line with the results, teachers and school heads also suggested and recommended some concerns regarding the focus of this study, such as the conduct of financial training, seminars, programs, workshops, and orientations, increase and provisions on the salary of teachers, and consultation and assessment of teachers' financial literacy.Based on the preceding discussions, assessment, and findings of this study, the researcher, as his contribution, designed a program as a form of training for teachers and school heads that could be incorporated in the Learning Action Cell (LAC) program of each school in the division. Moreover, the following recommendations were formulated.For DepEd officialsprogram heads, may design or craft training programs that will help and enhance teachers' and school head financial knowledge and financial behavior on the different dimensions of financial literacy. Also, they may conduct these training, seminar, workshop, and orientation programs on a consistently so that school heads and teachers, especially the newly-hired ones, are already aware and equipped with the concepts and best practices of financial aspects as they enter the Department.Teachers and school heads, they may adapt and practice the suggested formula or rule of income allocation of a known financial adviser or devise and make use of their strategy for managing your finances well.For future researchers, similar studies may also be conducted to assess the personal financial management of teachers, school heads, and any other officials of the Department.

Related Papers

IJMRAP Editor

Being one of the most influential people in our society, teachers who are dutifully mandated to improve students academically are also expected to impact many aspects of people's lives, such as becoming financially literate. However, Teachers are said to lack financial literacy. This is the very premise of the conduct of this study. This Quantitative Research employed a Descriptive-Correlational Research Design. It involved 153 elementary teachers in Narra del Norte District, Palawan. The respondents were selected using a simple random sampling technique. A self-completed questionnaire was used to collect the needed data. The results showed that teachers' level of financial literacy is moderate. More so, it revealed that the most substantial influence on teachers' financial condition came from the costs associated with reporting to and performing their professional duties. There is a moderate relationship between the teachers' financial literacy level and the factors affecting their finances. There is an association between financial literacy level and demographic profileposition and attendance to financial literacy training. While teachers' reactions to the positive financial literacy indicators that might be summed up as financial knowledge were highly translated, their responses to the negative signs were somewhat in the reverse direction. This would imply that their literacy levels were lower than they first appeared to be. Furthermore, teachers' financial literacy is affected by or vice versa by the same things that affect their finances. Moreover, the teachers' position and participation in financial literacy training may raise their level of financial literacy. However, their sex, marital status, number of dependents, pay, and other sources of money may not necessarily have an impact.

International Journal of English Literature and Social Sciences

International Journal of Research Publications

Janice U Y Nalaza - Costuna

This study aimed to determine the level of financial literacy and capability of teachers in terms of budgeting, saving, investing, and spending; to find the significant relationship between the financial literacy and capability of the teachers and to identify which of the moderating variables influenced singly or in combination the financial capability. The study utilized the descriptive correlational research design and an adopted questionnaire of Paceno and Laganhon (2022) to gather the necessary data to answer the specific questions of the study. Purposive universal sampling was employed to determine the teachers as respondents from North 1 District of Gingoog City Division, School Year 2022-2023. Mean and SD were used to determine the level of financial literacy and capability. Pearson Products Moment Correlation Coefficient was used to find the significant relationship and multiple linear regression was used to determine the moderating variables that influenced singly and in combination with the financial capability of teachers. Results revealed that the level of Financial Literacy in terms of Spending is Very Highly Observed, in terms of Budgeting, Saving, Investing, and Spending were Highly Observed. Moreover, the teachers’ Financial Literacy and Capability level in terms of Budgeting, Saving, and Investing show a Strong Positive Correlation. A Moderate Positive Correlation in terms of Financial Literacy on Spending. It can be concluded that the teachers of North 1 District are Financially Literate and Capable. It can be recommended that having a family structure and a spouse having a career or work, teachers will have better financial capability. Keywords: Financial Literacy, Financial Capability, Money Management

Journal of Management, Economics, and Industrial Organization

Cyrus P Casingal

To be fully equipped with knowledge and understanding about the basic concept of financial literacy is important. It gives individuals an advantage on carefully and properly managing their financial budget. The present study used mixed method, particularly convergent parallel mixed method. In this method, the researchers combined both qualitative and quantitative research techniques. In the survey, respondents answered questions through interviews and questionnaires. Focus group discussion sessions also contributed in gathering the data. For the instruments to be both reliable and valid, questions were constructed and validated by experts. The collected data analyzed the financial understanding of the public-school teachers. It particularly revolved around the financial literacy status of public-school teachers. There are two major concerns that public school teachers face about their current financial status and challenges. First, they are not satisfied with their current financial...

Arjay Tilan

Siddhartha Journal of Academics

Ujjwal Adhikari

This research intends to investigate how financial literacy affects the financial behavior of schoollevel teachers in Kapilvastu district. This context for research has been generated to answer whether the literacy is ultimate cause of financial practice behavior. Primary data-based descriptive research through close-ended structured questionnaire data was collected among school-level teachers in Kapilvastu, Nepal. The regression analysis was used to explore the relationship between independent variables and dependent variables. The relationship between financial literacy and financial behavior is significant. This paper showed that financial literacy acts as the cause of financial behavior. The study provided the proper ideas to policymakers on the extension of financial literacy via schoollevel curriculum.

Zenodo (CERN European Organization for Nuclear Research)

Nathaniel Gido

İlköğretim Online

Social Science Research Network

Wouter Schelfhout

Psychology and Education: A Multidisciplinary Journal

Psychology and Education

This study aimed to determine the personal financial management practices and lived experiences of teachers in the Third Congressional District of Quezon. Data were gathered using a research-made questionnaire to determine the financial management practices of the 375 teacher-respondents, identified through purposive sampling, and the interview was conducted to determine their lived personal financial experiences. SPSS statistical measurements such as frequency, percentage, and mean were utilized to measure and interpret the study's findings. The findings revealed that public elementary school teachers more often practiced budgeting, borrowing, and investing while they often practiced saving. The results imply that knowledge in managing their finances was low in saving, that for many, regularly saving is not a habit, and that its underlying cause does not have enough excess money after expenses. These indicate that teachers are unaware of the importance of saving money, for their short-term or longterm goals. Their inability to manage their money forced many of them into a situation where they could hardly save money for future use. In terms of investing, their lack of awareness and understanding of these financial instruments is limiting their potential to acquire passive income, build up wealth, and secure a comfortable retirement life in the future. The results of the study revealed that there is no significant difference in the personal financial management of teachers when grouped according to sex, teaching position, and income. On the other hand, there is a significant difference between the personal financial management practices of teachers when grouped according to age, civil status, length of service, and assets. The findings of this research suggest that the public school teacher's respondents need to enhance their personal financial management practices in budgeting, saving, investing, and borrowing. Furthermore, the results of the interview revealed that the majority of them have unstable finances that lead to experiencing financial crises most of the time because of emergencies and unforeseen financial situations. The majority say that budgeting is the most effective way to remedy the shortage in finances, and they cannot save a fixed amount of money because of a shortage of income. Financial planning is also essential for most of them, although there are instances the majority of them file for loans because of unexpected expenditures which are out of their control. They believe that the best way to cope with loans is to establish a business to gain extra income and avoid filing for loans. In line with the findings and conclusions obtained from the study, it is recommended that financial literacy programs through trainings and seminars for teachers may be provided to help widen their knowledge in their financial management and for them to manage their finances according to their priorities.

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Home > ETD > DEP_FINMAN > ETDB_FINMAN

Financial Management Bachelor's Theses

Theses/dissertations from 2023 2023.

Financial literacy and financial well-being: A mediation analysis of fintech services adoption among selected generation Z in Metro Manila , Justine Marie M. Abad, Domique John T. Hernandez, Nehemih D. Pabillon, and Arianne Mae M. Teves

The impact of CSR practices and reporting on firm performance: Evidence from selected ASEAN-5 banks , Sharina B. Ahmed, Dominique Margaret O. Co, Marby Christina Alyanna R. Macob, and Julianne Annika Y. Yu

The impact of green investments on Philippine energy firms’ financial performance: The moderating role of environmental policies , Byrne Joshua B. Al-ag, Jillian Beatrice Roselli T. Gaerlan, Sean Daron Magat Guintu, and Jameson A. Ng

Behavioral finance and market efficiency: The responsiveness of the Philippine market during the COVID-19 pandemic , Greisa Eguia Alano, Arhen Richmond Payumo Nuguid, and Kenneth Gabriel Sanvictores Rojas

Sustainable finance: An analysis of the ASEAN-4 universal banking sector's sustainable growth rate (SGR) and its risk factors , Bianca Elise S. Alejandrino, Armandeep K. Bhuller, Arnel Jorge N. Francisco II, and Jean Christian C. Peralta

The long memory effect in ASEAN-6 stock markets from 2006 to 2022: A rescaled range analysis , Tricia Q. Almandres, Sharmaine Rose G. Estor, Michaela Wencee S. Ng, and Audrey T. Reyes

An analysis of the effect and influence of macroeconomic factors on 10-year government bond Yields in the ASEAN-4 , Dan Joseph L. Andres, Ronnie-Lans T. Ayuyao, Nathan John N. Deypalan, and Jan Marcus C. Naguit

The effects of behavioral biases on investment decisions of Filipino millennials and generation Z: Moderating role of financial literacy , Liezl Katherine C. Ang, Jean Ashley A. Masanque, Johannah Mae C. Nacario, and Renna Mae M. Paguntalan

Panel regression analysis of the link between ESG indicators and financial performance in the energy and transportation Industry of ASEAN 5 countries: A sectoral perspective , Rafael Antonio C. Arellano, Skye Orin L. Libarnes, Meg Allen G. Maayo, Joaquin Francisco T. Sun, and Pedro Enrique S.A. Villamejor

Smart beta investing: A comparative study of fundamental accounting metrics and traditional market capitalization indices to measure the performance of the Philippine Stock Exchange , Miguel Benedicto Ramirez Argamosa, Faith Robles Del Rosario, Veronica Marielle Ferrer Delmo, and Miguel Antonio Rodriguez Merino II

The moderating effect of institutional quality on the relationship between financial inclusion and the profitability of commercial banks in selected ASEAN-5 countries: An analysis , Miguel Rene Q. Balboa, Timothy Karl R. Dela Torre, Alexandra Yzabella H. Lazaro, and Nishie S. Yao

The impacts of oil price shocks on the stock market index of the ASEAN-4 countries from January 2012 to October 2022: An analysis , Miguel Enrico V. Banzon, Beatriz Colleen S. Calimlim, Hesed Heindrick S. Cariño, and Siegfried Paolo B. Malabanan

Granger causality between stock market and selected macroeconomic indicators: Evidence from the Philippines , Kenneth Richard O. Bardullas, Vinzze Joseph T. Co, Aaron Henric P. Leung, and Alyzza Ariane J. Tadeo

Sustainable finance: The impact of selected green bonds on issuing firms' greenhouse gas emission (GHG) levels in selected ASEAN countries , Jomabelle C. Bautista, Mary Aubrey C. Calma, Ezekiel C. Camilo, and Krystell Abigail L. Tan

Can it walk the talk? Determining the validity of random walk hypothesis and technical analysis in the Philippine stock market , Hazel P. Bongolan, Bea Eliza A. Delos Reyes, Jenielle Joye T. Ho, and Cale Robert S. Rasco

Total factor productivity using Malmquist DEA on selected ASEAN-5 life insurers from 2007 to 2021: An analysis , John Allen C. Caballa, Riana Jade Y. Ng, Cherilyn G. Tan, and Jon Calvin C. Uy

The relationship between economic indicators and stock exchange index of ASEAN-4 countries: Indonesia, Malaysia, Philippines, and Thailand , Craig Jimver Mikael C. Camino, Micko Briel D. Del Pilar, Paul A. Fuentebella Jr., and Bryan Stephen A. Hong

Utilization of financial ratios in selected financial models to predict financial distress among food manufacturing companies in the Philippines , Simon Hongying G. Chen, Jelline C. Cheng, Lyka Mari C. Javier, and Janine F. Ong

Analyzing the causal effects of the major ASEAN-4 countries exchange rates against the Philippine peso on the volatility of the Philippine stock market returns , Richmond Ryan S. Chua, Yung Ching S. Shi, Willy W. Tang, and Rico J. Wu

Impact of mega-sporting events on the host countries’ stock market performance and economic growth: Evidenced from the Southeast Asian Games , Wendy Cai Chua, Se Jin Kaibigan Jeong, Catherine Ke Ke, and Michelle Chen Lin

An evaluation of logistic regression and random forest model as early warning system models for assessing an equity market crisis in ASEAN-5 + 3 countries , Allister James R. del Rosario, Anne Ysobel P. Guzman, Michelle O. Kohzai, and Jay Ruel B. Zape

A comparative analysis of the performance of machine learning models for predicting stock prices from the years 2012 to 2022: Evidence from the ASEAN 5 stock market indices , Sameer D. Dhanani, Hugh Leon B. Escaño, Jasmine L. Lim, and Isaiah Franz Dominique L. Pascual

Evaluating the volatility spillovers in the foreign exchange market during extreme events from 2007 to 2022 using the EGARCH model: Evidence from the ASEAN-5 countries , Helen L. Diaz, Jan Peter T. Ignacio, Melanie Grace V. Namol, and Abby Gail C. So

An analysis on the impact of crude oil prices and macroeconomic indicators on the ASEAN-5 stock market index: The 2022 Russian invasion of Ukraine , Sophia Anne B. Gallardo, Jasmine F. Kau, Christelle Joy V. Remegio, and Jaylyn M. Vibar

An analysis of the relationship between stock prices and financial ratios of banks based on the ASEAN-4 , Rica Anne A. Ko, Clarea Felice C. Lim, and Stacey Elaine T. Yap

Determinants of property sector profitability: Empirical evidence from the selected publicly listed real estate companies in the ASEAN-5 , France Gabriel D. Palileo, Miguel Faustino O. Mallari, Paul John S. Sison, and Mary Angeleen V. Teodosio

Financial literacy and fintech adoption among millennials in Metro Manila, Philippines: An analysis , Alyanna Marie L. Toh, Stacey Eunice U. Lee, Jason W. Su, and Athena Micah B. De Guzman

Theses/Dissertations from 2022 2022

Effects of volatilities on property sector indices of ASEAN-6 pre, during, and after the Global Financial Crisis and during the COVID-19 pandemic from 2006 to 2022 , Maria Charizza Acuña, Ernest Joseph Coronel, Margarita Lauren Cortez, and Nathalie Raika Julio

The impact of exchange rate volatility on the stock market index returns of select developed and developing Asian countries: An analysis , Alianne J. Alfonso, Mariela C. Cai, Erika Anne D. Jaurigue, and Sofia Eloisa U. Placino

Philippine financial institutions' counterparty default risk and stock price relationships: An analysis , Gerard Constantine Amano, Juwan Kenzie Gomez, Gilbert Angelo Juan, and Jan Michael Pioquinto

The effect of ESG activities on the financial performance of PSE listed companies during the COVID-19 pandemic—Evidence from the Philippines , Andrea Danielle S. Amil, Raizen Philippe M. King, Rondel Y. Ortiz, and Gweneth Allona Mikaela B. Te Tan

The impact of COVID-19 and specific control indicators on the performance of selected universal banks in the Philippines , Keana Aedrielle Modesto Ang, Bea Alexis Gotay Lim, Issey Miuccia Domminiq Uy Tan, and Jenny Huang Zhang

A study on the determinants of dividend payout policy: Evidence from the ASEAN-5 countries , Princess Askha Intal Artates, Mary Coshey Israel Dabatos, Claire Aimy Padilla Sendin, and Reynalyn Del Mundo Tenorio

Forecasting value-at-risk during crises in select ASEAN stock market indices through GARCH-EVT models , Janelle Fatima A. Balmaceda, Maxim Anthonnae M. Miranda, Mary Haniel Joy M. Parba, and Patricia Anne M. Zapanta

The relationship of the daily number of COVID-19 cases, lockdown classifications in the National Capital Region, and Philippine stock returns: An analysis , Beatrice Q. Bañagale, Dazle M. Edralin, Joaquin Pierre T. Guinto, and Isabelle Rhein D. Rivera

Financial development in the ASEAN 8: Impact of foreign direct investment and institutional quality , Katherine Marie F. Batto, Julie T. Caguioa, Sophia L. Cruz, and Sofia Julia S. Uy

The rise of fintech in the Philippines: A study on the impact of digital finance and demographics on financial inclusion and its effect on economic growth , Sofia Angeli M. Bobier, Gillian Clare O. Carbonilla, Alessandra Rayne L. Mallari, and Erika Marie D. Moleno

Investigating the long-term co-movement and spillover effects of the stock markets between the United States and the ASEAN-5 countries for the periods up to and after the 2008 Global Financial Crisis and the COVID-19 pandemic , James Paul Misa Calub, Stephanie Joyce Chua Chan, and Elisa Kyle Agulto Lim

The effect of credit and liquidity risk management practices on the profitability ratios of selected Philippine thrift banks , Renee Ysobelle S. Canlas, Jerlene E. Coronado, Joana Raquel S. Gianan, and Stephanie Mae C. Hu

A relationship between world oil prices and Philippine mining and oil sector index: A comparative study of multivariate GARCH approaches , Errol Stephen Santos Chan, Justin Matthew Carrasco Hou, Mychael John Llamado Ong, and Marcus Adrian Garyth Ejercito Tan

Evaluating the impact of competition on the profitability and the stability of the commercial banking sector: A case of selected Asian countries (2008-2020) , Gianina Jewel Paredes Chan, John Matthew Menco Chua, Jeanne Marie Lim Si, and Christian Rosales Sy

Examining financial performance of ASEAN REITs from 2020-2022 , Lorenz Dominick Santos Chon, Martin Clifford King Ornido, Bryce Harvey Angsanto Tan, and John Henderson Co Tan

An analysis on the total factor productivity of selected commercial banks in the ASEAN-5 countries using Malmquist-DEA analysis from 2006-2020 , Kervin T. Chua, Maria Jeanette C. Mallari, Joacquin Carlo A. Navales, and Chelsea Ann A. Yu

The impact of human development in the ASEAN 5 countries on financial inclusion (2015-2019): An analysis , Danica Deryll C. Condes, Justin Nicholas D. Nocum, and Kenneth C. Sevilla

Behavioral biases and demographic factors influencing Filipino’s investment decision during the COVID-19 pandemic: An empirical study , Chevy Louise G. De Guzman, Pierre Angelo A. Lopez, Alley Jill Q. Ocampo Tan, and Jannah Andre A. Seville

Relationship of information and communication technology (ICT) and stock market development (SMD): Empirical evidence using a panel of ASEAN-6 and East Asian-3 countries , Erica Jillian Allison S. Dela Cruz, Huihuang Shi, Edward Spencer D. Tan, and Micah Lovell V. Tan

Analysis of the impact of selected financial ratios and macroeconomic factors on share price: Empirical evidence from selected emerging ASEAN countries mining and oil sector , Marielle C. Dela Cruz, Kieza Francesca C. Garra, Samantha Rose V. Pontines, and Serin Hanbyeol A. You

Will the renminbi emerge as a safe-haven currency? Evidence from the tiger cub economies’ stock market volatility from 2016 to 2021 , Paolo Manuel D. Delfin, Kay Lin Ding, Hana Juniela N. Sebe, and Sofia Nicole C. Villanueva

Financial integration in ASEAN emerging markets: The relationship between macroeconomic variables and stock index performance from 2011 to 2020 , Loren Margaret Malabanan Dizon, Mico Angelo Pasion Magturo, Maria Nicole Sebastian Molina, and Rainiele Clarice Galaura San Juan

A comparative analysis of the risk-adjusted performance of Philippine active and passive equity funds before and during the COVID-19 pandemic , Luisa L. Dizon, Irvin Avery F. Ng, Audrey Nicole F. See, and Lance Spencer T. Yu

Information and communication technology (ICT), economic indicators, and banking sector indicators: Its impact on the ASEAN-5 countries' banking sector performance: An analysis , Piero Antonio D. Dominguez, Samantha Colleen M. Francisco, and Maria Regina T. Ignacio

Influence of digital finance accessibility on financial inclusion and bank stability: Evidence from the ASEAN , Jameson Esparas and Faustine Angela B. Zipagan

A study on Filipino investors and their intention to invest in mutual funds in the Philippines , Jaan Alexander Lacap Gana, Mauro Ramon Campos Lacson, Dheeraj Motiani, and Yu-jin Dacula Nam

A comparative study on the impact of COVID-19 pandemic and exchange rate on the stock market returns of the Philippines and Thailand , Jan Gavin Santos Go, Bea Jilian Banaag Llana, Reignard Alric Chong Uy, and Aaron Elian Lardizabal Yaneza

The significance of microfinance to Pototan rice farmers in the Philippines: An analysis , Mikaela Luis A. Gutierrez and John Dominic D. Hechanova

Comparative analysis of top cryptocurrencies to other financial markets , Chadwick Wayne G. Ilagan, Stephen C. Ong, and Juanito P. Valdecantos IV

The impact of sustainability reporting on corporate financial performance: A multilevel modelling approach using evidence from publicly listed companies in the Philippines , Julienne Elisha Q. Juan, David Joshua T. Marin, John Raymond D. Reyes, and Shaila Kimberly U. Sy

A comparative assessment of Benjamin Graham's stock selection criteria as quantitative investment strategy in ASEAN-5 markets post global financial crisis: An examination of the defensive and enterprising investor approach , Geoffrey James O. Lim, Jose Rafael M. Malamug, and Ethen Aldrich P. Panugayan

The effects of the adoption of blockchain technology on selected ASEAN banks’ stock performance: An event study , Angelo Gabriel G. Lopez, Joachim Santino G. Palacios, Romualdo Anton T. Rosas, and Samantha T. Santos

The effect of fintech on the efficiency of selected Philippine universal banks using DEA from 2010 to 2019 , Sarah Frances O. Ludo, Joaquin Vicente C. Sese, Leah Beatrice S.D. Tagabucba, and Regine Elixhea S. Torres

An assessment of risk management's mediating effect on financial innovation and bank's performance: A study of selected ASEAN-5 listed commercial banks from 2018-2020 , Raphael Gerardo Nisce, Louise Kate R. Ramirez, and Kataaki M. Watanabe

The effect of selected financial ratios and macroeconomic factors on stock price: A study of Bursa Malaysia Berhad's listed energy companies from 2015 to 2019 , Rexwin Anthony Osida, Joanne Chelsea B. Pecson, and Miguel Benedicto C. Tupas

Efficiency, financial performance, and stock returns of the food and beverage industry: A study on the ASEAN 5 , Jan Dominique O. Tan, Hanns Dominic W. Chen, Christian Lance L. Haw, and Queenie Yvette S. Shi

Theses/Dissertations from 2021 2021

A comparative study: Underpricing and long-run performance of initial public offerings in Singapore Exchange and Bursa Malaysia from 2007-2016 , Ann Nicole Louise L. Ang, Alexa May B. Domingo, Paula M. Maniulit, and Ysabel T. Maniulit

Women empowerment through microfinance: Twenty year historical data analysis of selected microfinance institutions in NCR and CALABARZON , Bianca Erica D. Bala, Cristina Mae Y. Chu, Paolo Tristan L. Chu, and Dustinmico S. Wee

The relationship of stock returns with systematic risk in the ASEAN-5 Region: A panel data approach analysis of the relationship prior to and during the COVID-19 pandemic , Wren Angelo Encarnacion Banaag, Maxinne Vaughn Julia Catoto De Guzman, and Kassandra Mari Banawa Luces

The impact of financial literacy, attitude, and behavior on financial well-being among Metro Manila residents , Erika Shaine Chong Bana Lim, Domingo Maria Carmona Garcia IV, Joiecel Labung Tan, and Alyssa Janine Hong Yao

The effect of the coronavirus (COVID-19) on the optimal portfolio composition of select industry sectors in the Philippines , Laxmir Roselle Magpantay Biacora, Ida Augusta Ramos Lim, Marc Ivan Pagtama Lanuza, and Denise Nicole Pimentel Lim

Cardinality-constrained approach: Small portfolios breakthrough in the Philippine market from January 2015 to December 2019 , Judely Ann Calipusan Cabador, Clarissa Lingat Calo-oy, Krisma Allu Gapasin Duldulao, and Juliene Faye Palmares Zamora

Empirical analysis: Application of specific GARCH models in examining stock market volatility , Adrianne Nicole J. Canonizado, Charles Lawrence L. Chua, Jon Pryce Y. Go, and Jackie C. Yu

The relationship between financial literacy and fraud detection between generation X and Y Filipinos in Metro Manila, Philippines , Elijah Climaco Castañeda, Eric Paul Mariano, and Mark Ildefonso M. Zurbano III

Evaluating early warning systems for currency crisis in select emerging ASEAN economies , Mikhaela Kristine R. Chan, Berndhart S. Co, Mary Khristine P. Juan, and Erryl Ron M. Lacanlale

A PLS-structural equation modelling of the role of financial inclusion, financial technology, financial stability, and bank competition on economic growth in ASEAN , Lou Marie Princess Dimalibot Chua, Richelyn May Pantig Chua, Kim Borja Fernandez, and Ericka Christian Ando Javate

A panel analysis of Philippine banks’ loan portfolio quality in relation to their bank lending rates, bank performance, and key accounts , Antonio Miguel Tayag Coronel, Lorenzo Jose Morales Prieto, Zach Gabriel Server Rapanot, and Xavier Maria Castro Roxas

An analysis on the effect of demographic characteristics and e-money usage towards bank account ownership in the Philippines , Miguel Carlos S. De Guzman, Zores Miguel A. Declaro, Vincent Thomas F. Garcia, and Dana Erika E. Julaton

A comparative analysis of the inflation hedging properties of gold, stocks, corporate bonds, and foreign currency in the Philippines from years 2011-2019 , Ma. Danielle Kyle L. de Jesus, Eduardo Wolfgang U. Gargarita, Dessa Fay A. Isubol, and Eira Jasmine H. Javaluyas

The impact of the COVID-19 pandemic on revenue diversification of selected banks in the ASEAN 5 countries , Alma Grace De Vera, Adrian Keith Deparene, Regina Sofia Ong, and Jonas Marvin Villar

Examining the impacts of environmental, social, and governance (ESG) considerations on millennials and generation Z’s investment attitudes and behaviors , Micaella Danielle Go, Mary Agnes Alita Grino, and Tyrone Kyle Jambalos

Behavioral factors influencing retail investors’ decision making during the COVID-19 pandemic: A study on the Philippine stock exchange , Justin Martin Meneses Jacaria, Ma. Isabel Anacleta San Jose Paredes, Matthew Jeremy Sacdalan Quismorio, and Gonzalo Philip Centennial Caligagan Exconde

Value investing and technical analysis in the Philippine Stock Exchange, investing in the five different sectors after the financial crisis of 2008 from the years 2010-2019 , Mathew Luis L. Marzan, James Ryan A. Sese, and Bryan Michael C. Yap

An analysis of the relationship between financial performance of Microfinance Institutions and the Sustainable Development Goals , Samuel Villacruz, Dallin Torio, Jing-Jing Go, and Carolyn Tan

Theses/Dissertations from 2020 2020

The effect of ASEAN-4 stock market volatility on the Japanese yen as a safe haven asset from 2003 to 2019 , Angela Angie Wu Chen, Kymberlin Rae Chan Cua, and Shiela Camille Chua Lao

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News & View

The philippines’ financial literacy program.

Presentation made by Undersecretary Gil Beltran at the 10th Financial Literacy Summit, 20 April 2016

Financial literacy is the most important component of the Philippines financial inclusion policy. The Philippine financial literacy program is comprehensive; it covers all sectors from policymakers, regulators, microfinance providers down to the clients. It is a continuing activity for many government institutions.

When the Philippine Department of Finance launched its Microfinance Program in 1995 and Microinsurance Program in 2010, we involved all stakeholders and invited their representatives to nationwide meetings in all 16 regions of the country to contribute to the details of the program. We had the legislators, regulators, microfinance and microinsurance providers and their federations, retail outlets, practitioners and clients in the discussions.

First, we formulated a national strategy, consulting stakeholders every step of the way and then launched the strategy along with the issuance of regulations and memoranda of agreement for coordinated policies and programs.

Thus, 18 years after the launch of the Microfinance Program, we had 10 million microborrowers and 5 years after the launch of the Microinsurance Program, microinsurance products covered 37.6 million lives, 37% of the total population.

Indeed, the financial literacy program should cover everyone, all from ages 5 to 100. We have financial education in the schools, lectures for overseas Filipino workers who, as a group, remit US$28 billion annually, and lectures on financial market for young people who make up 1.3 million employees of the BPO (Business process outsourcing) sector who, as a group, generate about US$25 million in revenues annually.

To many sectors, technology has enlarged access to financial services. Mobile phones, ATM cards and computer gadgets can now enable transactions between great distances at low cost. Web sites now educate the public on the budgets and actual expenditures of government institutions, provide credit information on micro- and small-scale enterprises to prospective lenders (through the Credit Information Corporation) and prioritize the liens on real estate and movable collaterals used to secure loans (through the Land Registration Authority’s collateral registry).

Financial literacy should include a listing of financial (stocks, bonds, insurance and mutual funds) products available in the market because these should compete on equal footing with consumer products for the investor’s money.

If the financial literacy program succeeds, financial stability is enhanced because stakeholders make rational decisions and manage their funds and businesses well. They are also protected from fraudulent transactions and dubious deals. Regulators, with the assistance of local governments, can check on the activities of regulated entities. Clients who are well informed of their rights can access the alternative dispute mechanisms offered by regulators to settle complaints.

Financial stability, in turn, fuels economic growth. Using the 50.8% gross savings-GDP average of the Philippines from 2005 to 2015 as a benchmark (World Bank data), a 10% improvement in the efficiency of financial management could boost the country’s GDP growth by 5 percentage points.

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