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PDIC conducts financial literacy campaign in Dagupan City

The Philippine Deposit Insurance Corporation (PDIC) has again reached out to migrant workers and their dependents last November 28 during the Financial Literacy Campaign for Overseas Filipinos (OFWs) in Dagupan, Pangasinan, wrapping up this year’s financial literacy project for OFWs.

 Prior to the campaign in Bunoan, Dagupan City, PDIC also joined in similar exercises held in Bacolod City, Quezon City, and Agusan del Sur, enabling the Corporation to educate and touch base with around 500 participants from the National Capital Region, Luzon, Visayas, and Mindanao.

Amidst unfavorable weather, still some 100 overseas Filipino workers and their dependents from various municipalities in Pangasinan trooped to the Lay Formation Center in Bunoan for the forum.

The event provided yet another opportunity for PDIC to share with our migrant workers and their families the importance of deposit insurance and depositor vigilance.

“Let’s entrust our hard-earned money to the bank not just because there is deposit insurance but more importantly because you trust the bank,” said Maria Leonida Fres-Felix, Vice President for Communications and Stakeholder Relations Group of the PDIC.

She also urged the audience to keep a portion of their income for savings.  The Philippines has one of the lowest savings rate in Asia, according to a recent study of the Asian Development Bank.

Ms. Felix also presented PDIC’s basic functions and mandate and its role in the financial safety net as a deposit insurer, receiver and liquidator of closed banks.

The financial literacy campaign is a project of the Bangko Sentral ng Pilipinas and the Overseas Workers Welfare Administration in cooperation with PDIC, the Social Security System, the Department of Trade and Industry, the Department of Agriculture, and the Rural Bankers Association of the Philippines. Private banks and insurance companies also supported the project.

PDIC’s participation in the campaign is part of the consumer protection advocacy campaign of the Consumer Protection and Education Campaign (CPEC) of the Financial Sector Forum (FSF), an interagency body composed of the country’s financial regulators namely the BSP, the PDIC, the Securities and Exchange Commission (SEC), and the Insurance Commission (IC).

 

 
© 2017 PDIC Institutional Relations and Resource Center