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Friday, March 29, 2024

BDO unit to help train fishermen in finance

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BDO Unibank Inc. said its corporate social responsibility unit teamed up with several agencies to launch a financial education drive for fishermen across the country.

In a statement on Monday, BDO Foundation announced its partnership with the Department of Agricultureā€™s Bureau of Fisheries and Aquatic Resources (DA-BFAR), Bangko Sentral ng Pilipinas (BSP) and the Fish Right program of the US Agency for International Development (USAID).

The multi-sectoral collaboration aims to further educate fishermen on topics such as saving and budgeting, supplementary income sources and proper use of micro-loans and micro-insurance.

ā€œFinancial education interventions for underserved sectors of society are critical especially now that we are coping with the effects of a pandemic,ā€ BDO Foundation President Mario A. Deriquito said.

ā€œWe hope to be able to use the learning resources we have developed with BSP and other partners to further push financial inclusion, contribute to the governmentā€™s capacity building efforts, and make a difference in the lives of fishers and their families,ā€ Deriquito added.

BSP Governor Benjamin E. Diokno said that the Central Bank is hoping to empower the poor and low-income households with financial education and inclusion initiatives, noting that the agri-fisheries sector has the potential for inclusive growth and development.

ā€œWe aim to equip fishers and their families with prudent financial management skills and right attitudes toward money to help them cope with irregular incomes and other economic shocks that they typically encounter in their livelihoods,ā€ Diokno said.

Leveraging its over two-decade experience in marine biodiversity and fisheries management, the Fish Right Program will be supporting the design of the financial education module and its rollout in the local fishing communities.

ā€œThrough USAID Fish Right program, we hope to build the capacity of more than 25,000 fishers with the intent to reach even more with the help of our partner NGOs and universities in Calamianes Island Group, South Negros and Visayan Sea,ā€ said Patrick Wesner, Deputy Mission Director of USAID in the Philippines.

A system will be in place to measure the impact of the program on the fishersā€™ financial behavior, the statement said. BFAR and civil society organizations will then train personnel tasked with teaching the module to the fishers.

Read full article on BusinessMirror

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