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CEBA鈥檚 Financial Literacy Program brings 鈥淗OPE鈥� behind the bars

by Firdausiah T. Mangca, CEBA | Mar 24 2024

In an effort to bring hope and empower inmates through financial literacy, the College of Economics, Business and Accountancy (CEBA), in participation with the Junior Economics Society (JES), implemented a Financial Literacy Project entitled Personal Financial Management & Savings for Inmates in BJMP – Iligan City on February 14, 2024 for inmates of the Bureau of Jail Management and Penology (BJMP) – Iligan City.

The said project is under the Behind the Bars Program of MSU-IIT. The project is designed to empower inmates to make informed decisions about their money, attain financial independence, and effectively manage income, expenses, and investments.

Led by its project leader, Asst. Prof. Charlyn M. Capulong of the Department of Economics, the initiative aimed to assist individuals in establishing practical financial objectives, managing unforeseen expenses, steering clear of debt and financial strain, and making informed decisions for a secure financial future.

The project was also implemented by CEBA faculty members, including Assoc. Prof. Abdullah R. Sirad, Asst. Prof. Shiny Rose S. Narit, Asst. Prof. Lilagre R. Sevilla, Asst. Prof. Berlyn M. Teano, and members of the Junior Economics Society.

The need for improved financial literacy among Filipinos has been emphasized by the findings of the 2021 Financial Inclusion Survey (FIS). The survey revealed that only 2 out of 10 Filipinos received perfect scores on basic financial literacy questions, with 7 out of 10 correctly answering at least half of the questions. Additionally, only 30% of adult Filipinos understood simple and compound interest, and only 42% identified how inflation affects purchasing power. 

During the Financial Stakeholders' Education Expo in November 2022, former BSP Governor Felipe Medalla, said that according to the World Bank, only 25% of adult Filipinos are aware of basic financial concepts.

Recognizing the need to prioritize financial literacy, the team provided the inmates with a compilation of six modules that were enough to back up or enlighten them on what financial literacy is all about. The one-day program educated participants on the changing economic landscape and how to maximize the financial services available to them upon release. The team also emphasized the importance of the subject and how it can help them manage their finances to avoid money-related problems.

One grateful inmate expressed her appreciation for the opportunity given by the University.

“Daghang salamat sa CEBA, MSU-IIT sa pagpili  kanamo aron makat-on ani nga butang. Mahitungod ani kami kay di mawad-ag paglaom,” the inmate said as she thanked the team.

(Thank you very much to CEBA, MSU-IIT for choosing us to learn about this. This gives us hope that never fades).

JInsp. Rose Pacana also expressed her utmost appreciation to the project team for choosing BJMP–Iligan City and for the active participation of the BJMP inmates. She said that future projects of the team are more than welcome as long as it is beneficial to them, especially to the inmates.

Topics : financial literacy behind the bars