Insurer expands targets for financial literacy tack

THE Manufacturers Life Insurance Co. (Manulife Philippines) announced that more than 500 attendees from six schools participated in the firm’s financial literacy webinars held in partnership with the Corazon Sanchez Atayde Memorial Foundation (CSAMF).

In a statement issued last May 23, the insurer said that through the webinars, employees from Manulife Philippines and Manulife China Bank Life Assurance Corp. (MCBL) taught lessons covering basic financial concepts such as saving, budgeting and investing.

The participants were from these schools: Gubat Elementary School in Albay; Guisad Valley National High School in Baguio; Pembo Elementary School in Makati; Bambang Elementary School; Buting Elementary School; and, Francisco Legaspi Memorial School in Pasig.

Manulife Philippines’s financial literacy program dubbed “Peso Smart” continues to support the Department of Education’s initiatives to expand and improve its financial literacy curriculum for K-12 programs to enrich the capability of learners, teachers and personnel.

Opportunity seen

ACCORDING to Manulife Philippines Chief Marketing Officer Melissa Henson, the company created the financial literacy program to teach young students how to make responsible financial decisions.

“However, in the course of running the program, we also saw an opportunity to extend it to include teachers, school principals and parents, who play an integral role in helping advance financial literacy,” Henson was quoted in the statement as saying. “By empowering communities to embrace the importance of managing personal finances, we can guide more Filipinos on how to be smarter with their money and financially secure their future.”

“Partnering with Manulife Philippines has given us a better understanding of the country’s current state of financial literacy,” CSAMF Executive Director Margaux Romero Atayde was quoted in the statement as saying. “We saw how the program has helped the families of the children and the teachers from the schools become smarter with their finances, especially during the pandemic. We are happy to continuously work with Manulife in expanding our program so we can help change young Filipinos’ lives.”

Manulife Philippines launched its financial literacy program in 2017 as a series of face-to-face classes dedicated to teaching the importance of saving and investing to students in public elementary schools. During lockdown measures against Covid-19, it redesigned the program to address the demands of remote learning and expanded to more schools nationwide.

The program has also been extended to university students to teach the importance of insurance, investments and financial planning. More than 400 students have graduated from the program since its inception, according to Manulife Philippines.