UCPB and its subsidiary UCPB Savings Bank have joined the Banking On Your Future (BOYF) program initiated by the Bangko Sentral ng Pilipinas (BSP) and Bank Marketing Association of the Philippines (BMAP), to raise awareness on the importance of savings and financial literacy among the youth.
The banks and BMAP signed a memorandum of agreement with BSP on March 7, 2016 along with 15 other universal, commercial and savings banks as the financial institutions renewed their commitment to support its Banking On Your Future (BOYF) program. The new agreement expands the coverage of kiddie and teen accounts to 19 years old from 12 years old, according to the BSP, in line with K-12 program.
“UCPB is excited to participate in the BOYF which ultimately benefits not only our young depositors but also our banking community and the economy. We relaunched our kiddie savings account recently, which we call Start2Save (S2S) Junior Savings Account. We want to make it more engaging for children to save in UCPB at an early age through S2S,” said UCPB President and CEO Higinio O. Macadaeg, Jr.
Children and teens who open a UCPB Start2Save account for only P100 will receive a welcome kit containing a passbook and ATM card which is already equipped with the Euro Pay MasterCard Visa (EMV) chip, the global standard in ATM security. The welcome kit has a notepad, stickers and a birthday coupon which can be used by the accountholder to claim a gift from their UCPB maintaining branch within the accountholder’s birth month. The account does not have a maintaining balance. The account reverts to a regular deposit account once the accountholder turns 20 years old.
BSP Governor Amando M. Tetangco lauded the participating banks who signed up for the expanded BOYF. “We established BOYF to form financially responsible Filipinos starting with children by teaching them the importance of saving and providing them access to child-friendly deposit accounts and other bank products. We now have over 1 million depositors since we launched the program in 2012, thanks to the efforts of our partner-banks and DepEd. We look forward to higher numbers under this expanded kiddie and teen account program,” Mr. Tetangco said in his remarks.
For her part, Education Secretary Leonor Briones called on the banks to make saving more attractive to the youth to counter the pull of consumerism. “The challenge facing us today is to raise a new generation of financially educated young citizens who will wisely choose in the battle between spending versus saving and preparing for one’s future,” she said. DepEd and BSP developed teaching aids on savings, money management and basic entrepreneurship for the children’s financial education.
Date published: March 17, 2017