RCBC Taps into Youth's Financial Literacy with BSP
Rizal Commercial Banking Corporation (RCBC) together with their retail banking arm, RCBC Savings Bank (RSB) officially joined BSP's Banking on Your Future (BOYF) Kiddie and Teen Account Program in nurturing good saving habits among millions of Filipino children.
Bangko Sentral ng Pilipinas (BSP) began their BOYF initiative back in 2011 with 11 participating banks, including RCBC Savings Bank as one of the pioneers. Department of Education (DepEd) Secretary, Leonor Briones' unique challenge to the BSP was to find a way to “make saving sexier than spending.”
Even prior to the program, RSB had its WISE Savings Account for kids in 2009. At the onset of BSP's BOYF initiative, RSB through their WISE Savings Account, shared the same advocacy with BSP to teach kids how to budget, save, and plan for their future. At present, the retail bank is ranked 1st among the participating thrift banks and 4th over-all (both universal and thrift banks) in terms of the most number of kiddie savings accounts.
This year, together with 16 other banks, RCBC took on the challenge of shaping the youth's future through financial literacy campaigns.
Now with the age range widened to accommodate teenagers up to 19 years old, BSP Governor Tetangco said that the addendum, aside from widening the reach, can help sustain the habit of saving until they graduate.
Kids and teens can start saving up for their dreams with RCBC's Student Savings Account. With only a P100 initial deposit, RCBC's Student Savings Account and RSB's Wise Savings Account will aid the young ones in developing sound financial practices by way of educational programs, exciting promos, and upcoming perks, privileges and even more features in the coming months.
RCBC President and CEO Mr. Gil Buenaventura and RSB President and CEO, Mr. Rommel Latinazo affirmed the bank's commitment to the advocacy, along with other banks' presidents during the official Memorandum of Agreement signing of the BOYF Kiddie and Teen Account Program.