INQUIRER SPECIAL: BSP campaign guides students toward freedom—the financial kind

MANILA, Philippines – For many Filipinos, including young people in poor communities, financial independence seems impossible to achieve.

But Juana Marie Amplayo, a former student leader in Southern Leyte State University (SLSU), said she and many of her fellow students from marginalized families saw the first glimmers of achieving financial freedom when they, along with over 500 other SLSU students, were able to open their first bank accounts as part of a program called Youth Financial Inclusion (YFI) initiative, which had its pilot run last year.

The YFI initiative is a key undertaking of the Financial Inclusion Steering Committee (FISC), an interagency body composed of various government agencies with the Bangko Sentral ng Pilipinas (BSP) serving as chair. One of its goals is to include more young people in the country’s formal financial system.

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Community champions

Among the initiative’s main components is the YFI Ambassadors Program, which aims to empower youth leaders to champion financial health and inclusion in their schools and communities.

Amplayo, a resident of Pintuyan municipality in Southern Leyte, was one of the four YFI ambassadors chosen in Eastern Visayas. They were tasked to develop action plans on how they would encourage and mobilize fellow youth to start thinking seriously about their financial well-being.

Student leaders from different state universities and colleges were chosen as ambassadors, added Amplayo, who was the SLSU supreme student council president before she graduated with a bachelor of science degree in tourism management last month.

The accounts onboarding activity, which gathered more than a thousand participants in SLSU, was among the highlights of the YFI initiative. For Amplayo, the opening of transaction accounts, like bank accounts, was “the first step to financial independence.

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“It starts with having access [to financial products and services] and education. These saving accounts will provide more opportunities for the youth because it will also lead them to a wider range of financial services,” she said, referring to insurance and digital payment platforms, among others.

The student ambassadors led the accounts onboarding activity, where several financial service providers were also invited.

Resource persons from the BSP gave talks about the importance of personal finance management, the benefits of financial inclusion and its role in community development, and the agency’s ongoing initiatives in Eastern Visayas.

The YFI initiative was not only limited to the Visayas region, as four other ambassadors were also picked from Luzon and Mindanao for the program’s pilot run, according to Khane Dulfo, another ambassador chosen for Eastern Visayas.

Various activities aimed at expanding access to basic financial services among the youth were also held in Cavite and Cotabato as part of the YFI initiatives in Luzon and Mindanao.

Excluded sectors

But while the program intends to reach as many young people as possible, regions where financial inclusion remains low get the focus.

BSP data show that as of 2025, only 27 percent of young people age 15 to 19 are financially included, while only 21 percent of them have savings.

Several local government units in Eastern Visayas—including Amplayo’s hometown of Pintuyan—also remain unbanked, according to the BSP.

“This only shows that many Filipino youth remain excluded from the formal financial system,” Amplayo said, citing poverty and poor financial literacy as possible reasons for this situation.

“Since our school is a state university, tuition fee is free. And many of the students come from really poor families. When you say poor, their resources are really limited,” she said.

However, “they may be poor, but they are really good and resourceful. These students can thrive and get themselves out of their disadvantaged situations,” she added.

Amplayo shared that she was happy when some 500, or about half of the accounts onboarding participants, successfully opened their very first bank savings accounts.

One of them, Vanness Bragas, said he was thrilled to see the bank account bearing his name.

Having his own savings account gives him confidence to handle and manage his finances, he said.

“No more ‘Ma, paki-ipon muna (Ma, please save [my money]),” Bragas said, adding that while he knew his money was secure with his mother, now he himself could save it in the bank for future use.

Old-fashioned way

It was the same thing for Dulfo, who used to save money the old-fashioned way—using a piggy bank.

“I didn’t find it effective because the ease of getting the cash was very tempting. And usually I get to spend more on my wants instead of my needs,” said Dulfo, who admitted that he opened his first bank account only after he was selected as a YFI ambassador.

“I felt quite embarrassed. Imagine I was chosen as one of the ambassadors and I didn’t have a bank account? So I opened one and it really motivated me to save,” he told the Inquirer.

Amplayo said one of the challenges they had during the accounts onboarding event was the misconception among many participants that they needed a big amount as maintaining balance to open an account.

“Some of them said they couldn’t open an account due to limited resources, and some said they felt safer when they kept their money at home,” Amplayo said.

But she cited a friend who lost everything, including all of her savings, to a fire incident.

“I was telling the participants, and even my friends, that it’s more secure to save money in banks. We never know what can possibly happen. There are thieves and there are also unfortunate incidents like fire,” Amplayo said.

Informed decisions

She added that by teaching financial literacy and encouraging account ownership among her fellow students, they develop responsible financial habits early.

“These habits empower them to manage their finances independently and make informed decisions that could lead to long-term success in the future,” Amplayo said.

Lack of financial knowledge can lead to poor financial decisions, she added.

“As a YFI Ambassador, I have seen how financial inclusion can transform the way young people think about money … Through the YFI Program, young people are not only taught how to handle money responsibly but are also given the opportunity to become active participants in the financial system. This helps them build financial security and become more independent in pursuing their goals and aspirations,” she said.

Dulfo believes the program will help raise financially independent and responsible youth, since it equips them with essential financial knowledge and practical skills, such as budgeting, saving, investing, and responsible borrowing.

“It also encourages discipline, critical thinking, and long-term planning. By understanding how to manage money wisely and avoid financial risks, the youth becomes more confident in making informed decisions, allowing them to build confidence and become financially responsible and self-reliant in the future,” he added.

Protection vs scams

The program also aims to help the youth against falling into financial scams, which are prevalent nowadays.

“It helps prevent scams by educating young people about financial literacy and digital safety. It teaches them how to identify warning signs, verify information, and think critically before investing or sending money online. With the right knowledge, they can make smart decisions and avoid becoming victims of fraud,” said Dulfo, who recently graduated with a bachelor’s degree in technology and livelihood education, major in information and communication technology.

Amplayo noted that many scams target the youth because they are always active online and may not yet have enough experience in handling financial transactions.

“Through the program, young people learn how to identify red flags, verify legitimate financial institutions, protect their personal information, and make informed decisions before engaging in online financial activities,”she said.

“An informed youth is less likely to become a victim of fraud and online scams. When they understand how financial products work and recognize warning signs of fraud, they become more cautious and less vulnerable to online scams,” Amplayo added./dp