Senator Sherwin Gatchalian has urged Congress to pursue the passage of a measure that would help more Filipinos become knowledgeable and skilled in handling their personal finances for their future. ManilaBulletin
Gatchalian, who filed Senate Resolution No. 569, said he finds the results of the 2021 Financial Inclusion Survey conducted by the Bangko Sentral ng Pilipinas as “alarming” and stressed the need to address the gaps in Filipinos’ financial literacy through legislation.
“Base sa resulta ng survey, ang kakulangan sa financial literacy ay pumipigil sa marami nating kababayan na makapag desisyon nang maayos para sa kanilang kinabukasan at maprotektahan ang kanilang mga sarili sa panahon ng sakuna at pangangailangan ,” the senator pointed out. The lawmaker said the finding is consistent with the data from the Insurance Commission showing a 4.6 percent year-on-year contraction of the total number of estimated insured lives by microinsurance products from 46.97 million as of the first quarter of 2021 to 44.81 million as of the first quarter of 2022.
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