With the lingering economic disruptions caused by the COVID-19 pandemic, 2023 ended up to be a financially challenging year for Filipinos. According to Bangko Sentral ng Pilipinas, the inflation rate has climbed from 2.4 percent in 2020 to 6.0 percent in 2023, the highest inflation rate recorded in 15 years.
It is in this light that Bayad – the pioneer and industry-leader in bill payments, and the Department of Education (DepEd), amplifies its advocacy on Financial Literacy through its continuous implementation of “Bayad Sapat Dapat”, a comprehensive school program that aims to reinforce the importance of financial literacy and money management in the formation years of Filipino students.
“Bayad Sapat Dapat” is centered on helping the youth develop a financial mindset that everything must be economically and sufficiently enough, thereby empowering households and communities to foster financial resilience amidst unprecedented financial situations.
Now on its 5th year, the program highlights a Financial Literacy Quiz Bee, covering a series of questions on financial management, savings, and priority-setting. The quiz bee was held last May 3, 2024 at Mandaue City Central School, Mandaue City, Cebu under the supervision of Bayad, DepEd, and Marylindbert International, Inc.
Out of 3000 students in all divisions of Region 7, 43 were chosen as finalists, where Shandy Monica Taborada, a Grade 12 student from Mandaue City Science High School, emerged to be this year’s Bayad Sapat Dapat Quiz Bee Champion.
Shandy shared “Participating in the Bayad Sapat Dapat Quiz Bee extends beyond just winning the competition. It enabled us students to expand our understanding on the key financial principles, and improve our decision-making skills, such as prioritizing needs over wants, deciding how and when to save and spend, comparing costs before a big purchase, and planning for short term and long term financial goals. I hope that in the future this program would reach a wider platform to continue to empower students like me to be more responsible of their finances.”
Joining Shandy in the roster of financial literacy champions are 2nd place winner – Christine Ella Dabuco Fuentes from Lahug Night High School of Cebu City, 3nd place winner –Anthony Tenebroso from Ramon Teves Pastor Memorial Dumaguete Science High School of Negros Oriental, 4th place winner – Jinky O. Casio from Science and Technology Education Center of Lapu-Lapu City, and 5th place winner – Cherry Mae Decena from Mabolo National High School of Cebu City.
Mandaue City Science High School Principal Leslie Joy R. Paňa said “Now more than ever, DepEd is steadfast in driving forth the Financial Education Policy in the K to 12 Curriculum. This is why we proactively support the Bayad Sapat Dapat Comprehensive School Program as we harmonize our efforts in raising a generation of financially literate individuals who can navigate the concepts of budgeting, saving, investing, and debt management, enabling them to build a foundation for long-term financial stability and independence.”
Bayad’s AVP and Head for Corporate Branding & Marketing Services Wendell Kristian P. Labre underscored “The increased financial vulnerabilities that we are facing nowadays has prompted Bayad to bring the nation’s financial awareness to the next level. Together with the Department of Education, we are even more committed to upholding the financial health of Filipino households and communities by empowering the youth to make wise financial decisions.”
Bayad Chief Commercial and Marketing Officer, Dennis S. Gatuslao also stressed, “it is crucial that at this point in time, students take into heart the importance of financial literacy in the economic recovery of our country. We believe that through our collaborative efforts with DepEd, we will continue to intensify learning and promote financial wellness in Filipino homes.”
Lastly, Bayad President and CEO, Lawrence Y. Ferrer shared, “Our goal in Bayad has always been anchored on elevating the standard of living of Filipinos. We continue to amplify our advocacy on Financial Literacy to expose students early on to wise financial habits. We are one with DepEd in shaping the next generation of effective decision makers who can confidently approach major life choices in the future.”