Banks urged to offer more products for kids

ABS-CBN News

Posted at Dec 05 2012 10:01 AM | Updated as of Dec 05 2012 06:01 PM

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) wants more banks in the country to offer savings deposit products aimed at children.

BSP Governor Amando Tetangco said these deposit products for children will help develop a financially literate population in the future.

"A more literate population, including the young, is good for the economy and the financial system as a whole. We will encourage more banks to participate [in the agenda]," BSP Governor Amando Tetangco Jr. said on Tuesday.

At present, 12 banks offer savings deposit products for children. These banks are the following: Allied Banking Corp., Banco de Oro Unibank, Bank of the Philippine Islands, China Bank Savings, Development Bank of the Philippines, East West Bank, Maybank Philippines Inc., Philippine National Bank, Philippine Savings Bank, Philippine Veterans Bank, RCBC Savings Bank, and Security Banking Corp.

These deposit products for kids require a minimum deposit balance of only P100.

The BSP estimates only 31,000 Filipino children have their own savings account.

The Child and Youth Finance International (CYFI) is targeting 100 million children in 100 countries to have their own savings account by 2015. 

At present, only 18 million children around the world have their own savings accounts.

CYFI on Wednesday held a forum on financial education for children in Manila.