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Filipinos’ financial literacy needs more push, Home Credit survey reveals

January 30, 2022 11:09 a.m.

The pandemic pushed many Filipinos to be mindful of their personal finances. However, there’s still immense concern on the state of financial literacy in the country. 

Both the 2015 World Bank (WB) survey and Central Bank’s 2019 financial inclusion survey revealed that only half of Filipino adults correctly answered financial literacy questions. 

This was supported by a survey from Home Credit where only 10% of the respondents correctly answered questions that test their knowledge on various financial concepts. 

The said survey was drawn from the consumer finance company’s self-crafted financial literacy quiz found in the My Home Credit App. 

A two-part quiz, it offers users a chance to answer a series of questions involving personal finance and other financial literacy items. 

To get an in-depth analysis of the quiz results, here’s a breakdown of the findings for each question: 
Findings of Quiz 1: Basics of Budgeting, Digital Literacy, and Cybersecurity 

More than 25,000 respondents took the first quiz that covers topics on basics of budgeting, digital literacy, and cybersecurity.

Within May to December 2021, the respondents mostly belong to the age group of 25-39 years old and 63% or majority are female. 

From the results, only 10% got all correct answers from the six questions.

When asked about managing finances, almost half (as many as 10,000) did not apply the ideal saving formula in their monthly budget; they prioritize expenses first and save what is left. 

On interest computation, 57% got the correct answer and the remaining half either got the wrong computation or does not know how to answer.

On a related question about inflation, respondents were asked about the impact of inflation and only 41.8% had the right understanding of its effects on their purchasing power and borrowing decisions. 

Filipinos seemed to be more knowledgeable on investments and risk diversification. 

When asked whether they will spread their money to multiple investments or focus on just one, almost 73% chose to put it into multiple investments to limit their losses, 22.5% for one investment and 4.6% do not know the answer.

Aside from inflation and basic numeracy concepts, cybersecurity and safety are also one of the concepts that are not well-understood by the takers with only 43.4% getting the correct answer – a number slightly lower than 47.8% before the covered period. 

On the flip side, most respondents aced the question on what tasks can be done using digital financial tools at 97%.

The social distancing measures brought by the pandemic might be a huge factor on how well-versed Filipinos have become in using fintech tools for daily transactions. 

In summary, results show that the respondents’ knowledge on all financial literacy concepts mentioned above are in the intermediate level with scores falling under 3 to 4 out of 6.

Basic numeracy, inflation, and cybersecurity and safety are the least understood concepts as indicated in the survey. 

Findings of Quiz 2: The Basics of Budgeting, Saving and Borrowing

The second leg of the financial literacy quiz zoomed in on the basics: budgeting, saving and borrowing.

Launched in September, it covers the period of launch until September, there are over 19,000 responses, with more females attempting to take the quiz and from the age group of 25-39 years old. 

The first three questions concentrated on how to properly plan a monthly budget and how to compute for an emergency fund.

Most quiz takers (66.8%) know that every month, they should at least make a budget plan and 88.4% know that the ideal amount of emergency fund should cover 3 to 6 months’ worth of expenses.

However, only ¼ of users know how to set a SMART Financial goal. 

Regarding the basics of borrowing, almost all (95%) of quiz takers know that paying bills on time every month can help improve their credit score.

A total of 77.1% also answered that a consumer finance company is an institution that could help them avail cash or product loans.

On the similar topic of loan application, 83% knows the concept of loan repayment but only half of respondents know what a cooling off period in a loan is about; 65% knows that there are different ways that could help them approve their loans (such as preparing requirements ahead of time, borrowing an amount that you can pay, etc). 

Looking at the findings of the second quiz, majority of Filipinos have a proper understanding of the basics of some financial concepts but would need guidance on comprehending more specific terms.

Regardless, the results of the second quiz show that the level of financial literacy in the country is promising and would continue to improve if taught properly. 

This is where companies advocating for financial literacy come in. One of which is Home Credit Philippines, a longtime financial provider and financial educator both in global and domestic markets.

Through Wais sa Home, their financial and digital literacy program, they address the concerns revealed in the survey through various initiatives and activities aimed at driving financial inclusion and raising financial literacy standards amongst Filipinos. 

“Our business model and the focal point of our corporate social responsibility efforts is centered on responsible lending. We want to help create responsible borrowers and good payers through financial education and digital financial literacy,” says Home Credit Philippines Chief Marketing Officer Sheila Paul. 

To reach a wider audience and have a steady source of important financial and digital literacy concepts, Home Credit is launching its Wais sa Home website soon to allow more people to gain knowledge on basic money management and digital skills. 

NEWS

Converge collaborates with volunteer groups to bring green initiatives, health services to Aeta community in Pampanga

10:11 a.m. February 6, 2026

LEADING fiber broadband and technology provider Converge ICT Solutions Inc. recently engaged with an Aeta community in Angeles City, Pampanga, through a day of tree-planting and outreach activities aimed at creating lasting, positive impact at the grassroots level.

Working alongside socio-civic group The Fraternal Order of Eagles – Kandili Chapter and the all-women volunteer organization Inner Wheel Club of Taguig, Converge sowed 300 fruit bearing seedlings in the Sapangbato Watershed. 

The initiative supports the local government’s watershed reforestation efforts while also helping strengthen the livelihood opportunities of farmers in the community.

After the tree planting, the said organizations also conducted a medical mission to bring essential health and dental services directly to residents. Members of the Inner Wheel Club of Taguig gave a health education session on proper oral hygiene, provided basic dental care services, and distributed hygiene kits to community members as part of the outreach.

In addition to these, Converge and the Philippine Eagles also distributed grocery packs, medicines and vitamins, including garments to help address the immediate needs of the families in Sitio Target, Sapangbato.

“This initiative reflects our shared goal of supporting communities in ways that respond to their needs. By working together with other organizations, we were able to do so much for the environment, for the people’s livelihoods, and also in promoting the health and well-being of the community, all in one meaningful effort,” said Converge VP and Head of Corporate Communications and Public Relations Jay-Anne Encarnado. 

The engagement of Converge with Sitio Sapangbato builds on an earlier effort where 1,000 mandarin and coffee seedlings were sowed by its employees last year as part of its Women’s Month celebration, led by the mentors and mentees of its women’s leadership program, Grace Under Pressure: MentorSHE.

Overall, Converge planted a total of 4,700 seedlings for the watershed in 2025 in partnership with the Community Environment and Natural Resources Office (CENRO) of Angeles City, Pampanga.

The sustainability commitment of Converge includes a strong focus on creating positive community impact, which the company fulfills by engaging with marginalized communities through the capabilities of its business.

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NEWS

Grab, MOVE IT strengthen on-trip protection with expanded COCOLIFE partnership 

8:12 a.m. February 3, 2026

Grab Philippines and motorcycle taxi platform MOVE IT have expanded their emergency insurance support with COCOLIFE, widening hospital assistance and financial protection for both rider-partners and passengers in a bid to make coverage more accessible and comprehensive for users of the on-demand mobility services. 

Through the deepened partnership, rider-partners and passengers gain 24/7 access to a wider network of more than 700 COCOLIFE-accredited hospitals nationwide for emergency situations involving a Grab or MOVE IT ride.

The expanded hospital assistance with COCOLIFE strengthens Grab Philippines and MOVE IT’s protection ecosystem by addressing the most time-critical gap in on-trip incidents: emergency care and hospitalization support for both rider-partners and passengers. 

It is designed to complement existing coverage across the platforms. Grab and MOVE IT’s group personal accident insurance, administered through AIG Philippines, continues to provide complimentary on-trip protection for fatal injuries, permanent disablement, and accident-related medical expenses for passengers and partners, while AXA-backed life and disability protection remains an incentive-based benefit for top-performing driver-, delivery-, and rider-partners. 

“Safety and protection have to keep evolving with the realities our partners and passengers face every day,” said Ronald Roda, Managing Director of Grab Philippines. “This expanded support with COCOLIFE builds on our work to strengthen welfare protection in the gig economy. Grab and MOVE IT remain committed to the people who make every trip possible, and to the passengers who place their trust in us with every booking. We’ll keep investing in stronger safety nets so partners can keep earning with confidence, and passengers can ride with greater peace of mind.” 

Under the expanded coverage, Grab and MOVE IT riders and passengers nationwide are entitled to hospital assistance for accidents that occur while a trip is active on the platform. The policy provides up to P50,000 per member per year to help cover essential accident-related healthcare costs, with benefits available for emergency room, inpatient, and outpatient services across COCOLIFE’s accredited hospital network nationwide – with additional assistance available subject to case assessment. 

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NEWS

TCL shines at 61st Anvil Awards, securing 4 major honors

3:05 p.m. January 30, 2026

TCL Electronics, the Triple Global Top 1 TV Brand, a leading force in consumer electronics, and the No.1 ranking in global fresh air AC sales, has achieved four recognitions at the recently concluded 61st Anvil Awards Gabi ng Parangal held last January 28 at Solaire Resort, North Quezon City.

Marking a historic milestone, TCL secured its first-ever Anvil trophies, officially placing the brand among the country’s top communicators and demonstrating its excellence in press relations, marketing, and technology.

The Anvil Awards received by TCL highlights how the brand combines innovation, social impact, and strategic communication to deliver meaningful results. The TCL-TESDA Air Conditioning Training Program, which earned top marks in both Good Governance and Government Relations got Gold and Silver awards, the TCL x Olympic Basketball Project, which gained recognition in CSR bagging a Silver award and finally the TCL FreshIN 3.0 Campaign which won in Marketing and Brand Communication got Silver award.

We are beyond honored to be recognized by the PRSP. Bringing home not just one, but four Anvil awards is a monumental achievement for us. We are absolutely grateful, yet deeply humbled to be among this year’s top-tier honorees. These awards inspire us to continue pushing boundaries, to innovate boldly, and to deliver initiatives that make a meaningful impact on our customers and communities,” TCL Brand Manager Joseph Cerntichez shares.

The 61st Anvil Awards recognizes those who go beyond the conventional, celebrating bold leadership, creative brilliance, and impactful results for communities and brands alike. As one of the most respected programs in the Philippine communications industry, the Anvil Awards, organized annually by the Public Relations Society of the Philippines, honors outstanding public relations tools, programs, and campaigns that demonstrate strategic insight, creativity, and measurable impact. Winners are carefully selected by a distinguished, multi-sectoral jury of communication professionals, academics, business leaders, and industry representatives, ensuring a rigorous and credible evaluation process.

Headlining TCL’s historic debut at the Anvil Awards is a Gold trophy in the Public Relations Program for Corporate Responsibility and Good Governance. This prestigious award honors the TCL-TESDA Training Center, a landmark initiative that seamlessly integrates social impact with brand leadership. More than just a facility, this fully equipped hub allows students to master advanced climate control technology through direct mentorship from TCL experts. By pioneering a ‘structured enrollment-to-employment’ pathway, TCL has created a sustainable solution to the industry’s skills gap—transforming graduates into certified professionals within its own service network. This award-winning program stands as a masterclass in nation-building, reflecting TCL’s enduring commitment to the Filipino workforce. TCL-TESDA Air Conditioning Training Program also got a Silver award for Public Relations Program Government Relations category.

TCL’s commitment to corporate social responsibility and good governance was once again honored with a Silver Anvil for the TCL Basketball Camp, a project that perfectly embodies the brand’s ‘Inspire Greatness’ mission. Located in the bustling heart of Manila, the camp provided a platform for young athletes to hone their skills and chase their dreams. The campaign’s success across Tech, Education, and Sports media highlights TCL’s unique ability to empower the Filipino youth through multifaceted engagement. As the world looks toward the World Olympics, this initiative stands as a testament to TCL’s dedication to fostering the next generation of champions.

TCL’s FreshIN 3.0 Campaign took home the Silver Anvil for its brilliant execution of a consumer-centric marketing strategy. Recognized in the ‘Marketing and Brand Communication’ category, the program stood out for its seamless integration of experiential touchpoints and multi-channel outreach. By transforming traditional PR into an interactive journey for the public, TCL didn’t just market a product—it built a lasting brand connection, proving its mastery in the art of modern storytelling and external engagement.

Beyond the impressive specs of the FreshIN 3.0 AC, the campaign’s success was driven by the TCL Cool Truck, which brought superior cooling directly to high-traffic areas. By integrating a skills-building partnership with TESDA, TCL showcased a holistic brand philosophy: delivering top-tier appliances while empowering the next generation of Filipino professionals. The result was a massive surge in brand sentiment and a reinforced standing as an industry innovator.

Marking a landmark achievement in its Philippine journey, TCL has solidified its standing as a leader in electronics and communications. These maiden ANVIL honors are a testament to a brand that refuses to settle, successfully merging technical brilliance with the art of storytelling to define the future of the industry

TCL’s growth is driven by a ‘trailblazer mindset’ under the leadership of TCL Philippines CEO Peter Chen. The brand has outlined a strategic roadmap centered on technical leadership and brand elevation. This directive aims to systematically upgrade TCL’s brand value through collaborative industry progress and the continuous pursuit of cutting-edge consumer experiences.

Looking ahead, TCL is set to roll out several key initiatives in the coming week. The mission remains unchanged, Inspire Greatness upholding the highest standards of quality and service, ensuring that the brand will consistently deliver world-class experiences to their loyal customers.

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