NEWS
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
BFAR cites success of annual fishing ban in increasing galunggong stocks
1:11 a.m. March 8, 2026
The annual closed fishing season for roundscad (galunggong) has been instrumental in ensuring sustainable yield and enhanced volume production, the Bureau of Fisheries and Aquatic Resources (BFAR) said, citing the success of the science-based approach in Palawan.
BFAR National Director Elizer Salilig said this fishing cycle, which has been enforced for over 10 years, allows the galunggong to thrive in Palawan waters, ensuring ecological balance and economic success for the local fishing industry.
Galunggong is a dining staple among Filipino families, known to be relatively more affordable than other options. In Palawan, it sells for between P150 and P200 per kilo.
“The success of the annual roundscad fishing cycle in Palawan shows what we can do together through science and discipline. It proves that science-based conservation is not a hindrance to the fishing industry, but its greatest ally,” said Salilig.
The National Stock Assessment Program has confirmed the positive impact of the annual fishing hiatus, said Salilig.
The annual fishing ban contributed to improved volume of roundscad production at 3,363.75 MT in the third quarter of 2024, a sequential increase of 55.1 percent. It was the top contributor to the total commercial fisheries production in MIMAROPA, accounting for 27.1% of the total fish catch.
Enforcement of the fishing cycle has also led to a decrease in fishing mortality and the amount of immature galunggong in the catch. The roundscad also showed an increase in average length from 16.8 cm in 2015 to 17.6 cm in 2024, suggesting “improved growth and a healthier, more mature population.”
The closed season for commercial fishing of roundscad in Northern Palawan takes effect every November 1 to January 31 and is lifted between February 1 and October 31. This fishing cycle, implemented via a 2015 administrative order, covers the West Philippine Sea and the Northern Sulu Sea.
This policy leaves the galunggong breeding ground largely undisturbed during the closed season, protecting the species during its peak spawning period.
Salilig thanked the Palawan fishing community for continuing to comply with the annual fishing cycle.
“By respecting the natural spawning cycles of the galunggong, we are not just protecting an ecosystem; we are securing the food supply and the livelihoods of thousands of Filipino fishers for years to come,” he said. #
NEWS
Converge hosts Project PIGLET in Baclayan, donates learning tablets for Mangyan children
8:26 p.m. March 7, 2026
Leading fiber broadband and technology provider Converge ICT Solutions Inc. has come back to Brgy. Baclayan in Oriental Mindoro in celebration of Safer Internet Month, bringing its online safety campaign at the Baclayan Mangyan School, while strengthening the digital capabilities of its students.
Through its Corporate Governance and Data Privacy (CGDP) Group, Converge engaged pupils in Grades 5 and 6 in its Project PIGLET (Privacy Integration through Guided Learning of Emerging Technologies), a program that aims to enhance digital literacy and privacy awareness among school children.
Converge AVP and Head of Data Privacy and Information Security Compliance Team Eumir Paolo Espiritu highlighted that kids nowadays are more susceptible to cyber threats such as deception, fraud, identity theft, malware and computer viruses.
He noted that as early as possible, children should be educated on ways to protect themselves against these, which was why they launched Project PIGLET in 2024.
“Converge intends to visit different regions across the country to reach the unserved and underserved and increase the awareness of kids when it comes to data privacy and information security. At Converge, we leave no one behind, so this Safer Internet Month, we visited the indigenous children here in Mindoro to also promote the more responsible and positive use of digital technology,” he said.
Converge hosted a story telling session, and distributed school supplies and snacks to the kids.
The company also strengthened the school’s digital capabilities as it donated learning tablets and a smart TV at the Stairway Foundation ICT Learning Center, which has been supporting the students’ learning activities, through the help of Mindoro-based child-care organization Stairway Foundation.
“Dahil nga Mangyan school ang aming paaralan, kaunti ang access namin sa equipment kaya malaking tulong ang mga dagdag na kagamitan para sa pag-aaral ng mga bata. Mahalaga rin ang ganitong mga initiative para maging aware ang mga estudyante sa mga nangyayari sa kapaligiran at hindi lang sila gumagamit ng gadgets basta-basta,” said Baclayan Mangyan School Head Teacher III Noemi Bonquin.
The Baclayan Mangyan School provides education to nearly 250 pupils from the different Mangyan tribes in Puerto Galera.
Converge first engaged with the Mangyan community in Brgy. Baclayan in 2023, in collaboration with Stairway Foundation. The team up paved the way for the powering of free fiber internet by Converge at the said ICT learning center and its donation of learning tablets to support the students in honing their digital skills.
Moreover, the company has also worked with the nonprofit in its online safety advocacy in an effort to combat cyber threats, particularly online sexual abuse and exploitation of children (OSAEC).
NEWS
Maxim launches motorcycle taxi services in Iligan
7:11 p.m. March 6, 2026
Iligan City — Maxim Rides & Food Delivery is now authorized to operate motorcycle taxi services in Iligan, offering residents a convenient new way to get around the city.
With fares starting at Php 20, the service provides an affordable commuting option for daily travelers. The launch also creates new income opportunities for local driver-partners, enabling more residents to earn through a flexible platform.
Driver-partners operate from a commission scheme designed to be more favorable than many platforms in the market–helping them keep more of what they earn. Whether performing full-time or part-time, driver-partners can earn based on their availability and goals. All motorcycle taxi driver-partners undergo proper onboarding and an orientation on motorcycle taxi guidelines to ensure safety and service quality for every ride.
“Our goal in Iligan is to make daily travel easier for everyone while helping local residents earn extra income through flexible timetables,” said Myrrh Ornopia, Head of Maxim Iligan. “We want our service to benefit both riders and the community.”
Maxim continues to strengthen its motorcycle taxi operations in key cities, including Metro Manila, Batangas, and Cagayan de Oro. Through close coordination with local government units and transport authorities, the company remains committed to developing safe, reliable, and well-regulated motorcycle transportation services nationwide.
BFAR cites success of annual fishing ban in increasing galunggong stocks
Converge hosts Project PIGLET in Baclayan, donates learning tablets for Mangyan children
Maxim launches motorcycle taxi services in Iligan
