Connect with us


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. 


100 days to go before world’s best play in front of world’s best fans

May 18, 2023, 2:16 p.m.

In 100 days, the best players from the Philippines and all over the world will converge i Manila for the FIBA Basketball World Cup 2023.

The Philippines – and its well-renowned most passionate fans – will play host to the USA and Serbia, as well as Lithuania and Greece, as four of the top ten-ranked teams in the world will be on our shores for the Group Phase in the world meet running from August 25 to September 10. Angola, Dominican Republic, Italy, South Sudan, China, Puerto Rico, Jordan, New Zealand, Egypt, Mexico, and Montenegro round out the visitors who will enjoy Filipino hospitality, with games set to be played at the SM Mall of Asia Arena in Pasay City and the Smart Araneta Coliseum in Quezon City.

At the same time, Filipinos will grant enviable homecourt advantage to the Gilas Pilipinas Men’s Team, as the team commences its campaign in the tournament’s first game at th colossal Philippine Arena on August 25.

To mark the countdown and engage the local market in the Philippines, a 100 Days-to-Go TVC will be aired on key channels & social media platforms while LED billboards along key sites in the Metro will also feature materials on display. Features on key news programs and video callouts from local ambassadors of the FIBA Basketball World Cup will also be shown on tv & social media.

This the first time in 45 years that the Philippines is hosting the FIBA Basketball World Cup, albeit alongside Japan and Indonesia, and the co-hosts are promising the most memorable world meet yet.

According to Al S. Panlilio, President of the Samahang Basketbol ng Pilipinas, “The event will be tremendous – the fan experience will be unprecedented, unmatched in its impact and truly memorable for all.”

Filipinos may very well watch the MVP-caliber play of Serbian Nikola Jokic and Greek Giannis Antetokounmpo, as well as a bevy of NBA stars by taking advantage of alreadyavailable tickets with the Follow My Team Passes with access to all preliminary games of your chosen team, the Ultimate Fan & Super Fan passes, which give access to games from the Quarterfinals to the Finals, and the Two-Day Passes, which give fans the chance to watch 4 games on 2 consecutive days.

Single-Day Passes will also be available starting May 25 for basketball fans to get a chance to see their favorite basketball stars up close and personal. Fans can purchase their tickets to the biggest basketball event of the year via

Continue Reading


INC Chronicles reboots visuals to better engage youth, public

May 1, 2023 2:42 p.m.

INC Chronicles, a weekly television feature-documentary that delves into the rich history and community-building efforts of the Iglesia Ni Cristo’s various local congregations, has recently undergone tech-driven enhancements to make the show more visually engaging in today’s fast-changing media landscape.

With sharper cinematography, spruced up digital graphics, and creative animation, the re-envisioned program aims to better connect with today’s younger audiences and those yet unfamiliar with the Church’s storied beginnings.

The interior design of the INC Museum in Quezon City

INC Chronicles’ new visually compelling episodes highlight the struggles, lessons, and timeless Christian values that marked the Iglesia Ni Cristo’s formative years in various communities around the Philippines and abroad.

The show seeks to create a deeper appreciation for the Church’s history and how its spiritual and humanitarian activities have been helping drive community growth and empowerment for over a century. 

INC Chronicles is broadcast every Thursday at 3:30 p.m. on INCTV, with reruns every Thursday at 8:30 p.m. and Sunday at 10:00 p.m. It is a co-production of the Christian Era Broadcasting Service International Inc. (CEBSI Inc.), the religious media arm of the Iglesia Ni Cristo, and the INC Museum.

In an interview, INC Museum Director, Cornelio N. Cortez, emphasized the value of chronicling the story of the Iglesia Ni Cristo and expressed gratitude for the Church’s continued growth. “The hand of God is present during all those decades. We are thankful,” he stated.

INC Museum Director Cornelio “Jun” Cortez

According to Cortez, the Iglesia Ni Cristo’s dedication to preserving its history and cultural heritage is also reflected in the INC Museum which houses over 17,000 protected catalog items inside temperature-controlled and humidity-monitored rooms.

From its humble beginnings of preaching at riversides and small town houses in the Philippines to becoming a global religious institution, the Iglesia Ni Cristo has millions of members in over 7,000 congregations spread across 164 countries and territories worldwide.

Members watching the special screening of INC Chronicles Special Screening
Continue Reading


FIBA ambassador Luis Scola, US rapper Saweetie to banner FIBA World Cup Draw 2023

April 24, 2023 3:51 p.m.

The world’s biggest basketball tournament is about to unfold in Manila at the FIBA Basketball World Cup 2023, with basketball legend Luis Scola gracing the much-anticipated draw with performances by American rapper Saweetie, Sarah Geronimo, and Billy Crawford this Saturday, April 29 at the Smart Araneta Center in Cubao, Quezon City.

Scola has won multiple medals as a member of the national men’s basketball team of Argentina. He played for Argentina’s national squad from 2001 until 2019, winning two silver medals at the FIBA World Championships, one each in 2002 and during his final tournament in 2019 at the age of 39. During the 2015 FIBA Americas Championship tournament, Scola became the all-time leading scorer in FIBA AmeriCup history and won his 4th tournament MVP.

On the live performance side, Saweetie is an American rapper who made a name for herself by rhyming over iconic tracks, giving a nod to those who came before while building her own catalog of fiery hits such as “My Type,” “Tap In,” and “Best Friend,” a collaboration with Doja Cat.  

Meanwhile pop superstars Sarah Geronimo and Billy Crawford are expected to represent the Filipino side at the international event happening on Saturday, 7:30 at the Big Dome. 

Ranked #40 in the world, the Philippines has gained an outright berth in the 2023 FIBA Basketball World Cup Games by being one of the host nations alongside Japan and Indonesia. This is the sixth time that the Philippines is playing on the world stage, and its second time as host nation following its hosting in 1978 where it finished in the top eight.

As a FIBA global partner, Smart is going all-out for the FIBAWC 2023 Draw Event as anticipation reaches a new high with all the 32 qualified nations receiving their country assignments during the spectacle. This year’s much-anticipated FIBA draw will finally announce the matchups and finalize which countries will be playing in the Philippines, giving Pinoy basketball fans time to plan which games and basketball greats they wish to see live in action.

Catch Ben&Ben live and win prizes from Smart at ‘FIBA in Manila’ in BGC

Basketball fans can also join the all-day festival party, “FIBA in Manila,” at BGC Uptown area, corner of 9th Avenue and 36th Street in Bonifacio Global City (BGC) from 10 am onwards, also on April 29.

Ben&Ben’s performance at the “FIBA in Manila” will be streamed live via Smart’s official Facebook page at 2pm.

Never miss a moment with the Smart LiveStream App

Smart subscribers can get hyped with non-stop FIBA basketball action by catching all the exciting happenings and the games, including those played in the previous windows, via the Smart Livestream App. 

Using the app, fans can catch every minute of live basketball action at the 2023 FIBAWC from Aug. 25 to Sept. 10.

The Smart LiveStream app is downloadable on the App Store and the Google Play Store, and subscribers will only need to enter a valid Smart Prepaid or Postpaid mobile number to enjoy all the sports action.

Continue Reading