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
New year, new flavors: Lusso by Margarita Forés arrives at SM Podium
4:29 p.m. March 11, 2025
SM Podium elevates its sophisticated dining experience with the launch of Lusso by Margarita Forés—the first Margarita Signature restaurant, established by the celebrated chef and restaurateur Margarita Forés, to become part of SM’s prestigious portfolio.
With the festive season in full swing, Lusso offers the perfect setting to celebrate life’s special moments, whether it’s a holiday gathering, a romantic dinner, or a quiet indulgence with loved ones.
Renowned for her world-class culinary artistry, recognized as Asia’s Best Female Chef in 2016 by Asia’s 50 Best Restaurants, Forés brings her signature touch of elegance and exceptional flavors to this exciting new addition. Lusso promises an extraordinary culinary journey that combines the finest ingredients, impeccable presentation, and flavors that linger long after the last bite. Known for her innovative approach to Italian cuisine and her dedication to celebrating Filipino flavors on the global stage, Forés brings unparalleled expertise and a passion for excellence to every dish. At Lusso, dining becomes more than just a meal—it’s an experience.
Lusso is the perfect setting for creating unforgettable memories. Whether you’re planning an intimate dinner with someone special, hosting a cozy family gathering, or celebrating milestones with your closest friends, the restaurant offers the perfect backdrop to celebrate the season in style.
Lusso is a natural inclusion in SM Podium, seamlessly aligning with its reputation as a haven for elevated experiences through its curated offerings, sophisticated ambiance, and dedication to world-class dining. Offering an exquisite menu designed to indulge the senses, the restaurant is an invitation to savor life’s finer moments.
Signature dishes like the Portobello Mushroom, Asparagus & Goat Cheese Mille-Feuille and the decadent Lobster Linguine highlight Lusso’s commitment to culinary artistry. From sumptuous dishes crafted with precision to an ambiance that radiates understated luxury, Lusso transforms every visit into an unforgettable affair.
Visit Lusso at SM Podium and make this festive season truly special. Whether you’re indulging in a celebratory feast or treating yourself to an unforgettable dining experience, Lusso offers more than just a meal—it’s a taste of refined luxury. Discover more reasons to celebrate, more moments to savor, and more for you at SM, where exceptional dining meets the spirit of togetherness.
SM Supermalls #HomeOfFirsts
At SM Supermalls, we take pride in being the Home of Firsts—bringing you the first-to-market brands, groundbreaking experiences, and culinary destinations you won’t find anywhere else. From world-class dining and retail exclusives to innovative spaces that inspire and connect communities, we’re redefining what it means to have it all. As we continue to grow, we remain committed to sustainability, community empowerment, and delivering memorable moments that make every visit more meaningful. There’s always something new and memorable waiting for you at SM.
NEWS
Get that loan even faster with Maya
11:14 p.m. March 10, 2025
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Borrow on Your Terms—Fast, Flexible, and All-in-one app
Unlike typical banks, Maya keeps things fast, digital, and stress-free. No waiting weeks for approval. No jumping through hoops. Just instant access to cash—whether it’s for everyday needs or life’s biggest moments.
- For emergencies and everyday essentials: Maya Easy Credit gives you a revolving credit line of up to ₱30,000, so you can borrow instantly for urgent expenses like grocery runs, bills, or unexpected costs. Repay flexibly and borrow again whenever needed.
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And because Maya is an all-in-one digital bank app, using your borrowed funds is just as easy. Use it to pay with your Maya Card, scan to pay at thousands of merchants, settle bills in-app, or transfer money in seconds—giving you ultimate flexibility, anytime, anywhere.
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Apply today via the Maya app. Visit maya.ph and mayabank.ph, and follow @mayaiseverything on Facebook, Instagram, YouTube, and TikTok for updates.
NEWS
Web3 on Wheels: YGG Pilipinas Hits the Road with the Metaverse Filipino Worker (MFW) Caravan
3:30 p.m. March 9, 2025
YGG Pilipinas is embarking on a four-month tour with the Metaverse Filipino Worker (MFW) Caravan, a traveling roadshow bringing the future of work to six key cities across the Philippines.
From April to August 2025, the MFW Caravan will showcase how Filipinos can level up their skills and access fun new ways to earn online, all without having to leave their hometowns. The multi-stage event is part of a year-long initiative introducing more Filipinos to the rapidly growing digital economy with alternative career opportunities beyond traditional employment and overseas work.
Through hands-on workshops and expert talks hosted by YGG Pilipinas’ educational platform Metaversity, MFW Caravan attendees will learn how they can future-proof their careers with emerging technologies including Web3, AI and decentralized physical infrastructure networks (DePIN). Lessons offered by Metaversity will include resume building, optimizing work through AI, and using decentralized applications (DApps). During each Caravan stop, job boards and career orientation will also be available. Attendees can also partake in event quests to earn rewards, including AI bounties designed and offered by YGG’s Future of Work program, and learn more about how to join a community through the Metaverse Filipino Alliance.
“The MFW movement is proof that anyone can carve out a sustainable future in the global decentralized digital economy. We’ve seen former OFWs return home and find new income streams online, students turn their love for video games into careers, small business owners tap into Web3 to expand their addressable market, farmers explore digital opportunities to supplement their livelihoods, and working moms build careers from home so they never have to leave their children behind. Their stories of resilience and success show that the future of work isn’t just coming—it’s already here. And the best part is that they can do it all from home, right here in the Philippines,” said Mench Dizon, Country Head of YGG Pilipinas.
The MFW movement launched in January 2025 with the YouTube release of the short film, Metaverse Filipino Worker, showcasing real-life stories of Filipinos building digital careers in Web3. The video, available at MFW.Life, hit more than a million views in less than two weeks of its release. The stars of the film will be traveling with the MFW Caravan to meet communities in person and answer questions about their journey, including how they overcame personal challenges and discovered global opportunities.
In true YGG Pilipinas fashion, each leg of the MFW Caravan will feature Web3 game demos, showmatches, and tournaments for popular Web3 gaming titles. For many MFWs, Web3 gaming has been their entry point into the open metaverse. These games serve as a fun and rewarding introduction to blockchain and cryptocurrencies while helping players get started with the support of the YGG Pilipinas community.
“The MFW Caravan reflects a crucial shift in how Filipinos approach work—one that prioritizes digital skills, borderless opportunities, and economic empowerment without the need to go overseas to get it. At the DICT, we recognize the importance of preparing our workforce for these changes by promoting education and upskilling in emerging fields like Web3 and AI. By expanding awareness and opening more pathways to these opportunities, we are laying the foundation for a more inclusive and resilient digital workforce in the Philippines,” said Emmy Lou Delfin, Director, ICT Industry Development Bureau (IIDB) and Regional Director, MIMAROPA at the Department of Information and Communications Technology (DICT).
As industries rapidly evolve with emerging technologies like Web3 and AI, the demand for skilled professionals is surging. According to the World Economic Forum’s whitepaper, The Rise of Global Digital Jobs, there are currently over 70 million digital jobs worldwide, with projections indicating this number could approach 100 million by 2030. At the same time, the Web3 market—valued at over USD $1 billion—is expected to grow sixfold in the next five years, according to Mordor Intelligence. YGG Pilipinas’ goal is to provide digital upskilling opportunities to all Filipinos so they can capitalize on this growth.
The MFW Caravan will launch on April 5, in Davao’s Ayala Malls Abreeza. It will then be followed by stops in Cagayan De Oro’s Ayala Malls Centrio on May 4, Iloilo’s Ayala Malls Atria Park District on June 7, Bicol’s Ayala Malls Legaspi on June 28, Palawan on July 19, and have its final leg in Manila on Aug 2. The MFW Caravan is made possible thanks to partners Ayala Malls, G!G, Coins.ph, Converge and Parallel TCG. The event is also supported by the Department of Information and Communications Technology (DICT) and the City Education and Development Office in CDO.
Experience a royal first: Warabimochi Kamakura opens at SM Megamall
New year, new flavors: Lusso by Margarita Forés arrives at SM Podium
Get that loan even faster with Maya
