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.
NBA hosts 1st Iconic Shots Challenge in PH
July 4, 2022 1:41 p.m.
The National Basketball Association (NBA) hosted the first “NBA Iconic Shots Challenge” on Saturday, June 25 and Sunday, June 26 at the Mega Fashion Hall activity center, SM Megamall in Mandaluyong City, Philippines.
The NBA Iconic Shots Challenge is an immersive basketball experience for fans to attempt select signature shots from the league’s landmark 75th Anniversary Season, which concluded with the Golden State Warriors winning their fourth NBA championship in eight years and seventh championship overall.
Simulating an authentic NBA arena atmosphere, the challenge took place on a half-court in front of a virtual audience displayed on a curved LED panel.
Each player had 60 seconds to score from five different spots on the court, ranging from four feet to 24 feet, and complete the shooting challenge in the following order: layup, floater, midrange jump shot and three-pointers from the wing and the top of the arc.
Each made basket had a corresponding prize from a selection of premium partner items, NBA Store gift vouchers and official NBA merchandise.
The on-ground activation will also feature a pop-up NBA Store and interactive booths from partners.
The NBA Iconic Shots Challenge is supported by official partners AXA Philippines, Energen Champion and Gatorade and official media partners Cignal, Globe, Smart, and PLDT. Official NBA merchandise are available through the NBA Store and NBAStore.com.ph, the official online NBA Store in the Philippines.
MILO, DepEd celebrate kids’ success thru 1st-ever Palarong Pambahay virtual sports competition
Beloved nutritious beverage brand MILO® Philippines and the Department of Education (DepEd) celebrated the recent success of its inaugural MILO-DepEd Palarong Pambahay.
The joint effort was the first-of-its-kind inter-sport, inter-school virtual competition held on a nationwide scale.
The 2-day live broadcast saw more than 700 participating schools and featured over 2,000 aspiring student athletes who showcased their skills and competed with pride for themselves and their school in front of 1.5 million-plus online viewers.
“It is our great pleasure to partner with MILO® Philippines for the first-ever MILO-DepEd Palarong Pambahay competition. Even though the pandemic has hindered most of our on-ground activities, our organization, as well as coaches, teachers, and parents, have worked tremendously hard to make this event a reality. This is quite a milestone and integral proof that nothing can stop the Filipino champion spirit and our winning culture of Bayanihan,” said DepEd Undersecretary Tonisito M.C. Umali, Esq.
This groundbreaking online sports event opened doors for young athletes who showed their determination as they trained and competed from their homes, as well as their parent coaches who helped guide them along the way to overcome the many challenges of staying indoors.
“Nakita natin ang pagpupursige ng mga atleta at mga magulang na sumali sa Palarong Pambahay, dahil hindi nila hinayaang maging hadlang ang pandemya,” said Carlo Sampan, MILO® Sports Executive.
MILO-DepEd Palarong Pambahay is just the latest of many creative and innovative programs now available from MILO® Philippines designed to provide kids with an outlet to stay physically active and teach them the important values learned from sports such as discipline, respect, and determination.
“Taekwondo helps me build my self-confidence so that I can attain success through hard-work and determination,” said Justin Apura who hails from the University of San Agustin, Iloilo. Apura won gold in Taekwondo and has been competing in local and international competitions since he was 6 years old.
Jennie Villanueva, whose son Marvi Marcelo competed in Athletics, also shared: “Andun yung pag-strive niya na gawin niya yung best niya sa isang bagay para kahit hindi siya manalo, alam niyang nagawa niya yung best niya.”
Faced with a new reality and challenges, MILO® Philippines and DepEd has proven to parents across the country that there are opportunities to adapt and continue their child’s Champion journey at home.
As schools and sports venues start to open up again, MILO® Philippines is excited to welcome back kids to continue to their Champion journeys in the upcoming MILO® Summer Sports Clinics. For more details on how to join, please visit the official MILO® Philippines website.
Niantic, NBA, NBPA team up for NBA All-World
June 29, 2022 7:31 p.m.
NEW YORK — Niantic announced a partnership with the National Basketball Association and the National Basketball Players Association to create an original augmented reality mobile game: NBA All-World.
NBA All-World is a first-of-its-kind game that will place NBA fans into the real-world metaverse.
NBA All-World is a free-to-play officially licensed geolocation basketball game where players can find, challenge, and compete against today’s NBA ballers in their neighborhoods, then recruit them to their team before proving themselves on the court.
“NBA All-World represents an industry first in sports games, as an original, real-world AR game that will appeal to casual and core NBA fans alike,” said Marcus Matthews, Senior Producer at Niantic.
“We’re creating and designing a game that empowers players to represent where they’re from and showcase the culture of their neighborhood.”
“Through our partnership with Niantic, NBA All-World will provide fans across the globe the opportunity to fully immerse themselves into the energy and excitement of the NBA,” said Matt Holt, Head of Consumer Products at the NBA.
“Evident in the name of the game itself, we look forward to engaging with our fans around the world through this captivating experience.”
“NBA-All World gives us the opportunity to bring NBA players into Niantic’s real-world metaverse, opening up paths for fans to interact with them in a new way,” said Josh Goodstadt, EVP of Licensing for THINK450, the innovation engine of the NBPA.
“Niantic has proven experience building games that encourage engagement in local communities, and having our players integrated into NBA All-World adds to that immersion.”
Additionally, NBA All-World will embrace the fashion of the NBA, with users having the ability to outfit players in the game with custom apparel.
Players can sign-up to be notified when NBA All-World is available in their country by visiting NBAAll-World.com.
Those who sign up will be able to experience an exclusive All-World AR web experience and be the first to be notified about securing their codename for global launch.