Financial literacy seen aegis vs scammers

By: BusinessMirror
Source: businessmirror

To combat the rising incidents of online scams, Bicol Saro Partylist Rep. Brian Raymund S. Yamsuan has filed House Bill (HB) 9888, which seeks to institutionalize government financial literacy programs for workers.

Under the proposed legislation, the Department of Labor and Employment (DOLE), Department of Trade and Industry (DTI) and Bangko Sentral ng Pilipinas (BSP) will launch a campaign that will make financial literacy materials available in communication platforms.

The materials should be translated in Filipino and Bicolano and other relevant regional languages and dialects.

Through the initiative, Yamsuan said he hopes the number of online scam victims will be reduced.

Combatting digital fraud cannot be done through law enforcement alone because these types of crimes always evolve into even more sophisticated means of deceiving the public. Prevention is an equally important measure to protect the public from scams, which the government can do by strengthening its financial literacy programs,” the lawmaker said.

Citing a report from the Philippine National Police-Anti-Cybercrime Group (PNP-ACG), he said authorities recorded P155 million worth of losses from 8,000 complaints filed by online scam victims from January to August last year. Yamsuan attributed the high incidents to the lack of proper financial education of most Filipinos, citing a survey by the BSP in 2021.

“Thus, enhancing financial literacy is necessary in empowering workers, not only by educating them to recognize and safeguard themselves from fraudulent schemes, but also to ensure that they have a good understanding of the fundamental concepts of finances,” Yamsuan said.