The Taguig City government has started distributing automated teller machine cards to high school students in line with its program to teach the youth how to manage their finances at an early age.
More than 2,000 students from the Taguig Science High School and Senator Renato Cayetano Memorial Science and Technology High School started receiving their ATM cards for their very own savings accounts on March 21.
The project includes a two-day Financial Literacy Seminar led by Landbank of the Philippines’ Vice President/Relationship Officer Rossana Coronel at the Taguig City University Auditorium on March 15 and 16. Among the topics discussed were the importance of saving and the dos and don’ts when saving.
Under the program, the monthly P1,000 allowance provided by the city government to each TSHS and SRCCMSTHS student will be deposited directly to their savings accounts.
The P1,000 allowance per student every month is an increase from the P500 that was previously granted to them. The money can be spent for books, school projects and other school-related items.
“We want them to discipline themselves when they receive their allowances. Through their savings account, the children will have the choice to withdraw or deposit their money so that they can use them for more important transactions,” Policy and Scholarship head Rene Lopos said.
“We wanted to create a culture where students have the proper skills that enable them to make effective and efficient decisions in handling all their financial resources,” he added.
Moreover, students did not have to worry if they can still use their savings account even after graduating from high school since they can continue using the ATM account if they become recipients of the various scholarship programs of the city.
The city government offers nine scholarship programs—Taguig Learners’ Certificate scholarship program and the Lifeline Assistance for Neighbors In-need scholarship which has eight types—Premier, Full, Priority, Basic, State Colleges and University/Local College and University, Basic Plus, Leadership and Educators Advancement and Development or Review.
All scholarship programs were presented and explained to the students during the financial literacy seminar.
“Through the presentation, we are hopeful that we can encourage students to continue to excel and aim for high honors. Rest assured that the city government of Taguig would be there every step of the way to help them achieve their dreams,” Lopos explained. Joel E. Zurbano
The financial literacy program is only one of many Taguig programs aimed at targeting its students, proving that the city government, under Mayor Laarni Cayetano’s administration, has been actively investing in the education of its constituents. The local government also provides a complete set of uniform and school supplies to its students yearly, as well as “grab bags” or emergency kits to elementary students.
Because of its big investment in education, Taguig City claimed the top spot in the National Achievement Test for elementary and high school students for two consecutive years, in 2014 and 2015.
In college, a P625-million scholarship fund supports students enrolled in the University of the Philippines, Ateneo de Manila University and De La Salle University, among others. The city has also extended this scholarship program to graduate, law and medicine students.
