November 7, 2023
In a stride towards economic empowerment, BDO Network Bank (BDONB) has taken a pioneering step in Palawan, Philippines, by conducting financial education training sessions for farmers and fishermen in Barangay Ipilan, Brooke’s Point. With the newly opened branch in the area, BDONB is committed to serving individuals and micro, small, and medium enterprises (MSMEs) with tailored financial solutions to meet their unique needs.
The financial education initiatives spearheaded by BDONB, the community banking arm of BDO Unibank, aim to raise awareness among Palawan’s farmers and fisherfolk about the crucial importance of saving for the future. By imparting essential knowledge on proper money management, BDONB seeks to empower local residents and business owners to improve their livelihoods.
“Farmers and fisherfolk are essential to the local economy, so we go to barangays to conduct community day and financial education programs. We want their livelihoods to flourish and be financially stable,” explains BDO Network Bank President Jesus Antonio S. Itchon.
The financial education training covered various aspects of money management, offering valuable insights to the participants. Among the critical pieces of advice provided by the bank, two key principles stood out:
- Saving and Having a Bank Account: BDONB emphasized the importance of having a Savings Account to set aside income for an emergency fund. This proactive approach helps individuals be prepared for unexpected events such as disasters, illness, or sudden job loss. Account holders also gain the opportunity to explore other tailored products and services, including Negosyante Loan, salary loans, home loans, auto loans, micro-insurance, and more.
- Seizing Opportunities for Progress: Modern tools and technology play a pivotal role in enhancing the effectiveness of farming and fishing. BDONB highlighted the significance of additional funding to help farmers and fishermen acquire equipment without resorting to selling or pawning properties. The Negosyante Loan, offered by BDONB, is designed for entrepreneurs seeking extra capital to pursue their business plans, ranging from PHP 30,000 to PHP 500,000, with a manageable repayment process.
By equipping Palawan’s farmers and fisherfolk with the knowledge and resources they need to make informed financial decisions, BDO Network Bank is not only contributing to individual financial stability but also fostering economic resilience and growth within the community. This initiative stands as a testament to BDO Network Bank’s commitment to being a catalyst for positive change in the lives of the people it serves.