Changing the Pinoy's financial mindset through teachers

Instilling financial literacy among our educators is the first step in creating a financially inclusive society for Filipinos.

This was the main message during the first-ever Ipon Conference, a hybrid event that aimed to help empower the education sector and augment their financial literacy with the theme, “What to Do in 2022.”

Powered by AXA Philippines, one of the country’s leading insurance providers, this hybrid event was organized with the help of the Department of Education (DepEd) in partnership with Empower and Transform, a company composed of a group of diverse professionals led by veteran journalist Salve Duplito that provides financial education and affordable financial advisory to Filipinos of all income levels here and abroad.

The event was graced by Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno and DepEd Secretary Leonor Magtolis-Briones and was held at the Tunasan National High School in Muntinlupa City. It was also streamed on the official Facebook page of DepEd.

During the event, AXA Philippines shared insights into the importance of investing in education as well as protecting our savings to ensure a more secure future. They also talked about how unplanned medical expenses can potentially put a dent on our savings and derail our lives, especially at a time when the costs of medical care keep increasing year-on-year.

The insurance provider also discussed how many of us experienced medical emergencies, not just from COVID but from the most common serious illnesses. Since the start of the pandemic until the third quarter of 2021, the insurance industry has paid a total of P12.12 billion in claims relative to the COVID -19 virus alone. They advised how the best preparation is to choose to live healthy lives, both physically and mentally. With the right financial education, we can let the financial system help us be better prepared for whatever the future might unfold for us.

“AXA Philippines is one with the vision of the Ipon Conference to see financially educated and future-proofed Filipinos. Our collaboration with different partners for the Ipon Conference is just one of the many ways AXA Philippines strives to help educate Filipinos on preparing for and protecting the future that they want for themselves and their loved ones. We look forward to more opportunities to be advocate financial education to Filipinos from all walks of life,” said AXA Philippines Chief Distribution Officer Marie Raymundo.

“Most Filipinos are not prepared for the long-term effects of unplanned spending.  Through the Ipon Conference, we hope to change that mindset. It's all about starting on what we want to teach about financial literacy, and knowing and practicing it, so we can instill smart financial planning not only in the minds of our teachers but also our non-teaching personnel and students,” said DepEd Undersecretary Tonisito Umali during the event as well.

With the help and guidance of AXA Philippines, DepEd and Empower and Transform also launched the first Ipon Ambassadors consisting of 17 personnel from the education sector across the country. The ambassadors will be given hands-on mentoring and coaching about savings, investments, and financial planning by professional financial advisors. Additionally, the ambassadors who achieve their cash and savings milestone will be given a cash grant ranging from P20,000 to P50,000. AXA Philippines will also be helping the 17 ambassadors prepare for life and for health setbacks by giving them a free personal accident insurance plan.

Commissioner Dennis Funa from the Insurance Commission also shared during the event that, “Instilling financial literacy among our educators is the first step and a very significant factor that we must consider if we are to create a financially inclusive society for the Filipino people. Insurance has been proven to be an effective mitigation mechanism and a tool in securing the future of its beneficiaries, and offers protections from uncertainties of life.”

Also joining the event were DepEd Secretary Leonor Magtolis-Briones, DepEd Undersecretary Tonisito Umali, DepEd Undersecretary Diosdado San Antonio, DepEd Director III for External Partnership Central Office Edel Carag, and Securities and Exchange Commission Chairman Atty. Emilio Benito Aquino.

Parenting advocates Joy and Edric Mendoza and multi-awarded father and daughter tandem Ben and Izabella Lebig also shared insights on how families can also teach their children about savings, investments, and smart financial planning.