Banks boost kids’ savings project

Thursday, 25 August 2011 19:14

 

SEEING the importance of what saving up can do in building their future, 12 of the country’s major banks have teamed up to support the Kiddie Account Program (KAP) jointly promoted by the Bangko Sentral ng Pilipinas (BSP) and the Bank Marketing Association of the Philippines (BMAP).

The KAP was designed to encourage children 12 years and below to develop the habit of saving money regularly via easy access to the participating banks’ deposit facility.

BDO Unibank Inc., the Bank of the Philippine Islands, Allied Bank, China Bank Savings Inc., Development Bank of the Philippines, East West Banking Corp., Maybank Philippines Inc., Philippine National Bank, Philippine Savings Bank, Philippine Veterans Bank, RCBC Savings Bank, and Security Bank Corp. have all committed to assist children with at least P100 to open savings accounts with them.

BSP Gov. Amando M. Tetangco Jr. lauded the banks’ action, saying that with their combined network of about 3,000 branches, the KAP makes the opening of savings account affordable and convenient in many parts of the country. 

The BSP is actively working together with the Department of Education to integrate the concept of savings and money management in the latter’s elementary education curriculum.

BDO president Nestor V. Tan said this effort is part of the ongoing campaign of the bank to provide products for small depositors. Even before the KAP, BDO has been offering, among others, the Junior Savers Club, a fixed interest-bearing savings deposit for kids 12 years and below.

Attending the launch of the banks’ joint program were advocates of the KAP.  These included Mai Sanggalang, Bennett Zerrudo, Lon Fernandez, Emmanuel Tuazon, Maricris San Diego and Mike Villareal, and Jude Montinola, BMAP directors; Mary Jean Ibuna, BMAP vice president; Allied Bank president Anthony Chua; BDO president Nestor V. Tan; Philippine Savings Bank president Pascual Garcia III; Philippine Veteran’s Bank president Ricardo Balbido Jr.; Security Bank president Albert Villarosa; RCBC Savings Bank president Rommel Latinazo;

DBP senior executive vice president Ma. Theresa Quirino; BPI president Aurelio Montinola III; China Bank Savings Bank president Alberto Ramos; BSP Gov. Amando Tetangco Jr.; BMAP president Allan Tumbaga; East West Bank president Antonio Moncupa Jr.; Maybank president Ong Seet Joon; and PNB president Carlos Pedrosa.