FINANCIAL LITERACY TRAINING
Para kanino ka bumabangon? Borrowed from a popular TV advertisement, Dante Frias, JVOMFI Program Manager, asked this question to the participants as they started to fill in their vision boards. Everyone seemed enthused as they flip the pages of the magazine looking for something that envisioned their goals and dreams in life. Some cut-out pictures of children going to school, happy families, health ambassadors, travel advertisements, gadgets, convertible cars, and business ventures.
Although the glossy pictures in the magazine enabled them to visualize their goals and dreams in life, they were reminded that it was still a long journey ahead – a financial journey to realizing these goals and dreams. And so Mr. Frias and the JVOMFI team discussed the seven financial skills in helping them reach their goals and dreams.
The JVOMFI were given a topic to discuss. Mr. Frias started with the topic Identifying Financial Goals. Alejandro Fuenzalida and Daniel Challoy, JVOMFI Account Officers (AO) discussed Budgeting, Planning, and Preparing Individual Budgets. Branch Manager Jayson Pascua and AO Raquel Ozo discussed the Value of Savings. Branch Manager Dixon Dodon and Beatriz Durante discussed the Value of Investment. Ms. Raquel Lawa, JVOMFI bookkeeper, and AO Romeo Garcia discussed Credit Management. And the final topics, Financial Freedom and Failure; and Protecting your Assets were discussed by Mr. Frias and Mr. Giovani Otto.
The participants were also taught how to compute their net worth, and create their income statements and monthly budget. Some of the participants realized they have assets while some were surprised that they were able to overcome challenges in their lives despite their limited budget.
The Jaime V. Ongpin Microfinance Foundation, Inc. staff conducted the financial literacy training on Sept 08 and September 15, 2022, in partnership with the Tuba and Sablan Municipal Agriculture Office. The training was provided as part of the farmer’s field school (FFS) program of the Municipal Agriculture Office of Tuba and Sablan a 5-month project funded by TELUS Philippines Inc. The project targets to assist 80 farming household members.
The participants were thankful to JVOMFI for the training “Naragsak iti adda savings na, nu adda umay nga rigat, adda iti mausar. Dakayo nga mas younger, mayat nu dyay ubing kayo pay lang nga ag-urnong. Haan pay nga agcollege ti ubing, dakami marikna mi ti rigat nga agsasabay nga adda bayadan diyay balay ken agpaeskwela. Iyaman ko nga napadasak iti kastoy nga seminar, nga adda immay nga nangisuro kenyami. Adda guide mi nga mangrugi manen. salamat.” (It is good to have savings; we have money to spend when challenges come. To the younger generation, it is good to start saving while you are young, while your children are not yet in college. We feel the difficulty of paying house expenses while sending our children to college. I feel grateful for having to attend this seminar, that someone came to teach us. This will serve as a guide for us to start again. Thank you.) one participant said. “Mamimira-ot kami ngay, manipod idi elementary ti anak ko, iggana nag college di na pay napadpadas iti sumrek ti restawran. Dendenggek ti ibabagbaga yu ket makapasangit ken makaparagsak, makapatawa Addo ti naadal ko - how to manage, how to budget and how to manage your business and be a good payer. Naimbag ta naamwak dagitoy. Isu dagitoy nga ipapaseminar you, the more pay nga i-aaply ko, ibilin ko iti anak ko ken apo.” (We are poverty-stricken since my child was in elementary until now that she is in college she never tried going to a restaurant. While listening to what the others have to say, I feel like crying, happy, and laughing. I learned a lot - how to manage, how to budget, and how to manage your business and be a good payer. It’s good that I learned about these. I will apply what I learned in this seminar and I will also instruct my children and grandchildren.), another participant said.
