Financial education, technology are crucial in the new normal—Home Credit and CIC

As a developing economy, it is no surprise that the Philippines still has a long way to go when it comes to financial literacy. Just before the government imposed the enhanced community quarantine (ECQ) amidst the COVID-19 pandemic, the Bangko Sentral ng Pilipinas (BSP) conducted its 2019 Financial Inclusion Survey (FIS), which revealed that Filipino adults could only answer 1 in 3 financial literacy questions correctly. Only a small number of respondents (8%) got all three questions correctly, while almost one-fourth (24%) obtained a zero score.