The Department of
Social Welfare and Development (DSWD) has partnered with Globe Telecoms
and Bank of the Philippine Islands (BPI) in a bid to encourage
low-income families to save money.
DSWD
Secretary Corazon Soliman said BPI Globe BanKO offers an opening
balance of only P50 to beneficiaries of the government’s Pantawid
Pamilya Pilipino Program or 4Ps.
"We would like to teach Pantawid
Pamilya beneficiaries the importance of saving money by encouraging them
to open a bank account for as low as P50,” Soliman said.
“It is never too late to help them learn and appreciate the benefits of saving,” she added.
BanKO
is the first mobile-based, microfinance-focused savings bank in the
Philippines. It provides low-income sector with safe and easy access to
affordable financial services such as PondoKO (Microsavings), PuhunanKO
(Microloans) and PaniguroKO (Microinsurance).
It
also features the convenient way of transferring money, electronic load
and paying bills through texting. The savings account also comes with a
free life insurance if the depositor is able to maintain a minimum of
P2,000 for at least six months, the DSWD said.
At least three million poor Filipino households are now covered by 4Ps, according to the DSWD.
To find a BanKO Partner Outlet nearest you, text FIND BANKO and send to 7000.
To find a BanKO Partner Outlet in a specific area or location, text FIND BANKO in <location> and send to 7000.
For example: FIND BANKO in GREENHILLS and send to 7000
(P2.50/text will be charged to your airtime load, valid only for Globe/TM SIMs)
(P2.50/text will be charged to your airtime load, valid only for Globe/TM SIMs)
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