Bringing financial literacy program to the unserved areas of the Philippines is part of Land Bank’s inclusive banking initiative in support of the government’s thrust to promote financial inclusion in the country.
One program that the Bank has designed is the “Financial Inclusion Caravan” which is particularly geared to bring financial services to the unserved areas. The nationwide caravan aims to engage more Filipinos in basic and responsible savings activities by equipping them with the knowledge and confidence to make informed financial decisions.
The 2017 caravan follows the successful pilot run in 2016 which gathered close to 4,000 participants from nine 4th to 6th class municipalities. Almost 2,000 or roughly 50% of the participants opened savings accounts for the first time during the event. The 2016 caravan also generated fresh deposits for the Bank totaling Php15.35 million covering 4,196 transactions and 837 new accounts for the period June to December 2016. The profile of newly-tapped depositors represented marginalized sectors, including housewives, students, farmers, contractual workers, drivers, laborers, and government workers.
Committed to cover more unserved areas, Land Bank kicked off the second run of the financial inclusion caravan during the last quarter of 2017 and will continue until the last quarter of 2018.
Landbank’s “Financial Inclusion Caravan” won the 2018 ADFIAP Outstanding Development Project Awards under the financial inclusion category.