The Bangko Sentral ng Pilipinas (BSP) has commended the Department of Labor and Employment (DOLE) for its efforts to promote financial planning, savings, microinsurance, and the Personal Equity and Retirement Account (PERA) program among private-sector employers and workers.
DOLE Advisory Encourages Financial Literacy
In an advisory issued on April 13, 2026, DOLE encouraged employers to distribute information, education, and communication (IEC) materials to help workers better manage their finances. The BSP stated that this initiative supports efforts to strengthen workers’ financial health and expand the use of transaction accounts in the labor sector, which are key goals of the central bank’s financial inclusion drive.
Key Components of the Advisory
The advisory promotes financial planning through the use of transaction accounts for receiving and transferring funds, tracking expenses, managing budgets, and building emergency savings. It also encourages microinsurance to protect workers and their families from losses due to accidents, illness, death, and natural disasters. Additionally, it supports the PERA program, a voluntary savings initiative designed to help workers build retirement security.
Implementation and Collaboration
DOLE urged employers to circulate IEC materials through digital and printed channels and integrate them into workplace activities such as orientations and town hall meetings. Labor Advisory No. 6 builds on Labor Advisory No. 26, series of 2020, which promotes the use of transaction accounts for wage payments. The BSP and DOLE are members of the Financial Inclusion Steering Committee, which advances financial health and inclusion through wider access to formal financial services.
