Aiming to make Filipinos financially resilient – Metrobank sharpens focus on financial education with Moneybility
Metropolitan Bank & Trust Co. (Metrobank) further strengthened its drive on financial education by introducing Moneybility, an e-book that will help Filipinos to be financially resilient.
At an event, Metrobank gave a sneak peek of Moneybility, a pioneering comprehensive and dynamic financial education e-book and platform in the country. It is one of Metrobank’s initiatives in keeping its commitment to be the Bank that educates.
Moneybility is no ordinary book or e-book on financial education. It has a collection of money management topics that gets updated as market conditions change. It also has multimedia and interactive features and tools like quizzes, money tracker, and calculator that will make different topics on money more relatable and understandable. This new financial education platform is convenient for individuals who want to start developing smart money habits on budgeting, dealing with debt, insurance, investing, and many more. Moneybility is currently available for sign-ups onmoneybility.metrobank.com.ph.
“We strive to go beyond just providing the usual banking services and aim to be the credible and reliable partner of our customers for expert financial advice. With education as our driving force, we hope to fulfill their needs while at the same time empower them to sustain a financially resilient way of living,” said Metrobank Chief Marketing Officer Digs Dimagiba.
“This advocacy of propelling financial literacy among Filipinos wherever they may be in their financial journey is consistent with our promise of keeping people in ‘good hands.’ Equipped with our decades-worth of experience and wisdom on banking and finance, Metrobank hopes to be the go-to-source of financial knowledge through our slate of learning tools and initiatives, starting with our flagship financial education tool, Moneybility,” added Dimagiba.
As Metrobank marks its six decades of serving Filipinos, it has grown to understand the beneficial effects of financial education in shaping a financially inclusive nation.
According to a 2016 Standard & Poor’s Global FinLit Survey, a country’s financial literacy rate has direct correlation with its economic development. In the case of the Philippines, only 25% of Filipinos are financially literate, trailing behind other ASEAN countries, based on World Bank’s 2014 Financial Capability Survey. However, the pandemic has urged more Filipinos to show interest in personal finance. This was supplemented with the rise of money-related topics by different financial companies as well as content creators across social media platforms.
Metrobank has rolled out different financial education tools over the years. For those who are already aware of basic financial concepts and are looking at getting into investments, Earnest is the appropriate tool. Earnest is a learning and investing platform with easy-to-understand lesson cards, digestible financial news, and simple investing explainers. It also offers Metrobank My Choice Investment funds for as low as PHP 1,000 and allows account opening of a Metrobank Savings account. Users can go to the website,earnest.ph or download the app in the Play Store and App Store.
In addition, the Bank also rolled out Tara Invest, a series of bite-sized social media video explainers on the basics of investing.
Meanwhile, for high-net worth clients, Metrobank has created an online portal called Wealth Insights. Through Wealth Insights, the Bank’s finance experts, as well as independent third-party research providers such as CreditSights—a global provider of investment research reports—can impart timely and relevant investment ideas, thoughtful perspectives on wealth management, and curated market moving news for free. Visitwealthinsights.ph for more investment advice.
On personal finance, Metrobank has MoneyBasics, a collection of simple and creative articles and social media posts to help people build their savings habit. Meanwhile, to educate Filipinos about the dangers of financial fraud and how to prevent it, Metrobank has Fight Fraud, a fraud awareness content series posted on the Bank’s social media and website. Metrobank, together with other local banks, also rolled out the industry-wide initiative called ScamProof.ph—an online source website focused on fraud prevention.
“Money management is not one-size-fits-all, so we have a slew of financial education initiatives that can provide proper guidance to every Filipino. At the end of the day, we envision all of us to be financially resilient. That means we can face any financial challenge at any point of our financial journey,” said Dimagiba.
Metrobank is the country’s second largest private universal bank. The Bank believes that its robust capital position and balance sheet strength will provide ample support as it navigates through these uncertain times. Capital ratios are among the highest in the industry, with total CAR at 17.6% and Common Equity Tier 1 (CET1) ratio at 16.8%. Consolidated assets stood at P2.7 trillion at the end of June 2022, making it one of the strongest and well-capitalized banks in the country.