Financial education has become more crucial today as many people struggle to cope with the economic impact of the coronavirus disease 2019 (Covid-19) pandemic, according to the panelists of a recent virtual forum held by Home Credit Philippines. “Digital literacy alongside financial literacy is really about competence and knowledge of how to access and use digital products and services, such as mobile phones, tablets and the internet. “Our objective is for our general population to be financially literate [and] capable, and then ultimately — because they are both literate and capable to make prudent decisions about their finances, and use digital financial services or traditional financial services — help them to be become financially healthy,” she added. Also during the forum, state-owned public credit registry Credit Information Corp. (CIC) announced that it underwent a digital transformation of its own to better serve the public. Prior to the pandemic, accessing one’s credit information from the CIC was quick and convenient, but also manual and paper-based, requiring consumers to be physically present at CIC premises for the know-your-customer purposes.

Source: Manila Times October 23, 2020 16:52 UTC