MANILA, Philippines — What the RCBC Savings Bank wanted to do to celebrate its 50th anniversary this year is to create one lasting gift to share with the mostly rural-urban neighborhoods where RCBC branches are located. It went with its expertise—savings—and came up with a financial literacy campaign designed to uplift these neighborhoods.

A Possible Nest Egg

Many middle- to low-income Filipinos are confined to a life without improvement because they constantly think and believe that they have very little or no means at all to save money.

RCBC’s “May Yaman” shows them that they do have these means, and more importantly, how they can do this.

“First, we’d like them to realize it is not as difficult as they think to manage their resources and start saving money,” explains Donna Faylona-Marcelo, VP for Corporate Communications of RCBC Savings Bank, who heads May Yaman together with Guia Yuchengco-Santos, head of Corporate Legal Division and May Yaman Project Team Chair.

“There is a way to save, and our aim is to show them through very basic principles. It’s very barebones, but also very effective,” she says.

Learning the Basics of Saving

The May Yaman campaign has been set to be conducted nationwide, in communities around most of their 120 branches. It has already successfully kicked off in three different areas: in San Mateo; in Candon, Ilocos Sur; and in San Jose, Batangas.

Next on the list will be Tagbilaran, Bohol. The goal for next year is to reach at least six to eight communities.

“So far, the feedback has been positive,” Faylona-Marcelo says, “with requests for even more seminars in these initial areas.

The participants have shared how the training has already made quite a difference in their lives and some have actually been encouraging their neighbors to go through the same experience.

Many have found that it truly is not as difficult as they thought it would be, especially now that they have gained more insight on what they’re earning.”

Each program is conducted by assigned personnel of every appointed branch, and with the help of the respective local Barangay and the endorsement of the mayor. “Among those already benefitting and set to learn from this program are remittance receivers who are at least high school graduates, with an R18,000 combined net monthly family income. They have the means but lack the know-how to manage their income, enough to take them to the next level. Some may have the latest cellphone models and other gadgets and lifestyle perks, with nothing more to show in terms of savings and provisions for the next month or a sudden urgent need,” she cites.

Learning the Basics

“Through simple, informal yet insightful dialogue, they are able to discuss the nature and sources of wealth, how to budget and grow finances more competently, identify the differences between needs and wants, for starters,” shares Faylona-Marcelo.

“Then,” she continues, “we teach them how to set goals, and the importance of discussing these and agreeing on achieving them with the rest of the family. Many people don’t realize that even the kids have a role in managing finances.

Being able to communicate goals that have been set ensures that every member gets a more active role in managing the finances. The next step would be to help them develop the discipline to put aside a portion of one’s earnings regularly, then to help them make the right investments like savings accounts, insurance plans, like Phil Health, for instance.”

The program has included some participants who are OFWs. What the May Yaman team sees as ideal would be for the OFWs to attend the program together with those they will be leaving behind at home.

“That way, there will be the more comprehensive family training for more efficient management of their income, and this will also ensure that their short-term and mid- term goals will be aligned,” she shares.

It Takes Time, but It Can Be Done

Faylona-Marcelo adds that through a mentorship-based relationship, the mentor usually being the RCBC branch manager assigned to six to eight people at a time, they aim to follow through each participant’s progress regularly.

“Our mentors would call to get in touch at least once a month. The first follow-through training will be done after six months, when sufficient time had passed to build up the savings. The next would be conducted a year after.”

“It all begins with educating them about simple ways and means that they may not even realize are possible.

May Yaman is RCBC’s way of giving back to the communities we’re in and our contribution to nation building,” she ends.