One in every six school-age children in the Philippines is deprived of education. Poverty drives them out of the classrooms and into labor where they are sometimes exposed to harsh surroundings and environments not even suitable for adults.

Because of the need to work and live out on a day-to-day basis, the children miss out on the basics like reading and writing. Instead, they learn that if they do not work, they will not eat.

PSBank believes that each child should have the chance for a proper education to give him a better life and a way out of deprivation.

In line with this, PSBank launched "Save It Forward," a scholarship program that benefits both an account holder’s child and a beneficiary from World Vision Development Foundation, Inc. and Resources for the Blind, Inc. World Vision is an organization that helps children and less-privileged communities reach their full potential through education, health and sanitation, empowerment of adults and children, housing, spiritual and other transformational development activities. Since 1972, it has sponsored 17,000 children and positively affected the lives of approximately 13.3 million beneficiaries. On the other hand, Resources for the Blind is a non-profit organization serving the blind since 1988.

Through PSBank’s "Save It Forward" program, Peso Savings, Checking and Dollar Savings account holders can have a chance to win one of 100 full-year scholarships covering any year level between grade school, high school or college (including vocational school) for their own child or any child of their choice.

Each winner will also be able to sponsor the education of a less-privileged or visually-handicapped child from World Vision or Resources for the Blind. Under the winner’s name, PSBank will pay for the completion of either the elementary or high school education of the beneficiary child.

"Because we believe that education provides a better future for a child, we wanted to come up with an effective educational program that benefits both an account holder’s personal scholar and a less-fortunate child. PSBank’s ‘Save It Forward’ program was able to address both," PSBank president Pascual M. Garcia III said.

"This program is also a partnership between PSBank and its customers. We know that many of them have the same belief as PSBank. Thus, we wanted to make it easier for them to be involved in sending these indigent children to school. ‘Save It Forward’ is very empowering because through their PSBank accounts, our customers have the opportunity to send two children to school – their own child, and a less-privileged or visually-impaired child who needs all the help he can get to have a better future," he added.

Under the "Save It Forward" program, one entry number will be issued for every average daily balance (ADB) increment of P5,000 for Peso Savings and Peso Checking accounts and 0 for Dollar Savings accounts. The higher the ADB and the longer depositors keep the account open, the more entries he gets and the more chances of winning in the draw.

Twenty-five winners each will be drawn on Oct. 15, 2008 and January 15, 2009 while 50 winners will be drawn on April 15, 2009.

The prize of a one-year scholarship for the winning depositor’s own child or any child of his choice is applicable for school year 2009-2010. A maximum amount of P100,000 shall be applied to tuition fees only for DepEd/CHED and TESDA-accredited schools. The scholarship will cover elementary, high school, vocational and college levels only. Pre-school and post-graduate studies are excluded from the program. For more details, e-mail saveitforward@psbank.com.ph or log-on to www.psbank.com.ph.

On the other hand, the scholarship for the child from World Vision or Resources for the Blind covers the rest of his education in either elementary or high school.

"The ‘Save It Forward’ program is very significant to us because of its invaluable long-term benefits to the lives of the beneficiaries. It is also the first time that PSBank will be embarking on a far-reaching program," Garcia added.

"Save It Forward" is PSBank’s latest program that espouses the value of education. Its other educational projects include the PSBank Educational Assistance Program which provides scholarships to 48 elementary, high school and college students from the Association of Chinese Filipino Schools in the Philippines and the Chiang Kai Shek College for the current school year.

PSBank also signed an agreement with the Department of Education to provide 2,000 teaching guides to public schools in Bohol and Negros Oriental. The teaching guides integrate lessons on saving and money management. It will benefit Grade I to Grade VI students through three subjects – Edukasyong Pagpapakatao, Sibika at Kultura ng Heograpiya, Kasaysayan at Sibika (HEKASI) and Edukasyong Pantahanan at Pangkabuhayan.