Teach 15,000 rural kids to save and invest

 
$1,768
$8,233
Raised
Remaining
Aug 21, 2013

Learning about money, learning about rights

Money collection day in a school of Guimaras
Money collection day in a school of Guimaras

The following is an e-postcard from Ana Calvo Langdon, a GlobalGiving Representative in the Philippines.

NATCCO's Aflatoun project aims to educate children on financial concepts, and enterprise for social change. When I first heard about the project I did not know how a 6-year-old child could understand the importance of savings and be excited by the idea. But 16 schools on the small, beautiful island of Guimaras figured it out and on July 15th, Sandra and I had the pleasure of meeting one of NATCCO's cooperative partners and visiting one of those schools. .

The school that we visited exemplified the success of the project. “At first, not everyone understood well the benefits of savings for the children and now all the school is engaged,” a rural school teacher told us. The children learn financial concepts, providing them with practical experience. This project empowers them and their ability to make a difference in their lives and in the lives of people around them. But it is not only a project that helps the children, but all the community. Most of the teachers and the children’s parents also opened a savings account with the cooperative.

Thursdays are money collection days and the children are so excited that THEY are the ones reminding the teachers. They enthusiastically show their “saving passbook” and invest their pesos.  NATCCO ensures that their savings receive a 5% return so it is in the best hands (much higher than commercial bank). The minimum saving is 5PHP (0.10 USD).

NATCCO also trains the teachers about how the project works and the financial concepts, knowledge that they transfer to the children through regular classroom lessons. The “fever” of saving and learning about finance is such that even in the walls of the school they use their national fruit, mangos, for the “accounting”!

Back in the office of the cooperative one girl was depositing the money (for the older children they can deposit money any time they want). Even when they leave school they can keep their account.  This shows that children are not only excited to participate in the Aflatoun Project, but they are also gaining long-term, important life skills. 

"Saving passbook"
"Saving passbook"
Accounting with mangoes, the national fruit
Accounting with mangoes, the national fruit
Many of the teachers have saving accounts
Many of the teachers have saving accounts
A Filipino girl depositing money
A Filipino girl depositing money
Comments:

About Project Reports

Project Reports on GlobalGiving are posted directly to globalgiving.org by Project Leaders as they are completed, generally every 3-4 months. To protect the integrity of these documents, GlobalGiving does not alter them; therefore you may find some language or formatting issues.

If you donate to this project or have donated to this project, you will get an e-mail when this project posts a report. You can also subscribe for reports via e-mail without donating or by subscribing to this project's RSS feed.

An anonymous donor will match all new monthly recurring donations, but only if 75% of donors upgrade to a recurring donation today.
Terms and conditions apply.
Make a monthly recurring donation on your credit card. You can cancel at any time.
Make a donation in honor or memory of:
What kind of card would you like to send?
How much would you like to donate?
gift Make this donation a gift, in honor of, or in memory of someone?

Organization

Project Leader

Lasalette Gumban

Youth Program Officer
Quezon City, Philippines

Where is this project located?

Map of Teach 15,000 rural kids to save and invest