Financial Literacy Programs of the Local Government Units in Batangas Province: Basis of the Bureau of the Treasury Intervention Policies

The economic instabilities and social distresses brought by various conditions across countries have made the system of governance and public administration to redirect strategies and policies in formulating and promoting substantially S-M-A-R-T financial literacy programs, projects, and activities. Given that these financial literacy initiatives are designed and implemented to achieve fiscal sustainability and economic growth by the communities, the appropriate study should be conducted to analyze the extent how the programs address the elements of financial literacy and identify the appropriate policy interventions to improve them as necessary. Specifically, the study is designed to gain understanding on the demographic profile of LGU-respondents, determine the extent of addressing the four elements of financial literacy by the LGU programs and how the extent of addressing these elements be compared according to LGU-respondents' profile. Moreover, the study identified the challenges encountered by the local government units in carrying out financial literacy programs. Lastly, based on the findings, the researcher provided intervention measures to address the identified programs gaps and enhance the existing financial literacy programs of the local government units in Batangas Province. The study revealed the extent on how financial literacy programs of the thirty-four (34) LGUs in Batangas Province addressed the elements of financial literacy. This showed that the elements of financial knowledge, skills, attitude, and behavior are addressed to a very great extent when compared to LGUrespondents' profile. However, despite the assumed successes of the financial literacy programs of these local governments, there are still challenges being encountered by program leaders and clearly, there are still opportunities to expand these efforts in as much as government regulation and policy formulation are concerned. Based on the results of the study, this proposed that LGUs may develop financial literacy programs that would increase the constituents' understanding on the benefits of saving, investing and spending for insurances, develop and introduce robust financial products available to first-time and/or retail investors, empower constituents to support the LGUs initiatives through peer-to-peer approach and involve financial service providers and other key stakeholders in building financial capabilities of the populace