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May 27, 2024

Sun Life Foundation’s commitment to financial literacy and community transformation

Sun Life Financial-Philippines Foundation, Inc. (Sun Life Foundation) is playing a vital role in enhancing financial literacy in the Philippines, particularly among marginalized communities. The foundation is committed to fostering financial awareness and empowerment through various community-based initiatives.

One of its flagship programs, Sun Pera-Aralan, is a behavioral financial management initiative that has made a significant impact, particularly among public school teachers. By collaborating with AHA! Behavioral Design, Sun Life Foundation has provided financial literacy training, conducted focus group discussions, and offered money management tips to teachers. This program has helped teachers secure their finances, manage debt, and develop positive money habits.

Another area where Sun Life Foundation is making a difference is in the fishing communities of the Philippines. Small-scale fisherfolk in the country face economic challenges due to low daily earnings, making it difficult to meet their families’ basic needs. To address this issue, Sun Life Foundation partnered with Rare, a global leader in program development, to introduce Rare’s Fish Forever program. This program focuses on financial literacy and has established savings clubs and provided financial literacy training to fisherfolk. It has become a lifeline for these communities, especially during the pandemic, enabling them to kickstart their financial goals and build good financial habits.

In addition to these initiatives, Sun Life Foundation launched a children’s storybook called “Ayla Saves for a Brighter Day” during the pandemic. This book not only promotes financial literacy among children but also helps them process their experiences during the pandemic.

Kristine Dianne C. Millete, the Executive Director of Sun Life Foundation, emphasized the importance of financial literacy, stating that it empowers individuals to make better financial decisions and protects them from falling for scams. She noted that Filipinos’ interest in financial literacy has grown after the pandemic, with more people asking about insurance and investments to strengthen their financial portfolios.

While there are cultural barriers and challenges hindering financial literacy in the Philippines, Millete believes that progress is being made. By integrating financial literacy components into various programs and initiatives, Sun Life Foundation aims to nurture the growing interest in financial education among Filipinos.

Ultimately, Sun Life Foundation’s goal is to equip Filipinos with better financial habits that they can pass on to future generations. Through long-term, sustainable projects, the foundation envisions communities becoming self-sustaining and financially empowered.

Looking ahead, Sun Life Foundation is developing a strategic platform for the next decade, focusing on long-term, sustainable projects aligned with their core values and goals. Collaboration, partnerships, and volunteer efforts will continue to be instrumental in their mission to create a brighter future for marginalized communities in the Philippines through financial literacy and holistic health initiatives.

Bringing about a more financially free future through financial literacy