Christmas is just around the corner.

Many are panicking to buy gifts for exchange parties, while others are busy stocking up on ingredients for noche buena.

Some are ready to break their piggy banks or withdraw money to fulfill their Christmas wishes.

It seems like a season of joyous spending, but the problem arises after the holidays, when many end up with empty wallets.

This is why financial literacy remains a priority as we commemorate International Day of Banks.

But first, why do we celebrate this day?

Established on December 19, 2019, by the United Nations General Assembly through Resolution 74/245, the day recognizes the critical role banks play in fostering economic growth and supporting societies worldwide.

The UN highlights the importance of banks in achieving the Sustainable Development Goals (SDGs).

Banks fund projects that contribute to community and national development, such as job creation, education, infrastructure, and other essential initiatives.

Governments worldwide also strengthen banking systems through laws and policies.

In the Philippines, the Bangko Sentral ng Pilipinas (BSP) oversees and enforces regulations to ensure efficient banking services.

Additionally, the government runs educational programs on financial literacy to teach people how to save and properly utilize banking services.

Efforts to expand access to banking, like the promotion of digital banking, are also underway.

Banks are indeed indispensable in our lives.

Without them, saving, investing, or starting a business would be challenging.

BY: VALERIE ANN DISMAYA