Measuring the Financial Literacy of Pantawid Pamilyang Pilipino Program (4Ps)

Beneficiaries in Diadi, Nueva Vizcaya

Dela Cruz, Laiza M.

Guinomtad, Christine L.
Jallorina, Chrissa Joy N.
Manago, Erika R.
Paulino, Jaycee C.
Soriano, Hanah Mae T.

A Thesis Submitted to the faculty of the College of Business Education

in Partial Fulfilment of the Requirements for the Degree
Bachelor of Science in Business Administration
Major in Financial Management

NUEVA VIZCAYA STATE UNIVERSITY

Bayombong, Nueva Vizcaya

2023
 QUALITY FORM FR-INS-07. Rev00
TAS No.:
THESIS ACCEPTANCE SHEET _______________________

The Thesis entitled “Measuring the Financial Literacy of Pantawid Pamilyang

Pilipino Program (4Ps) Beneficiaries in Diadi, Nueva Vizcaya”, prepared and
submitted by Laiza M. Dela Cruz, Christine L. Guinomtad, Chrissa Joy N, Jallorina,
Erika R. Manago, Jaycee C. Paulino, and Hanah Mae T. Soriano in partial fulfilment of
the requirements for the degree Bachelor of Science in Business Administration major
in Financial Management is hereby recommended for acceptance.

KATRINE ANGELA A. TUCAY

Thesis Adviser
_______________
Date
ZHARMAINE C. RAMOS FLORMELYN D, TUMENEZ
Panel Member Panel Member
_______________ _______________
Date Date

MERCEDES B PUMIHIC
Research Critic
______________
Date

MERCEDES B PUMIHIC
Department Chair, Finance and Accountancy
______________
Date

Accepted and Approved in partial fulfillment of the requirements for the degree Bachelor
of Science in Business Administration major in Financial Management.

DOLORES GALVEZ
Dean
____________________
Date

Research Contribution No: _______________ RAMON P. BANGAO, JR

Date:__________________ Research MIS Coordinator
 Acknowledgement

The researchers would like to acknowledge and give thanks to Ma‟am Katrine
Angela Tucay, their thesis adviser who made this work possible. Her guidance and advice
help them finish writing this study.

They would also like to thank Ma‟am Flormelyn Tumenez, Ma‟am Zharmaine
Ramos and Ma‟am Mercy Pumihic for sitting as their Panel and research critique who
take time in reading their thesis, also for the encouragement and insightful comments.

In addition, the researcher would like to acknowledge and give thanks to all of
those who participated in this study, to the respondents who are patience in answering
their questionnaire, to the barangay official who let them survey in their barangays, to the
people who accompanied the researcher in the respondents houses, to their friends who
extend their help and to their family and relatives who supported them. Warmest thanks
to all of you.
 Dedication

This study is a fruit of countless and arduous sacrifices. Through the researcher‟s
effort, this work is wholeheartedly and proudly dedicated to the people who serve as an
inspiration.

From parent and siblings who have been their source of strength, to friends and
classmate who extended their help in the midst of problems in doing this study.

A special thanks to the Faculty and staff of the College of Business Education at
Nueva Vizcaya State University.

Above all, to the Almighty God who gives them strength, patient and peace of
mind in doing this study.
 Abstract

Financial Literacy is important for people to know how to manage their own money
wisely. Pantawid Pamilyang Pilipino Program is one of the poverty alleviation and
financial literacy program of the government that aims to empowered Filipino families
and to decrease economic inequality. This study aimed to measure the financial literacy
of Pantawid Pamilyang Pilipino Program (4P's) beneficiaries in Diadi, Nueva Vizcaya
and as well, as to assess their demographic profile, financial knowledge, financial attitude
and financial skills. A validated survey questionnaire was used as the main data gathering
tool in this study that is distributed and answered by the One hundred and ninety (190)
4P's beneficiaries. Correlational research design that was based on a quantitative
approach was applied to determine the result of the study. Based on the results that
gathered from the 19 barangays in Diadi, Nueva Vizcaya in terms of their demographic
profile, it indicates that the majority of the respondents are 38 to 47 years old, mostly
female, most has reached Elementary and High School level, married, and self-employed.
The majorities have two (2) Children who are a beneficiary, have three (3) dependents,
have monthly income of 3001 to 4000 pesos and have been a beneficiary for 11 to 12
years. In terms of their financial literacy, 4Ps beneficiaries are literate in terms of their
financial knowledge, financial attitude and financial skills means that the respondents are
knowledgeable in managing and allocating their funds in their households, able to
observed their financial attitude and financially skilled.

Keywords: Pantawid Pamilyang Pilipino Program (4P's), poverty, beneficiaries, financial

literacy, financial knowledge, financial attitude, financial skills, demographic profile
 Table of Content

Page

Title page ……………………………………………………………………………..i

Thesis Approval Sheet…………………………………………………………………ii

Acknowledgement.…...……………………………………………………………....iii

Dedication.…………………………………………………………………………....iv

Abstract.………………………………………………………………………………v

Table of Content.…………………………………………………………………......vi

List of Tables.…………………………………………………………………….......viii

List of Figures.………………………………………………………………….…….ix

Chapter I - Introduction
Background of the study ………………………………………………………...……1
Statement of the Problem .………………………………………………………….....5
Research Question……………………………………………………………………..5
Objectives of the Study …………………………………………………………….....5
Hypothesis of the Study ………………………………………………………………6
Significance of the study ……………………………………………………………...8
Scope and Delimitation …………………………………………………………….....9
Conceptual Framework …………………………………………………………….....9
Operational Framework ……………………………………………………………....10
Operational Definition of terms ……………………………………………………...11

Chapter II -Review of the Related Literature and studies ………………………13

Chapter III - Design and Methodology

Research design …………………………………………………………………….…36

Research Locale……………………………………………………………………….36
Research Instrument …………………………………………………………………..37
Data Gathering Procedure …………………………………………………………….37
Statistical treatment of data …………………………………………………………...38

Chapter IV - Results and Discussion ………………………………………………39

Chapter V - Summary, Conclusion, and Recommendation………………………….65

References …………………………………………………………………………...70
Appendices
Appendix A: Cover Letter …………………………………………………………...72
Appendix B: Questionnaire ………………………………………………………….73
Appendix C: Documentation ………………………………………………………..77
Appendix D: Curriculum Vitae…………………………………………………………..86
Appendix E: English Critique……………………………………………………………92
 List of Tables

Tables Title Page

1 Data Interpretation Scale………………………………………………………....38

2 Profile of the Respondents according to their age …………………………........39
3 Profile of the Respondents according to their sex ……………………………....40
4 Profile of the Respondents according to their sex ……………………………....40
5 Profile of the Respondents according to civil status………………………….....41
6 Profile of the Respondents according to Occupational Status………………......41
7 Profile of the Respondents according to Number of Pantawid Children in
Household………………………………………………….………...……...…...42
8 Profile of the Respondents according to Number of dependents……………......42
9 Profile of the Respondents according to monthly income…………………..43
10 Profile of the Respondents according to amount of the Grants received…….......43
11 Profile of the Respondents according to year of being 4P‟s beneficiary…….......44
12 Level of financial literacy in relation to financial knowledge…………………...45
13 Level of financial literacy in relation to financial attitude……………………….46
14 Level of financial literacy in relation to financial skill………………………......47
15 Level of Financial Literacy in terms of Age…………………………..……........48
16 Level of Financial Literacy in terms of Gender……………………………….....49
17 Level of Financial Literacy in terms of educational attainment…………….…...50
18 Level of Financial Literacy in terms of civil status………………………….…..51
19 Level of Financial Literacy in terms of occupational status…………………......52
20 Level of Financial Literacy in terms of number of pantawid children…….…….53
21 Level of Financial Literacy in terms of number of dependents…………….……54
22 Level of Financial Literacy in terms of Age monthly income…………………...56
23 Level of Financial Literacy in terms of amounts of grants received……….……57
24 Level of Financial Literacy in terms of years of being a 4P‟s beneficiaries.……58
25 Age……………………………………………………………………………….59
26 Gender……………………………………………………………………………60
27 Educational Attainment…………………………………………………………60
28 Civil Status………………………………………………………………………61
29 Occupational Status……………………………………………………………...61
30 Number of Pantawid Children…………………………………………………...62
31 Number of Dependents…………………………………………………………..62
32 Monthly Income………………………………………………………………….63
33 Amounts of grants received……………………………………………………...63
34 Years of being a 4P‟s beneficiary………………………………………………..64
 List of Figures

Figures Title Page

1 Conceptual Framework on Measuring the Financial Literacy of Pantawid

Pamilyang Pilipino Program (4Ps) beneficiaries in Diadi, Nueva
Vizcaya…………………………………………………………………….……9
2 The Operational Framework on Measuring the Financial Literacy of Pantawid
Pamilyang Pilipino Program (4Ps) beneficiaries in Diadi, Nueva
Vizcaya………………………………………………………………………….10

3 The Research Locale on Measuring the Financial Literacy of Pantawid

Pamilyang Pilipino Program (4Ps) beneficiaries in Diadi, Nueva
Vizcaya………………………………………………………………………….36
 1

Chapter I

Introduction

Background of the Study

Financial management is an essential aspect of our daily life. We are caught up in

our daily life so much that we forget to realize the importance of financial management.

Financial management includes how you manage your money through savings,
investment, and manage your expenditure. Broadly speaking other aspects of financial
managements are banking, budgeting, insurance, retirement planning, and others (Kumar,
2022). In this study of financial management, financial literacy must also be assessed.

Financial Literacy is the ability to understand and effectively use various financial
skills including personal financial management, budgeting, and investing. The meaning
of Financial Literacy is the foundation of your relationship with money, and it is a
lifelong journey of learning (Fernando, 2022). To be financially literate is to know how to
manage your money said by Alanna Ritchie (2022). This means learning how to pay your
bills, how to borrow and save money responsively and how and why to invest and plan
for retirement.

Remund (2010) said that financial literacy is defined as a measure of the degree to
which one understands key financial concepts and possesses the ability and confidence to
manage personal finances through appropriate, short-term decision-making and sound
long-range financial planning, while mindful of life events and changing economic
conditions. In a more complex explication, it is specifically excavated as the ability to
make simple decisions regarding debt contract how one applied basic knowledge about
interest compounding measured in the context of everyday financial choices (Lusardi &
Tufano, 2015).

It is globally recognized that financial literacy and financial inclusion, along with
a robust financial consumer protection framework are vital to the empowerment of
individuals and can contribute to the overall stability of the financial system. It is
therefore, valuable for policy makers to have information about the level of financial
 2

inclusion of consumers alongside a measure of their financial literacy. In North America,

financial literacy improves the further north one travels. Africa scores the worst of the
entire continent. Every economy worldwide may not share definitions of these financial
concepts, as concluded local factors have influence their conceptualization (Wafula
2022).

In relation, the Philippines launched extensive financial literacy programs which

involves the existence of Pantawid Pamilyang Pilipino Program (4Ps) - a Conditional
Cash Transfer (CCT) program and human development measure of the national
government that provides conditional cash grants to the poorest of the poor, to improve
the health, nutrition, and the education of children aged 0-18 (“Pantawid Pamilyang
Pilipino Program, n.d). Moreover, it acts as a country‟s move in attaining the Philippines‟
commitment in addressing 5 of the Millennium Development Goals (MDGs) that include:
eradicating extreme poverty; achieving universal primary education; promoting gender
equality and empowering women; reducing child mortality; and improving maternal
health. (Pecson et al., 2019).

As one report attested, the impact of 4Ps in improving the educational and health
outcomes can aid and support beneficiaries in attaining a better and quality living in the
future. Like the lessons learned from other Cash Conditional Transfer (CCT) programs,
4Ps is also intended to fill gaps in the educational and health outcomes amongst children,
aside from providing them with immediate poverty relief.

In the Philippines, the CCT had around for more than a decade now. The program
was started during the term of former President Gloria Macapagal-Arroyo. The
administration of former President Noynoy Aquino continued the program, renaming it to
Pantawid Pamilyang Pilipino Program or simply 4Ps.

The program, like other CCTs, employed for varied but interrelated purposes
today, has proven to have an impact in education, either directly, by means of the
educational and health grants of the program, or indirectly, by uplifting the total human
condition of its recipients. The study was conducted to help the 4Ps family-recipients to
validate their financial literacy and manage effectively the financial assistance given to
them by the government. In this sense, the goal of making them financially independent
 3

families is nearing to reality. With financial literacy initiatives, it is hoped that the
learners and their families can be led to more functional financial practice and behavior.

Financial Advisor, Vincent Catudio, who has worked with the DSWD in the
development of the 4P‟s Financial Literacy module for beneficiaries, discussed the
importance of financial planning for one‟s future and in striving hard to improve one‟s
finances.

The speaker said that a self-assessment can be done in order to come up with a
sound financial plan. Pantawid Pamilyang beneficiaries must have the self-awareness in
the following: source of income or livelihood; list of expenditure; current status or
situation; list of debts and bills to pay; and the presence of savings.

Meanwhile, Bangko Sentral ng Pilipinas bank officer, Sarah Padilla, shared that
responsible budgeting is a process of crafting a realistic plan on how to use one‟s money,
and this includes the cash grants received by the 4P‟s families.

There upon, it acts as a crucial factor in financial management of people –

especially families. With this, families are the ones who are greatly benefited by this
management factor if executed correctly. However, not all individuals have access to this
kind of education that involves edifying themselves about the importance of financial
matters, especially the impoverished ones. According to National Economic
Development Authority (n.d), Filipinos often practice the mindset of upon receiving their
hard-earned money, spending comes in before saving.

De Jesus and Rivera (2020) research study entitled “Assessment on the Allocation
of Cash Grants of 4P‟s Beneficiaries on their Daily Expenditure” which is based on the
study of Malaluan et. al 2018, entitled “Financial Priorities of 4P‟s Beneficiaries: An
Assessment using First Bucket Theory”. Their recommended future researchers to further
study to have a wide knowledge and understanding about this topic. This lead us to
conduct this research as we are also interested to know the financial literacy of 4P‟s
beneficiaries.

The Pantawid Pamilyang Pilipino Program (4Ps) a National poverty reduction

strategy of the Government as stated under the Republic Act No. 11310 or an “Act of
 4

institutionalizing Pantawid Pamilyang Pilipino Program (4Ps)” which was signed on

April 17, 2019. Patterned after the conditional cash transfer scheme implemented in other
developing countries, 4Ps provides cash grants to beneficiaries if they complied with the
set of conditions required by the program.

Department of Social Welfare and Development (DSWD) state that the Pantawid
Pamilyang Pilipino Program (4Ps) provides financial support to beneficiaries consisting
of P6,000 a year (or P500 per month) per household for health and nutrition related
expenses; and P3,000 for one school year (10 months) (or Php300/month) per child for
their educational expenses. A maximum of three children per household is permissible. A
household with three qualified children is given a support of P1, 400/month during the
school year or Php15, 000 annually if they comply with the conditions given by DSWD.

These Conditions are the following:

1. Pregnant women must avail of pre- and post- natal care (pre and post pregnancy)
and be attended during childbirth by a trained health professional such as nurses
and midwives in hospitals and not just „hilot‟;
2. Parents must join family development sessions organized by the local
government.
3. 0–5-year-old children must have periodic health check-ups and vaccines.
4. 3–5-year-olds must attend day-care or preschool classes at least 85 percent of the
whole school year.
5. 6–14-year-olds are required to enrol in elementary or high school and must also
attend at least 85 percent of the time; and
6. 6–14-year-olds children must also have de-worming medicines twice a year.
 5

Statement of the Problem

This study aims to determine the financial literacy of Pantawid Pamilyang

Pilipino Program (4Ps) beneficiaries who are residing in Diadi, Nueva Vizcaya to record
their levels of proficiency regarding financial literacy as well as to describe their level of
improvement with the help of the tools provided by the said program.

Research Question

This study dealt with the Measuring the Financial Literacy of 4Ps beneficiaries in
Diadi, Nueva Vizcaya, Specifically, it answers the following:

1. What are the demographic profiles of 4Ps beneficiaries of Diadi, Nueva Vizcaya?
2. What is the level of 4Ps beneficiaries of Diadi, Nueva Vizcaya in terms of:
1.1 Financial Knowledge,
1.2 Financial Attitude; and
1.3 Financial Skills

Objectives of the Study

The purpose of this study is to Measure the Financial Literacy of Pantawid

Pamilyang Pilipino Program (4Ps) beneficiaries in Diadi, Nueva Vizcaya.

1. To describe the demographic profile of the 4Ps beneficiaries of Diadi, Nueva

Vizcaya.
a. Age
b. Gender
c. Educational Attainment
d. Civil Status
e. Occupational Status
f. Number of Pantawid Children in Household
g. Number of Dependents
h. Monthly Income
i. Amount of Grants Received
j. Years of being a 4P‟s beneficiary
 6

2. To assess the level of financial literacy among Pantawid Pamilyang Pilipino

Program (4Ps) beneficiaries of Diadi, Nueva Vizcaya in terms of:
2.1 Financial Knowledge.
2.2 Financial attitude; and
2.3 Financial Skills.

Hypothesis of the Study

 Ho: There is no significant relationship between age and financial knowledge.

 Ho: There is no significant relationship between age and financial attitude.
 Ho: There is no significant relationship between age and financial skill.
 Ho: There is no significant relationship between gender and financial knowledge.
 Ho: There is no significant relationship between gender and financial attitude.
 Ho: There is no significant relationship between gender and financial skill.
 Ho: There is no significant relationship between educational attainment and
financial knowledge.
 Ho: There is no significant relationship between educational attainment and
financial attitude.
 Ho: There is no significant relationship between educational attainment and
financial skill.
 Ho: There is no significant relationship between civil status and financial
knowledge.
 Ho: There is no significant relationship between civil status and financial attitude.
 Ho: There is no significant relationship between civil status and financial skill.
 Ho: There is no significant relationship between occupational status and financial
knowledge.
 Ho: There is no significant relationship between occupational status and financial
attitude.
 Ho: There is no significant relationship between occupational status and financial
skill.
 Ho: There is no significant relationship between the number of 4Ps children and
financial knowledge.
 7

 Ho: There is no significant relationship between the number of 4Ps children and
financial attitude.
 Ho: There is no significant relationship between the number of 4Ps children and
financial skill.
 Ho: There is no significant relationship between the number of dependent and
financial knowledge.
 Ho: There is no significant relationship between the number of dependent and
financial attitude.
 Ho: There is no significant relationship between the number of dependent and
financial skill.
 Ho: There is no significant relationship between monthly income and financial
knowledge.
 Ho: There is no significant relationship between monthly income and financial
attitude.
 Ho: There is no significant relationship between monthly income and financial
skill.
 Ho: There is no significant relationship between the amount of grants received and
financial knowledge.
 Ho: There is no significant relationship between the amount of grants received and
financial attitude.
 Ho: There is no significant relationship between the amount of grants received and
financial skill.
 Ho: There is no significant relationship between years of being a 4Ps beneficiaries
and financial knowledge.
 Ho: There is no significant relationship between years of being a 4Ps beneficiaries
and financial attitude.
 Ho: There is no significant relationship between years of being a 4Ps beneficiaries
and financial skill.
 8

Significance of the Study

The Department of Social Welfare and development (DSWD) and the United
States Agency for international Development (USAid) recently launched a financial
literacy manual for families under the Pantawid Pamilyang Pilipino Program (4Ps).
Financial Literacy Manual for the Family Development Sessions (FDS) offers an
enhance approach in providing financial literacy sessions to 4Ps beneficiaries, assisting
them in their eventual exit from the program towards achieving sustainable financial
independence.
This study is critical to be conducted to know how 4Ps beneficiaries‟
demographic profile, financial knowledge, financial attitude, and financial skills affect
their financial literacy.
The study on measuring the financial Literacy of 4Ps in Diadi, Nueva Vizcaya
may serve as guidelines or information to the following:

 Students
Using the cash grants received for their education.
 Parents
Being financial literate parents will have enough knowledge on how to
save, where to use it and manage their finances.
 Future researchers
Through this study, this will serve as their basis as they study another
topic related to this study.
 Government (DSWD)
This will serve as a basis for them to further assess the 4P‟s beneficiary‟s
financial literacy to be able to know more how to improve the quality of
life of the needy.
 4P’s beneficiaries
This study serves as an implication for their everyday life as this will
focused on them.
 9

Scope and Delimitation

This study entitled “Measuring the Financial Literacy of Pantawid Pamilyang

Pilipino Program (4Ps) beneficiaries in Diadi, Nueva Vizcaya” will be conducted among
the selected 4Ps beneficiaries in 19 barangays of Diadi, Nueva Vizcaya. Specifically,
Brgy. Ampakleng, Arwas, Balete, Bugnay, Butao, Decabacan, Duruarog, Escoting,
Langca, Lurad, Nagsabaran, Namamparan, Pinya, Poblacion, Rosario, San Luis, San
Pablo, Villa Aurora, and Villa Florentino. Where, the study will only be 10 limited
questionnaires to be disseminated that would gain knowledge about the respondents‟
demographic profile and measure their knowledge, attitude, and skills toward their
finances.

Conceptual Framework of the Study

This study is about “Measuring the Financial Literacy of Pantawid Pamilyang

Pilipino Program (4Ps) beneficiaries in Diadi, Nueva Vizcaya”. The researchers will
conduct a survey research study to gather information to examine the relationship of the
Demographics and Expenditures to the Financial Literacy of Pantawid Pamilyang
Pilipino Program (4Ps).

Figure 1. Conceptual Framework on Measuring the Financial Literacy of Pantawid

Pamilyang Pilipino Program (4Ps) beneficiaries in Diadi, Nueva Vizcaya
Independent Variable Dependent Variables

 Demographics Profile
Financial Literacy of
 Financial Knowledge Pantawid Pamilyang Pilipino
 Financial Attitude Program (4Ps)

 Financial Skills

The Independent and Dependent variables of this study is based from the research
study conducted by Miranda et, al (2020) entitled “Financial Literacy Assessment Among
Pantawid Pamilyang Pilipino Program 4P‟s Beneficiaries in Selected Barangays of
Cabanatuan City”.
 10

Operational Framework of the study

This Operational Framework serve as a resource in finding the objectives of this

study whose contributions are vital to improving the well-being of Pantawid Pamilyang
Pilipino beneficiaries. We choose these authors as their studies are connected to get our
objectives.

Figure 2. The Operational Framework on Measuring the Financial Literacy of Pantawid

Pamilyang Pilipino Program (4Ps) beneficiaries in Diadi, Nueva Vizcaya

Demographics Profile - (Miranda et. al 2020)

a) Age
b) Gender
c) Educational Attainment
d) Civil Status
e) Occupational Status
f) Number of 4P‟s children
g) Number of dependents
h) Monthly Income
i) Amount of the grants received
j) Years of being a 4Ps beneficiaries

Financial Knowledge
 Diacon (2004) concluded in his study on financial literacy that financial
knowledge and risk-taking capacity of financial experts are more than lay
people.
 Howlett et al. (2008) observed that individuals possessing financial
knowledge are more financial literate and they can handle money efficiently.

Financial Attitude (M. Ameliawati, 2018)

 Financial Attitude is defined as a state of mind, opinion, and judgement of
persons about finances. Based on theory of social learning there is a three-
way relationship that locks each other‟s behavior, environment, and inner
events that affect perception and action.

Financial Skills (Fernando 2022)

 Financial literacy is the ability to understand and effectively use financial
skills. These financial skills are as simple as budgeting, investing, credit
management, and financial management.
 11

Operational Definition of Terms

To facilitate the understanding of this study, different terms are defined herein.

Beneficiary – poorest families living in the country. (Maximum of 3 Children per

household is permissible)

Conditional cash transfer (CCT) – It aims to reduce poverty by providing welfare

programs conditional upon the beneficiaries' actions.

Cash Grants – The 4Ps has two types of cash grants that are given out to household
beneficiaries: health grant and educational grant.

Department of Social Welfare and Development (DSWD) - is the primary government

agency mandated to develop, implement, and coordinate social protection and poverty
reductions solutions for and with the poor, vulnerable and disadvantages.

Dependents – Children of the beneficiary that are still living with them.

Demographic Profile - Description of a particular type of customer, including their

gender, age, civil status, educational attainment, income ect.

Expenditure - The art or process of spending your money on something like food,
clothing, bills, and others.

Financial Attitude - Financial Attitude is defined as a state of mind, opinion, and

judgment of persons about finances. Based on theory of social learning there is a three-
way relationship that locks each other‟s behavior, environment, and inner events that
affect perception and action.

Financial Knowledge - Financial Knowledge is same as financial awareness and

understanding about the financial concepts and procedures as well as the use of this
understanding to solve financial problems.

Financial Literacy - is the possession of the set of skills and knowledge that allows an
individual to make informed and effective decisions with all their financial resources.

Financial Skills - Financial skills are the abilities that allow you to manage your money
and grow your wealth.
 12

Measuring - is the process of finding the percentage of the 4P‟s beneficiaries in terms of
their literacy in financial knowledge, financial attitude and financial skills.

Pantawid Pamilyang Pilipino Program – it is a social protection program that focuses

on human capital development through the provision of cash grants to eligible poor
households subject to their compliance with education and health conditionality.

Poverty - Poverty is a state or condition in which a person or community lacks the

financial resources and essentials for a minimum standard of living. Many families are
left deprive of their basic needs and therefore forced their children to stop going to school
and help them instead in their livelihood.

Single – A person who have children but don‟t have a partner in life.
 13

Chapter II

Review of the Related Literature and Studies

Mandell (2009) defines financial literacy as “the ability to use knowledge and
skills to manage one‟s financial resources effectively for lifetime financial security. In
addition to this, Huston (2010) explains that financial literacy is made up of two
elements: understanding and use. Understanding financial literacy implies that a person is
knowledgeable about personal finance and applies such knowledge in dealing with one‟
finances. meanwhile, Hastings, et al (2013) refers to financial literacy as knowledge of
financial products (e.g., what is a stock vs. a bond; the difference between a fixed vs.
adjustable-rate mortgage); knowledge of financial concepts (inflation, compounding,
diversification, credit scores); having the mathematical skills or numeracy necessary for
effective financial decision making; and being engaged in certain activities such as
financial planning.

Also Habing and Zhaozhe (2011) stated that Financial Literacy may influence
young adult‟s ability to create important positive financial satisfaction throughout their
life. Most of the problems and difficulties of Filipino‟s are rooted in poverty. Many
families are left deprive of their basic needs and therefore forced their children to stop
going to school and help them instead in their livelihood (Dela-Torre, 2016, pp. 697-
710). With the aim of Millennium Development Goals in alleviating poverty all over the
World, the Philippine Government response is thru the provision of cash assistance
among Filipino Households living below poverty threshold. This financial support is an
avenue to immediately respond to the needs of the people specially on health and
education, this was called Pantawid Pamilyang Pilipino Program popularly known in the
countries as 4Ps (Lusardi, 2018, pp. 387-414).

The Pantawid Pamilyang Pilipino Program (4Ps) implemented by the Department

of Social Welfare and Development (DSWD), is the National poverty reduction strategy
of the Government as stated under the Republic Act No. 11310 or an “Act of
institutionalizing Pantawid Pamilyang Pilipino Program (4Ps)” which was signed on
April 17, 2019.
 14

Republic Act No. 11310

An Act Institutionalizing the Pantawid Pamilyang Pilipino Program (4Ps)

Be it enacted by the Senate and House of Representatives of the Philippine Congress

assembled:

Section 1. Short Title

This Act shall be known as the "Pantawid Pamilyang Pilipino Program (4Ps)
Act".

Section 2. Declaration of Policies

The State shall promote a just and dynamic social order thereby uplifting its
citizens and marginalized sectors from poverty through policies that provide adequate
social services, promote full employment, a rising standard of living, and an improved
quality of life for all.

The State recognizes the need to foster social justice as provided for in Article
XIII of the 1987 Constitution, as follows:

(a) The Congress shall give highest priority to the enactment of measures that
protect and enhance the right of all the people to human dignity, reduce social,
economic, and political inequalities, and remove cultural inequities by equitably
diffusing wealth and political power for the common good;

(b) The promotion of social justice shall include the commitment to create
economic opportunities based on freedom of initiative and self-reliance;
Towards this end, the State shall establish programs that invest and harness our
country‟s human capital and improvement of delivery of basic services to the
poor, particularly education, health and nutrition, which is an intervention
anticipated to break the intergenerational cycle of poverty.
 15

(c) Break the intergenerational cycle of poverty through investment in human

capital and improved delivery of basic services to the poor, particularly education,
health, nutrition, and early childhood care and development;

(d) Promote gender equality and empowerment of women and children‟s rights;

(e) Achieve universal primary education;

(f) Reduce child mortality and malnutrition;

(g) Improve maternal health; and

(h) Ensure healthy lives and promote well-being for all.

Section 3. Definition of Terms

As used in this Act, the following terms are defined, as follows:

(a) Authorized Government Depository Banks refer to banking institutions

accredited and managed by government which is also categorized as government-
owned and -controlled corporation (GOCC) or government financial institution;

(b) Case Management refers to a process used by the Department of Social

Welfare and Development (DSWD) to enable the household-beneficiaries to
improve their functioning by dealing with their difficulties specifically in
complying with the terms of the program;

(c) Compliance Verification refers to the checking and monitoring undertaken to

ensure that the qualified household-beneficiaries comply with conditions for
entitlement set forth by the Pantawid Pamilyang Pilipino Program (4Ps);

(d) Conditional Cash Grant refers to the amount received by the qualified
household-beneficiaries who comply with the conditions for entitlement;
 16

(e) Grantee refers to the most responsible adult member of the qualified
household-beneficiary authorized to receive the conditional cash transfer;

(f) Grievance Redress System refers to the mechanism of the DSWD which
addresses and resolves issues and concerns related to the implementation of the
Program;

(g) Health Facility refers to a barangay health station, rural health unit, barangay
health center, infirmary or hospital;

(h) Institutionalization refers to making the Pantawid Pamilyang Pilipino Program

(4Ps) an added function of the DSWD and a regular program funded from its
annual appropriation;

(i) Poor refers to households whose income falls below the poverty threshold as
defined by the National Economic and Development Authority (NEDA) and
cannot afford in a sustained manner to provide their minimum basic needs of
food, health, education, housing and other essential amenities of life;

(j) Preventive Health Check-up refers to health and nutrition services comprising
of complete immunization, deworming, growth and development monitoring,
management of childhood diseases; malnutrition, and services for pregnant,
lactating and post-partum women;

(k) Qualified Household-Beneficiaries refer to households identified by the

DSWD for entitlement to the monthly conditional cash grants as provided under
Section 6 of this Act;

(l) Responsible Person refers to the parent or guardian in the qualified household-
beneficiary;

(m) Standardized Targeting System refers to a system for identifying who and
where the poor households are through the generation of socioeconomic database
of poor households that is adopted by national government agencies and
 17

implemented by the DSWD; and(n) Sustainable Livelihood Program refers to the

livelihood and capability building program managed by the DSWD for the poor,
vulnerable and marginalized families and individuals to help improve their
socioeconomic conditions.1âшphi1 The one-time livelihood assistance is in the
form of microenterprise development (MD) and employment facilitation (EF).
The MD track provides microenterprise interventions to the poor or savings
generation while the EF track provides interventions that facilitate employment.

Section 4. The Pantawid Pamilyang Pilipino Program (4Ps)

The Pantawid Pamilyang Pilipino Program (4Ps) is the national poverty reduction
strategy and a human capital investment program that provides conditional cash transfer
to poor households for a maximum period of seven (7) years, to improve the health,
nutrition and education aspect of their lives. The National Advisory Council (NAC) may
recommend a longer period under exceptional circumstances.

Section 5. Selection of Qualified Household-Beneficiaries

On a nationwide basis, the DSWD shall select qualified household-beneficiaries

of the 4Ps using a standardized targeting system. It shall conduct a regular revalidation of
beneficiary targeting every three (3) years.

Section 6. Eligible Beneficiaries

Farmers, fisherfolks, homeless families, indigenous peoples, those in the informal

settler sector and those in geographically isolated and disadvantaged areas including
those in areas without electricity shall be automatically included in the standardized
targeting system to be conducted by the DSWD: Provided, That to be eligible for the cash
grants, households or families must meet the following criteria:

(a) Classified as poor and near-poor based on the Standardized Targeting System
and the poverty threshold issued by the Philippine Statistics Authority (PSA) at
the time of selection;
 18

(b) Have members who are aged zero (0) to eighteen (18) years old or have
members who are pregnant at the time of registration; and

(c) Willing to comply with the conditions specified by this Act.

Section 7. Conditional Cash Transfer to Beneficiaries

The Advisory Council shall determine the amount of conditional cash transfer to
beneficiaries with the following schemes:

(a) Conditional cash transfer grant per child enrolled in day care and elementary
programs shall not be lower than Three hundred pesos (₱300.00) per month per
child for a maximum of ten (10) months per year;

(b) Conditional cash transfer grant per child enrolled in junior high school shall
not be lower than Five hundred pesos (₱500.00) per month per child for a
maximum of ten (10) months per year;

(c) Conditional cash transfer grant per child enrolled in senior high school shall
not be lower than jSeven hundred pesos (₱700.00) per month per child for a
maximum of ten (10) months per year; and

(d) Health and nutrition grant shall not be lower than Seven hundred fifty pesos
(₱750.00) per month for a maximum of twelve (12) months per year.

The health/nutrition grant component aims to promote healthy practices and family
development, improve the health nutritional status of pregnant and post-partum mothers,
infants and young children, and increase the use of health services by the household-
beneficiary. The health grant is a fixed amount and does not depend on the number of
members in the household.

Section 8. Coverage in the National Health Insurance Program (NHIP)

All beneficiaries of 4Ps as identified by the standardized targeting system to be

qualified household-beneficiaries of the 4Ps shall automatically be covered in the NHIP.
 19

The necessary funding for their coverage shall be sourced from revenue generated
pursuant to Republic Act No. 10351, otherwise known as the "Sin Tax Reform Act of
2012".

Section 9. Mode of Cash Transfer

The DSWD shall provide beneficiaries with direct and secured access to cash
grants through any number of Authorized Government Depository Banks (AGDBs). For
localities not adequately served by an AGDB, the DSWD may, by itself or through an
AGDB, contract the services of rural banks, thrift banks, cooperative banks, and
institutions engaged in money remittances duly accredited by the Bangko Sentral ng
Pilipinas (BSP).

Section 10. Periodic Assessment

Every three (3) years after the effectivity of this Act, the Philippine Institute for
Development Studies (PIDS) shall conduct an impact assessment to evaluate the
effectiveness of the 4Ps, the veracity of the list of household-beneficiaries and the
program implementation.

The amounts indicated in Section 7 of this Act shall be made available to the
qualified household-beneficiaries during the first three (3) years of the implementation of
this Act: Provided, That every six (6) years after the effectivity of this Act, the PIDS shall
recommend to the NAC whether the cash grants shall be adjusted to its present value
using the consumer price index, as published by the PSA: Provided, further, That the
NAC shall ensure that the grant amounts are sufficient to make a positive impact on the
health, nutrition, and education of the beneficiaries and are timely received and spent by
the beneficiaries.

Section 11. Conditions for Entitlement

All qualified household-beneficiaries shall comply with all of the following

conditions as a requirement for continued program eligibility:
 20

(a) Pregnant women must avail of pre-natal services, give birth in a health facility
attended by a skilled health professional, and receive post-partum care and post-
natal care for her newborn;

(b) Children zero (0) to five (5) years old must receive regular preventive health
and nutrition services including check-ups and vaccinations;

(c) Children one (1) to fourteen (14) years old must avail of deworming pills at
least twice a year;

(d) Children three (3) to four (4) years old must attend day care or pre-school
classes at least eighty-five percent (85%) of them time;

(e) Children five (5) to eighteen (18) years old must attend elementary or
secondary classes at least eighty-five percent (85%) of their time; and

(f) At least one (1) responsible person must attend family development sessions
conducted by the DSWD, at least once a month.

Any or all of the conditions for entitlement may be suspended by the DSWD
Secretary during times of calamities, war and armed conflicts.

Section 12. Noncompliance with Conditions

The responsible person of a reported qualified household-beneficiary who fails to

comply with conditions set forth in Section 11 of this Act shall at first be notified in
writing and the payment of cash grants will immediately be terminated. After four (4)
months of noncompliance, the household-beneficiary shall be subject to case
management process of DSWD.

Should the qualified household-beneficiary so notified persist in not complying

with the conditions within a period of one (1) year since the day of receipt of the written
notification, the household-beneficiary shall be removed from the program.
 21

Section 13. Livelihood, Interventions

Qualified household-beneficiaries shall be given priority in the availment of the

modalities and interventions under DSWD‟s Sustainable Livelihood Program (SLP) or
other appropriate or similar programs offered by other government agencies or accredited
private institutions.

The household-beneficiary shall also be given priority in the availment of the

employment facilitation services provided by the SLP or other employment programs of
appropriate government agencies implementing the same.

Section 14. Lead Agency

The DSWD shall serve as the central planning, coordinating, implementing and
monitoring body of the Program. In the implementation of this Act, the DSWD shall
perform the following functions:

(a) Select and use an appropriate, effective and cost-efficient method to identify
and select qualified household-beneficiaries;

(b) Identify and select the target household-beneficiaries on the basis of a

uniform, objective and transparent selection process as indicated in Section 5 of
this Act;

(c) Coordinate with different national and local government agencies, including
organizations from the private sector to ensure full implementation of statutory
commitments herein;

(d) Set up participatory monitoring and evaluation systems and methodologies on

compliance of conditions, implementation of operations, and output and impact
assessments. It shall also coordinate with the NAC and with the Independent
Monitoring Committee at the national and local levels, to verify compliance on a
monthly basis, using the monitoring and evaluation systems designed for the
purpose;
 22

(e) Recommend to the NAC measures and policies for the responsive delivery of
the commitments under this Act;

(f) Identify the coverage of the 4Ps based on the Standardized Targeting System;

(g) Provide the seminar-workshops and training programs to educate qualified

household-beneficiaries about the conditions and other actions pertinent to this
Act;

(h) Organize a session on entrepreneurship and disaster preparedness and risk

reduction or arrange a community development activity in the qualified
household-beneficiaries‟ respective barangay or municipality or city whichever is
available annually;

(i) Submit an annual report to Congress on all aspects of its operations, financial
status and other relevant data;

(j) Formulate implementing rules and guidelines for the enforcement of this Act;
and

(k) Perform such other functions as may be necessary or incidental to the proper
implementation of the provisions of this Act.

Section 15. Advisory Council

An Advisory Council shall be created at the regional and national levels to be

headed by the DSWD.

The regional advisory councils and NAC shall have, as members, representatives
from the DSWD, Department of Health (DOH), Department of Education (DepEd),
Department of Agriculture (DA), Department of Labor and Employment (DOLE),
Department of Trade and Industry (DTI), Department of Agrarian Reform (DAR),
Department of Science and Technology (DOST), and Technical Education and Skills
Development Authority (TESDA). The regional advisory councils and NAC shall also
 23

have, as additional members, two (2) representatives from accredited nongovernmental

organizations working or monitoring social welfare service programs.

The Advisory Councils shall have the following functions:

(a) Meet regularly to promote coordination across agencies to enhance the

implementation of the program and jointly address and resolve program
implementation issues;

(b) Recommend to the President measures and policies for the responsive delivery
of the commitments under this Act and integration with the general poverty
reduction strategy of government;

(c) Ensure that the funding requirements for livelihood, training and employment
facilitation programs shall be included in the annual budgets of the government
agencies implementing the same;

(d) Promulgate a grievance redress system and accept complaints and grievances
pertaining to the implementation of the 4Ps; and

(e) Review the monitoring and assessment reports of the Independent Monitoring
Committee and submit necessary policy recommendations to Congress to improve
and strengthen the program, if necessary.

Section 16. Independent Monitoring Committee

An Independent Monitoring Committee shall be created at the regional, and

national levels, composed of representatives from the private sector and civil society
organizations (CSOs) to complement the monitoring activities of the DSWD and provide
feedback for appropriate action. It shall submit a report on the results of its monitoring
activities relative to the implementation of the program to the respective regional
advisory councils and the NAC.
 24

Section 17. Regular Monitoring

The DSWD shall monitor the implementation of the program and report its status
at least once every three (3) years in order to ensure the attainment of the goals
enumerated in Section 2 of this Act to the House of Representatives and the Senate of the
Philippines.

Section 18. Report of the Program

The DSWD shall annually publish a full report of the 4Ps covering the
implementation of the previous fiscal year. The said report shall include financial
disclosures, number of households included in the 4Ps, and recommendations to the
Advisory Council, the President and to both chambers of Congress on how to further
enhance it. This report shall be submitted to Congress before the submission of the
President‟s Budget Message.

Section 19. Convergence of Programs and Services

Within the framework of a national poverty alleviation strategy and a holistic

social protection program, the various agencies of government implementing multi-
stakeholder programs and services for the poor shall guarantee that the same complement
and converge seamlessly with the aim of ensuring that the targeted household-
beneficiaries are alleviated from poverty and remain non-poor even after the prescribed
maximum period for the conditional cash grant. Such convergence shall focus on the
enhancement of operational efficiency and strengthening of inter-agency partnership. The
government shall monitor the performance of these agencies to ensure the sustainability
and positive impact of its pro-poor programs.

Section 20. Program Transparency

The DSWD shall regularly and timely post and update on its website a report of
financial disclosures and information about beneficiaries based on geographical area,
social, economic and cultural circumstances.
 25

Section 21. Joint Congressional Oversight Committee

Upon the effectivity of this Act, a Congressional Oversight Committee, hereafter

referred to as the 4Ps Oversight Committee is hereby constituted. This Committee shall
set the overall framework to review the implementation of this Act. It shall likewise
determine inherent weaknesses in the law and recommend necessary remedial legislation
or executive measures.

The 4Ps Oversight Committee shall be composed of fourteen (14) members with
the chairpersons of the Committee on Poverty Alleviation of the House of
Representatives, and the Committee on Social Justice, Welfare and Rural Development
of the Senate as Co-Chairpersons; and six (6) members from each House, to be
designated by the Speaker of the House of Representatives, and the Senate President,
respectively.

For purposes of determining remedial legislation, the 4Ps Oversight Committee

shall, within three (3) years after the effectivity of this Act, conduct a sunset review
which shall include a systematic evaluation of the impact of this Act, accomplishments of
the program, and the performance of its implementing agencies.

Section 22. Appropriations

The amount necessary to carry out the provisions of this Act shall be charged
against those authorized in the current and subsequent General Appropriations Act.

Section 23. Implementing Rules and Regulations

Within six (6) months from the effectivity of this Act, the Secretary of the DSWD
shall, in coordination with appropriate government departments and agencies with the
participation of the local government units, promulgate the necessary rules and
regulations to carry out the provisions of this Act.
 26

Section 24. Penalties

Any person, whether or not acting in conspiracy with public officials, who, by act
or omission, inserts or allows the insertion of data or false information, or who diverts
from what ought to be contained in the registry, with the view of altering the fact, or
aiding in the grant of the money to persons other than the qualified household-
beneficiaries, shall be penalized with imprisonment of not less than one (1) month but not
more than one (1) year, or a fine of not less than Ten thousand pesos (₱10,000.00) but not
more than One hundred thousand pesos (₱100,000.00) or both imprisonment and fine, at
the discretion of the court. A public official who commits any of the acts provided herein
shall be penalized with temporary disqualification to hold public office. Administrative
sanctions shall be imposed without prejudice to prosecution in the proper courts.

Section 25. Separability Clause

Should any provision of this Act be found unconstitutional by a court of law, such
provision shall be severed from the remainder of this Act, and such action shall not affect
the enforceability of the remaining provisions of this Act.

Section 26. Repealing Clause

All laws, decrees, letters of instruction, resolutions, orders or parts thereof which
are inconsistent with the provisions of this Act are hereby-repealed, modified or amended
accordingly.

Section 27. Effectivity Clause

This Act shall take effect fifteen (15) days following its publication in the Official
Gazette or in two (2) newspapers of general circulation in the Philippines.

This Act was passed by the Senate of the Philippines as Senate Bill No. 2117 on
February 4, 2019 and adopted by the House of Representatives as an amendment to
House Bill No. 7773 on February 7, 2019.
 27

With this Republic Act No. 11310 or the 4Ps Act, the 4Ps, as a Conditional Cash
Transfer (CCT) Scheme, guarantee financial incentives to poor households in exchange
for their adherence to the program‟s conditionalities related to health and education
intervention because these two components are the root causes of poverty.

Based from the latest statistical survey conducted by the Philippine Statistical
Authority (PSA), the poverty incidence for the year 2015 had dropped to 21.6 %, 3.6%
lower than 2012‟s poverty incidence which is 25.2%. But despite of the decrease of
poverty rate in the Philippines, a huge number of Filipinos are still suffering from poverty
itself, and its effect. With these reasons, Pantawid Pamilyang Pilipino Program (4Ps, a
Conditional Cash Transfer (CCT) program was implemented by the national government
which main objective is to provide financial assistance to poorest families living in the
country to ease or lessen the financial burden that they carry every day. 4Ps is a human
development measure that provides conditional cash grants to their beneficiaries to
ensure the education and health of their family members while pursuing them to follow
their guidelines and attend to some activities regarding the program and the financial
assistance they receive are spent wisely and proficiently. But these are poor families who
are part of the 4Ps who are not doing their role as beneficiaries and not spending the
financial assistance and benefits they receive from the program appropriately. There are
beneficiaries who do not follow the guidelines properly. There are beneficiaries who are
spending the financial assistance they receive from the program in nonsense things and
engaged to gambling activities.

Conditional cash transfer has been implemented in at least 18 countries including

the Philippines for about three decades now, with Brazil having started the program in the
early 1990s. CCT, which even the acknowledged richest economy in the world, the
United States, had adopted in 2010, aims to reduce poverty by providing welfare
programs conditional upon the beneficiaries' actions. Simply put, the government (or a
charity) only transfers the money to persons who meet certain criteria, which might
include enrolling children into public schools, getting regular check-ups at the doctor's
office, receiving immunizations and other similar programs. In short, CCTs seek to help
 28

the current generation in poverty by uplifting the lives of the beneficiaries, thereby
breaking the so-called cycle of poverty.

In the Philippines, the CCT had around for more than a decade now. The program
was started during the term of former President Gloria Macapagal-Arroyo. The
administration of former President Noynoy Aquino continued the program, renaming it to
Pantawid Pamilyang Pilipino Program or simply 4Ps, wherein conditional cash grants are
extended to extremely poor households to improve their health, nutrition and education
particularly of children age 0-14. However, from the very start, there obviously was no
intention from the Aquino administration to uplift the lives of beneficiaries through the
4Ps as from a few hundred thousand households during Arroyo‟s time, the number of
beneficiaries ballooned to 4.5 million before Aquino stepped down in 2016.

If the CCT‟s intention was to reduce poverty, Aquino‟s pursued the contrary,
promoting a culture of mendicancy among the Filipinos through his 4Ps.

The debate on the correctness of the 4Ps program has again been raised following
the billions of pesos the government had allotted to the program‟s beneficiaries in order
for them to cope up with crisis triggered by COVID-19. This was after some of the
beneficiaries complained that the additional monthly P5,000 to P8,000 doles would not
be enough for their monthly expenses. At the most, some said, it could only last a week.
And while the middle class were left fuming mad at the supposed ungratefulness of the
4Ps beneficiaries, a video showing a program beneficiary gambling went viral on the
social media, eliciting more angry reactions from netizens, even calling for the program‟s
termination. Actually, the viral video showing a beneficiary gambling even as the
President had placed the entire Luzon Island under community quarantine is not an
isolated case. There are even cases when beneficiaries would pawn their ATM cards just
to raise gambling money.

In fact, former Department of Agriculture Secretary Emmanuel Piñol questioned

the viability of the 4Ps, saying the beneficiaries are simply waiting for money from the
government rather than making them productive. And it is for this reason former Candaba
Mayor Jerry Pelayo has sought to modify, not only the 4Ps, but also the Unconditional
Cash Transfer Program. Expecting the pandemic to have a long-term effect on the
 29

economy, Pelayo is proposing that beneficiaries of these programs be clustered and

taught to form cooperatives. The Department of Trade and Industry, Pelayo said, should
focus on teaching financial literacy and management to said beneficiaries with the help of
the barangay and private sector. As mentioned by Pelayo, expanding micro, small, and
medium enterprises is the only real and sustainable long-term solution in feeding the
poorest of the poor, and not through a program which promotes mendicancy. The
proposal to reinvent the program is actually only a part of a series of programs Pelayo has
proposed to President Rodrigo Duterte through a letter he sent to Senator Bong Go.

The former Candaba Mayor is also proposing for local government units,
members of the House of Representatives and the Senate to postpone all their
infrastructure projects and realign savings to these most affected sectors. The singular
focus should be food on the table for the poorest of the poor while maintaining peace and
order in the country. Another novel idea is to introduce an Adopt-a-Family program
wherein those who are able to sponsor the needs of cash-strapped families could do so
during this most crucial time. This scheme can also be applied to big businesses helping
micro enterprises which do not have the liquidity and capacity to reopen after the
lockdown.

Lastly, Pelayo wants the Buy Lokal campaign be promoted as this would increase
the competitiveness of local enterprises.

While all of his proposals appear viable, it is the 4Ps aspect which needs to be
attended. Not only will it make the beneficiaries productive. It could also appease the
middle class who now see themselves as the milking cows of some of the beneficiaries
who have given up on making themselves productive. (Manalo, 2020)

As indicated in the study conducted by Philam life, 96 percent of Filipinos are

concerned about their own and their families help, however, only 16 percent of them are
prepared to pay for medical costs in case they are diagnosed with a critical illness. There
are a rising number of senior-dependents or those retirees who depend on their children
for financial health, due to lack of financial education.
 30

Financial education is increasingly important, and not just for investors. It is

becoming essential for the average family trying to decide how to balance its budget, buy
a home, fund the children‟s education, and ensure an income when the parents retire. Of
course, people have always been responsible for managing their own finances on a day-
to-day basis – spend on a holiday or save for new furniture; how much to put aside for a
child‟s education or to set them up in life – but recent developments have made financial
education and awareness increasingly important for financial well-being. (OECD 2016)
Creating and sticking to a budget lays a foundation to build financial well-being. It
provides a roadmap to manage day-to-day finances, prepare for financial emergencies
and plan. Managing long-term debt, and eliminating consumer debt, can reduce barriers
to saving and long-term financial planning.

Financial Planning teaches individuals to be responsible when it comes to their

finances, and instills the discipline needed to keep track of their financial goals. It
involves educating Filipinos on the different types of goals that they should set- short-
term, medium-term, and long-term. Short-term goals involve monthly living expenses
that need to be paid, or the person‟s basic needs, including the setting-up of an
emergency fund. In contrast, medium-terms goals are those you want to achieve in one to
five years like buying a house or a car, while long-term goals are those that take longer
than five years to achieve. Moreover, to address the growing demand for more
investments in the country, the financial industry advice that Filipinos should save first
and spend what is left after putting their saving aside. (“Annual Review of Economics:
Financial Literacy, Financial Education and Economic outcomes”, 2013).

Lusardi (2008) stated that financial literacy affects financial decision-making;

ignorance about basic financial concepts can be link to poor financial behavior.
Moreover, illiteracy is widespread among the general population and particularly acute
among those with low educational attainment. Meanwhile, Sherraden et al. (2010)
suggests that recognition of the importance of social processes and personal dispositions
that interact with a person‟s knowledge base has spurred scholar who are responsible for
the revision of the concept of financial literacy to introduce terms such as financial
 31

capability. The notion that financial literacy is only about cognitive awareness has
become out dated.

As stated by Flores et.al 2015, it is therefore recommended that the scope of the
program be extended especially the two years have been added to the secondary
education. However, there is a need to assess changes beyond the compliance of
households to the Pantawid conditionality and how the positive impact of the program be
sustained after its beneficiaries have “graduated” from the program. It is noted that one of
the goals of conditional cash handover program is to break the intergenerational series of
poverty. Thus, it is even more vital that the positive changes resulting from the program
should not be dependent on the cash grants currently being received, rather it is because
the beneficiaries are already empowered to create environments, whether within their
households or in their community, where their rights to education, health, and
development are realized.

As indicated in the study of Miranda et.al 2020, entitled “Financial Literacy

Assessment Among Pantawid Pamilyang Pilipino Program (4P‟s) Beneficiaries in
Selected Barangays of Cabanatuan City” where their objectives are to determine the
understanding of 4P‟s beneficiaries in terms of literacy in managing the conditional
grants of the national government; to assess the significant difference of the occurrence
of financial literacy among the families based on their monthly income, number of
families, etc.; to gain knowledge about the challenges that families encountered due to
the nature of their livelihood; to further evaluate their financial knowledge, values, skills,
attitude towards financial management. Based on the results that they gathered from the 4
Barangays who are the respondents of their research study, the 4P‟s beneficiaries are
highly literate in terms of financial knowledge; meanwhile they are poorly literate in
practicing their financial attitudes.

This research paper focuses on “Measuring the financial literacy of Pantawid

Pamilyang Pilipino Program beneficiaries in Diadi, Nueva Vizcaya”.
 32

Demographic Profile

Ellis 2009; Ingelbret et.al 2010, in their research attention has been place on
increasing the diversity of research participants in describing the demographic
characteristics of participants when presenting findings in journal articles. For example,
in 2001, the fifth edition of the American Psychological Association‟s Publication
Manual highlighted the need to provide specific information about participants‟
characteristics, including their racial/ethnic group membership ad socioeconomic status
(SES). Despite this emphasis, to recent reviews of ASHA journals revealed that less than
half of the articles publish over a 10-year period provided information about the
race/ethnicity and SES of participants.

Demographic profile includes:

Age – a period of human life, measured by years from birth.

Gender – a male, female, or intersex division of species, especially as
differentiated with reference to the reproductive function.
Educational Attainment –Refers to the highest level that an individual has
successfully completed.
Civil Status – The distinct options that describe person‟s relationship with a
significant other. (ex.: Single, Married, Divorce, Widowed, and Annulled)
Occupational Status - The various role that a person identifies through
participation in occupation. (ex.: employed, unemployed, and self-employed)

Financial Literacy is the combination of awareness, knowledge, skill, attitude, and

behaviour necessary to make sound financial decision and ultimately achieve financial
well-being. (Tinanggal ko na Yung next sentence dito tin)

Financial Knowledge

Financial Knowledge is same as financial awareness and understanding about the

financial concepts and procedures as well as the use of this understanding to solve
financial problems. Individuals need to be aware of the micro and macroeconomics
environmental and understand basic issues of everyday finance such as saving, investing,
credit, interest rates, inflation, and pricing of consumers‟ product among others. As such,
 33

financial knowledge is a form of literacy about financial issues. In this area of research,
the term financial knowledge is sometimes used interchangeably with financial literacy.
For example, Kempson et al. (2005) define financial literacy as individuals‟ ability to
obtain, understanding, and evaluate financial information. In other cases, financial
knowledge is understood as on components of financial literacy. For example, various
authors have conceptualized financial literacy as being comprised of financial
knowledge, skills, and attitude, all of which influence people‟s financial behaviors
(Lusardi, 2011; Lusardi & Mitchell, 2013; Xiao et al, 2014)

Diacon (2004) concluded in his study on financial literacy that financial

knowledge and risk-taking capacity of financial experts are more than lay people. Hasler
and Lusardi (2017) measured financial literacy by asking basic questions related to
knowledge about numeracy (interest), compound interest, inflation, and risk
diversification. Howlett et al. (2008) observed that individuals possessing financial
knowledge are more financial literate and they can handle money efficiently. Dhar and
Zhu (2006) found the association between investor‟s financial literacy with the
propensity effect. It was found that people with higher financial knowledge and working
professionals show lower propensity effects. Financial knowledge has compelling
influence on financial attitude and behavior whether it is objective or subjective. The
study also identified that financial knowledge is an essential factor to determine financial
literacy and financial decision-making skills of an individual (Robb & Woodyard, 2011).

Financial Knowledge is important because it influences financial behaviors and

practices. For example, high levels of financial knowledge are associated with better
financial behaviors and practices, whereas low levels of financial knowledge place
individuals at a risk of financial insecurity and poverty (Collins, 2013; Grinstein-Weiss,
Guo, Reinertson, & Russell, 2015; Hui, Nguyen, Palameta, & Gyarmati, 2016; Xiao,
Chen & Chen 2014).
 34

Financial Attitude

Financial Attitude is defined as a state of mind, opinion, and judgement of

persons about finances. Based on theory of social learning there is a three-way
relationship that locks each other‟s behavior, environment, and inner events that affect
perception and action (M. Ameliawati, 2018). Financial attitude is a state of mind of a
person about finances which is generally a resultant of his background and environment.
Financial behavior concerns with a human‟s action with respect to money management.
We can say that both are closely related and part of the same family.

Financial attitude can be defined as personal inclination towards financial matters.

It is an ability to plan and maintain a savings account that matters. Bhushan and Medury
(2014) concluded that to enhance financial literacy among generations, the focus should
be on developing favorable financial attitudes among the people of the country. Then
only, real benefits of any financial education program can be achieved. Ajzen (1991)
identified that financial attitudes are the outcome of certain behavior of a decision-maker
and the attitude can be entrenched through their economic and non-economic beliefs.
Ibrahim and Alqaydi (2013) concluded that education can improve personal financial
attitude, thereby reducing dependence on credit cards. Financial attitudes along with
financial behavior can also affect financial well-being.

Financial Skills

Financial skills are the abilities that allow you to manage your money and grow
your wealth Examples of finance skills include budgeting, investing, and managing credit
cards, mortgages, or loans. If you have strong quantitative skills such as math, statistics,
and probability theory abilities that allow you to manage your money and grow your
wealth. Then this is a great asset to list on your resume.

Skills related to the understanding, evaluation and management of the financial

resources needed to set up a firm and develop successful, innovative, and sustainable
initiatives within it. It is also the capability to use relevant knowledge and understanding
to manage an expected or an unpredictable situation in order to solve a financial problem
 35

and convert it to a benefit and opportunity to one‟s advantage. These skills can be
acquired or can be learned through a financial education background.

Financial literacy is the ability to understand and effectively use financial skills.
These financial skills are as simple as budgeting, investing, credit management, and
financial management (Fernando 2022). In other words, financial literacy is the ability to
manage money. A strong foundation of these financial skills will help in achieving
various life goals like retirement, education, and even going on a vacation. Financial
literacy includes many skills. However, the most popular ones are budgeting, managing
expenses, paying off debt and understanding the risk return trade off in investment
products. Acquiring these skills would require one to understand the basic financial
concepts like time value of money, compound interest, annualized return and opportunity
cost.
 36

Chapter III

Research Methodology

Research Design

The researchers use correlational research design that was based on a Quantitative
approach. In conducting this study, the researchers will use a survey questionnaire to
assess the demographic profile of Pantawid Pamilyang Pilipino Program (4Ps)
beneficiaries such as: age, gender, educational attainment, civil status, occupational
status, number of 4P‟s children, number of dependents, monthly income, amount of the
grants received, years of being 4P‟s beneficiaries and as well as their Financial
Knowledge, Financial Attitude, and Financial Skills.

This will be answered by the selected 4Ps beneficiaries of 19 barangays in Diadi,

Nueva Vizcaya.

Research Locale
This study was conducted at Diadi, Nueva Vizcaya where most 4P‟s beneficiaries
resides in. Diadi is a 4th class municipality in the province of Nueva Vizcaya. According
to the 2020 census, it has a population of 19,236 people. Diadi, Nueva Vizcaya is 39
Kilometres from Bayombong and 304 kilometres from Manila. We choose to conduct
this study in the Municipality of Diadi because it is more convenient to us since most of
us are from Diadi and among the 4,911 families in Diadi 21.79% are 4P‟s beneficiaries.

Figure 3. The Research Locale on Measuring the Financial Literacy of Pantawid

Pamilyang Pilipino Program (4Ps) beneficiaries in Diadi, Nueva Vizcaya
 37

Research Instrument
The Measurement of Financial Literacy of the Pantawid Pamilyang Pilipino
Program will be determined through a survey questionnaire.
The Questionnaire contains 3 parts. Where part 1 is asking about the demographic
profile of the respondents, and part 2 is asking about financial knowledge, attitude, and
skills of the respondents.

Data Gathering Procedure

The following steps were done in gathering data that needed in the study;

1. Submission of permission letter to conduct research to the Local Government

Unit (LGU) of Diadi, Nueva Vizcaya.
2. Formulation of questionnaire.
3. Distribution of questionnaire to the chosen respondents. Before answering the
different items, explanation was made about the questionnaires. The respondent
was given assurance that all their answers will be treated with confidentially.
4. Retrieval of the questionnaire. The result of the questionnaires was carefully
checked and verified.
 38

Statistical Treatment of the Study

The researcher‟s use statistical tools which involves frequency, percentage, and
means that will be crucial in analysing and explaining the quantitative data collection
from the 4Ps beneficiaries‟ financial literacy survey.

The researchers used the following statistical treatment of data:

1. FREQUENCY- this used to determine the count of the respondent.

2. PERCENT- to determine the percentage of the number in a profile.
3. MEAN- to determine the mean score of the respondent in each variable.
4. GRAND MEAN – to determine the overall mean.
5. REGRESSION – to determine the correlation between two variables.
6. The responses to question in the given variable were scaled using the “four-point
scale” or liker scale system.

Rate Verbal Interpretation Range

1 Not Literate at all 1.00 -1.75
2 Poor Literate 1.76 – 2.50
3 Literate 2.51 – 3.25
4 Highly Literate 3.26 – 4.00
 39

Chapter IV

Results and Discussion

This chapter included the presentation, analysis and interpretation of data drawn
from the one hundred and ninety (190) Pantawid Pamilyang Pilipino Program
beneficiaries of the municipality of Diadi chosen to answer the Nueva Vizcaya State
University Questionnaire. The study's findings were presented in tabular form and
interpreted by the researchers.

Demographic Profile of the Respondents

The profile of the respondents was categorized according to their demographic profile.

Table 1

Profile of the Respondents according to their age

Age Frequency Percentage (%)

18-27 4 2.11 %
28-37 26 13.68 %
38-47 63 33.16 %
48-57 59 31.05 %
58-67 31 16.32 %
68-77 5 2.63 %
78-above 2 1.05 %
Total 190 100%
The table 1 represents the distribution of frequency and percentage of the respondents
when the age group according to their age. As presented on the table, there are seven (7)
different age range that are beneficiaries of 4Ps in Diadi Nueva Vizcaya. Moreover, the
age range 78 and above has the lowest percentage of 1.05% followed by 18-27 with
2.11% the respondents ages 68-77 has 2.63%, ages 28-37 has 13.68%, ages 58-67 has
16.32%, followed by ages 48-57 with 31.05% and lastly ages 38-47 with the highest
percentage of 33.16%.
 40

Table 2

Profile of the Respondents according to their sex

Sex Frequency Percentage (%)

Male 23 12.11 %
Female 167 87.89 %
Total 190 100.00%
The Table 2 represents the distribution of frequency and percentage of the respondents
when they are grouped according to sex. As presented on the table, there are two sexes of
4Ps beneficiaries of Diadi, Nueva Vizcaya that takes part on the survey. The male
category has 12.11% of respondents and the Female category with 87.89% of
respondents.

Table 3

Profile of the Respondents according to Educational Attainment

Educational Attainment Frequency Percentage (%)

Elementary level 91 47.89 %
High School level 91 47.89 %
College level 8 4.21 %
Bachelor‟s level 0 0%
Master‟s level 0 0%
Total 190 100.00 %
The Table 3 represents the distribution of frequency and percentage of the respondents
when they are grouped according to their Educational Attainment having 0% of both
bachelor‟s level and master‟s level, followed by 4.21% I College level, and 47.89% for
both Elementary level and High School level.
 41

Table 4

Profile of the Respondents according to civil status

Civil Status Frequency Percentage (%)

Single 12 6.32 %
Married 156 82.11 %
Separated 8 4.21 %
Widowed 14 7.37 %
Annulled 0 -
Total 190 100.00%

The Table 4 represents the distribution of frequency and percentage of the respondents
when they are grouped according to their civil status. As presented on the table, there are
no Annulled 4P‟s beneficiary. The lowest percentage is on separated with 4.21%, next is
Single with 6.32%, followed by 7.37% on widowed and lastly married with 82.11% as
the highest.

Table 5

Profile of the Respondents according to Occupational Status

Occupational Status Frequency Percentage (%)

Employed 15 7.89 %
Unemployed 38 20%
Self employed 137 72.11%
Total 190 100%
The Table 5 represents the distribution of frequency and percentage of the respondents
when they are grouped according to their occupational status. As presented on the table,
there are 7.89% employed 4P‟s beneficiaries, 20% Unemployed, and 72.11% self-
employed.
 42

Table 6

Profile of the Respondents according to Number of Pantawid Children in Household

Number Of Pantawid Frequency Percentage (%)

Children In Household
1 64 33.68 %
2 71 37.37 %
3 55 28.95 %
Total 190 100%
The Table 6 represents the distribution of frequency and percentage of the respondents
when they are grouped according to the number of Pantawid children in household. As
presented on the table, there are 28.95% of household having 3 Pantawid Children,
33.68% of household having 1 Pantawid Children and 37.37% of household with 2
Pantawid Children.

Table 7

Profile of the Respondents according to Number of dependents

Number Of
Frequency Percentage (%)
Dependents
1 11 5.79 %
2 24 12.63 %
3 39 20.53 %
4 38 20%
5 35 18.42%
6 22 11.58 %
7 12 6.32 %
8 4 2.11 %
9 5 2.63 %
Total 190 100%
The Table 7 represents the distribution of frequency and percentage of the respondents
when they are grouped according to the number of dependents. As presented on the table,
the number of dependents having the highest percentage is 3 with 20.53%, followed by 4
with 20%, 5 with 18.42%, 2 with 12.63 %, 6 with 11.58%, 1 with 5.79% 9 with 2.63
percent and 8 as the lowest with 2.11%.
 43

Table 8

Profile of the Respondents according to monthly income

Monthly Income Frequency Percentage (%)

1-2,000 50 26.32 %
2,001-3,000 73 38.42 %
3,001-4,000 28 14.74 %
4,001-5000 13 6.84 %
5,001 and above 26 13.68 %
Total 190 100.00 %
The Table 8 represents the distribution of frequency and percentage of the respondents
when they are grouped according to their monthly income. As presented on the table,
there are 38.42% with monthly income of 2001-3000, 26.32% with monthly income of 1-
2000, 14.74% with an income of 3001-4000, 13.68% with an income of 5001 and above
and lastly 6.84% with an income of 4001-5000.

Table 9

Profile of the Respondents according to amount of the Grants received

Amount Of Grants
Frequency Percentage (%)
Received
1-2,000 28 14.74%
2,001-3,000 48 25.26 %
3,001-4,000 50 26.32 %
4,001-5000 49 25.79 %
5,001 and above 15 7.89 %
Total 190 100%
The Table 9 represents the distribution of frequency and percentage of the respondents
when they are grouped according to the amount of grants received. As presented on the
table, there are 26.32% receiving a grant amount of 3001-4000, 25.79% receiving a grant
amount of 4001-5000, 25.26% receiving a grant amount of 2001-3000, 14.74% receiving
a grant amount of 1-2000 and 7.89% receiving a grant of 5001 and above.
 44

Table 10

Profile of the Respondents according to year of being 4P’s beneficiary

Years of Being 4p’s

Frequency Percentage (%)
Beneficiary
1 to2 11 5.79 %
3 to 4 5 2.63 %
5 to 6 15 7.89 %
7 to 8 23 12.11%
9 to 10 43 22.63 %
11 to 12 93 48.95 %
Total 190 100.00 %
The Table 10 represents the distribution of frequency and percentage of the respondents
when they are grouped according to the year of being 4P‟s beneficiary. As presented on
the table, there are 48.95% that are 4P‟s beneficiaries for 11 to 12 years, 22.63% that
benefits for 9 to 10 years, 12.11% benefits for 7 to 8 years, 7.89% benefits for 5 to 6
years, 5.79% benefits for 1-2 years and2.63% benefits for 3 to 4 years.
 45

Financial Literacy of the Respondents

Table 11

Level of financial literacy in relation to financial knowledge

Financial Knowledge Mean VI

1. Create a budgeting plan on where to spend the money 3.76 HL
received.
2. Organize all the needed necessity to ensure that the 3.65 HL
expense will not exceed the monthly income.
3. Buying the primary needs of the family instead of 3.74 HL
unnecessary things.
4. Capable of budgeting the money despite of scarcity. 3.43 HL
5. Borrow money for the payment of the previous loan. 1.63 NLA

Grand Mean 3.24 L

Legend: HL-Highly Literate (3.26-4.00), L-Literate (2.51-3.25), PL-Poor Literate (1.76-
2.50), NLA- Not Literate at all (1-1.75)
The table 11 shows the data in terms of financial literacy of 4P‟s beneficiaries of Diadi,
Nueva Vizcaya in relation to their financial knowledge. Where they are Highly Literate in
statements 1-4 that state “(1) Create a budgeting plan on where to spend the money
received. (2) Organize all the needed necessity to ensure that the expense will not exceed
the monthly income. (3) Buying the primary needs of the family instead of unnecessary
things. and (4) Capable of budgeting the money despite of scarcity.” While in statement 5
it says that they are not literate at all in terms of “Borrow money for the payment of the
previous loan.” It resulted to a 3.24 grand mean which means that they are Literate.

The overall result is similar to the study conducted by Miranda et al. (2020) as they are
able to find that families residing in Cabanatuan City are Highly Literate in terms of
financial knowledge. It means that they are able to manage their financial.
 46

Table 12

Level of financial literacy in relation to financial attitude

Financial Attitude Mean VI

1. Thinking of having another job to earn money to support the 3.65 HL
family.
2. Saving money for emergency purposes. 3.39 HL
3. Relying only on the money provided by the government to 1.16 NLA
survive daily.
4. Not hesitating to seek for financial help to relatives and close 1.98 PL
friends in times of need.
5. Using the money for not necessary things like drinking, 1.14 NLA
smoking, and gambling.
6. Saving small amount of the received money for educational 3.73 HL
purposes.
Grand Mean 2.51 L
Legend: HL-Highly Literate (3.26-4.00), L-Literate (2.51-3.25), PL-Poor Literate (1.76-
2.50), NLA- Not Literate at all (1-1.75)
The table 12 shows the data in terms of financial literacy of 4P‟s beneficiaries of Diadi,
Nueva Vizcaya in relation to their financial Attitude. In terms of Financial Attitude, the
result shows that they are Highly Literate in statement 1, 2 and 6 that state “(1) Thinking
of having another job to earn money to support the family. (2) Saving money for
emergency purposes. (6) Saving small amount of the received money for educational
purposes.” while they Poor Literate in statement 4 in terms of “Not hesitating to seek for
financial help to relatives and close friends in times of need.” and they are not literate at
all in statement 3 and 5 that state “(3) Relying only to the money provided by the
government to survive daily. (5) Using the money for not necessary things like drinking,
smoking, and gambling.” the result shows that the respondents never rely to government
money alone and never have variety of vices. This resulted to a grand mean of 2.51 which
means that the respondents are Literate in observing their financial attitude.
 47

Table 13

Level of financial literacy in relation to financial skill

Financial Skill Mean VI

1. Joining financially inclined activities like “Paluwagan” to 1.71 NLA
invest and save money.
2. Buying items that can be bought for a single quantity like 3.29 HL
sachet of shampoo, toothpaste and ect. to get through the day.
3. Comparing prices of the same product in different store to buy 3.63 HL
the cheaper one.
4. Bargain with the seller or vendor to get the best price possible. 3.59 HL

5. Not hesitating to have small business-like sari-sari store or 3.23 L

fruit and vegetable stand, etc.
6. Celebrating occasions extravagantly such as birthday, 1.37 NLA
anniversary, and holidays.
Grand Mean 2.80 L
Legend: HL-Highly Literate (3.26-4.00), L-Literate (2.51-3.25), PL-Poor Literate (1.76-
2.50), NLA- Not Literate at all (1-1.75)
The table 13 shows the data in terms of financial literacy of 4P‟s beneficiaries of Diadi,
Nueva Vizcaya in relation to their financial skill. In terms of financial skill, the result
shows that they are not literate at all in statement 1 and 6 that state “(1) Joining
financially inclined activities like “Paluwagan” to invest and save money. (6)
Celebrating occasions extravagantly such as birthday, anniversary, and holidays.” It
means that they never inclining with activities like investment and never celebrated
occasions extravagantly while they are highly literate in statement 2, 3 and 4 that state
“(2) Buying items that can be bought for a single quantity like sachet of shampoo,
toothpaste and ect. to get through the day. (3) Comparing prices of the same product in
different store to buy the cheaper one. (4) Bargain with the seller or vendor to get the
best price possible.” It means that the respondents always skilled in terms of buying
products for cheaper and best possible price. And they are literate in statement 5 that state
“Not hesitating to have small business-like sari-sari store or fruit and vegetable stand,
etc.” it shows that the respondents are sometimes skilled on thinking to have a business.
The grand mean results to 2.80 which mean that they are literate or financially skilled.
 48

Table 14

Level of Financial Literacy in terms of Age

AGE
Respondents Grand Mean VI
18-27 3.20 L
28-37 3.33 HL
38-47 3.15 L
Financial
48-57 3.32 HL
Knowledge
58-67 3.23 L
68-77 3.24 L
78 and above 2.90 L
18-27 2.46 PL
28-37 2.55 L
38-47 2.55 L
Financial Attitude 48-57 2.54 L
58-67 2.41 PL
68-77 2.40 PL
78 and above 1.67 NLA
18-27 2.58 L
28-37 2.73 L
38-47 2.79 L
Financial Skill 48-57 2.86 L
58-67 2.80 L
68-77 2.97 L
78 and above 2.67 L
Legend: HL-Highly Literate (3.26-4.00), L-Literate (2.51-3.25), PL-Poor Literate (1.76-
2.50), NLA- Not Literate at all (1-1.75)
Table 14 shows the significant relationship between Financial Literacy (financial
knowledge, financial attitude and financial skill) and age.

In relation to the financial knowledge, age ranges from 28-37 and 48-57 are highly
literate with a grand mean of 3.33 and 3.32 respectively. And it show that age range from
18-27 with a grand mean of 3.20, 38-47 with a grand mean of 3.15, 58-67 with a grand
mean of 3.23, 68-77 with a grand mean of 3.24 and lastly 78 and above with a grand
mean of 2.90 are literate in terms of financial knowledge.
 49

In relation to financial attitude, age ranges from 28-37 and 38-47 both got a grand mean
of 2.55 and for age range 48-57 got a grand mean of 2.54 which means that they are
literate in observing their financial attitude. Followed by the age ranges from 18-27 with
a grand mean of 2.46, 58-67 and 68-77 with a grand mean of 2.41 and 2.40 respectively
which means that they are poor literate in terms of observing their financial attitude.
Lastly, 78 and above age range with a grand mean of 1.67 which means that they are not
literate at all in observing their financial attitude.

In relation to financial skill, all age range are Literate in terms of their financially skilled
as the result shows that ages 18-27, 28-37, 38-47, 48-57, 68-77, and 78 and above got a
grand mean of 2.58, 2.73, 2.79, 2.86, 2.80, 2.97 and 2.67 respectively.

Table 15

Level of Financial Literacy in terms of Gender

GENDER
Respondents Grand Mean VI
Financial Male 3.10 L
Knowledge Female 3.26 HL

Financial Attitude Male 2.49 PL

Female 2.51 L

Financial Skill Male 2.72 L

Female 2.82 L
Legend: HL-Highly Literate (3.26-4.00), L-Literate (2.51-3.25), PL-Poor Literate (1.76-
2.50), NLA- Not Literate at all (1-1.75)
Table 15 shows the significant relationship between Financial Literacy (financial
knowledge, financial attitude and financial skill) and gender.

In relation to financial knowledge, male has a grand mean of 3.10 which means that they
are literate in terms of their financially knowledgeable and female got a grand mean of
3.26 which means that they are highly literate in terms financially knowledgeable.
 50

In relation to financial attitude, male has a grand mean of 2.49 which means that they are
poor literate in observing their financial attitude. And female got a grand mean of 2.51
which means that they are literate in observing their financial attitude.

In relation to financial skill, both male and female are literate in terms of their financial
skill having a grand mean of 2.72 and 2.82 respectively.

Table 16

Level of Financial Literacy in terms of educational attainment

EDUCATIONAL ATTAINMENT
Respondents G rand Mean VI
Elementary Level 3.31 HL
Financial
High School Level 3.18 L
Knowledge
College Level 3.15 L
Elementary Level 2.48 PL
Financial Attitude High School Level 2.52 L
College Level 2.73 L
Elementary Level 2.84 L
Financial Skill High School Level 2.77 L
College Level 2.75 L
Legend: HL-Highly Literate (3.26-4.00), L-Literate (2.51-3.25), PL-Poor Literate (1.76-
2.50), NLA- Not Literate at all (1-1.75)
Table 16 shows the significant relationship between Financial Literacy (financial
knowledge, financial attitude and financial skill) and educational attainment.

In relation to financial knowledge, elementary level with a grand mean of 3.31 is highly
literate in terms of their financial knowledge, followed by High School level with 3.18
grand mean and 3.15 grand mean for college level both means that they are literate in
terms of their financial knowledge.

In relation to financial attitude, elementary level has a grand mean of 2.48 which means
that they are poor literate in observing their financial attitude. High school level and
college level both are literate in observing their financial attitude as they got a grand
mean of 2.52 and 2.73 respectively.
 51

In relation to financial skill, all levels are Literate in terms of their financially skilled.
Elementary level got a grand mean of 2.84, high school level got 2.77 and college level
got 2.75 grand mean.

Table 17

Level of Financial Literacy in terms of civil status

CIVIL STATUS
Respondents Grand Mean VI
Single 3.45 HL
Married 3.24 L
Financial
Separated 3.13 L
Knowledge
Widowed 3.17 L
Annulled 0 -
Single 2.49 PL
Married 2.53 L
Financial Attitude Separated 2.40 PL
Widowed 2.32 PL
Annulled 0 -
Single 2.65 L
Married 2.82 L
Financial Skill Separated 2.52 L
Widowed 2.90 L
Annulled 0 -
Legend: HL-Highly Literate (3.26-4.00), L-Literate (2.51-3.25), PL-Poor Literate (1.76-
2.50), NLA- Not Literate at all (1-1.75)
Table 17 shows the significant relationship between Financial Literacy (financial
knowledge, financial attitude and financial skill) and civil status.

In relation to financial knowledge, singles got a grand mean of 3.45 which means that
they are highly literate in terms of their financial knowledge. Married, widowed, and
annulled are all literate in terms of their financial knowledge as they got a grand mean of
3.24, 3.13 and 3.17 respectively. There were no annulled respondents that are why the
grand mean is zero.
 52

In relation to financial attitude, married are literate in observing their financial attitude as
they got a mean of 2.53. Single, separated and widowed are poor literate in observing
their financial attitude as they got a grand mean of 2.49, 2.40, and 2.32 respectively.
There is no data for annulled as there is no annulled respondent.

In relation to financial skill, single, married, separated and widowed are all literate in
terms of financial skill with a grand mean of 2.65, 2.82, 2.52 and 2.90 respectively. There
is no data for annulled respondent.

Table 18

Level of Financial Literacy in terms of occupational status

OCCUPATIONAL STATUS
Respondents Grand Mean VI
Employed 3.20 L
Financial
Unemployed 3.21 L
Knowledge
Self-employed 3.25 HL
Employed 2.40 PL
Financial Attitude Unemployed 2.47 PL
Self-employed 2.53 L
Employed 2.86 L
Financial Skill Unemployed 2.72 L
Self-employed 2.82 L
Legend: HL-Highly Literate (3.26-4.00), L-Literate (2.51-3.25), PL-Poor Literate (1.76-
2.50), NLA- Not Literate at all (1-1.75)
Table 18 shows the significant relationship between Financial Literacy (financial
knowledge, financial attitude and financial skill) and occupational status.

In relation to financial knowledge, employed and unemployed respondents acquired a

grand mean of 3.20 and 3.21 respectively which means that they are literate in terms of
their financial knowledge. Self-employed obtain 3.25 grand mean which means that they
are highly literate in terms of their financial knowledge.

In relation to financial attitude, employed and unemployed respondents gain a grand

mean of 2.40 and 2.47 respectively which means that they poor literate in observing their
 53

financial attitude. Self-employed acquired a grand mean of 2.53 which means that they
literate in observing their financial attitude.

In relation to financial skill, employed, unemployed and self-employed respondents are

all literate in terms of their financial skill as they acquired a grand mean of 2.86, 2.72 and
2.82 respectively.

Table 19

Level of Financial Literacy in terms of number of pantawid children

NUMBER OF PANTAWID CHILDREN

Respondents Grand Mean VI
1 3.27 HL
Financial
2 3.21 L
Knowledge
3 3.24 L
1 2.53 L
Financial Attitude 2 2.48 PL
3 2.52 L
1 2.84 L
Financial Skill 2 2.81 L
3 2.76 L
Legend: HL-Highly Literate (3.26-4.00), L-Literate (2.51-3.25), PL-Poor Literate (1.76-
2.50), NLA- Not Literate at all (1-1.75)
Table 19 shows the significant relationship between Financial Literacy (financial
knowledge, financial attitude and financial skill) and number of Pantawid Children.

In relation to financial knowledge, respondents with 1 pantawid children are higly literate
in terms of their financial knowledge having a grand mean of 3.27, followed by those
with 3 pantawid children with a grand mean of 3.24 and 3.21 for those with 2 pantawid
children which mean that they are literate in terms of their financial knowledge.

In relation to financial attitude, those respondents with 1 and 3 pantawid children are
literate in observing their financial attitude obtaining a grand mean of 2.53 and 2.52
respectively while those with 2 pantawid children acquire a grand mean of 2.48 which
means that they poor literate in observing their financial attitude.
 54

In relation to financial skill, respondents with 1, 2, and 3 pantawid children are literate in
terms of their financial skill as the grand mean are 2.84, 2.81, and 2.76 respectively.

Table 20

Level of Financial Literacy in terms of number of dependents

NUMBER OF DEPENDENTS
Respondents Grand Mean VI
1 3.05 L
2 3.23 L
3 3.26 HL
4 3.26 HL
Financial
5 3.17 L
Knowledge
6 3.21 L
7 3.48 HL
8 3.45 HL
9 3.28 HL
1 2.45 PL
2 2.53 L
3 2.57 L
4 2.48 PL
Financial Attitude 5 2.47 L
6 2.39 PL
7 2.63 L
8 3.04 L
9 2.33 PL
1 2.70 L
2 2.88 L
3 2.78 L
4 2.77 L
Financial Skill 5 2.84 L
6 2.72 L
7 2.88 L
8 3.21 L
9 2.73 L
Legend: HL-Highly Literate (3.26-4.00), L-Literate (2.51-3.25), PL-Poor Literate (1.76-
2.50), NLA- Not Literate at all (1-1.75)
 55

Table 20 shows the significant relationship between Financial Literacy (financial

knowledge, financial attitude and financial skill) and number of dependents.

In relation to financial knowledge, respondents with 1, 2, 5 and 6 dependents have a

grand mean of 3.05, 3.23, 3.17 and 3.21 respectively which means that they are literate in
terms of their financial knowledge. Respondents with 3, 4, 7, 8, and 9 dependents
acquired a grand mean of 3.26, 3.26, 3.48, 3.45, and 3.28 respectively which means that
they are highly literate in terms of their financial knowledge.

In relation to financial attitude, respondents with 1, 4, 6, and 9 dependents are poor

literate in observing their financial attitude as they obtain a grand mean of 2.45, 2.48,
2.39, and 2.33 respectively. Those respondents with 2, 3, 5, 7, and 8 dependents are
literate in observing their financial attitude as they acquire a grand mean of 2.53, 2.57,
2.47, 2.63 and 3.04 respectively.

In relation to financial skill, respondents with 1, 2, 3, 4, 5, 6, 7, 8, 9 dependents with a

grand mean of 2.70, 2.88, 2.78, 2.77, 2.84, 2.72, 2.88, 3.21, and 2.73 respectively are
literate in terms of their financial skill.
 56

Table 21

Level of Financial Literacy in terms of Age monthly income

MONTHLY INCOME
Respondents Grand Mean VI
1-2000 3.24 L
2001-3000 3.17 L
Financial
3001-4000 3.29 HL
Knowledge
4001-5000 3.28 HL
5000 and above 3.38 HL
1-2000 2.48 PL
2001-3000 2.54 L
Financial Attitude 3001-4000 2.52 L
4001-5000 2.45 PL
5000 and above 2.48 PL
1-2000 2.64 L
2001-3000 2.93 L
Financial Skill 3001-4000 2.71 L
4001-5000 2.73 L
5000 and above 2.92 L
Legend: HL-Highly Literate (3.26-4.00), L-Literate (2.51-3.25), PL-Poor Literate (1.76-
2.50), NLA- Not Literate at all (1-1.75)
Table 21 shows the significant relationship between Financial Literacy (financial
knowledge, financial attitude and financial skill) and monthly income.

In relation to financial knowledge, respondents with monthly income of 1-2000 and

2001-3000 gain a grand mean of 3.24 and 3.17 respectively which means that they are
literate in terms of their financial knowledge. While those with 3001-4000, 4001-5000,
and 5000 and above obtain a grand mean of 3.29, 3.28, and 3.38 respectively which
means that they are highly literate in terms of their financial knowledge.

In relation to financial attitude, respondents with monthly income of 1-2000, 4001-5000

and 5000 and above has a grand mean of 2.48, 2.45 and 2.48 respectively which means
that they poor literate in observing their financial attitude. While those with 2001-3000
and 3001-4000 with a grand mean of 2.54 and 2.52 are literate in observing their
financial attitude.
 57

In relation to financial skill, all respondents are literate in terms of their financial skill as
their grand mean is within the scale of 2.51-3.25. These are 2.64, 2.93, 2.71, 2.73 and
2.92 from the monthly income of 1-2000, 2001-3000, 3001-4000, 4001-5000, and 5000
and above respectively.

Table 22

Level of Financial Literacy in terms of amounts of grants received

AMOUNT OF GRANTS RECEIVED

Respondents Grand Mean VI
1-2000 3.40 HL
2001-3000 3.30 HL
Financial
3001-4000 3.14 L
Knowledge
4001-5000 3.21 L
5000 and above 3.19 L
1-2000 2.55 L
2001-3000 2.51 L
Financial Attitude 3001-4000 2.48 PL
4001-5000 2.55 L
5000 and above 2.40 PL
1-2000 3.11 L
2001-3000 2.73 L
Financial Skill 3001-4000 2.77 L
4001-5000 2.80 L
5000 and above 2.61 L
Legend: HL-Highly Literate (3.26-4.00), L-Literate (2.51-3.25), PL-Poor Literate (1.76-
2.50), NLA- Not Literate at all (1-1.75)
Table 22 shows the significant relationship between Financial Literacy (financial
knowledge, financial attitude and financial skill) and amount of grants received.

In relation to financial knowledge, respondents with grants of 1-2000 with a grand mean
of 3.40 and 2001-3000 with a grand mean of 3.30 are highly literate in terms of their
financial knowledge. And those receiving a grant of 3001-4000, 4001-5000, and 5000
and above with a grand mean of 3.14, 3.21, and 3.19 respectively are literate in terms of
their financial knowledge.
 58

In relation to financial attitude, respondents who receive a grant amount of 1-2000, 2001-
3000, and 4001-5000 with a grand mean of 2.55, 2.51, and 2.55 respectively are literate
in observing their financial attitude. While those who receive a grant amount of 3001-
4000 with a grand mean of 2.48 and 500 and above with grand mean of 2.40 are poor
literate in observing their financial attitude.

In relation to financial skill, respondents who receive a grant amounting to 1-2000, 2001-
3000, 3001-4000, 4001-5000 and 5000 and above with a grand mean of 3.11, 2.73, 2.77,
2.80, and 2.61 respectively are literate in terms of their financial skill.

Table 23

Level of Financial Literacy in terms of years of being a 4P’s beneficiaries

YEARS OF BEING A 4P’S BENEFICIARIES

Respondents Grand Mean VI
1-2 3.35 HL
3-4 3.28 HL
Financial 5-6 3.39 HL
Knowledge 7-8 3.17 L
9-10 3.14 L
11-12 3.26 HL

1-2 2.52 L
3-4 2.43 PL
5-6 2.66 L
Financial Attitude
7-8 2.47 PL
9-10 2.45 PL
11-12 2.53 L

1-2 2.71 L
3-4 2.87 L
5-6 2.89 L
Financial Skill
7-8 2.87 L
9-10 2.69 L
11-12 2.83 L
Legend: HL-Highly Literate (3.26-4.00), L-Literate (2.51-3.25), PL-Poor Literate (1.76-
2.50), NLA- Not Literate at all (1-1.75)
 59

Table 23 shows the significant relationship between Financial Literacy (financial

knowledge, financial attitude and financial skill) and years of being 4Ps beneficiaries.
In relation to financial knowledge, respondents that are beneficiaries for 1-2, 3-4, 5-6,
and 11-12 are highly literate in terms of their financial knowledge as they have a grand
mean of 3.35, 3.28, 3.39, 3.26 respectively while those with 7-8 and 9-10 years of being
4Ps beneficiaries with a grand mean of 3.17 and 3.14 respectively are literate in terms of
their financial knowledge.

In relation to financial attitude, respondents with 1-2, 5-6, and 11-12 years of being 4Ps
are literate in observing their financial attitude as they acquire a grand mean of 2.52,
2.66, and 2.53. Those with 3-4, 7-8, 9-10 years of being 4Ps beneficiary are poor literate
in observing their financial attitude as they obtain a grand mean of 2.43, 2.47 and 2.45
respectively.

In relation to financial skill, all respondents with 1-2, 3-4, 5-6, 7-8, 9-10, 11-12 years of
being 4Ps beneficiary are literate in terms of their financial skill as they acquire a grand
mean of 2.71, 2.87, 2.89, 2.87, 2.69 and 2.83 respectively.

Correlation Coefficient

Table 24.1

Age

Correlations P-value
Variables Interpretation
Coefficient (0.05)
Age to Financial Knowledge 0.026 0.71>0.05 Not Significant
Age to Financial Attitude 0.190 0.008<0.05 Significant
Age to Financial Skill 0.040 0.58>0.05 Not Significant
The Table show in financial knowledge that there is no significant relationship between
age and financial knowledge. r(188)=0.71, and P>0.05. Therefore, we must accept the
null hypothesis. In financial attitude it shows that there is a significant relationship
between age and financial attitude. r(188)=0.008, and P<0.05. Therefore, we must reject
the null hypothesis. In financial skill it shows that there is no significant relationship
between age and financial skill. r(188)=0.58, and P>0.05. Therefore, we must accept the
null hypothesis.
 60

Table 24.2

Gender
Correlations P-value
Variables Interpretation
Coefficient (0.05)
Gender to Financial Knowledge 0.114 0.11>0.05 Not Significant
Gender to Financial Attitude 0.18 0.80>0.05 Not Significant
Gender to Financial Skill 0.067 0.35>0.05 Not Significant
The Table show in financial knowledge that there is no significant relationship between
Gender and financial knowledge. r(188)=0.11, and P>0.05. Therefore, we must accept
the null hypothesis. In financial attitude it shows that there is no significant relationship
between Gender and financial attitude. r(188)=0.80, and P>0.05. Therefore, we must
accept the null hypothesis. In financial skill it shows that there is no significant
relationship between Gender and financial skill. r(188)=0.35, and P>0.05. Therefore, we
must accept the null hypothesis.

Table 24.3

Educational Attainment

Correlations P-value
Variables Interpretation
Coefficient (0.05)
Educational Attainment to Financial
0.143 0.04<0.05 Significant
Knowledge
Educational Attainment to Financial Not Significant
0.131 0.07>0.05
Attitude
Educational Attainment to Financial Not Significant
0.070 0.33>0.05
Skill
The Table show in financial knowledge that there is a significant relationship between
educational attainment and financial knowledge. r(188)=0.04, and P<0.05. Therefore, we
must reject the null hypothesis. In financial attitude it shows that there is no significant
relationship between educational attainment and financial attitude. r(188)=0.07, and
P>0.05. Therefore, we must accept the null hypothesis. In financial skill it shows that
there is no significant relationship between educational attainment and financial skill.
r(188)=0.33, and P>0.05. Therefore, we must accept the null hypothesis.
 61

Table 24.4

Civil Status

Correlations P-value
Variables Interpretation
Coefficient (0.05)
Civil Status to Financial Knowledge 0.103 0.15>0.05 Not Significant
Civil Status to Financial Attitude 0.151 0.03<0.05 Significant
Civil Status to Financial Skill 0.043 0.55>0.05 Not Significant
The Table show in financial knowledge that there is no significant relationship between
civil status and financial knowledge. r(188)=0.15, and P>0.05. Therefore, we must
accept the null hypothesis. In financial attitude it shows that there is a significant
relationship between civil status and financial attitude. r(188)=0.03, and P<0.05.
Therefore, we must reject the null hypothesis. In financial skill it shows that there is no
significant relationship between civil status and financial skill. r(188)=0.55, and P>0.05.
Therefore, we must accept the null hypothesis.

Table 24.5

Occupational Status

Correlations P-value
Variables Interpretation
Coefficient (0.05)
Occupational Status to Financial Not Significant
0.444 0.54>0.05
Knowledge
Occupational Status to Financial Not Significant
0.118 0.10>0.05
Attitude
Occupational Status to Financial Skill 0.029 0.68>0.05 Not Significant

The Table show in financial knowledge that there is no significant relationship between
occupational status and financial knowledge. r(188)=0.54, and P>0.05. Therefore, we
must accept the null hypothesis. In financial attitude it shows that there is no significant
relationship between occupational status and financial attitude. r(188)=0.10, and P>0.05.
Therefore, we must accept the null hypothesis. In financial skill it shows that there is no
significant relationship between occupational status and financial skill. r(188)=0.68, and
P>0.05. Therefore, we must accept the null hypothesis.
 62

Table 24.6

Number of Pantawid Children

Correlations P-value
Variables Interpretation
Coefficient (0.05)
Number of Pantawid Children to Not Significant
0.033 0.64>0.05
Financial Knowledge
Number of Pantawid Children to Not Significant
0.018 0.79>0.05
Financial Attitude
Number of Pantawid Children to Not Significant
0.064 0.37>0.05
Financial Skill
The Table show in financial knowledge that there is no significant relationship between
number of pantawid children and financial knowledge. r(188)=0.64, and P>0.05.
Therefore, we must accept the null hypothesis. In financial attitude it shows that there is
no significant relationship between number of pantawid children and financial attitude.
r(188)=0.79, and P>0.05. Therefore, we must accept the null hypothesis. In financial skill
it shows that there is no significant relationship between number of pantawid children
and financial skill. r(188)=0.37, and P>0.05. Therefore, we must accept the null
hypothesis.

Table 24.7

Number of Dependents

Correlations P-value
Variables Interpretation
Coefficient (0.05)
Number of Dependents to Financial Not Significant
0.097 0.18>0.05
Knowledge
Number of Dependents to Financial Not Significant
0.004 0.95>0.05
Attitude
Number of Dependents to Financial Not Significant
0.034 0.63>0.05
Skill
The Table show in financial knowledge that there is no significant relationship between
number of dependents and financial knowledge. r(188)=0.18, and P>0.05. Therefore, we
must accept the null hypothesis. In financial attitude it shows that there is no significant
relationship between number of dependents and financial attitude. r(188)=0.95, and
P>0.05. Therefore, we must accept the null hypothesis. In financial skill it shows that
 63

there is no significant relationship between number of dependents and financial skill.

r(188)=0.63, and P>0.05. Therefore, we must accept the null hypothesis.

Table 24.8

Monthly Income

Correlations P-value
Variables Interpretation
Coefficient (0.05)
Monthly Income to Financial Not Significant
0.132 0.07>0.05
Knowledge
Monthly Income to Financial Attitude 0.015 0.83>0.05 Not Significant

Monthly Income to Financial Skill 0.101 0.16>0.05 Not Significant

The Table show in financial knowledge that there is no significant relationship between
monthly income and financial knowledge. r(188)=0.07, and P>0.05. Therefore, we must
accept the null hypothesis. In financial attitude it shows that there is no significant
relationship between monthly income and financial attitude. r(188)=0.83, and P>0.05.
Therefore, we must accept the null hypothesis. In financial skill it shows that there is no
significant relationship between monthly income and financial skill. r(188)=0.16, and
P>0.05. Therefore, we must accept the null hypothesis.

Table 24.9

Amount of Grants Received

Correlations P-value
Variables Interpretation
Coefficient (0.05)
Amount of Grants Received to
0.153 0.03<0.05 Significant
Financial Knowledge
Amount of Grants Received to
0.047 0.52>0.05 Not Significant
Financial Attitude
Amount of Grants Received to
0.185 0.01<0.05 Significant
Financial Skill
The Table show in financial knowledge that there is a significant relationship between
amount of the grants received and financial knowledge. r(188)=0.03, and P<0.05.
Therefore, we must reject the null hypothesis. In financial attitude it shows that there is
no significant relationship between amount of the grants received and financial attitude.
 64

r(188)=0.52, and P>0.05. Therefore, we must accept the null hypothesis. In financial skill
it shows that there is a significant relationship between s amount of the grants received
and financial skill. r(188)=0.01, and P<0.05. Therefore, we must reject the null
hypothesis.

Table 24.10

Years of being a 4P’s beneficiary

Correlations P-value
Variables Interpretation
Coefficient (0.05)
Years of being a 4P’s beneficiary to
0.068 0.35>0.05 Not Significant
Financial Knowledge
Years of being a 4P’s beneficiary to
0.022 0.76>0.05 Not Significant
Financial Attitude
Years of being a 4P’s beneficiary to
0.000 0.99>0.05 Not Significant
Financial Skill
The Table show in financial knowledge that there is no significant relationship between
years of being a 4P‟s beneficiary and financial knowledge. r(188)=0.35, and P>0.05.
Therefore, we must accept the null hypothesis. In financial attitude it shows that there is
no significant relationship between years of being a 4P‟s beneficiary and financial
attitude. r(188)=0.76, and P>0.05. Therefore, we must accept the null hypothesis. In
financial skill it shows that there is no significant relationship between years of being a
4P‟s beneficiary and financial skill. r(188)=0.99, and P>0.05. Therefore, we must accept
the null hypothesis.
 65

Chapter V

Summary, Conclusions and Recommendations

This chapter focuses on the summary, conclusion, and recommendations based on

the findings gathered from the chosen respondents of this study.

Summary

This study entitled “Measuring the Financial Literacy of Pantawid Pamilyang

Pilipino Program (4P’s) Beneficiaries in Diadi Nueva Vizcaya” aims to determine the
Financial Literacy of 4P‟s beneficiaries residing in Diadi, Nueva Vizcaya according to
their financial knowledge, financial attitude, and financial skills when they are group
according to their demographic profile. It aims to find out if age, gender, educational
attainment, civil status, occupational status, number of pantawid children, number of
dependents, monthly income, amount of grants received, and years of being a 4P‟s
beneficiaries has a significant or no significant relationship to financial knowledge,
financial attitude, and financial skill.
One hundred and ninety 4P‟s Beneficiaries who are from Diadi, Nueva Vizcaya
participated in this study. 10 beneficiaries from each of the 19 barangays were
systematically chosen as respondents for this study.
Majority of the beneficiaries in terms of their demographic profile are 38-47 years
old with 33.16% or 63 respondents, mostly female with 87.89% or 167 respondents, most
has reached Elementary and High School level with the same percentage of 47.89% or 91
respondents, married with 82.11% or 156 respondents and self-employed with 72.11% or
137 respondents. The majority have 2 children who are a beneficiary with 37.37% or 71
respondents, have 3 dependents with 20.53% or 39 respondents, have a monthly income
between Php 2001-3000 with 38.42% or 73 respondents, have a grant between Php 3001-
4000 with 26.32% or 50, and have been a beneficiary for 11-12 year with 48.95% or 93
respondents.
Based on the results, in terms of Financial Knowledge of the respondents, it
shows that they are highly literate in statement 1-4 “(1) Create a budgeting plan on
where to spend the money received. (2) Organize all the needed necessity to ensure that
the expense will not exceed the monthly income. (3) Buying the primary needs of the
 66

family instead of unnecessary things. and (4) Capable of budgeting the money despite of
scarcity.” meaning they are financially knowledgeable in managing their money in their
household and in terms of debt according to statement 5 “(5) Borrow money for the
payment of the previous loan.” the respondents are most likely to be not literate at all,
which result to a 3.24 grand mean which mean that they are most likely to be literate.
In terms of Financial Attitude, the result shows that in statement 1, 2 and 6, “(1)
Thinking of having another job to earn money to support the family. (2) Saving money for
emergency purposes. And (6) Saving small amount of the received money for educational
purposes.” the respondents are highly literate in finding and saving money for their
family while in statement 4 “Not hesitating to seek for financial help to relatives and
close friends in times of need.” the respondents are most likely to be poorly literate, and
lastly in statement 3 and 5 “(3) Relying only to the money provided by the government to
survive daily. (5) Using the money for not necessary things like drinking, smoking, and
gambling.” the result shows that the respondents are most likely to be not literate at all in
relying only to government money and in variety of vices. This resulted to a grand mean
of 2.51 which means that the respondents are literate on observing their financial attitude.
Lastly, in terms of Financial Skill, statement 1 and 6 “(1) Joining financially
inclined activities like “Paluwagan” to invest and save money. (6) Celebrating occasions
extravagantly such as birthday, anniversary, and holidays.” shows that they are not
literate at all in inclining with activities like investment and extravagantly celebrating
occasions while in statement 2, 3 and 4 “(2) Buying items that can be bought for a single
quantity like sachet of shampoo, toothpaste and ect. to get through the day. (3)
Comparing prices of the same product in different store to buy the cheaper one. (4)
Bargain with the seller or vendor to get the best price possible.” the respondents are
highly literate in terms of buying products for cheaper and lower or best possible price. In
statement 5 “(5) Not hesitating to have small business-like sari-sari store or fruit and
vegetable stand, etc.” it shows that the respondents are literate on thinking to have a
business. The grand mean results to 2.80 which mean that they are literate or financially
skilled.
 67

Conclusion

Based on the data that the researchers gathered;

Respondents Age does not have a significant relationship to financial knowledge.

Respondents Age does have a significant relationship to financial attitude.
Respondents Age does not have a significant relationship to financial skill.
Respondents Gender does not have a significant relationship to financial knowledge.
Respondents Gender does not have a significant relationship to financial attitude.
Respondents Gender does not have a significant relationship to financial skill.
Respondents Educational Attainment does have a significant relationship to financial
knowledge.
Respondents Educational Attainment does not have a significant relationship to financial
attitude.
Respondents Educational Attainment does not have a significant relationship to financial
skill.
Respondents Civil Status does not have a significant relationship to financial knowledge.
Respondents Civil Status does have a significant relationship to financial attitude.
Respondents Civil Status does not have a significant relationship to financial skill.
Respondents Occupational Status does not have a significant relationship to financial
knowledge.
Respondents Occupational Status does not have a significant relationship to financial
attitude.
Respondents Occupational Status does not have a significant relationship to financial
skill.
Respondents Number of Pantawid Children in their Household does not have a
significant relationship to financial knowledge.
Respondents Number of Pantawid Children in their Household does not have a
significant relationship to financial attitude.
Respondents Number of Pantawid Children in their Household does not have a
significant relationship to financial skill.
 68

Respondents Number of Dependents does not have a significant relationship to financial

knowledge.
Respondents Number of Dependents does not have a significant relationship to financial
attitude.
Respondents Number of Dependents does not have a significant relationship to financial
skill.
Respondents Monthly Income does not have a significant relationship to financial
knowledge.
Respondents Monthly Income does not have a significant relationship to financial
attitude.
Respondents Monthly Income does not have a significant relationship to financial skill.
Respondent‟s amount of the Grants received does have a significant relationship to
financial knowledge.
Respondent‟s amount of the Grants received does not have a significant relationship to
financial attitude.
Respondent‟s amount of the Grants received does have a significant relationship to
financial skill.
Respondents years of being a 4P‟‟s beneficiaries does not have a significant relationship
to financial knowledge.
Respondents years of being a 4P‟‟s beneficiaries does not have a significant relationship
to financial attitude.
Respondents years of being a 4P‟‟s beneficiaries does not have a significant relationship
to financial skill.
 69

Recommendation

The following are specific recommendations of the researchers that would help
increase the programs efficiency and its ability to make justifiably policy considerations.
This study would like to recommend these statements to the DSWD, DepEd, DILG, and
future researchers.

Consider the background of the 4P‟s beneficiaries to build stronger and more
significant results.

Implement services to the 4P‟s beneficiaries regarding on how they will be

financially literate.

Improve the selection of potential beneficiaries and conduct measures that would
prove the indigence of certain individual in order to truly serve the needy ones
and maximize unfair selection.

Re-orient the member of the agencies involved about their role in the program.

Brgy. Officials and other agencies should have a livelihood programs and
activities for 4P‟s families to help them have an extra income and not just to be a
dependent on the subsidy.

Future researchers may use this as their basis of data and information about 4P‟s.
 70

References

De Jesus, F. S., & Rivera, R. R. “Assessment on the allocation of Cash Grants of 4Ps
beneficiaries to their daily Expenditures”.
Miranda, B.K. G., Lachica, L.J.V. V., Marquez, D.M. C., & Otic, L.A V. “Financial
Literacy assessment among Pantawid Pamilyang Pilipino Program (4Ps)
beneficiaries in selected barangays of Cabanatuan City”.
Khan, M. N., Rothwell, D. W., Cherney, K., Sussman, T. “Understanding the financial
Knowledge Gap: A New Dimension of Inequalityy in Later Life”. Pp. 3-5.
Abalos, A. Jr. S., De Vera, L. Jr. P., Doria, S. DC., & Villaruz, R. M. “Increasing the
Impact of Pantawid Pamilyang Pilipino Program through financial literacy
seminar and entrepreneurial management training in Lingayen, Pangasinan” Vol
1, Issued 1, 2016. pp.72.
Firli A. 2017 “Factors that Influence Financial Literacy: A Conceptual Framework” pp. 2
Martinez, A. G., & Guevarra, J.K. S. 2017 “Performance of beneficiaries of
Pantawid Pamilyang Pilipino Program (4Ps) in barangay Mahunig, Gasan,
Marinduque”. Pp. 11.
Quial, A. H., & Garciano, E.C. J. “Financial Literacy and Financial Satisfaction among
Pantawid Pamilyang Pilipino Program (4Ps) beneficiaires of Maragusan, Davao
De Oro”. pp. 2-3.
Rai, K., Dua, S., & Yadav, M. “Association of Financial Attitude, Financial Behaviour
and Financial knowledge towards Financial Literacy: A structural equation
Modeling approach”. pp. 52-54.
Gonzaga, M. 2022, “Financial Literacy and Financial Satisfaction among Pantawid
Pamilyang Pilipino Program (4Ps) beneficiaries of Maragusan, Davao de oro”

Delatorre, D. 2016 “The healthcare and education impacts of the Pantawid Pamilyang
Pilipino Programme” pp. 697-710

Lusardi, L. 2018 “Financial Literacy and retirement planning: The Russian case” Journal
of Pension Economics & Finance, pp. 387-414
 71

Shipp, L. and Kikwasi, T. 2016 “Life cycle happiness and its source: intersections of
psychology, economics and demography” Journal Economic Psychology pp. 1-17

Lusardi, A. 2008, “Financial Literacy: An Essential tool for Informed Consumer

Choice?” p.2

Flores, M.J. S., Ezpinoza, C.A. B., Enrico, H. C., and Casimiro, R. R., 2019 “Pantawid
Pamilyang Pilipino Program (4Ps): its Effect of the Academic Performance of the
Student-Beneficiaries in Calaba National High School in the Philippines”

Financial Literacy for Filipinos: Understanding for better living. (2009).

https://nro13.neda.gov.ph

Seventeenth Congress Third Regular Session, Republic Act No. 11310. (2023).
https://lawphil.net

Reinventing the 4Ps. (2020). https://manilastandard.net

 72

Appendices

Appendix A. Cover Letter

Republic of the Philippines

NUEVA VIZCAYA STATE UNIVERSITY
Bayombong Campus
Bayombong, Nueva Vizcaya

COLLEGE OF BUSINESS EDUCATION

Dear Respondents,

Greetings!

We are the 4th year BSBA-FM students of Nueva Vizcaya State University. As a partial
fulfilment of our requirements in Thesis/Feasibility study, we are conducting a research
entitled “Measuring the Financial Literacy of Pantawid Pamilyang Pilipino Program
(4Ps) in Diadi, Nueva Vizcaya”. This study aims to measure the financial literacy of
Pantawid Pamilyang Pilipino Program in Diadi, Nueva Vizcaya in terms of their financial
knowledge, attitudes, and skills as well as gaining knowledge about their demographic
profile.

In corresponding to this, we would like to ask you to answer the questionnaire below
assuring that all you response will be confidential.

Thank you for your cooperation.

Respectfully yours,

Dela Cruz, Laiza M.

Guinomtad, Christine L.

Jallorina, Chrissa Joy N.

Manago, Erika R.

Paulino, Jaycee C.

Soriano, Hanah Mae T.

 73

Appendix B. Questionnaire

Part I. Demographic Profile

Direction: This part seeks to generate information regarding the profile of the
respondents to further develop a concrete basis for this study. Put a check on the items
which you think is the most applicable answer.
Name (Optional): _________________________________________
Age:
Number of Pantawid Children
o 1. 18-27
o 1. One
o 2. 28-37
o 2. Two
o 3. 38-47
o 3. Three
o 4. 48-57
o 5. 58-67 Number of dependents: ____________
o 6. 68-77
o 7. 78 and above
Monthly Income
Gender:
o 1. 1-2,000
o 1. Male o 2. 2,001-3,000
o 2. Female o 3. 3,001-4,000
o 4. 4,001-5000
Educational Attainment
o 5. 5,001 and above
o 1. Elementary level
Amount of the Grants Received
o 2. High School level
o 3. College level o 1. 1-2,000
o 4. Bachelor‟s level o 2. 2,001-3,000
o 5. Master‟s level o 3. 3,001-4,000
o 4. 4,001-5000
Civil Status:
o 5. 5,001 and above
o 1. Single
o 2. Married Years of being a 4P’s beneficiaries:
o 3. Separated
o 4. Widowed o 1. 1-2
o 5. Annulled o 2. 3-4
o 3. 5-6
Occupational Status o 4. 7-8
o 1. Employed o 5. 9-10
o 2. Unemployed o 6. 11-12
o 3. Self-employed
 74

Part II.
Direction: This evaluation aspires to check the beneficiaries Financial Literacy in terms
of financial knowledge, financial attitude, and financial skills by putting a check mark (/)
on the best corresponds to you answer using the scale below.
Scale Descriptive Equivalent Interpretation
4 Always (Palagi) Highly Literate
3 Frequent (Madalas) Literate
2 Seldom (Minsan) Poor Literate
1 Never (Hindi Kailanman) Not Literate at all

FINANCIAL KNOWLEDGE 4 3 2 1

1. Create a budgeting plan on where to spend the money

received.
(Gumawa ng plano sa pagbabadyet kung saan gagastusin ang perang
natanggap.)

2. Organize all the needed necessity to ensure that the

expense will not exceed the monthly income.
(Ayusin ang lahat ng kinakailangang pangangailangan upang matiyak na ang
gastos ay hindi lalampas sa buwanang kita.)

3. Buying the primary needs of the family instead of

unnecessary things.
(Pagbili ng mga pangunahing pangangailangan ng pamilya sa halip na ang
mga hindi kailangang bagay.)

4. Capable of budgeting the money despite of scarcity.

(May kakayahang magbadyet ng pera sa kabila ng kakapusan.)

5. Borrow money for the payment of the previous loan.

(Panghihiram ng pera upang gawing pangbayad sa naunang utang)

Others (please specify):____________________________________________________

FINANCIAL ATTITUDE 4 3 2 1

1. Thinking of having another job to earn money to support

the family.
(Pag iisip na magkaroon ng ibang trabaho upang kumita ng pera para
suportahan ang pamilya.)
 75

2. Saving money for emergency purposes.

(Pag-iipon ng pera para sa mga layuning pang-emergency.)

3. Relying only on the money provided by the government to

survive daily.
(umaasa lamang sa ibinibigay na pera ng gobyerno upang makaraos sa pang
araw araw.)

4. Not hesitating to seek for financial help to relatives and

close friends in times of need.
(Walang pag-aatubili na humingi ng tulong pinansyal sa mga kamag-anak at
malalapit na kaibigan sa oras ng pangangailangan.)

5. Using the money for not necessary things like drinking,

smoking, and gambling.
(Paggamit ng pera para sa mga hindi kinakailangang bagay tulad ng pag-inom,
paninigarilyo, at pagsusugal)

6. Saving small amount of the received money for

educational purposes.
(Pag-iipon ng maliit na halaga ng natanggap na pera para sa mga layuning
pang-edukasyon.)

Others (please specify):____________________________________________________

FINANCIAL SKILL 4 3 2 1

1. Joining financially inclined activities like “Paluwagan” to

invest and save money.
(Pagsali sa mga aktibidad na may hilig sa pananalapi tulad ng “Paluwagan”
upang mamuhunan at mag-ipon ng pera.

2. Buying items that can be bought for a single quantities like

sachet of shampoo, toothpaste and ect. to get through the
day.
(Pagbili ng mga bagay na mabibili sa iisang dami tulad ng sachet ng shampoo,
toothpaste at ect. para malampasan ang isang araw.)
 76

3. Comparing prices of the same product in different store to

buy the cheaper one.
(Paghahambing ng mga presyo ng parehong produkto sa iba't ibang tindahan
para makabili ng mas mura.)

4. Bargain with the seller or vendor to get the best price

possible.
(Tumawad upang makakuha ng pinakamababang presyo ng bilihin.)

5. Not hesitating to have small business-like sari sari store or

fruit and vegetable stand, etc.
(Hindi nagdadalawang-isip na magkaroon ng maliit na negosyo tulad ng sari
sari store o fruit and vegetable stand, atbp.)

6. Celebrating occasions extravagantly such as birthday,

anniversary, and holidays.
(Magarbong pagdiriwang tuwing may okasyon kagaya ng birthday, anibersaryo
and holidays.)

Others (please specify):_____________________________________________________

 77

Appendix C. Documentation
Brgy. Arwas

Brgy. Ampakleng
 78

Brgy. Balete

Brgy. Bugnay
 79

Brgy. Butao

Brgy. Decabacan

Brgy. Duruarog
 80

Brgy. Escoting

Brgy. Langca
 81

Brgy. Lurad

Brgy. Nagsabaran
 82

Brgy. Namamparan

Brgy. Pinya
 83

Brgy. Poblacion

Brgy. Rosario
 84

Brgy. San Luis

Brgy. San Pablo

 85

Brgy. Villa Aurora

Brgy. Villa Florentino

 86

Appendix D: Curriculum Vitae

CURRICULUM VITAE

Name: Christine Laynesa Guinomtad

Address: Namamparan, Diadi, Nueva Vizcaya
Mobile No.: 0950212600
Email: [email protected]

Objectives: To be able to develop my skill, make my weakness into strengths to achieve

growth and face challenges without giving up.

Summary of Qualifications:
 Eagerness to learn
 Good at time management
 Computer Literate

Educational Background:
College:
Nueva Vizcaya State University (NVSU)
Bayombong, Nueva Vizcaya

High School and Señior High School:

Diadi National High School
Poblacion, Diadi, Nueva Vizcaya
2018-2019

Elementary:

Diadi Central School

Poblacion, Diadi, Nueva Vizcaya
2012-2013
 87

CURRICULUM VITAE

Name: Hanah Mae Torres Soriano

Address: Bugnay, Diadi, Nueva Vizcaya
Mobile No.: 09467243880
Email: [email protected]

Objectives: To acquire growth and development that will help me become the person that
I wanted to be and have a role that gradually make a good thing to humanity.

Summary of Qualifications:
 Ability to multi-task
 Good at communication skills
 Excel at relationship building

Educational Background:
College:
Nueva Vizcaya State University (NVSU)
Bayombong, Nueva Vizcaya

High School and Señior High School:

Diadi National High School
Poblacion, Diadi, Nueva Vizcaya
2018-2019

Elementary:

Bugnay Elementary School

Bugnay, Diadi, Nueva Vizcaya
2012-2013
 88

CURRICULUM VITAE

Name: Laiza Magrata Dela Cruz

Address: Poblacion, Diadi, Nueva Vizcaya
Mobile No.: 09770330227
Email: [email protected]

Objectives: Aiming for the opportunity that will allow me to be better individual and
grow professionally while achieving the goal of my job.

Summary of Qualifications:
 Ability to handle confidential information
 Ability to encourage teamwork
 Good communication skills
 Time management

Educational Background:
College:
Nueva Vizcaya State University (NVSU)
Bayombong, Nueva Vizcaya

High School and Señior High School:

Diadi National High School
Poblacion, Diadi, Nueva Vizcaya
2018-2019

Elementary:

Diadi Central School

Poblacion, Diadi, Nueva Vizcaya
2012-2013
 89

CURRICULUM VITAE

Name: Jaycee Corpuz Paulino

Address: Duruarog, Diadi, Nueva Vizcaya
Mobile No.: 09306155113
Email: [email protected]

Objectives: To make use of my interpersonal skills to achieve goals of a company that

focuses on customer satisfaction and customer experience.

Summary of Qualifications:
 Good communication skills
 Accept challenges
 Influencer teamwork

Educational Background:
College:
Nueva Vizcaya State University (NVSU)
Bayombong, Nueva Vizcaya

High School and Señior High School:

Diadi National High School
Poblacion, Diadi, Vizcaya
2018-2019

Elementary:

Duruarog Elementary School

Duruarog, Diadi, Nueva Vizcaya
2012-2013
 90

CURRICULUM VITAE

Name: Erika Recto Manago

Address: Balete, Diadi, Nueva Vizcaya
Mobile No.: 09398635204
Email: [email protected]

Objectives: To get an opportunity where I can make the best of my potential and
contribute to the organizations growth.

Summary of Qualifications:
 Transferable skills
 Active listener
 Assistance skills

Educational Background:
College:
Nueva Vizcaya State University (NVSU)
Bayombong, Nueva Vizcaya

High School and Señior High School:

Diadi National High School
Poblacion, Diadi, Nueva Vizcaya
2018-2019

Elementary:

Balete Elementary School

Balete, Diadi, Nueva Vizcaya
2012-2013
 91

CURRICULUM VITAE

Name: Chrissa Joy Nicol Jallorina

Address: Villaros, Bagabag, Nueva Vizcaya
Mobile No.: 09056705596
Email: [email protected]

Objectives: To obtain a self-enhancement and development to become the person I want

to be, And to develop not only my skills but also my whole being as an individual.

Summary of Qualifications:
 Time management
 Social skills
 Communication skills

Educational Background:
College:
Nueva Vizcaya State University (NVSU)
Bayombong, Nueva Vizcaya

High School and Señior High School:

Diadi National High School
Poblacion, Diadi, Nueva Vizcaya
2018-2019

Elementary:

Villaros Elementary School

Villaros, Bagabag, Nueva Vizcaya
2012-2013