OFWs the modern-day hero
Overseas Filipino workers (OFW) are often referred as the Philippine modern-day heroes, because of their sacrifices staying-away from families to earn a living in foreign land – bringing an exceptional contribution to the Philippine economy in the form of remittances.
According to Bangko Sentral ng Pilipinas (BSP), OFW remittance in 2017 reached an all-time high (ATH) of 31.29 Billion US dollars, the second largest source of foreign exchange for the Philippines, next to the revenues from the business process outsourcing (BPO) industry. Not only that, BSP is also expecting that 2018 remittances will surpass 2017 ATH as revealed by May 2018 report, OFW remittances is 6.1% higher compare to same month last year.
However, these collective statistics on remittances do not reflect the individual financial success of our modern-day heroes, but many are returning home — poor and financially broke, according to a study.
8 out of 10 OFWs Return Home Poor
According to a study conducted by Social Enterprise Development Partnerships Inc (SEDPI), published on Commission on Filipino Overseas (CFO) website, 8 out of 10 OFWs has no savings and returning the country poor.
The study revealed that despite working for many years abroad, an OFW does not enjoy financial stability but rather (later on) caught-up in the cycle of debt and poverty.
Although this failure is attributed to different factors, the study concluded that many of the OFWs are lacking of financial literacy, as a result of their impulsive, unplanned expenditures, and become an easy victim to unscrupulous investment schemes.
The Peso-sense
To help the OFWs and their families, the United Nations Development Programme (UNDP), Commission on Filipinos Overseas (CFO), Western Union Foundation, e-Biz and PETNET, launched the PESO SENSE FINANCIAL FREEDOM CAMPAIGN to encourage productive expenditure, improve the capacity for saving and promote entrepreneurship among Filipino beneficiaries of international or domestic remittances.
Activities under the program include lectures and workshops that aim to educate OFWs and other participants on proper management of their finances through savings, budgeting, financial planning and investments.
Though the campaign has now dwindled in producing their information material since its onset on 2013, the government rest assured continues support to OFWs through its other financial literacy programs.
Balinkbayan Portal
Balinkbayan is a centralize portal to “link” OFWs back to their homeland through its programs and services. Balinkbayan focuses on the five of the diaspora to development (D2D) programs: investment and entrepreneurship, philanthropy, brain gain program, educational exchange and medical mission coordination.
Balinkbayan also features investment and business opportunity guide for OFWs, and many other informative reference materials to help OFWs, from starting a business, to production, to marketing and management — a complete one-stop-shop guide in setting up a business for OFWs.
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