Remittances from overseas workers account for 10% of the Philippine GDP. Photo: iStock

A new government ruling means Filipino migrant workers are now required to attend a compulsory financial literacy seminar before they head overseas.

The Overseas Workers Welfare Administration (OWWA) has launched the Pinansyal na Talino at Kaalam (PiTaKa) program that will be part of the Pre-Departure Orientation Seminar and Post-Arrival Orientation Seminar of Filipino migrant workers, GMA News reported.

Under the program, Filipino migrant workers will be educated on managing their finances better, especially once they start working overseas. The program aims to help Filipinos to save enough money until they eventually decide to establish their own businesses in the Philippines or abroad.

OWWA Administrator Hans Leo Cacdac said the program will help ensure that Filipino migrant workers have “better financial behavior”. According to the Bangko Sentral ng Pilipinas (BSP) Governor Nestor Espenilla Jr., 35.5% of Filipino workers set aside their remittances as savings. Of that number, 5% invest their money in financial instruments.

“As remittances consistently account for 10% of the Philippines’ gross domestic product, Filipino migrant workers are indeed modern-day heroes. Yet, we continue to hear stories of Filipinos facing financial struggles,” Espenilla said.

The program is spearheaded by the BSP in partnership with OWWA and the BDO Foundation.

Join the Conversation

17 Comments

  1. Excellent post. I was checking continuously this blog
    and I am impressed! Very helpful information particularly the last part 🙂 I care for such info much.
    I was looking for this certain info for a very long time.
    Thank you and good luck.

  2. Simply wish to say your article is as amazing.

    The clarity in your post is just cool and that i can assume you are
    an expert in this subject. Well together with your permission allow me to snatch
    your RSS feed to stay updated with coming near near
    post. Thanks a million and please keep up the rewarding work.

  3. Thanks for another fantastic article. The place else may just anyone get that kind
    of information in such a perfect method of writing?

    I have a presentation subsequent week, and I’m on the look for such info.

  4. Wow, this paragraph is pleasant, my sister is analyzing these things, so I am
    going to convey her.

  5. Thank you for the auspicious writeup. It in truth was once a amusement account
    it. Look advanced to far added agreeable from you!

    However, how can we keep in touch?

  6. I do not know whether it’s just me or if everyone else
    experiencing problems with your website. It looks like some of the
    text in your content are running off the screen. Can someone else please comment and let me know if this is happening to them as well?
    This might be a issue with my browser because I’ve had this happen before.
    Many thanks

  7. I like the valuable info you provide in your articles.
    I’ll bookmark your blog and check again here regularly.
    I am quite certain I’ll learn many new stuff right here!
    Best of luck for the next!

  8. I know this if off topic but I’m looking into starting
    my own blog and was wondering what all is required to get setup?
    I’m assuming having a blog like yours would cost a pretty penny?
    I’m not very internet smart so I’m not 100% positive.
    Any suggestions or advice would be greatly appreciated.
    Many thanks

  9. Hi there, You have done a fantastic job. I will definitely digg it and personally recommend to my friends.
    I am confident they’ll be benefited from this website.

  10. excellent put up, very informative. I wonder why the other specialists of this
    sector do not understand this. You must proceed your writing.
    I am confident, you’ve a great readers’ base already!

Leave a comment

Your email address will not be published. Required fields are marked *