Even little savings can mean a lot

One of the things we keep telling workers, especially overseas Filipino workers (OFWs), during counseling sessions at the Trade Union Congress of the Philippines is that we need to replace that habit of spending with the habit of saving. The savings rate of OFWs is way below their counterparts in China and Indonesia, for instance.

Indeed, according to recent data from the Philippine Statistics Authority (PSA), despite sending remittances of billions to their families in the country, only two in every five OFWs are able to save from their cash remittances.