Financial literacy for OFWs, families


THE European Union, Swiss Federal of Department of Foreign Affairs, United Nations Development Program and the Commission on Filipinos Overseas on Thursday launched phase 2 of the Joint Migration and Development Ini-tiative (JDMI) as part of a P430-million three-year global project.

The project will be implemented in eight different countries to promote the contribution of migration for development at the local level.

The project, which was launched at the New World Makati Hotel in Makati City on Thursday, will focus on the role of the Philippines’ local governments in harnessing overseas remittances and other distributions for local economic development.

With close to P21.39 billion in remittances in 2012 from overseas Filipinos and still growing, there is a huge potential to support the government’s goal to achieve inclusive growth.

To strengthen project impact and sustainability for the Filipino migrants, the Commission on Filipinos Overseas (CFO) said that it will strengthen the financial literacy and enterprise development of migrants’ communities and families through training of trainors.

“JMDI phase 2 is top priority of the CFO’s plan of action for the next three years as it is aligned with our mission of promoting policies, programs and projects with migration and development as a framework for the strengthening and empowerment of the com-munity of Filipinos overseas,” said CFO Chairman Imelda Nicolas.

She said that the CFO will be dealing with the regional devel-opment councils and the National Economic Development Authority (NEDA) regional offices to train Fili-pino migrants on financial literacy.

“We will channel remittances for the development. We will try to teach them how to identify the conduits for remittances that can be used for development. The NEDA will find out which regions are ready to do the financial education,” Nicolas said.

“I think we will be talking to three regions, 1, 4-A and 11. These are the regions that have the highest number of Filipino migrants,” she added.

Nicolas said that aside from the financial literacy, the government is also making sure that the Filipino migrants and their families would not fall victims to investment scams.


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