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In its bid to encourage overseas Filipino workers (OFWs) in Korea to
save for a better future, the Philippine Embassy in Korea recently
launched the financial literacy program called “Savings before
Expenses.”
The financial literacy campaign is part of the
Embassy’s effort to empower 50,000 Filipino workers in Korea by
enhancing their financial stability through savings consciousness
and sound financial investments, as well as learn ways to protect
their hard-earned money.
The program also intends to encourage OFWS to
start their own business and become entrepreneurs. The embassy
provides information on business opportunities in the Philippines to
promote OFWs as overseas Filipino investors or OFIs, a term coined
by President Gloria Arroyo to describe Filipino expatriates for
their direct contributions to the Philippine economy in the form of
remittances, real estate investments, and job creation through their
business.
“Through this program, Filipinos will have
savings that they could use for their livelihood projects upon
returning to the Philippines,” Philippine Ambassador Luis Cruz
said.
“It will also be used as a hedge against the
volatile exchange rate of the strengthening peso against other
currencies,” Cruz added, pointing out that the Philippine peso has
gained 28 percent against the Korean currency since 2006.
Also, Cruz emphasized that the program, if
succeessful, could mitigate the increasing trend in the number of
broken families among Filipinos working in Korea as a result of
overseas migration.
“The ‘Savings before Expenses’ drive will
focus the attention of OFWs, especially workers under a three-year
term, on saving for their eventual reunion with their family back
home,” Cruz said.
Consul Juan Dayang Jr., the coordinator of the
financial literacy program, conducted a lecture on savings,
investments, and risk protection.
-- Katrice R. Jalbuena
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