The Philippine government not at any time fails to applaud the high remittances of OVERSEAS FILIPINO WORKERS but the real question is where does all this money go? Why is it that many Overseas Filipino Workers fail to secure their future even after years of toiling abroad?
Sadly, not many OVERSEAS FILIPINO WORKERS are well informed about proper money management and knowledgeable on various investment options where their money can grow. Financial literacy is an important aspect to ensure the success of all OVERSEAS FILIPINO WORKERS.
To address this need, financial literacy is now part of the Pre-Departure Orientation Seminar (PDOS) given to departing OVERSEAS FILIPINO WORKERS. The top insurance company,Philam Life gives the seminar on financial literacy and wealth management.
The lecture includes a 10-minute video presentation that aims to show OVERSEAS FILIPINO WORKERS the importance of allotting a portion of their income on savings and why it is not wise to indulge in unnecessary spending.
Jesus G. Hofileña, Executive Vice president of Philam Life said, “What we want is for OVERSEAS FILIPINO WORKERS to prioritize their expenses because there are really a lot of uncertainties that they face,” Hofileña said.
The following are lessons Philam Life want all OVERSEAS FILIPINO WORKERS to know:
Live within your means by budgeting expenses and spending just the right amount for necessities such as food, clothing, and shelter. It will greatly help if their goals in working overseas are clear from the start.
Avoid get-rich-quick investment schemes like pyramiding. Being victimized by investment frauds will be prevented if OVERSEAS FILIPINO WORKERS are aware of the the legitimate investment opportunities available in the market.
Start serious saving. Hofileña said, “They can also try buying stocks, mutual funds, insurance and putting their money in different savings accounts.”
Finally, financial literacy should extend even to the family members of OVERSEAS FILIPINO WORKERS. They must lbring in to value and take care of the money sent to them.
The notion that Filipinos went abroad to bring in money demands a change. Filipinos should work overseas not just to bring in but to save money as well. Five to ten years of working in a foreign land is no joke. Among other things, it means years of backbreaking work and separation from loved ones. Therefore, all OVERSEAS FILIPINO WORKERs must make this sacrifice worth it!