Sector: Overseas Filipino Workers (OFW)
Slogan: MODERN DAY HEROES CHANGING MINDSETS: BE FINANCIALLY LITERATE
Slogan Explanation:
Overseas Filipino Workers (OFWs) are claimed to be the country’s modern day heroes because of their contribution to the economy, they provide strong remittance inflows in the Philippines’ ailing economy. The number of OFWs who worked abroad at anytime during the period April to September 2015 was estimated at 2.4 million and the total remittance sent by OFWs was estimated at 180.3 billion pesos. (Philippine Statistical Authority).
However, many OFWs face financial problems, often employed in poor working conditions, and suffer family separation.
A Filipino who desires to work overseas purposes when he or she is …show more content…
The problem starts even before OFWs leave the Philippines; when they leave the country, they take a loan to pay for the placement fee. They pawn their properties just to pay. And aside from paying off the loans, they have to pay for their children’s education and the expenses of their family and when an emergency comes up, they really have no choice but to take another loan. Some end up using their passport as collateral. Oftentimes, they only wanted to work abroad for only 3-5 years so they can be with their families back home, but instead they end up staying too long abroad because they mismanage their finances. Most of OFWs return to the country without any savings or retirement funds to live on, forcing them to repeatedly look for jobs abroad and end up working for 25 years to 30 years and still with not enough investment to enable them to …show more content…
And despite the challenges, OFWs’ top financial goals and dreams are to achieve permanent work or source of income, happy and prosperous family life, and retirement.
The Financial Literacy is not so much about the money, as it is about the pursuit of a better life of the individual and his or her family. It is very important for OFWs to make their dreams a reality.
Title of Project to be Implemented: PRE-DEPARTURE FINANCIAL LITERACY OUTREACH FOR OFW AND THEIR FAMILIES: REMITTANCES AS INVESTMENTS Project Brief Description:
This pre-departure outreach for OFW and their families provides a financial literacy to educate them on how to budget, to do investment, and come up with the dream goals of what they want to achieve. It can be uphold with the list of prospect OFW with their children and spouse.
They must learn the first lesson: save first before spending. Most families of OFWs spend first and then save what is left after spending, if there is anything left. They must decide how much they must save every month to attain their dream house or save for their retirement fund within a given time
Slogan: MODERN DAY HEROES CHANGING MINDSETS: BE FINANCIALLY LITERATE
Slogan Explanation:
Overseas Filipino Workers (OFWs) are claimed to be the country’s modern day heroes because of their contribution to the economy, they provide strong remittance inflows in the Philippines’ ailing economy. The number of OFWs who worked abroad at anytime during the period April to September 2015 was estimated at 2.4 million and the total remittance sent by OFWs was estimated at 180.3 billion pesos. (Philippine Statistical Authority).
However, many OFWs face financial problems, often employed in poor working conditions, and suffer family separation.
A Filipino who desires to work overseas purposes when he or she is …show more content…
The problem starts even before OFWs leave the Philippines; when they leave the country, they take a loan to pay for the placement fee. They pawn their properties just to pay. And aside from paying off the loans, they have to pay for their children’s education and the expenses of their family and when an emergency comes up, they really have no choice but to take another loan. Some end up using their passport as collateral. Oftentimes, they only wanted to work abroad for only 3-5 years so they can be with their families back home, but instead they end up staying too long abroad because they mismanage their finances. Most of OFWs return to the country without any savings or retirement funds to live on, forcing them to repeatedly look for jobs abroad and end up working for 25 years to 30 years and still with not enough investment to enable them to …show more content…
And despite the challenges, OFWs’ top financial goals and dreams are to achieve permanent work or source of income, happy and prosperous family life, and retirement.
The Financial Literacy is not so much about the money, as it is about the pursuit of a better life of the individual and his or her family. It is very important for OFWs to make their dreams a reality.
Title of Project to be Implemented: PRE-DEPARTURE FINANCIAL LITERACY OUTREACH FOR OFW AND THEIR FAMILIES: REMITTANCES AS INVESTMENTS Project Brief Description:
This pre-departure outreach for OFW and their families provides a financial literacy to educate them on how to budget, to do investment, and come up with the dream goals of what they want to achieve. It can be uphold with the list of prospect OFW with their children and spouse.
They must learn the first lesson: save first before spending. Most families of OFWs spend first and then save what is left after spending, if there is anything left. They must decide how much they must save every month to attain their dream house or save for their retirement fund within a given time