BDO Foundation, OWWA and BSP set to unveil program for OFWs

As part of efforts to promote financial inclusion and contribute to the country's economic growth, BDO Foundation, the Overseas Workers Welfare Administration (OWWA) and Bangko Sentral ng Pilipinas (BSP) have joined forces to develop a financial literacy program for overseas Filipino workers (OFWs) and their families. 

The tripartite initiative will be launched on February 18 in ceremonies spearheaded by BSP governor Nestor Espenilla Jr., OWWA administrator Hans Cacdac and the BDO Foundation board of trustees. The partners will sign a memorandum of agreement affirming their commitment to the implementation and deployment of the program. 

The financial literacy program for OFWs is in line with the financial inclusion advocacy of BDO Foundation, the corporate social responsibility arm of BDO Unibank. The partnership project aims to help strengthen OWWA's financial education initiatives for overseas workers, recipients of remittances and their families. It also contributes to the implementation of BSP's National Strategy for Financial Inclusion, particularly the pillar on Financial Education and Consumer Protection. 

The program gains significance as the Philippines remains one of the top recipients of remittances next only to India and China. 

"We are staunch advocates of financial inclusion, and as such, we are honored to partner with OWWA and BSP in pursuit of a shared objective," BDO Foundation president Mario Deriquito remarked. "The foundation hopes to contribute to the resources and expertise of OWWA and BSP in providing financial education for OFWs. Ultimately, we would like to help OFWs and their families make sound financial decisions that improve their welfare and well-being." 

"Together with our partners, we are finding ways to help overseas workers achieve financial independence. Through this partnership, we hope to contribute to the development of a financially literate citizenry and support nation-building," Deriquito added. 

Included in the program are educational materials and training modules--especially developed for OFWs and their families--which will be used in the pre-departure and post-arrival orientation seminars facilitated by OWWA. There are also educational materials for OFW families. Through these tools carefully developed by BSP, OWWA and BDO Foundation, the partners hope to share lessons on saving, financial management, investing, entrepreneurship and avoiding scams to the target audience.