Working overseas is no simple feat for anyone, most especially for those without any significant work experience or background in handling money. Aside from adjusting to the culture, work and the people abroad, taking care of one’s expenses and finances during their stay in the host country and for their families back home can be a daunting task!
This is the reason why the Philippine government is looking at ways on how to improve the training sessions and seminars given to OFWs in the form of pre-departure orientation seminars, and eventually supplemented by the OFW handbook, once the bill has been signed into law.
OFWs Now Required to Attend Pre-Departure Financial Literacy Seminar
A new government initiative has been introduced, which now requires the attendance of OFWs in a financial literacy seminar as part of the mandatory requirements prior to setting out for work overseas, as shared in a report by GMA News.
Under the Pinanysal na Talino at Kaalaman (PiTaKa) program, aspiring and returning overseas Filipino workers will undergo training that will help them better manage their finances, especially once they begin working abroad.
As mentioned, the program will be included in the pre-departure orientation seminar (PDOS) and post-arrival orientation seminar (PAOS) in the form of a series of videos, to help OFWs better understand the importance of managing their finances wisely.
The program aims to help OFWs transition from being (heavy) spenders to becoming (smart) savers until such time that they eventually decide to set up their own businesses in the Philippines or abroad.
“As OFW remittances consistently account for 10 percent of the Philippines’ gross domestic product (GDP), OFWs truly are considered as modern-day heroes. Yet, we continue to hear stories of OFWs facing financial struggles,” BSP Governor Nestor Espenilla, Jr. shared in a statement.
The program aims to address the financial woes still being encountered by OFWs, despite the more lucrative opportunities presented to them by working abroad.
The PiTaKa programme is spearheaded by the Bangko Sentral ng Pilipinas (BSP) in partnership with the Overseas Workers Welfare Administration (OWWA) and BDO Foundation.