MOA for OFWs’ financial literacy signed

A FINANCIAL literacy program meant to teach overseas Filipino workers (OFWs) and their families how to manage their hard-earned money was forged on Monday.

The memorandum of agreement on “Pinansyal na Talino at Kaalaman or PiTaKa” was signed by the Bangko Sentral ng Pilipinas (BSP), Overseas Workers Welfare Administration (OWWA), and BDO Foundation in a ceremony held at the BSP Complex in Manila.

The program aims to equip OFWs with the ability to better manage their remittances, get out of debt, set aside savings or make prudent investments, in preparation for a better life when they return home to the Philippines. The program also targets OFW families to sensitize them of the temporary nature of overseas employment, and encourage them to support their loved- ones by spending wisely, saving regularly and looking for ways to augment their family income.

The program includes three entertaining videos with embed-

messages, which will be used as

It will also be used during general orientation for OFW families. Session guides/training kits will be developed, and a training of trainers will be conducted for OWWA trainers and OWWA- accredited PDOS/PAOS providers to ensure sustained and effective delivery of

BSP Governor Nestor Espenilla Jr., in a speech read by BSP deputy governor Chuchi Fonacier, said some OFWs continued to face

hailed as the country’s modern-day heroes because of their remittances remittances for investments. The

percent of the OFW households used the remittances received to purchase food and other needs.

For his part, OWWA Administrator Hans Leo Cacdac said the “PiTaKa” campaign would complement the

initiatives, both of the government and private sector, by reinforcing a more “reachable,” “likeable” and “shareable” campaign.

On the other hand, BDO Foundation President Mario Deriquito said the foundation is expanding