BSP, BDO launch PiTaKa for OFWs

The Bangko Sentral ng Pilipinas (BSP), together with the Overseas Workers Welfare Administration (Owwa) and BDO Foundation, forged a partnership to improve the financial literacy of overseas Filipino workers (OFWs) and their families.

Dubbed as PiTaKa or “Pinansyal na Talino at Kaalaman”, it 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.

During the program launch, heads and senior management of the BSP, Owwa and BDO Foundation signed a memorandum of agreement affirming their commitment to implement the program. Over 200 stakeholders from the OFW community, government and private sectors witnessed the signing ceremony, and the preview of three entertaining videos with embedded financial literacy lessons and messages.

These videos will be used as tools in the financial literacy sessions to be incorporated in Pre-Departure Orientation Seminars (PDOS) and Post-Arrival Orientation Seminars (PAOS) that all OFWs are required to attend.

These will also be used during General Orientation for OFW Families. Session guides/ training kits will be developed, and a Training of Trainers (TOT) will be conducted for Owwa trainers and Owwa-accredited PDOS/PAOS providers to ensure sustained and effective delivery of financial literacy lessons.