Villar SIPAG’s OFW Summit centers on financial literacy
OVERSEAS Filipino Workers (OFWs), the “modern-day heroes,” have been one of the biggest contributors to the country’s economic development. In 2017, their full-year cash remittances reached $28.1 billion.
Despite the soaring numbers, many OFWs still face loan sharks, neck-deep loans and other financial woes. Taking a step to end this, Villar Social Institute for Poverty Alleviation and Governance (Villar SIPAG) held the eighth OFW and Family Summit at the World Trade Center Manila in Pasay, carrying the theme, “OFW: Perang Pinaghirapan, Palaguin.”
Sen. Cynthia Villar, the director of Villar SIPAG, empowered the OFWs as she urged them to be financially-smart to secure a vibrant future for their families.
“I hope that you will practice all the lessons, tips and suggestions that you learned today from our finance experts. Use your incomes and savings wisely,” Villar said.
“Always remember that you worked abroad to ensure a better future for your family. So you should know how to spend your earnings smartly. Invest your savings. Put up small businesses. Do not throw your money away on unnecessary luxuries,” she advised the attendees.
This year’s OFW Summit was divided into four parts. First, cooperatives, banks and other financial institutions discussed key topics about financial literacy. Second, former OFWs who managed to become successful entrepreneurs shared advice and tips on how they took their goals up a notch and made their money grow through entrepreneurship.
For the third part, franchisors and business gurus laid out possible businesses that OFWs can pursue with their financial resources. Lastly, government offices such as Department of Foreign Affairs (DFA) Department of Trade and Industry (DTI), Department of Justice, Department of Labor and Employment, Overseas Workers Welfare Administration( OW WA ), POEA, Pag-IBIG, Social Security System, and nongovernment organizations also addressed the common problems and concerns faced by OFWs.
Financial literacy, especially on investments and business start-ups, are important factors in ensuring that the hard-earned income and savings of OFWs are put to good use, Villar said. Chinkee Tan; Fr. Anton Pascual, representing the Cooperative sector; Anthony Robles from Development Bank of the Philippines; and Joselito Gutierez from Land Bank of the Philippines shared their expertise on managing hard-earned money, and showed how to grow earnings and where to get additional financial support should they opt to go into entrepreneurship.
OF W s-turned-successful entrepreneurs such as salon magnate Yco Tan, Mynd Consulting Software Co. and mobile app founder Myrna Padilla, farm owner and chef Roy Resurrection, and farm owner Engr. Edelissa Ramos narrated their early years, what pushed them to take a leap into the business industry, the challenges and how they manage to strive and overcome obstacles.
Lea Santiago from Sikat, Roanne Angeles from Crystal Clear, and Krizzia Loyang from Food Kiosks discussed new, manageable and sustainable business opportunities in farming, franchising and online selling.
Ople Center founder and president Susan “Toots” Ople led the discussion on several OFW concerns, tackling how to spot scams, find accredited agencies, avoid illegal recruitment and learn more about OFW rights.
The other panelists include Usec. Emmeline Aglipay-Villar of the Department of Justice – IACAT, OWWA deputy administrator Arnell Ignacio, Foreign Affairs Undersecretary Sarah Lou Arriola, POEA’s lawyer Lynda Lin and Labor and Employment Undersecretary Jacinto Paras.
MODERN-DAY HERO
One of the thousand attendees was 41-year-old Evelyn Mausisa. She started her journey as an OFW in Kuwait, where she worked as a domestic helper back in 2000. After finishing her three-year contract, she went back to the country to take care of her family, especially her only daughter.
Although she wanted to stay with her loved ones, the money she was making was not enough to sustain their daily needs. She was forced to go back to Saudi Arabia as a house helper. However, her employers failed to give her compensation on time, which was also lower than what she signed up for. She kept on looking for better opportunities until she decided to go back home for the second time.
Determined to give her child the future she hoped for, Mausisa, a single mother, tried her luck in Abu Dhabi and Dubai. Although she faced the same struggles she already had before, she did not stop until she found the opportunity to work as a family driver.
“I was not able to save money for myself when I was still working abroad. I gave my salary to my daughter. I also gave a little amount to my parents and sisters to somehow help them support their children,” Mausisa shared. “However, now that I am back in the Philippines, I told them I cannot help them financially because I don’t earn the money I used to earn,” she said.
Today, because of her hard work, patience and determination, her daughter finished college at the Polytechnic University of the Philippines and passed the recent Civil Engineering Board examinations.
Although Evelyn feels accomplished after seeing her daughter achieve her dreams, she was encouraged to attend the OFW summit. She said that she is hoping to learn how to avoid the problems she had abroad, discover opportunities, and effectively manage her salary.
To learn more about the annual OFW summit or Villar SIPAG, visit www.villarsipag.org.