MANILA, Philippines?The Philippine Embassy in South Korea has launched a financial literacy campaign to help some 50,000 overseas Filipino workers (OFWs) protect their savings from foreign exchange fluctuations and invest their money wisely back home.

Philippine Ambassador to Seoul Luis T. Cruz said the campaign was timely because the appreciation of the peso has been eroding foreign currency earnings. The Philippine peso has gained 28 percent against the Korean currency since 2006.

The program also aims to help overseas Filipinos invest in livelihood projects when they return to the country.

The workers are being introduced to various hedge fund facilities that would protect their savings.

Promoting financial literacy

The campaign was launched two weeks ago at the Kasan Migrant Center, together with a ?reintegration program? that aims to help OFWs ease the social and psychological adjustment of returning home.

The Kasan center is led by Anthony Cad Dacones, president, and religious sisters Juliana Kim and Luz Olalia.

Consul Juan E. Dayang Jr., coordinator of the financial literacy program, lectured on savings, investments and risk protection.

?Save first before you spend,? Cruz quoted Dayang as saying.

Dayang said promoting financial literacy was part of the embassy?s efforts at empowering OFWs. The campaign stresses savings consciousness, choosing sound financial investments and learning ways to protect their hard-earned money.

Reintegration program

?OFWs should also avoid accumulating unnecessary debts by practicing frugality and maintaining simple lifestyles,? Dayang had added.

Cruz said he hoped to see many OFWs become entrepreneurs when they return home.

He said that while abroad, Filipino workers should also involve their families in financial management.

The reintegration program, on the other hand, aims to mitigate the increasing incidence of broken families among Filipinos working in Korea.

?OFWs should focus their attention on savings and investments while in Korea and eventually reunite with their families back home,? Cruz said.

Cruz said the embassy had been providing them with information on business opportunities.