OWWA program to teach OFWs, families how to save money

05:33 AM February 19, 2019

The Overseas Workers Welfare Administration (Owwa) expressed hope on Monday that its new financial literacy program would help overseas Filipino workers (OFWs) and their families see the importance of saving money.

At the launch of “Pitaka” (Pinansyal na Talino at Kaalaman) program on Monday, Owwa Administrator Hans Leo Cacdac said the financial literacy program would help ensure that OFWs have a “better financial behavior.”


Based on a recent survey conducted by the Bangko Sentral ng Pilipinas (BSP), just 35.5 percent of OFWs set aside a portion of their remittances as savings. Of that number, only 5 percent invest their money in financial instruments.

Among OFW families, the survey showed that only 2 percent save.


Cacdac said that one of the reasons why many OFWs and their families failed to save up was their “very helpful culture,” where they shared their resources [with] their loved ones and even friends.

Under the program, a joint project among Owwa, BSP and BDO Foundation, OFWs will attend a two-hour financial literacy session in their mandatory predeparture and postarrival orientation seminars. —Jovic Yee

Read Next
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: financial literacy program, ofws, OWWA, Pitaka
For feedback, complaints, or inquiries, contact us.

© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.