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DEPARTMENT
OF FOREIGN AFFAIRS
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DEPARTMENT
OF FOREIGN AFFAIRS
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SFA-AGR-269-08 |
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AMBASSADOR CRUZ ESPOUSES
“SAVINGS” IN LAUNCHING FINANCIAL |
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18 April 2008 - “Savings before expenses,” neatly summarizes the essence of Philippine Ambassador Luis T. Cruz’s financial literacy campaign, launched on March 30 aimed at promoting savings consciousness for 50,000 Filipino workers in Korea. “Our effort is to build the financial capacity of Filipinos in Korea to be used for their livelihood projects upon their return to the Philippines. It will also be used as a hedge against the volatile exchange rate of the strengthening peso against other currencies,” said Ambassador Cruz. The Philippine peso has gained 28% against the Korean currency since 2006.
Consul Juan E. Dayang, Jr., the coordinator of the financial literacy program, conducted a lecture on savings, investments, and risk protection.
“If there’s one thing I want you to remember, it is this: Save first before you spend,” Dayang said.
The launching of the financial awareness program was part of the Outreach program of the Embassy which included a consular mission headed by Consul-General Abraham R. Estavillo, Labor consultations by Labor Attaché Delmer Cruz, and OWWA membership campaign by Welfare Officer Esperanza Cobarrubias. A briefing on PC-Assembly training was also conducted by Mr. Cyrus Paradela.
The financial literacy campaign is part of the Embassy’s effort to empower the OFWs by building their capacity to be financially fit through savings consciousness and sound financial investments, and learn ways to protect their hard-earned money. “OFWs should also avoid accumulating unnecessary debts by practicing frugality and maintaining simple lifestyles,” Consul Dayang added.
The Ambassador said that the aim
of the program is to help OFWs learn about money and eventually become
entrepreneurs
“OFWs, especially EPS workers under a three-year term, should focus their attention on savings and investments while in Korea and eventually reunite with their families back home” Amb. Cruz said.
The reintegration program also intends to encourage OFWS to start their own business and become entrepreneurs. This the Embassy does by providing information on business opportunities in the Philippines as part of the Philippine government’s effort to promote OFWs as overseas Filipino investors or OFIs, a term coined by President Gloria Macapagal-Arroyo to describe Filipino expatriates for their direct contributions to the Philippine economy in the form of remittances, real estate investments, and job creation through their business.
To ensure the success of the financial literacy campaign, the Ambassador said, “We are ready to bring financial literacy programs to any interested Filipino organizations in Korea. In fact, the officers of the Filipino EPS Workers Association (FEWA) have already indicated their interest in the program.” END
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The
Ambassador led the launching of the reintegration program, which includes
financial planning, at the Kasan Migrant Center in the presence of members of
the Filipino community, shortly after the holy mass at the Catholic Church
attended by more than 200 OFWs. Some 50 elected officers of various
organizations in Pocheon
City, one and one half hours away from Seoul, were also inducted to office.
These activities were spearheaded
by the President of the Kasan Migrants Community, Mr. Anthony Cad Dacones, under
the guidance of Sister Juliana Kim, SJBP, sister-in-charge of the Kasan Migrant
Workers Center, and Sister Luz Olalia.
when they return home.
While abroad, Filipino
workers should save and involve their families in financial management.
He added that the reason he wants the reintegration
program to succeed is to mitigate the increasing
trend in the number of broken families among Filipinos working in Korea as a
result of overseas migration. 