Because of the successful first salvo of financial literacy courses and to complement the Sustainable Investment Fund, SCCI intends to replicate the financial literacy program for remittance senders and receivers. The overall objective is to reduce poverty by leveraging remittances and migrant workers' capital for development in Philippine rural areas, and by linking remittances to financial poducts and services.
The program intends to increase the participants' financial management knowledge and skills, enhance their access to formal financial services, and mobilize their investments. It is imperative that migrants acquire the discipline and commitment not only to make their remittances more productive, but also to link them to social development.
Most financial literacy training courses have been offered in Europe, where SEDPI has a project partner in Stichting-Habagat. Stichting-Habagat is a group of Filipino migrants in the Netherlands that aims to generate support for the issues and concerns of Southern Philippines through campaigns and information drive. Its activities include peace building and education, migrant community research, and outreach services. SEDPI and Stichting-Habagat have formed a strategic alliance to provide financial literacy training to Filipino migrant communities and to tap social investments for the Philippines.
To make the training course available and sustainable in the long run, SEDPI will also offer a training of trainers program for diaspora organizations. Ten slots will be allocated to Filipino migrants; the rest will be open to other migrant groups. This is to expand the coverage of the financial literacy program to other, non-Filipino migrant communities.
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