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FINANCIAL LITERACY FOR REMITTANCE SENDERS


Background
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About 10% of the Philippine population works abroad as OFWs. Every year, they send billions of dollars in savings to uplift the living standards of and inspire hope in their families back home. The Philippines is the fourth largest country in the world receiving remittances from its migrant citizens. Nonetheless, nightmarish stories abound of OFWs or their families wasting their funds on nonessentials, instead of placing their money as business capital or pouring it into reliable investment instruments. This leaves their families no better off than before.


Objectives

The courses aim to equip both senders and receivers with the knowledge and skills to identify their current financial position, define financial goals, and reach their financial dream. The specific program objectives:

  • To actively engage remittance senders and remittance receivers to acquire and commit to the discipline of personal financial management and therefore reduce their vulnerabilities,
  • To encourage the productive use of remittances through socially responsible investments,
  • To provide investment options for remittance senders, and
  • To facilitate the integration of remittance receivers into microfinance institutions that give them access to financial services.

Access to financial services can enable OFWs and poor families to take advantage of opportunities that would give them the means to achieve financial freedom. The training is delivered within the context of both remittance senders and receivers.
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  • Three Stages of the Migration Cycle
  • Importance of Personal Finance
  • Setting Financial Goals
  • Financial Planning and Budgeting
  • Managing Expenditure
  • Investment Planning and Crafting a Savings Plan
  • Cost of Dependency on Remittance
  • Financial Products Available to Remittance Senders
    and Receivers
  • Socially Responsible Investments

SEDPI employs adult learning techniques and structured learning experiences that will enhance the participants’ knowledge and skills. Participants will also learn practical and readily applicable tools as aids towards achieving their financial goals.

SCCI will run Financial Literacy for Remittance Senders in Europe, mainly in the Netherlands, Spain, Italy, Germany, Belgium, Luxembourg, and France. The program is also being scheduled in the United States, United Arab Emirates, Singapore, Taiwan, and Hong Kong. SCCI has touched base with Filipino migrant organizations in these countries for coordination.
 
 
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