RP central bank to launch financial literacy drive for OFWs in HK

MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) will expand its financial literacy campaigns for overseas Filipino workers (OFWs) to help them reintegrate eventually into the Philippine economy.

A statement from the central bank on Monday said the agency would launch the first international leg of its advocacy program for OFWs at the Bayanihan Center in Hong Kong on September 14, 2008. There are about 130,000 OFWs in Hong Kong, based on government data.

"Financial education is key to unlocking the potential of remittances as a tool for development in countries like the Philippines with a large segment of the population employed overseas," BSP governor Amando M. Tetangco said in the statement.

The program will teach OFWs the importance of savings and maximizing remittances through placements in financial instruments and investments in business ventures.

The program in Hong Kong, which will be led by Deputy Governor Diwa C. Guinigundo, will be conducted in coordination with an inter-agency group.

The group will be composed of representatives from the Department of Foreign Affairs, National Reintegration Center for OFWs, Overseas Workers Welfare Administration, the Department of Trade and Industry, and the Philippine Stock Exchange.

The program will be conducted eventually in other countries such as Singapore, Saudi Arabia, Japan, and Italy. - GMANews.TV

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