RP envoy urges OFWs in Korea to save first before spending

MANILA, Philippines - Philippine officials in Korea stressed the value of saving before spending to overseas Filipino workers(OFWs) there as they launched a financial literacy program.

A statement on the Department of Foreign Affairs (DFA) website on Friday said Philippine ambassador Luis Cruz stressed "Savings before expenses" as the battle cry of the financial literacy campaign.

"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 Cruz, who noted the Philippine peso has gained 28 percent against the Korean currency since 2006.

The DFA said the campaign was launched on March 30 and aimed at promoting savings consciousness for 50,000 Filipino workers in Korea.

Cruz 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.

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.

Consul Juan 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 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," Dayang added.

Cruz said the aim of the program is to help OFWs learn about money and eventually become entrepreneurs 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.

"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" Cruz said.

The reintegration program also intends to encourage OFWS to start their own business and become entrepreneurs. - GMANews.TV

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