In wake of Bohol quake and Yolanda, new program urges OFWs to save for calamities

Philippine officials in the United Arab Emirates plan to launch next year a voluntary savings-disaster preparedness program that will encourage Filipinos there to save in preparation for calamities back home.

Ambassador to the UAE Grace Princesa said the savings-emergency fund scheme may be implemented in cooperation with a Philippine bank.

“It’s important for us to develop that savings mentality among our compatriots because they are usually the ones who suffer badly whenever a disaster strikes the country and affects their families back home,” Princesa told UAE news site Gulf News.

Dubbed Pinoy Bonds, the program stemmed from recent Philippine disasters including the magnitude-7.2 quake that hit Bohol last October, and Super Typhoon Yolanda (Haiyan) that devastated most of the Visayas in November.

Princesa said the aim is to start with as low as Dh10 for a minimum bond.

“Think of it as skipping buying a Dh10 coffee. And they’ll need probably Dh100 to open an account, and buy more in the future. This is to encourage any Filipino in the UAE to join the scheme regardless of income,” she said.

Gulf News quoted Princesa as saying she felt upset that many Filipino expatriates are financially unprepared when calamities affect their families.

Meanwhile, the report said the idea may get the support of overseas Filipino Workers in the UAE.

“We can take the recent typhoon Haiyan as an example. Those who had emergency funds were able to send money to their families right away,” said Ernesto Refugio, chairman of the Filipino umbrella organization Bayanihan Council. — KBK, GMA News

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