By Marita Moaje | Philippine News Agency
The Department of Migrant Workers (DMW) and the Department of Finance (DOF) have launched a nationwide financial literacy campaign to equip overseas Filipino workers (OFWs) with the knowledge and tools to manage their finances more effectively.
In a joint initiative unveiled on Tuesday, June 10, Migrant Workers Secretary Hans Leo Cacdac and Finance Secretary Ralph Recto signed a partnership at the DOF office in Manila, aligning their agencies with President Ferdinand R. Marcos Jr.’s call to provide stronger support for Filipino migrant workers.
“This initiative will empower OFWs to protect their hard-earned money —whether they send it home, invest it, or spend it wisely,” Cacdac said, underscoring that financial education is a crucial part of broader welfare efforts for OFWs.
Recto, for his part, highlighted the importance of understanding economic factors, such as exchange rates and market trends, that influence the value of remittances.
While a stronger peso may reduce the peso equivalent of dollar remittances, it also helps curb inflation and boosts the purchasing power of families in the Philippines.
“We must ensure that OFWs know how exchange rates, tariffs, and global conditions affect their money,” Recto said, encouraging exploration of investment options like Pag-IBIG’s MP2 savings, SSS investments, retail treasury bonds, and exchange-traded funds.
DOF Undersecretary Luwalhati Dorotan-Tiuseco announced that financial literacy teams will be deployed to major OFW hubs in the Middle East by November, kicking off the campaign’s international rollout. (PNA)
