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Manila Bulletin devider Philippines devider National devider DMW, SEC to educate OFWs on financial literacy, wise investment

DMW, SEC to educate OFWs on financial literacy, wise investment

Published Oct 14, 2023 09:30 am

The Department of Migrant Workers (DMW) has partnered with the Securities and Exchange Commission (SEC), for the financial literacy and investor protection for overseas Filipino workers (OFWs) and their families.

DMW officer-in-charge Undersecretary Hans Leo J. Cacdac said the move is aimed educating the OFWs and their families on investment in a bid to encourage them to protect their hard-earned money amid the proliferation of investment scams.

The partnership was sealed with the Memorandum of Agreement signed between Cadac and SEC Chairperson Emilio B. Aquino.

“We are thankful for this meaningful and strong partnership in promoting financial literacy and investor education among OFWs and their families. We are aware that our OFWs need information on how to make wise investment decisions and in fighting investment scams,” Cacdac said.

Aquino, for his part, said the partnership is also in recognition of the contributions fothe OFWs in fueling the Philippine economy. 

Citing Bangko Sentral data, Aquino said, personal remittances from OFWs has already reached US$20.9 billion as of July 2023. 

“We are delighted to partner with the DMW in educating and protecting our OFWs who serve as a pillar in our nation’s economic transformation. In honor of our OFWs’ heroic act for their families, and for our country, we have long endeavored to deepen their financial literacy and inclusion through investor education,” Aquino said.

Aquino explained that the agreement seeks to empower OFWs and their families by helping them make wise and informed financial and investment decisions. 

It will be implemented through the SEC's Capital Market Promotion and Awareness Inter-Agency Network, a network of partner organizations from the public and private sector with a shared mission to promote financial literacy and investor education among Filipinos.

On the part of the DMW, Cacdac said the department will provide the necessary logistical requirements of the activities, including the participation of OFWs and their families, while the SEC will take the lead in implementing the Project, including the development of modules, programs, and course design for financial training and seminars.

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