TIM eMagazine Volume 3 Issue 11 | Page 40

OFW OWWA to OFWs: save more, spend less PITAKA PROGRAM FOR OFWs, signing of the Memorandum of Agreement : Officials of the Overseas Workers Welfare Administration (OWWA) led by Administrator Hans Leo J. Cacdac, Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi Fonacier, and Banco De Oro (BDO) Foundation President Mario Deriquito, sign a memorandum of agreement to improve the financial literacy of overseas Filipino workers through the “PiTaKa, or the Pinansyal na Talino at Kaalaman Program,” at the BSP Hall, Malate, Manila on February 19, 2019. Credit: Dodong Echavez, IPS Credit: Philip Ortaleza Turnover of the Balikbayan Box : Banco De Oro (BDO) Foundation President Mario Deriquito; Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi Fonacier; Overseas Workers Welfare Administration (OWWA) led by Administrator Hans Leo J. Cacdac A new savings and investment program for the overseas Filipino workers was launched yesterday in Malate, Manila to secure their earned money and enable them, including their families, to set spending priorities. The Overseas Workers Welfare Administration (OWWA), in partnership with the Bangko Sentral ng Pilipinas (BSP) and BDO Foundation, signed a memorandum of agreement to improve the financial literacy of OFWs and their families through the PiTaKa or the ‘Pinansyal na Talino at Kaalaman.’  The campaign includes the dissemination of the videos of PiTaKa lessons and messages which aims to equip the Filipino migrant workers and their families with the ability to better manage their remittances and savings or make prudent investments in preparation for a better life should they decide to return and to stay in the Philippines permanently.  OWWA Administrator Hans Leo Cacdac said this program will form better financial behaviors and develop a positive attitude in saving while changing their cultural perspectives about money. 40 “PiTaKa is a reflection of our collective aspirations and desire to help our modern-day heroes and their families in the country for them to have a better understanding of their finances and eventually guiding them for the future,” Administrator Cacdac said. One of the main messages of the campaign encourages OFWs and their families to save at least 10 percent from the received remittances or set them aside for investments. The campaign videos supplement the required Pre-Departure Orientation Seminar (PDOS), additionally tackles the Post-Arrival Orientation Seminar (PAOS) and presents the general guidelines on savings and investments for OFW families. “The videos were crafted to be engaging and creative to reach more OFWs abroad through social media. It will also complement the existing financial literacy initiatives, both of the government and private sectors,” Cacdac added. Through this endeavor, the OWWA also hopes to provide a better future for OFWs where leaving the country will no longer be a matter of choice. Under the program, session guides training kits will be developed, and a Training of Trainers (TOT) will be conducted for OWWA trainers as well as the OWWA Accredited PDOS and PAOS providers to sustain the effective delivery of financial literacy lessons. Credit: Philip Ortalezas At the Press Conference held after the Launching of “PiTaKa” OFWs Saving Program : Banco De Oro (BDO) Foundation President Mario Deriquito; Bangko Sentral ng Pilipinas (BSP) Deputy Governor Chuchi Fonacier; Overseas Workers Welfare Administration (OWWA) led by Administrator Hans Leo J. Cacdac