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.
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“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