NextGen Day

A senator has proposed offering free financial and literacy classes to overseas Filipino workers (OFWs) to give them the skills they need to protect themselves from investment and internet fraud.

The training programs must be provided as pre-departure and post-arrival seminars, according to Senator Raffy Tulfo, who filed Senate Bill No. 2078, or an Act Promoting and Developing Financial Responsibility and Literacy of OFWs.

A lot of OFWs fall prey to Internet and investment fraud. Many OFWs are taken advantage of and conned out of their hard-earned money due to a lack of financial literacy and return to their families empty-handed, according to Tulfo’s explanation note, published on Monday.

He asserted that financial education is essential in giving Filipinos, particularly OFWs, the knowledge and skills they need to make wise financial decisions.

Financial literacy is the capacity to utilize financial knowledge of financial goods like stocks, bonds, insurance, and mutual funds to properly manage personal finances, including budgeting, investing, and insurance.

According to Tulfo, the Covid-19 pandemic made Filipinos aware of the value of having a stable financial situation during periods of economic downturn.

According to his plan, the Pre-Departure Orientation Seminar (PDOS), required for all OFWs, will include training sessions on financial literacy.

Post-Arrival Training Seminars (PATS) on financial literacy must also be completed by OFWs within a reasonable time after arriving in their destination country and signing their first employment contract or by those who switch jobs without first pausing in the Philippines.

The Department of Finance will serve as the lead agency for the PDOS and PATS, working in conjunction with the Department of Migrant Workers, the Overseas Workers Welfare Administration, and accredited PDOS providers across the nation, including the embassies or consulates, as appropriate, in the destination country.

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