BSP execs head to HK; urge OFWs to invest

09/09/2008

Overseas Filipino workers (OFWs) in Hong Kong would be the first to benefit from the international leg of the financial literacy campaigns (FLCs) of the Bangko Sentral ng Pilipinas (BSP).

BSP Deputy Gov. Diwa Guinigundo will spearhead the launch of the program at the Bayanihan Center in Hong Kong in a one-day forum on Sept. 14.

BSP Gov. Amando Tetangco Jr. said the event is part of their on-going program to serve those who are currently unbanked or underserved by formal financial institutions.

He said the program aims to inform Filipinos such as the OFWs and their beneficiaries the importance of savings and alternative opportunities where they can park their funds.

“Financial education is key to unlocking the potential of remittances as a tool for development in countries like the Philippines with a large segment of the population employed overseas,” he stressed.

The central bank, through the FLCs, also aims to help OFWs to prepare for their eventual reintegration into the economy, he added.

BSP’s LFC was started in February 2006 and was brought to 24 key cities nationwide.

Its international leg will be held in coordination with the Department of Foreign Affairs, National Reintegration Center for OFWs, Overseas Workers Welfare Administration, Department of Trade and Industry and Philippine Stock Exchange.

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