BAP hold financial literacy seminar for Ilocos Norte’s OFW families

By Leilanie G. Adriano

Staff reporter

Laoag City—The Bankers Association of the Philippines (BAP) in partnership with the Ilocos Norte government held a financial literacy education program to families of Overseas Filipino Workers (OFWs) here.

The program, which was free for all concerned, was held March 13 at the Tabacalera Function Hall

The country’s most distinguished speakers and executives from the finance sector “Shared their insights on topics that are relevant in today’s finance conscious Ilocano,” the organizers said.

Part of the discussions included a presentation on how to optimize savings and maximize returns, microfinance loans and investment options.

As part of the continuing program of the Ilocos Norte Investment Office and the Gender and Development Office to promote investment opportunities and livelihood development, the event is expected to empower OFW families to help manage the hard-earned remittance sent by their families abroad.

Over the years, there had been so many unfortunate stories of OFWs who sacrificed to be away with their families only to end up with no substantial savings and investments for the future.

In Ilocos Norte, almost all Ilocano households here have families abroad.

Based on a study conducted by World Bank, financial education and literacy becomes “most effective” when given to OFWs and their families.

To date, the country remains one of the largest recipients of foreign remittances behind India and China with an estimated 20 percent of Filipino households receiving remittances.

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