Genie T. Gloria, senior vice president and head of remittance of BDO Unibank, Inc. said financial education is an invaluable gift to give the OF market and their beneficiaries because there will come a point where these workers abroad will return to their home country and choose to become entrepreneurs.
“Raising their financial knowledge should start at the onset, meaning, we teach them what they can do with their hard-earned money by allocating a portion to savings and looking for investments which can serve their long-term goals,” said Gloria.
BDO Remit visits universities to teach young adults, whose parents may be an OF, to take care of the money remitted to them. They also do financial education activities in various barangays to orient people, particularly the unbanked, about the importance of being a part of the formal banking system.
“Apart from these efforts, we also continue to participate in the pre-departure orientation seminars (PDOS) done by the Overseas Workers Welfare Administration (OWWA), by helping the departing OFs to have a better financial behavior,” noted Gloria.
Since starting the financial education advocacy in 2014, she said BDO Remit has noticed a significant improvement in the saving approach of the OFs as indicated by the growth in their monthly savings.
“They are saving more now and they know their priorities and goals. For us, this improvement is a testament that this advocacy of ours is working well for them,” added Gloria.
BDO Remit currently has two million BDO Kabayan Savings account holders, a product it introduced in 2006 to encourage OFs and their beneficiaries to save and eventually allow them to qualify for other banking products such as loans, as their lives flourish.
Celebrating the OFs and families
Pamaskong Handog is BDO Remit’s way of giving back and recognizing OFs for their trust and loyalty as BDO Kabayan Savings account holders.
“With many overseas Filipinos coming home during the holiday, we take the season as an opportunity to honor and pay tribute to their hard work and sacrifice to care for their families even if it means being away from them and taking on unique jobs in other countries,” said Gloria.
Now on its 8th year, Pamaskong Handog will be held separately in Cebu, Davao, and Pampanga this month, with SM hosting the venues.
“We are also grateful for our other partners Kultura, Miniso, Jollibee and Goldilocks, as well as WorldRemit, MoneyGram, Western Union, and Small World for being one with us in supporting our overseas Filipinos and their families through Pamaskong Handog,” she added.
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