The Bangko Sentral ng Pilipinas (BSP) will launch the international leg of its advocacy program to improve the financial education of overseas Filipinos (OFs) - particularly OF workers - at the Bayanihan Centre in Hong Kong on 14 September 2008. The BSP has been conducting Financial Literacy Campaigns (FLCs) since February 2006 and has brought this campaign to 24 key cities and provinces in the Philippines. It is now expanding the reach of the advocacy program by holding the FLCs overseas where there are large concentrations of OF workers.
BSP Governor Amando M. Tetangco, Jr. said that the FLC for OFs and their beneficiaries is an ongoing program of the BSP to reach out to those who may be currently unbanked or underserved by formal financial institutions. The program underscores the importance of savings and informs participants of alternative opportunities for their remittances, such as placements in financial instruments and investments in business ventures. “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,” Tetangco emphasized. Through this whole-day forum, the BSP also hopes to help OFs prepare for their eventual reintegration into the economy.
The first international roadshow, which will be led by Deputy Governor Diwa C. Guinigundo, will be conducted in coordination with an inter-agency group composed of the Department of Foreign Affairs, National Reintegration Center for OFWs, Overseas Workers Welfare Administration, the Department of Trade and Industry, and the Philippine Stock Exchange. Countries lined up for the international FLC roadshows include Singapore, Saudi Arabia, Japan, and Italy, countries with large concentration of OFs.