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BSP Brings Financial Literacy Campaign to Overseas Filipinos in Singapore

10.13.2008

The Bangko Sentral ng Pilipinas (BSP) will conduct the second international roadshow of its Financial Literacy Campaign (FLC) for overseas Filipinos in Singapore on 18-19 October 2008.  The first international roadshow was successfully conducted in Hong Kong on 14 September 2008 with the active participation of 131 overseas Filipino workers and 23 representatives from banks and non-banks, media, and the Philippine Consulate in Hong Kong.

BSP Officer-in-Charge Nestor A. Espenilla, Jr. said that the FLCs are part of the BSP’s advocacy program that aims to reach out to overseas Filipinos and their beneficiaries who may be currently unbanked or underserved by formal financial institutions.  The program emphasizes the importance of savings and informs participants of alternative opportunities for their remittances, such as placements in financial instruments, investments in business ventures.  Participants are also apprised of essential tips to protect their remittances and investments.

Two FLC sessions will be held to reach out to more overseas Filipinos in Singapore.  Specifically, FLC sessions will be held on Saturday, 18 October 2008, 8:30 a.m.-2:00 p.m. at the YMCA Auditorium, Orchard Road; and on Sunday, 19 October 2008, 1:00-6:00 p.m. at the Singapore Management University, Ngee Ann Kongsi Auditorium, School of Accountancy, 60 Stamford Road, Singapore.

The conduct of the FLC, led by Deputy Governor Diwa C. Guinigundo, is spearheaded by the BSP.  This endeavor is held in close coordination with government agencies and other partner institutions such as the Department of Foreign Affairs as represented by the Philippine Embassy in Singapore, the Department of Trade and Industry, the National Reintegration Center for OFWs, the Overseas Workers Welfare Administration, the Singapore Management University, the Philippine Bayanihan Society in Singapore, the Philippine Stock Exchange, the Philippine Franchise Association, and commercial banks in Singapore.

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