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BSP Holds a Financial Learning Campaign for OFs and their Beneficiaries on April 27

04.28.2010

The BSP conducted a Financial Learning Campaign (FLC) at the BSP Assembly Hall of the BSP main office in Manila on the 27th of April 2010. This was the second FLC for the year. The first FLC was conducted on 26 February at the University of Rizal System in Pililla, Rizal.

The FLC aims to educate participants on the importance of using remittances to build up savings and directing these into investments in financial products and business ventures. Through this learning advocacy, the BSP hopes to help overseas Filipinos and their beneficiaries achieve financial independence and security, bring them into the fold of the formal financial system, and enable them to participate more meaningfully in the country’s economic development.

The FLC is one of the BSP’s initiatives aimed at improving the remittance environment for OFs and at encouraging the flow of remittances into productive activities. Included in the FLC program were lectures on remittances, financial planning, presentations on investment/business options, including a run-through of the registration requirements for micro-enterprises; and talks on agri-business opportunities. Several helpful tips were also presented to the OFs to avoid possible scams. Resource persons from various agencies discussed alternative investments instruments and sources of financing. An open forum culminated the day-long discussions, where participants were given the opportunity to engage with the speakers on issues of interest to them. In addition to the FLC program, there were a number of “learning booths” that were on display at the FLC venue to inform the participants of helpful tips on financial planning.

The BSP’s FLC has reached out to more than 6,000 participants since it was launched in Cebu City on 28 February 2006.  To date, a total of 38 local and 10 international campaigns have been conducted.  The local FLCs are conducted in close coordination with the Overseas Workers Welfare Administration, Department of Agriculture, Department of Trade and Industry, and other commercial/rural banks. Meanwhile, the international roadshows are held in cooperation with the Department of Foreign Affairs and the Foreign Trade Service Corps of the Department of Trade and Industry.

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