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BSP Conducts Financial Learning Campaign for OFs and their Beneficiaries

07.13.2012

The BSP will conduct a Financial Learning Campaign (FLC) at the BSP Assembly Hall of the BSP main office in Manila on 13 July 2012. Dubbed “Paghahanda sa Kinabukasan,” this will be the fifth FLC to be conducted in Manila where a session has been held every year since 2007.

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 (OFs) 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 are lectures on remittances, financial planning, presentations on investment/business options, including talks on various business opportunities. Information and tips will also be discussed to help OFs avoid financial fraud and scams. Resource persons from various agencies will also discuss various investment instruments available and possible sources of financing. An open forum will culminate the day-long discussions where participants will have the opportunity to engage with the resource persons on issues of interest to them.

The BSP’s FLC has reached out to almost 7,000 participants since it was launched in 2006.  To date, a total of 56 local and 12 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 financial institutions as well as business groups. In the past, international roadshows were also held in cities abroad where there are large concentration of OFs.

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