GOVPH

Advisory Friday March 18 2022

Paalala

PH Consulate General seminar seeks heightened financial literacy among Filipino diaspora in East China

Shanghai – As a public service, the Philippine Consulate General staged a hybrid in-person/digital Financial Literacy Seminar on 12 March for Filipinos within its area of jurisdiction, featuring registered Financial Planning coach Herbie A. Recato.

Helmed by the Consulate General’s Gender and Development (GAD) Focal Points and its Economic Section, the activity was a follow-up to the Mission’s commemoration of International Women’s Day and National Women’s Month.

Commenting on the gap in overseas Filipinos’ awareness of financial literacy concepts and the challenges prompted by COVID-19’s “new normal”, Coach Recato focused on managing household finances. His engaging presentation trained the spotlight on key concepts on savings and investment and achieving informed financial stewardship. He offered useful practical advice on mindful budgeting, financial prioritization, and delineating household roles, among others.

An animated Q&A followed, as Coach Recato fielded questions from participants present at the Consulate General and from online attendees. The queries spanned the gamut of OF concerns such as post-retirement investments, practical investment tips for young people and entrepreneurs; understanding investment vehicles; avoiding scams, and even properly handling money decisions such as lending to kin in need.

Consul General Josel F. Ignacio stressed the Mission’s resolve to help instill financial acumen and create a ripple effect within the OF community in Shanghai, Jiangsu, Zhejiang, Hubei and Anhui. “Nais nating makapagdagdág-kaalaman sa kababayan, laló’t higít sa kababaihan, na maitaguyod ang pamumuhay sa pamamagitan ng wastóng pananalapî tungo sa maginhawang kinábukásan. Hangarin natin, ‘sana all!’”

According to the Bangko Sentral, OFWs remitted some USD 29.9 billion in 2020. However, only few OFW families save and invest. In Q2 2021, 33.0% of OFW households allotted part of remittances to savings, while only 6.1% allocated part to investments^[1]. The BSP found only a “marginal understanding” of compounding interest, inflation’s effect on household purchasing power, and investing.

The 2022 NWMC marks the culmination of a six-year campaign that began in 2017 on the theme “WE Make CHANGE work for Women”. This year’s sub-theme is “Agenda ng Kababaihan, Tungo sa Kaunlaran”, in furtherance of the drive to have women’s concerns reflected in the government’s development agenda. END