BPI advises OFWs to open bank accounts, invest

Bank of the Philippine Islands (BPI) is encouraging overseas Filipino workers (OFW) to open bank accounts and invest in securing their finances.

Ritchie Farinas, Overseas Customer Segment Division Head of BPI, noted that “ ... recent studies have shown that overseas Filipinos’ money habits are rather grim.”

The Bangko Sentral ng Pilipinas’ second quarter Consumer Expectations Survey showed that only 33.9 percent of households that received OFW remittances allot money to savings, and only 5.2 percent have investments.

Filipino Times, a UAE-based news outlet, reported that eight out of 10 OFWs are not saving their money for retirement, according to BPI.

Farinas said overseas Filipinos, who are challenged by saving and investing, should look for bank services that will help them not only send money back home, but also make it easier for them to save and invest.

“OFs should really learn how to manage their finances well because no matter how much they earn, money can be easily spent. There are also different ways to send money back home, and some can be more expensive than others,” he said.

BPI has been taking some steps to help overseas Filipinos become more financially stable and secure, he said.

“Through a needs-based approach to financial education and planning, BPI aims to bridge the gap between remitters and beneficiaries,” Farinas said. —Ted Cordero/VDS, GMA News