Sun-Star: BSP-Bacolod to launch financial literacy for OFWs

The Bangko Sentral ng Pilipinas (BSP)-Bacolod will launch its newest program - the Financial Literacy Campaign for Overseas Filipino Workers (OFWs) on June 28 at the MayFair Plaza. BSP-Bacolod Deputy Director Renato Katipunan said the program is in the light of BSP’s May 2007 figures of OFW remittances of US$ 3.5 billion or about P162 billion at P46 exchange rate level. Katipunan stressed that such bulk of OFWs’ remittances can be converted into a development tool using the banking system, benefiting the worker and his family and the nation in general. Katipunan explained that the literacy campaign will open doors for resident OFWs in all cities and municipalities of Negros, to various alternative investments thus increasing yields of their remittances. According to Katipunan, “Among the banking investment opportunities that will be discussed are the investment climate in general for OFWs here in the homeland, financing options and licensing requirements for Agri-business micro-enterprises and licensing requirements, and other general discussions regarding the country’s business economy." Katipunan further explained that together with the Overseas Workers Welfare Association (OWWA) of Western Visayas, this Thursday’s campaign is part of the BSP’s advocacy to uplift the lives of resident OFWs from poverty alleviation to a more sophisticated level of investment. “We are happy that OWWA chose to partner with us so our OFWs here in Negros can avail of various alternatives to improve their lives further," Katipunan said. Katipunan stressed, however, that available seats are limited and exclusive for OFWs only. That is why, he said, those interested must pre-register with BSP-Bacolod or OWWA, Regional Office at the following contact details: (033) 509-1075 OWWA Regional Office, James Mendiola OIC (034) 434-7754 BSP-Bacolod, Renato Katipunan, Deputy Director. - Sun-Star