Sen. Cynthia Villar today stressed the need for overseas Filipino workers to learn how to save and invest their hard-earned money following a survey showing a decline in the number of OFW’s household allocating remittances for savings and investment.
“We already heard countless stories about OFWs who after working for a long time abroad, went broke because they had no savings or alternative way to earn. Programs should be initiated and regularly held to help our OFWs become successful even without employment abroad,” Villar said.
Villar cited the results of the Consumer Expectations Survey for the Third Quarter 2015 conducted by the Bangko Sentral ng Pilipinas saying OFW households are saving less from 49.7 percent in the second quarter to 38.2 percent in the third quarter.
The percentage of OFW households allocating for investments also fell to 6.2 percent in the third quarter from 6.7 percent in the second quarter.
“The mindset should not be working abroad for the remainder of their life. There should be a viable plan upon return to the Philippines that would make their earnings abroad grow,” the chair of the Committee on Agriculture and Food, and Committee on Government Corporations and Public Enterprises added.
Villar said Villar SIPAG (Social Institute for Poverty Alleviation and Governance) partnered with Go Negosyo to provide a venue for OFWs and their family to gain knowledge and information on starting a business and entrepreneurship.
The 5th OFW and Family Summit with the theme “Ipon Mo, I-Negosyo Mo,” will be held on November 26, 7 am to 4 pm at the World Trade Center, Pasay City.
“The summit has become an annual gathering of OFWs and their dependents where participants acquire business insights from success stories of fellow OFWs and self-made businessmen. It is also a venue allowing participants to interact with the different government and private institutions offering opportunities for investment,” Villar said.
Entrance to the summit is free. Interested parties should register online at ofwsummit2015.villarsipag.org
Aside from the precious advice on entrepreneurship, participants will also have a chance to take home a house and lot from Camella Homes, business franchises from Kettle Korn, sari-sari store package from All Day, home appliances from Savers and business packages from event partners and sponsors.
Among the invited speakers are Zarah Juan (Green Leaf Eco Bags), Rosalie Ellasus (Philippine Maize Federation), Antuza Refalda (Kalinga Brew), Randell Tiongson (Director, Registered Financial Planner Institute Philippines), Benel Lagua (EVP & Chief Development Officer, Development bank of the Philippines), Angelo Jimenez (EVP, Asia Pacific Basin for Energy Strategies), and Susan Ople (Head, Blas F. Ople Policy Center and Training Institute).
The senator will give the inspirational message in the summit, while Go Negosyo’s founding trustee Joey Concepcion will deliver the opening remarks.