Less than half of overseas Filipino workers (OFWs) have opened local bank accounts, the Department of Migrant Workers (DMW) announced on Monday, as the agency aims to educate more overseas workers on investing their earnings before retirement.
“Less than 50 percent have bank accounts,” DMW Secretary Hans Cacdac stated during an interview with state television PTV. “Kailangan talaga na yung binabalik na pera o yung nireremit na pera ay iniimpok sa bangko,” he emphasized, highlighting the importance of saving remitted money in banks.
To address this issue, the DMW has been conducting financial literacy seminars for OFWs and offering loans and grants to distressed overseas workers to help them start anew upon their return to the Philippines. “Binibigyan sila ng pondo pang negosyo,” Cacdac said.
Additionally, the DMW is encouraging domestic workers to come home and become public school teachers. “May 1,000 every year na pumapasok sa programang iyon,” Cacdac shared, noting the annual participation in this program.
The DMW is also providing livelihood training at national and regional reintegration centers. Furthermore, the department is developing other programs to cater to professionals who wish to return to the Philippines to teach or work in local hospitals.