The Department of Migrant Workers (DMW) and the Securities and Exchange Commission (SEC) have joined forces to enhance financial literacy and safeguard the investments of overseas Filipino workers (OFWs) and their families.
This partnership is formalized through a Memorandum of Agreement (MOA) signed by DMW Officer-in-Charge Hans Leo J. Cacdac and SEC Chairperson Emilio B. Aquino. This MOA consolidates the expertise and resources of both organizations to disseminate knowledge on fundamental investment principles, financial literacy, and ensuring investor protection.
“We are thankful for this meaningful and strong partnership in promoting financial literacy and investor education among OFWs and their families. Alam po natin na ang mga OFWs at ang kanilang pamilya ay uhaw sa impormasyon on how to make wise investment decisions and in fighting investment scams,” Cacdac said in a statement.
Meanwhile, Aquino emphasized that OFWs play a crucial role in driving the Philippine economy, citing Bangko Sentral data that personal remittances from OFWs had already surpassed US$20.9 billion as of July 2023.
“We are delighted to partner with the DMW in educating and protecting our OFWs who serve as a pillar in our nation’s economic transformation. In honor of our OFWs’ heroic act for their families, and for our country, we have long endeavored to deepen their financial literacy and inclusion through investor education,” Aquino stated.
This agreement aims to empower OFWs and their families by assisting them in making informed and prudent financial and investment choices. Implementation will be overseen by the SEC’s Capital Market Promotion and Awareness Inter-Agency Network, a network of partner organizations from public and private sector with a shared objective of advancing financial literacy and investor education among Filipinos.
The DMW will facilitate logistical needs for the activities, including involving OFWs and their families, while the SEC will spearhead the project’s execution, including the creation of modules, programs, and course designs for financial training and seminars.
The collaboration between these two entities holds great importance and timeliness, considering the rising incidents of OFWs being targeted by investment scams.
