Every year, the Philippines welcomes billions of dollars in cash remittances, with a substantial portion originating from hardworking overseas Filipino workers (OFWs).
And each year, the volume of remittances continues to rise. In the past year alone, remittances surged to a record-breaking USD 37.2 billion, marking a 3 percent increase from USD 36.1 billion in 2022.
This mirrors the heartfelt dedication of overseas Filipinos to provide for their families back home through hard-earned remittances sent regularly. While their intentions are commendable, it’s crucial to move beyond the ‘puro pera padala’ mindset and prioritize savings for the future.
Remit to Save for a Better Future
According to a 2014 survey with 2,200 Filipino respondents by The Filipino Times and Philippine Property Exhibition Investment (PPIE), only two out of 10 Filipinos were planning to invest. Now, Filipinos are changing the narrative. A 2024 survey showed that eight of 10 OFWs are thinking of saving and investing, primarily investing in property (62%), businesses (58%), insurance (30%), and equity/debt funds (27%).
“Our role is to help our clients and depositors save for a better future, progress in life, and achieve their dreams. Customer obsession is our battle cry. We transform the way we engage with our clients,” Ginbee Go, Head of Consumer Banking at the Bank of the Philippine Islands (BPI), told The Filipino Times, in a recent interview.
“Ang ating mga OFWs, maraming pangarap yan. That’s why we are making it easy for OFWs to open a BPI account in the UAE, so they can effortlessly send money to their families in the Philippines who also want to save with their BPI accounts. Saving is teamwork!” she added.
“Hindi lang importante ang magpadala o mag remit para sa day-to-day. Importante rin ang magtabi para sa kanilang kinabukasan,” Go emphasized. “We don’t want na after all these years na nagsakripisyo ang overseas Filipino workers, pag-uwi nila, ganun pa rin [ang buhay].”
As the first bank in the Philippines and Southeast Asia, BPI has been serving its clients with excellence for 173 years this August 1, 2024.
In its latest mission to support overseas Filipinos, BPI began a new initiative in Dubai, aimed at helping OFWs in the United Arab Emirates (UAE) save and manage their finances effectively. This effort underscores BPI’s enduring commitment to empowering Filipinos worldwide with innovative banking solutions and financial literacy.
Caring about what OFWs care about
Many Filipinos leave their families and live abroad to earn a living, enduring the vast distance that separates them from their loved ones. BPI is customer-centric and understands this emotional sacrifice, which is why they selected a brand ambassador who genuinely connects with OFWs—someone who intimately understands the feeling of being part of a family.
In the BPI POP (Pamilyang OFW Party), BPI has taken a significant step by bringing the renowned, award-winning Filipino actor and comedian, Michael V., affectionately known as “Bitoy,” to the UAE.
Not only did Bitoy entertain with laughter and jokes, but he also inspired many Filipinos to save during the event. He embodies the resilient spirit of a Filipino who aspires to secure a positive future for his family.
BPI is not just transforming individual lives; they are on a mission to build a better Philippines—one family, one community at a time. Bitoy is living proof that saving makes a family’s future better. As each family thrives through financial literacy, the Philippines becomes a stronger and better place.
“He’s our brand ambassador for the overseas Filipinos because siya mismo, ang kanyang tatay, nag-OF,” Go said. “Naiintindihan niya kung ano ang hirap na pinagdaanan ng kanyang nanay at tatay para maitaguyod sila,” she added.
The world is your oyster
Having a BPI account has greatly simplified life for OFWs especially with the BPI App that lets OFWs do more. Sending money to family members in the Philippines is easier and fee-free. Additionally, paying bills for water, electricity, and internet in the Philippines is more cost-effective through BPI. Soon, the app will also track BPI credit card transactions.
Overseas Filipinos no longer need to return to the Philippines to open a BPI bank account. They can do so easily in the UAE—in just five minutes! Simply download the BPI app from the App Store or Play Store, use one ID to register, and there you go! You are now part of the BPI family!
A financially literate family
Being a BPI app user also gives you access to its unique Track and Plan feature, providing insights into your savings and spending. For instance, if you remit a significant amount of money to your bank account, the app will suggest exploring alternative investments to maximize your funds. Similarly, if your expenditures are high, it offers advice on how to save more effectively.
However, the goal is not only to make OFWs financially literate but to extend this knowledge to their family members in the Philippines as well. Go urged OFWs to encourage their loved ones back home to open a BPI account and engage with their branch personnel for financial guidance.
As overseas Filipinos send remittances, their families in the Philippines save these funds. As the saying goes: “It takes two to tango.” Saving money for a better future is a shared responsibility between OFWs and their families—it’s teamwork.
This solution not only transforms the lives of hardworking OFWs abroad but also uplifts the prospects of their loved ones back home, who should equally strive for a better tomorrow.
BPI POP in Dubai: A celebration of OFWs
The BPI POP (Pamilyang OFW Party) in Dubai, in partnership with New Perspective Media Group with The Filipino Times as its media partner, was a resounding success, drawing a large number of Filipinos. Attendees not only engaged in a variety of enjoyable activities but also seized the opportunity to open their BPI bank account directly in Dubai.
At the event, attendees enjoyed featured games like Bingo, offering chances to win exciting prizes, and the thrilling “roleta,” exclusively for new BPI account holders. They also engaged in activities such as “POP-a-throw,” “POPchinko Ball,” “POP-bilisan,” and the classic “Bring Me” game.
They also had a lively Zumba dance session with one another as well as the famous, multi-award comedian and actor, Michael V, also known as “Bitoy.”
The event was graced by notable speakers, including Hon. Marford M. Angeles, Consul General of the Philippine Consulate in Dubai, who delivered the opening remarks. Dr. Karen Remo, CEO and Founder of New Perspective Media Group, gave an inspirational message, while Janice Ty, BPI Overseas Filipino Segment Head, discussed “BPI para sa Mas Magandang Bukas, Saan Man sa Mundo.” Ginbee Go concluded the event with heartfelt closing remarks, highlighting BPI’s commitment to supporting OFWs.
A hope for a better future
The BPI POP event in Dubai concluded not merely with a social dinner, but with a profound sense of unity and hope for the future.
Attendees departed with more than just memories; they left equipped with the financial tools and knowledge to secure a brighter tomorrow for themselves and their families. Many were happy and excited to learn more about BPI and eagerly opened their accounts, embracing the bank’s innovative solutions.
BPI’s dedicated support for OFWs underscores a broader mission: to build a financially empowered and resilient Filipino community, no matter where they are in the world. This event was not just a celebration, but a testament to the enduring spirit of OFWs and BPI’s unwavering commitment to their success and well-being.
