Photo: Rex Varona, MFA program coordinator and the seminar participants.
DUBAI: Citing data from the Central Bank of the Philippines (CBP), an international advocacy group for migrant workers said almost all – 97% – of families of overseas Filipino workers (OFWs) rely on remittances to survive such that they would be headed for dire straits in case their breadwinners abroad become jobless, or come home ill; worse, dead.
The Migrant Forum in Asia (MFA), a non-government network of migrant workers, also citing CBP statistics, said only 39 percent of OFW families who receive remittances have savings, while a measly 10 percent have investments.
Such has been the average behavior of OFW families for the past 10 years, said Rex Varona, MFA program coordinator and former University of the Philippines – Diliman Student Council chairman.
He said the remittances become “counter-developmental” if the overseas worker’s dependents use them as an excuse not to work.
“OFW families have very heavy dependency on remittance even for basic needs (food, health, shelter); if the OFW suddenly stops work overseas, majority will not have capacity to sustain their life because only 45% have savings while only 13% have investments; an overwhelming majority don’t have social protection/security,” Varona said.
Varona was recently in Dubai to conduct a preparedness seminar at the Philippine Consulate-General for OFWs on migration, development, and reintegration (MDR).
The MFA’s MDR seminar series hope to shift the mindset of OFWs from financial illiteracy to preparedness when they finally have to go back to the Philippines for good. During the seminar, Varona encouraged OFWs to open a savings account as well as maintain their provident savings, like Pag-IBIG, SSS and PhilHealth.
The day-long seminar, first of its kind in the UAE, was participated in by over 40 key Filipino community leaders.
