DMW, SEC to boost financial literacy, investor protection for OFWs
THE Department of Migrant Workers (DMW) and the Securities and Exchange Commission (SEC) are partnering to boost financial literacy and investor protection for overseas Filipino workers (OFWs) and their families.
DMW Officer-in-Charge Hans Leo J. Cacdac and SEC Chairperson Emilio B. Aquino recently signed a Memorandum of Agreement (MOA) that joins the resources of the two agencies to undertake knowledge dissemination on the fundamentals of investing, financial literacy, and 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.
SEC Chairperson Emilio Aquino, meanwhile, stressed that OFWs are one of the major contributors in fueling the Philippine economy. Citing Bangko Sentral data, Aquino said, personal remittances from OFWs has already reached 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 said.
The agreement seeks to empower OFWs and their families by helping them make wise and informed financial and investment decisions. It will be implemented through the SEC’s Capital Market Promotion and Awareness Inter-Agency Network, a network of partner organizations from the public and private sector with a shared mission to promote financial literacy and investor education among Filipinos.
The DMW will provide the necessary logistical requirements of the activities, including the participation of OFWs and their families, while the SEC will take the lead in implementing the Project, including the development of modules, programs, and course design for financial training and seminars.
The partnership between the two institutions is a timely and significant initiative, given the growing number of OFWs who are falling victim to investment fraud.
