Posted at 11/11/2011 10:43 AM | Updated as of 11/11/2011 12:37 PM
The study made by the Social Enterprise Development Partnerships
Inc. (SEDPI) also showed that most or around 80% of Filipinos working
abroad overspend on investments on houses and home improvements.
Also, 8 out of 10 do not have savings and are unable to prepare for
their retirement or return to the country and are caught in a cycle of
debt and poverty.
The study also showed that only 5% save a fixed amount regularly and about 15% save monthly but not with a fixed amount.
These worrying statistics was told to ABS-CBN Europe at SEDPI's
financial literacy seminar for Filipino workers in Oslo, Norway last
November 5.
According to Vincent Rapisura, CEO of SEDPI, it is a sad phenomenon
that OFWs do not enjoy financial stability despite years of working
abroad.
Pressures from family members for regular remittances and investing
in idle assets (such as houses) have contributed to bankruptcy and
financial insecurity for most OFWs.
He also told the participants of the seminar, mostly those working
as au pairs in Oslo that it is important to set boundaries when it comes
to sending remittances.
"Ginagawa kayong insurance ng inyong pamilya di ba?" he asked.
He also has three pieces of advice to Filipinos who are working abroad or are planning to work abroad.
First, they must make their goal for going abroad very clear and
discuss this with their family. If the goal is to send the children to
school, the OFW should be able to go home after this goal is achieved.
Another is to learn the discipline of saving money and lastly, acquire
insurance cover to prepare for eventualities.
He also told the participants that unless they have these things,
they should think twice before they send all their money back home.
Rapisura said that Filipinos working abroad should set aside up to 3
to six months of their monthly salary as emergency savings and should
hold a 10-year insurance and health cover for themselves to ensure that
they are protected from economic shocks.
It is also important, he said, for OFWs to be realistic about their
financial position and set a financial goal in order to plan for
financial security in the future.
Asked if these harsh advise had led to economic backlash from
families back home, Rapisura said that on the contrary, families in the
Philippines learn to understand the predicament of their relatives and
has ironically led to closer family ties.
When ABS-CBN Europe asked some participants on the relevance of the
seminar to their life situation, some seem to have taken the
information to heart.
"Every month nagpapadala ako ng 1,000 kroner sa pamilya bilang
tulong sa pamilya ko dahil nandito ako sa abroad. Pero kung hihingi pa
sila ng sobra, siguro may limit na," Carmi Derillo told us.
She also said that she learned how to save money from the seminar.
At 23, she came to Norway to work as an au pair and hopes to save enough to open a business venture in the Philippines.
Jennifer Rarugal, 24 who also works as an au pair also revealed
that she has to struggle with her budget at first since she wanted to
provide for her family's needs.
"Noong una kasi noong pumunta dito sa Norway, iniisip ko lang kasi
ang pamilya ko, na makapagpadala ako, masustentuhan ko sila especially
sa food, kung may nagkakasakit, gusto ko mapagamot agad. (Pero sa
seminar), 'yong isa sa naiintindihan ko na kailangan pala meron kang
perang ipon para makatulong. Paano ka makakatulong kung sarili mo wala
ka naman pera di ba?," she added.
The seminar was organized by the New Filipino Working Group (NFWG)
in Oslo to provide guidance to the au pairs in managing their money.
Jean Langerud, coordinator of the NFWG said that they hope the
seminar will be able to help Filipino workers in Oslo especially the au
pairs to attain financial stability.
"It is a challenge to us Filipinos, on how to manage our money
especially for those who suffer from a culture of deprivation. We tend
to spend on things that we were not able to afford before and that can
lead to overspending and inability to save for the future," Langerud
added.
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