DMW, DOF launch financial literacy drive for OFWs and families
The Department of Migrant Workers (DMW) and the Department of Finance (DOF) have teamed up to roll out financial literacy programs aimed at helping Filipinos working abroad and their families manage their money better.
Migrant Workers Secretary Hans Leo Cacdac and Finance Secretary Ralph Recto met in Manila to discuss how the government can provide long-term financial support to migrant families.
The joint effort will provide guidance on government-backed savings and investment options such as MP2 savings, SSS investments, retail treasury bonds, equity funds, and exchange-traded funds.
'This initiative will empower OFWs to protect their hard-earned money—whether they send it home, invest it, or use it for important purchases,' Cacdac said.
Recto explained that understanding financial concepts like exchange rates and inflation can help overseas workers make better money decisions.
'They should understand how exchange rates, tariffs, and market conditions affect their purchasing power and savings,' he said.
Financial literacy teams are expected to be deployed to major OFW hubs in the Middle East by November.
In a related move, Recto also signed a Joint Administrative Order with the DMW and the Bureau of Customs to protect Filipinos in the shipping sector from scams and fraudulent practices.
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