Government contemplates insurance coverage for dollar remittances in this story in the Philippine Star.
In Godofredo M. Roperos's column Ground Level of the Manila Times, he cites that the strong peso hurts the rural economy.
In spite of this, more OFW's are turning to savings to protect their hard-earned peso according to a study by the Philippine Information Agency. IMHO, not a good idea.
OFWs turn investors in Motherland
Roxas City (14 December) -- The family of the Overseas Filipino Workers (OFW) are now investing part of their resources on savings.
The Bangko Sentral ng Pilipinas (BSP) survey shows that instead of spending on consumer goods, the OFW households are now setting aside money for savings.
In the third quarter of the year, 19 percent of the OFW households have already reserved their money for savings, the BSP study showed adding that, the figure has increased from 7.2 percent in the first quarter to 15 percent in the second quarter.
Overseas Workers Welfare Administration (OWWA) Western Visayas Regional Director James Mendiola earlier disclosed that they have already started organizing the OFW families in the different provinces in Region VI.
Mendiola pointed out that the move will not only make an updated inventory of OFWs and their family circle but also an opportunity for the government to train said households and OFW beneficiaries on financial management and entrepreneurship as another alternative source of income.
The recent BSP survey showed that the savings rate among families of overseas Filipino workers have been increasing steadily, indicating a gradual shift in their allocation of household resources
The bulk of the over $14 billion remittance by OFWs into the country were usually spent on food and other household needs, education, debt payments medical expenses, consumer durables and others, the same study revealed.
Only small portions of OFW remittances actually go into savings or are put into investments that would generate more income, the BSP said. (PIA)
No comments:
Post a Comment