DMW laments low banking presence of OFWs

DMW laments low banking presence of OFWs
SunStar File Photo

OVERSEAS Filipino workers (OFWs) are earning but only a few are using banks to save them.

The Department of Migrant Workers (DMW) said only half of the OFW population have presence in local banks.

"We have less than 50 percent of our OFWs saving in banks or deposit their money in banks, including their families," said DMW Secretary Hans Leo Cacdac in a televised public briefing.

"It is necessary to deposit their money in banks so that they will have savings," he added.

The DMW chief said this is the reason why they are looking to enhance financial literacy among OFWs.

"We want to strengthen the financial literacy of our OFWs as part of our reintegration program and services," Cacdac said.

Aside from saving in banks, he said such a program can help OFWs make proper investments of their hard-earned money abroad.

"We want to enhance their knowledge in investing, such as in the Philippine Stock Exchange, so that they will have what we call passive income," said Cacdac.

There are an estimated 2.33 million overseas Filipino workers worldwide. (HDT/SunStar Philippines)

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