SORSOGON UNITED

When we unite, We make our life better

OFWs investing more

by Jun Vallecera / Businessmirror
THEY may still account for a fractional minority, but the number of families of overseas Filipino workers (OFW) that set aside a portion of their monthly allotment as investments is growing, the Bangko Sentral ng Pilipinas (BSP) said.

From only 5.8 percent of OFW families surveyed in January, their number swelled to 7.2 percent in the latest data that measures in general the confidence of Filipino consumers in April.

Deputy BSP Governor Diwa C. Guinigundo noted the growing number following the release of consumer confidence data which showed a slight weakening in the second quarter of the year.

“Those households using remittances for investment purposes increased to 7.2 percent from 5.8 percent,” he told reporters. Total remittances from an estimated 8 million Filipinos abroad reached a total of $17.3 billion in 2010.

Nevertheless, the percentage of households that allocated portions of their remittances to savings went down to 38.0 percent during the survey period from 50.4 percent three months earlier, Guinigundo said.

The great majority of households, or 96.3 percent of total, use the money for food; and 64.2 percent spend the money for the education of their children.

Covered by the latest survey are 5,706 households, a little over half of which (3,104 or 54.4 percent), are from Metro Manila.

Traditionally, the bulk of families receiving foreign-exchange earnings of family members working overseas are neither known much as savers or investors.

However, the number of families that do invest some of the repatriated money in small enterprises or financial tools has steadily grown in small increments, the BSP noted.

Most savings are in the form of bank deposits that earn very little interest over time, as most remittance recipients are not financially sophisticated.

The BSP is confident, however, that the OFW families would in time invest their savings in a wider menu of options as the continuing financial literacy campaign championed by the central bank begins to bear fruit—both in the country and among the migrant workers reached by the seminars in labor-hosting countries.

The campaign has gone to Hong Kong, Dubai and other parts of the Middle East, among many territories where thousands of overseas Filipinos work in various fields of endeavor.

Banks such as the privately-owned Security Bank and HSBC have also conducted financial literacy campaigns of their own to parallel efforts the BSP pioneered in much earlier.

Some sophisticated banks and financial institutions have crafted innovative products aimed at securing part of the monthly flows. For instance, global insurer Axa Life Insurance and Investments is preparing a new product just for OFWs—one that guarantees uninterrupted remittance if something bad-—and hopefully transitory—happens to family members working overseas and cuts off the remittance flow.

Such a product has yet to muster the approval of the Insurance Commission, Axa officials said.

Filed under: Business, Business Ideas for OFW Families, Invest in Sorsogon, Kwentong OFW, OFW Corner,

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 918 other followers

SHARE THIS BLOG!

Bookmark and Share

RSS DAILY INSPIRATIONAL QOUTES

  • Inspirational Thoughts and More
    If you are looking for inspiration or you have some to share, you will find something on the Inspirational Thoughts and More page to meet your needs.

RSS OUR DAILY BREAD

  • Listeners and Doers
    The phone rang in the night for my husband, a minister. One of the prayer stalwarts in our church, a woman in her seventies who lived alone, was being taken to the hospital. She was so ill that she was no longer eating or drinking, nor could she see or walk. Not knowing if she would live or die, we asked God for His help and mercy, feeling particularly conce […]

RSS Daily Verse

  • Romans 5:3-5
    More than that, we rejoice in our sufferings, knowing that suffering produces endurance, and endurance produces character, and character produces hope, and hope does not put us to shame, because God's love has been poured into our hearts through the Holy Spirit who has been given to us.

Archives

Categories

UPCOMING EVENTS

RSS THIS DAY IN HISTORY

  • December 03, 1947: A Streetcar Named Desire opens on Broadway
    On this day in 1947, Marlon Brando’s famous cry of “STELLA!” first booms across a Broadway stage, electrifying the audience at the Ethel Barrymore Theatre during the first-ever performance of Tennessee Williams’ play A Streetcar Named Desire. The 23-year-old Brando played the rough, working-class Polish-American Stanley Kowalski, whose violent clash with Bla […]

RSS PIA-SORSOGON

  • CamSur guv strengthens fight against drugs through CASUROG Program November 28, 2016
    By Ana-Liza S. MacatangayPILI, CAMARINES SUR, Nov. 28 (PIA) --- Various efforts to curb the ill-effects of illegal drugs have already been implemented by the provincial government of Camarines Sur in response to the directives of President Rodrigo Roa Duterte immediately following his assumption of office in June 30.Governor Miguel “Migz” Villafuerte recapit […]
    Philippine Information Agency Regional Office V
  • DILG’s MASA MASID regional launch in Bicol November 28, 2016
    By Ana-Liza S. MacatangayNAGA CITY, Nov. 28 (PIA) -- With the war on drugs now in full swing across the country, the Department of Interior and Local Government (DILG) inched another step forward to ensure that the campaign will be relentlessly pursued with the help of more stakeholders and volunteers.DILG BIcol has  spearheaded the regional launch of “Mamam […]
    Philippine Information Agency Regional Office V
  • Police, military operatives discover ‘shabu lab’ in Catanduanes November 28, 2016
    VIRAC, Catanduanes, Nov. 28 (PIA) -- Bicol regional director PCSupt. Melvin Ramon G. Buenafe of the Philippine National Police (PNP) has confirmed yesterday, Nov. 27, the discovery of a clandestine shabu laboratory at Barangay Palta Small in this municipality.According to PCSupt. Buenafe, said laboratory was secured in a joint operation of Catanduanes Police […]
    Philippine Information Agency Regional Office V
  • DOH promotes HIV awareness on Albays LGBT community November 25, 2016
    By Julius B. EmbileLEGAZPI CITY, Nov. 25 (PIA) – Through the combined efforts of the Albay province’s lesbian, gay, bisexual, and transgender (LGBT) community and the Department of Health (DOH), Legazpi City hosted the Bicol region’s first LGBT Convention with the objective of addressing the threat of ‘human immunodeficiency virus’ (HIV) upon the LGBT commun […]
    Philippine Information Agency Regional Office V
  • Bicolano seaman notches top spot in NRCO business plan competition November 25, 2016
    LEGAZPI CITY, Nov 24 (PIA) --  A Bicolano seaman from Manito Albay bagged the P.5 million top prize for the 2016 Business Plan competition  of the National Reintegration Center for OFWs - Integrated Seaman of the Philippines (NRCO-ISP).“It’s a lucky time for Bicol. This is another national award by year-end.” DOLE Bicol officer in charge Atty. Ma. Karina Per […]
    Philippine Information Agency Regional Office V
  • PIA to modernize, evolve with the digital world – DDG Villar November 24, 2016
    By Julius B. EmbileLEGAZPI CITY, Nov. 24 (PIA) – Introducing a fresh direction on the Philippine Information Agency’s (PIA) functions, the agency’s new deputy director general Gregorio Angelo Villar stressed on the agency’s plans of having its offices to grow and evolve with the modern world, specifically with the rapidly rising digital media.Villar visited […]
    Philippine Information Agency Regional Office V
  • DOT Bicol to lead 'Orange your Icon-Cagsawa Ruins' campaign for VAW-free community November 23, 2016
    LEGAZPI CITY, Nov. 23 (PIA) -- The Department of Tourism (DOT) in Bicol will lead this year's 18-day campaign to end violence against women (VAW) from November 25 to December 12, 2016 to strengthen the anti-VAW advocacy by enjoining new audiences to join the cause and be an instrument to spread awareness on VAW.DOT Bicol regional director Maria Ravanill […]
    Philippine Information Agency Regional Office V
  • BMC launches “Youth Name it” competition November 22, 2016
    Ana-Liza S.MacatangayNAGA CITY, Nov. 22  (PIA) --- To actively engage the youth in raising awareness on early teen pregnancy, including key reproductive health issues, substance abuse and other prevailing health concerns affecting the youth, the Bicol Medical Center (BMC) recently opened the BMC Teen Wellness Center.The teenage-friendly facilities in the cen […]
    Philippine Information Agency Regional Office V
  • PNP double barrel "Alpha" reaps 111 arrests, 16,216 personalities surrender in Bicol November 22, 2016
    By Julius B. EmbileLEGAZPI CITY, Nov. 22 (PIA) – Nearly a month after its full implementation, the "Project Double Barrel Alpha" of the Philippine National Police’s (PNP) in the Bicol region continued to yield results after its expansion from illegal drug pushers and users to high-value targets in the drug trade.Last October 25, based on the comman […]
    Philippine Information Agency Regional Office V
  • Albay, DA reaffirm ties to boost agri-fishery sector November 22, 2016
    LEGAZPI CITY, Nov. 22 (PIA) – The Department of Agriculture (DA) Bicol regional office and provincial government of Albay have reaffirmed their strong partnership in improving the lives of farmers and fishers as well as the aqua marine industry in the province.In the recently held management meeting, Albay Governor Al Francis Bichara and DA-Philippine Rural […]
    Philippine Information Agency Regional Office V

FIND OUT MORE! EXPLORE THE BEAUTY OF SORSOGON!!

 

Calendar

eRADIO-SORSOGON

pbndzmssorsogon.blogspot.com  

RSS THIS DAY IN HISTORY

  • December 03, 1947: A Streetcar Named Desire opens on Broadway
    On this day in 1947, Marlon Brando’s famous cry of “STELLA!” first booms across a Broadway stage, electrifying the audience at the Ethel Barrymore Theatre during the first-ever performance of Tennessee Williams’ play A Streetcar Named Desire. The 23-year-old Brando played the rough, working-class Polish-American Stanley Kowalski, whose violent clash with Bla […]

PESO EXCHANGE RATES TODAY

OFW-ONLINE SERVICES

poea.gov.ph
 

ARE YOU LOOKING for a JOB?

jobsdb.com
 
jobsdb.com
 
jobstreet.com

nrco.dole.gov.ph   poea.gov.ph         phil-job.net  

   
    sorsogonunited.wordpress.com    
sorsogonunited.wordpress.com   sorsogonunited.wordpress.com
   

Proud to be pinoy

Bicol Blog Community

SORSOGONUNITED VISITORS

  • 172,190 Hits

FROM AROUND THE GLOBE

Free counters!

SORSOGONUNITED FRIENDS

felipe

Rosanie

TAC-SAKATE-SSC

tac-sakate

Yhen Conde

leizel Diesta

emann dichoso detera

malou balaguer

Sher Deocareza

Vhinz

More Photos

del.icio.us

Top Rated

%d bloggers like this: