Friday, March 28, 2008

A view of one OFW experience in financial literacy



I found this at Youtube a video on an interview with an OFW. Economic Resource Center for Overseas Filipinos, Inc. or ERCOF is a non-profit organization in the Philippines which emphasizes in providing provides various services to assist primarily Overseas Filipinos and basically anyone wishing to reside, do business or engage in some form of livelihood or enterprise in the Philippines. ERCOF has been there for on our OFWs guiding them with the proper steps in achieving their goals and mission of providing the knowledge in business and financial planning services as well.

The countless stories of most OFWs were a typical scenario to most of our kababayan who are saving for the future but somehow have no financial understanding on where to invest their money in order to save for their future plans of staying here for good and at the same time engage in business in the Philippines and also reintegration to our workforce.

Somehow I find not necessary for an former OFW to be in reintegrated to the workforce, I know that they have the capability of building a business with an entreprenuerial fervor and at the same time the savings they have made as a capital in their future business. There are things hinder them especially that
most of their savings were spent on things that are not necessary and wisely spent after toiling for few years in the foreign land they are working before. Save and spent without planning is what is happening plus the fact that their relatives where borrowing money and then cannot able to pay them right away so what happens is that debt accumulates and hampers the progression of our OFWs from getting out of the rat race.

I congratulate ERCOF and other Non-government organizations (NGOs) in doing their best in helping our OFWs in their endeavor of reaching their dreams and goal of a sustainable growth for their benefit as well as the helping the Philippine economy afloat. You can visit www.ercof.org for more information on Economic Resources Center for Overseas Filipinos (ERCOF).

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