MANILA - Overseas Filipino workers and their families should pay attention to financial literacy in order to grow their money through savings, investments and businesses, a consultant said.
There are cases where OFWs, who used to earn dollars, end up bankrupt or in debt due to lack of financial awareness, said Camille Villarama, a trade exhibit associate at next month's OFW Congress.
"Napakaimportante po na maging well-prepared po sila at well-informed pagdating sa investment at businesses dahil marami tayong kababayan na OFW na meron silang pera pero hindi nila alam kung saan nila ilalagay," Villarama said in a DZMM interview aired on Wednesday.
(It is very important to be well-prepared and well-informed when it comes to business and investments because many OFWs have money, but they don't know where to park it.)
"Ang iniisip natin papaano po pag nagkaroon sila ng mga karamdaman or masyado na silang matanda para mag trabaho?
So mas mainam na habang malakas pa sila at mayroon pa silang pera," she said.
(We are concerned. What will happen if they get sick or they get too old to work? So it's better to do it now while they are still healthy and they still have money.)
Workers abroad can invest in real estate or the stock market, Villarama said. Franchising can also be a good way to start a business, she said.
Expatriate workers and their families are also encouraged to join free seminars like the OFW Congress happening at the Philippine International Convention Center in April.