About Careers Internship MedBlogs Contact us
Medindia LOGIN REGISTER
Advertisement

Philippine Overseas Workers to be Taught to Save

by Kathy Jones on October 11, 2013 at 10:22 PM
Font : A-A+

 Philippine Overseas Workers to be Taught to Save

A project to encourage the families of millions of Filipino overseas workers to save money and use it to develop their home towns is being funded by the European Union.

While Filipino expatriates remitted close to 1.03 trillion pesos ($23.8 billion) to the Philippines last year, only a trickle went into savings accounts, according to United Nations, EU and Filipino officials at the project launch.

Advertisement

"If you look at the Philippines, it's obvious that migration has been a tremendous success story and is driving the economy and its growth... although it has also some issues that need to be addressed," said Hans Farnhammer, operations chief of the EU delegation to the Philippines.

Rebeca Grynspan, associate administrator for the UN Development Programme, said the Philippines was one of eight countries supplying labour overseas that would get funding over the next three years under an $10 million global "migration and development initiative".
Advertisement

The Philippine programme, expected to cost about $900,000, will be funded by the EU and Switzerland and run by the Philippine government's Commission on Filipinos Overseas.

The commission will hire non-government organisations to help local governments design financial training programmes for the families of about 10.4 million Filipinos who live abroad, the commission's head Imelda Nicolas told reporters.

While remittances have helped improve lives in a country that suffers from widespread poverty, Nicolas said just three to five percent of the money went into savings.

"That's very insignificant," she said, adding the bulk was spent on food, medical expenses and tuition fees for their children in school.

"We have to teach the families left behind how to save, how to plan for the future. When they (family members working abroad) decide to retire they'll have savings and investments that they could live on."

The training modules would also teach families of overseas workers where to invest their savings so they could be used to develop their communities, she added.

Source: AFP
Advertisement

Advertisement
News A-Z
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
What's New on Medindia
Monkeypox Outbreak: What it is, How Does it Spread & the Prevention
Seasonal Allergy Medications
How to Choose the Best Eczema-Friendly Moisturizer for Children?
View all
News Archive
Date
Category
Advertisement
News Category

Medindia Newsletters Subscribe to our Free Newsletters!
Terms & Conditions and Privacy Policy.

Most Popular on Medindia

Diaphragmatic Hernia How to Reduce School Bag Weight - Simple Tips Loram (2 mg) (Lorazepam) Post-Nasal Drip Blood Pressure Calculator Iron Intake Calculator Selfie Addiction Calculator Sinopril (2mg) (Lacidipine) Accident and Trauma Care Find a Doctor

Disclaimer - All information and content on this site are for information and educational purposes only. The information should not be used for either diagnosis or treatment or both for any health related problem or disease. Always seek the advice of a qualified physician for medical diagnosis and treatment. Full Disclaimer

© All Rights Reserved 1997 - 2022

This site uses cookies to deliver our services. By using our site, you acknowledge that you have read and understand our Cookie Policy, Privacy Policy, and our Terms of Use