Financial Literacy Archives - Page 5 of 12 - Social Enterprise Development Partnerships, Inc.

SEDPI inks partnership with SSS to bring social safety nets to low income groups

“SEDPI believes that the marginalized sector should be the first to enjoy the benefits of government services,” Vince Rapisura, SEDPI President, said in a statement on the occasion of its Memorandum of Agreement signing with Social Security System (SSS). “Our partnership with SSS will realize this so that low income groups will benefit fron social safety nets of the government,” he added.

Social Security System (SSS), a government-owned and controlled corporation, provides social security protection to all self-employed persons and other qualified Filipino workers against hazards of disability, sickness, maternity, old age, death and other contingencies. On May 2019, SSS signed a memorandum of agreement with SEDPI to intensify the coverage of workers in the informal sector. SEDPI is now accredited and authorized to receive and screen non-collection and collection related transactions for SSS.

Members and their families are now provided easy and convenient access to SSS services through SEDPI. Previously, the service is extended only regular and associate members of SEDPI, as well as their family members, who are at the same time self-employed or voluntary members of the SSS. With the agreement, non-SEDPI members can now also course their voluntary contributions to SSS through SEDPI since it is an authorized collection agent of the institution.

SSS promotion thru SWePP

The Social Welfare Protection Program (SWePP) is the consolidated market-based and indigenous microinsurance and social security program of SEDPI which aims to provide security and financial safety net to members through adoption of various insurance schemes. With the agreement making SEDPI a collection agent, SSS now becomes one of the social security programs under SWePP. Through SWePP, SSS is further promoted to communities and individuals.

Membership to SWePP is open to Filipinos of legal age. Interested individuals should fill up an application form to become SEDPI members. Once filled up, SWePP services could be offered to them. The forms are available online or in SEDPI offices. These are also available during SWePP orientation programs in community gatherings and events of SEDP..

SEDPI members who avail of SWePP may course their voluntary contributions to SSS through SEDPI. It will also assist members in processing claims or benefits from SSS.

SSS promotion to Overseas Filipino Workers (OFWs)

As part of SEDPI’s commitment to promote SSS to marginalized sectors, the organization conducted training events with SSS representatives locally and abroad. Approximately 1,500 microenterprises attended training events promoting SSS in Agusan del Sur and Surigao del Sur. Abroad, around 2,230 participants, mostly domestic helpers, attended training events promoting SSS in Macau, Abu Dhabi, Dubai Doha, Bahrain, Egypt and Singapore. Recently, a series of trainings promoting SSS was held in different countries including Bahrain, Qatar, South Korea, Egypt, Spain, and Switzerland, where around 1,730 OFWs attended.

Most of the events abroad were in collaboration with the Philippine embassies, consulates, Philippine Overseas Labor Office (POLO) and Overseas Worker Welfare Administration (OWWA). The events became an opportunity to encourage Filipinos to patronize SSS and realize the benefits it offers.

Milestones and prospects on SEDPI’s partnership with SSS

At present, more than 800 individuals are registered with SSS thru SEDPI. Their contributions amount to more than PhP390,000.

Last June 2019, SEDPI conducted a training among its staff on the implementation of its SSS service. Targets on SSS registration were also set during the training.

SEDPI looks forward to register and make its members, especially OFWs and microenterprises, to become active members of SSS. With its 8,500 member microentrepreneurs and 500 member OFWs, it plans to register at least 3,000 of these member-clients and investors to remit a total of PhP1.0 million in contributions 2020.

Amplifying SEDPI’s practice: 2019 media highlights

In 2019, SEDPI, with the leadership of its founder and president Vince Rapisura, further enhanced its brand as the premier capacity builder in the fields of social entrepreneurship, microfinance and financial literacy in the Philippines. Apart from the organization’s social media page and video blog, #UsapangPera, the organization was able to reach hundreds of thousands more people through various media engagements, most of which are in television and radio.

GMA News TV and DZBB

Vince Rapisura guested in the television and radio show of veteran journalist, Susan Enriquez, aired on GMA News TV and DZBB on radio. He shared his expertise with the viewers and listeners as he discussed savings and investments.

In another show in the same station, Lala Roque interviewed Vince Rapisura on how to make the most out of 13th month pay and holiday bonuses.

Before the year ended, Vince Rapisura also aired in another program this time with Norie and Tootsie to discuss how to start the year right.

In the various appearances Vince Rapisura reiterated the importance of savings, insurance, and investments. He also promoted social investments, SEDPI’s main advocacy, so that the public may know alternatives from traditional and conventional financial products.

Radyo5 and Cignal TV

Vince Rapisura had several engagements with another veteran journalist, Cheryl Cosim aired via Radyo5 and Cignal TV. They discussed various topics including guidelines and tips in using credit cards, tips to improve financial well-being, and tips on budgeting and saving.

ANC

Award winning journalist, Cathy Yang, interviewed Vince Rapisura on the role of microfinance in climate change adaptation and disaster management. He shared the challenges microfinance inatitutions face during response and recovery as well as emphasized the need for closer collaboration with the local government unit to improve needed basic services in communities.

DZMM

Vince Rapisura also guested several times in DZMM’s Kapamilya Konek with another award winning journalist Jing Catañeda and Susan Afan. He shared good financial tips and money management targeting the OFW market.

Reaching more Filipinos through multimedia platforms

SEDPI strives to reach and educate the most number of people on financial literacy and the value of social investments. The organization seeks to translate the seemingly complicated financial subjects into the popular language to attract more people to take part in the advocacy.

Ultimately, SEDPI works hard to further contribute in the dream of lifting Filipinos out of poverty.

SEDPI pioneers impact investing fora in 9 countries

“I found Vince Rapisura on Facebook and he constantly discusses being a social investor. Through him, I learned that investing can create more value than just mere profit. We can select investments that have a conscious goal of making a positive impact on society,” said a social investor in an online forum.

Impact investing are investments made to companies, organizations and funds with the intention to generate a measurable, beneficial social or environmental impact alongside a financial return. In 2019, SEDPI was able to facilitate several fora in different countries on impact investing. The fora provided alternative investments that have positive impact in the quality of life of marginalized communities in the Philippines.

Furthermore, it provided avenues on how Overseas Filipino Workers (OFWs) could participate in impact investing while protecting their wealth and achieve their financial dreams. Vince Rapisura, president of SEDPI, shared his investments in social enterprises and microfinance institutions and elaborated on how OFWs can participate in these investments. He also showed the financial performance, social impact and repayment history of each investment option.

SEDPI’s impact investing fora were able to reach more than 900 participants in major cities around the world including Hong Kong, Milan, Rome, Dubai, Abu Dhabi, Macau, Tokyo, Singapore, Doha, Madrid, and Barcelona. It was able to gain new social investors and supporters by helping OFWs focus their attention not only in making profits but also putting social and environmental indicators when makinh financial decisions.

Vince Rapisura always reminded social investors, “Impact investing is investing with a heart.” SEDPI will further its engagements with OFWs as well as with other organizations to reach more investors for its ventures that surely has positive impact in poor communities in the Philippines and in the society, in general.

(L)earning Wealth: SEDPI provides financial literacy to thousands of Filipinos here and abroad

“Ang pagyaman, napag-aaralan.” This has been the statement which reverberates in the minds and hearts of every Filipino who underwent SEDPI’s financial literacy training.

Vince Rapisura, president of SEDPI, is slowly becoming well-known as a financial guru helping Filipinos, in and out of the country, manage their money better. In 2019, SEDPI was able to reach and engage thousands of Filipinos from different walks of life in its financial literacy advocacy.

Corporate workers

SEDPI strives to inform Filipino workers about the value of right financial management and planning. Its trainings stress the advantages of being financially prepared in different stages of life through different instruments such as savings, insurance and investments, especially for our workers.

Monde Nissin, the largest noodle manufacturer in the country contracted SEDPI to provide financial advice and guidance to 40 floor assembly line workers and management staff who are near retirement. It was also commissioned to deliver financial literacy trainings to Acer Philippines in May 2019 where 60 participants attended the training.

Non-Government Organization (NGO) workers and members

SEDPI was also able to reach and start a conversation on financial literacy with survivors of domestic violence and NGO workers providing support and services to victims of violence against women. This was made possible through ACTVE and Vital Voices that has a program on financial Literacy and Economic Empowerment for Survivors.

Outreach to OFWs under the care of POLO/OWWA

Not all Filipinos who work abroad find happy endings. A lot find themselves worse off compared ro when they were in the Philippines as they fell victim to illegal recruitment, human trafficking and employer abuse. Then there are also those who work in labor camps who rarely have the opportunity to access capacity building on financial literacy.

Alongside financial literacy events abroad, SEDPU makes sure to conduct outreach programs to these groups, Vince Rapisura, SEDPI president, spearheads this project in collaboration with his army of conVINCErs in various cities worldwide.

The trainings enphasize a message of hope, helping Filipino migrants develop a long-term financial plan to get out of the cycle of debt and jumpstart saving and investing once they reintegrate back to the Philippines. The particioants were given a list of cooperatives where they could become a member and help them start anew.

Nearly 300 OFWs attended the outreach program and were all given free copies of Vince Rapisura’s (L)Earning Wealth book.

Department of Education (DepEd) teachers and students

SEDPI continues to train public schoool teachers and students to improve their financial literacy. In 2019, around 600 DepEd students were given financial literacy trainings though SEDPI’s partnership with PTC-Carlos Salinas Jr. (PTC-CSJ) Foundation. Participants in these trainings came from Muntinlupa National High School, Muntinlupa Alternative Learning System, and Malayan Colleges Laguna.

Financial literacy training was held with the Department of Education’s Division of Malaybalay where more than 1,000 teaching and non-teaching personnel participated.

Moving financial education forward

The year 2019 has been a fruitful year for SEDPI’s financial literacy program. It has been a year full of opportunities to open minds and hearts of people towards better financial management and planning.

There are much more left to to do but the organization is confident that it is able to capacitate more and more people to gradually learn and earn wealth. SEDPI will continue with its advocacy directing people towards financial literacy as well as promoting social investments and social enterprises.

Ateneo OF-LIFE Program: Empowering Overseas Filipino Workers

The Truth about OFWs

When one talks about the Overseas Filipino Workers, they are often described as “mga bagong bayani” or the modern-day Filipino heroes. They are called that way because of how they are contributing to the Philippine economy through their remittances.

More than their financial contribution, though, they are also called “mga bagong bayani” because of their bravery to go outside the country, away from their families and loved ones, to work. As they work and find the money for their families, they also carry with them Filipino values and traditions such as resilience, hard work, hospitality, and “pakikipagkapwa”.

They act as ambassadors of the country, showcasing how fun and friendly Filipinos are to other nationalities. Despite these positive values, one glaring negative trait that most OFWs have is their bad spending habits.

OFWs act as one-day millionaires when going home: buying “pasalubongs” for their entire clan, traveling to beautiful tourist spots, organizing lavish homecoming celebrations, and treating friends and relatives with gifts, sometimes cash. After their vacation, they go back abroad again to work and save. And the cycle goes on, and on.

Once they hit their 60s, they do not have enough savings to live the life they used to have. The sad truth is that OFWs lack foresight and business mindset to secure their financial freedom. They need help and education.

One of the ways to address the needs of these modern-day heroes is through the Ateneo Overseas Filipinos’ Leadership, Innovation, Financial Literacy and Entrepreneurship program (Ateneo OF-LIFE). The Ateneo School of Government, Overseas Filipinos’ Society for the Promotion of Economic Security (OFSPES), UGAT Foundation Inc. and Social Enterprise Development Partnerships, Inc. (SEDPI) implement the program.

Ateneo OF-LIFE aims for Filipino migrants and their families to be united towards supporting each other in becoming empowered and highly respected members of the society, with the conscious mindset to contribute to nation-building.

Educating OFWs

Ateneo OF-LIFE boasts 90 batches in 23 key cities across the world since its inception in 2008 — Rome, Naples, Milan, Florence, Turin, Hong Kong, Dubai, Paris, Brussels, the Hague, Macau, Barcelona, Singapore, Madrid, Cuneo, Amsterdam, Abu Dhabi, Doha, Tokyo, Bangkok, Cairo, Seoul and Geneva.

The program offers 12 formal sessions at each city. These sessions are divided into three main themes: Leadership, Financial Literacy, and Social Entrepreneurship. The three themes are designed to educate the OFWs and their families.

By equipping them with practical knowledge of leadership, participants are encouraged to become servant leaders by highlighting the importance of serving and respecting other people. Further, OFWs also learned the values of active listening, perseverance amidst trials, and the empowerment of others.

Meanwhile, sessions on financial literacy provided the foundations of financial skills such as setting goals, saving, budgeting and investing. Lastly, the social entrepreneurship modules introduced the concept of social entrepreneurship and the potential role of OFWs as future entrepreneurs.

During these sessions, participants learned the necessary skills and knowledge to develop their own social enterprise idea or plan and on how to effectively present this to the public. All of these modules were presented through various training methodologies such as lectures, discussions, mentoring, and workshops.

Empowering OFWs

The program is a testament to the potential of the OFWs to become great contributors to nation-building. By having the knowledge to become servant leaders, by knowing how to achieve financial security, and by creating social enterprises anchored on their personal advocacies, they will amplify the very definition of what modern-day Filipino heroes are.

The impact of the program is seen through how the participants act after the program. Most became community leaders in their host countries, extending assistance to fellow Filipinos overseas.

Many were able to provide focus on their financial goals and began getting themselves out of bad debt, addressed bad spending, accumulated emergency savings and created passive income through investments. Some were able to successfully reintegrate back to the Philippines and implemented their social enterprise plans.

One of the notable participants of the program is Wilma Padura, who was one of the participants of the program in in Hong Kong in 2012. She was one of the awardees of the Bayaning Pilipino Awards in 2016.

In one of her interviews, she posited the importance of giving time for the self, saving for the future, and giving back to the community. These values are reflective of the three modules of the Ateneo OF-LIFE program- signifying how impactful the program is to the participants.

Ateneo-SEDPI Financial Literacy Training of Trainers

The Ateneo-SEDPI Microfinance Capacity-Building Program is mounting nationwide three-day training events entitled “Financial Literacy Training of Trainers”.

The training of trainers is a certification that aims to equip stakeholders from the government and private sector to contribute to the financial empowerment of Filipinos.

Training of Trainers (ToT) focuses on providing various methods and techniques on how to deliver a training course. It equips organizations to perform the training cycle from planning, preparation, implementation and evaluation. Trainer guides of all materials and teaching aids are developed and provided to participants. ToTs are effective means of knowledge, skills and technology transfer from SEDPI-Ateneo to participants and partner organizations.

Attendance in the course may be credited towards an Ateneo Diploma in Microfinance. There will be four (4) batches of trainings to cater to participants in Luzon, Visayas and Mindanao.

Date	Venue
Feb 20 – Feb 22, 2018	Ateneo de Manila University, Loyola Heights, Quezon City
Feb 27 – Mar 1, 2018	National Educators Academy of the Philippines (NEAP), DepEd, Cagayan de Oro
Mar 6 – Mar 8, 2018	Palm Grass Hotel, Junquera Street, Cebu City
Mar 13 – Mar 15, 2018	Ateneo de Manila University, Loyola Heights, Quezon City

The registration fee is Php20,000 per participant. The fee covers the following:

Certificate from the Ateneo de Manila University as having completed the training of trainer course on financial literacy
Three meals and two snacks during the training
Two nights accommodation based on double to quadruple room-sharing
Training materials
Access to online course and messenger application

To register, please fill up this form: Ateneo-SEDPI Financial Literacy Training of Trainers Registration Form

Innovations and Trends in Inclusive Finance 2017

SEDPI is mounting nationwide two-day training events entitled “Innovations and Trends in Inclusive Finance”.

The training aims to provide capacity building training to development workers and microfinance institutions such as cooperatives, NGOs, rural banks and people’s organizations in improving the delivery of pro-poor financial services towards financial inclusion of marginalized sectors.

The course will present recent trends on financial product design and delivery; innovations in operational policies; institutional policies of successful microfinance institutions; and lessons learned on how to cope with disasters and mitigate climate change.

This training will provide practical and immediately applicable knowledge and tools that will improve financial service delivery.

To register, please fill up this form: Innovations and Trends in Inclusive Finance Registration Form

TRAINING DATES AND VENUE

City	Inclusive Dates	Venues
Davao	October 20-21, 2017	Hotel Uno, Davao City
Cebu	November 10-11, 2017	Palm Grass Hotel, Cebu City
Baguio	November 17-18, 2017	DBP Training Complex, Baguio City

Inclusions	Fees
Registration fee inclusive of training materials, lunch and snacks for the two-day training.	PHP 4,500/pax
(Optional) One night accommodation based on twin sharing with breakfast	1,500/pax

Job Opening | Marketing and Communications Officer

Do you want a job that has positive social impact? Are you interested in promoting financial literacy?

SEDPI Foundation Inc. is currently looking for a Marketing and Communications Officer.

SEDPI Foundation Inc. (SFI) is a non-government organization with Financial Literacy as its primary advocacy of. SFI is one of the entities of Social Enterprise Development Partnerships Inc. Group of Social Enterprises (SEDPI GSE).

SEDPI is the premiere capacity building institution providing training, research and consulting services in the areas of microfinance, social entrepreneurship and financial literacy in the Philippines. It is composed of young and dynamic social entrepreneurs.

Established in 2004, SEDPI worked in 27 countries worldwide and has trained more than 10,000 individuals on financial literacy. It is one of the finalists of the Ernst and Young Entrepreneur of the Year Award in 2012 and received Special Recognition from PriceWaterhouseCoopers in 2015.

SFI’s Financial Literacy Programs are designed to help participants reach financial empowerment using a set of modules built on real-life examples from financially stable trainers. SFI product and service offerings include (1) (L)Earning Wealth Online Course; (2) (L)Earning Wealth Trainings; (3) (L)Earning Wealth book/s by Vince Rapisura; (4) Usapang Pera webisodes; (5) Ateneo Leadership and Social Entrepreneurship (Ateneo LSE) Program; and (6) other financial literacy programs.

Marketing and Communications Officer’s Primary Responsibilities:

Produce marketing collaterals (posters, flyers, infographics, etc.) using prescribed brand guidelines.
Write communication materials, such as press releases and feature articles.
Attend and document internal and external events.
Manage social media account/s (current: Facebook and Twitter)
This includes, but is not limited to:
- Creating, curating, and managing all published content (images, video, and written);
- Compiling reports showing results.
Create content and manage website (WordPress).
Develop and execute email marketing and public relations campaigns.
Analyze campaigns and translate qualitative data into recommendations and plans for revising marketing plan / campaigns.
Perform other related tasks/functions as may be assigned by the President and the Executive Director.

Qualifications:

1-2 years work experience.
Must have excellent communication (English and Filipino) and interpersonal skills.
Must have writing and basic Photoshop skills.
With initiative and can work with minimal supervision.
Basic photo and video editing skills, a plus.

Career with SEDPI Foundation Inc. offers the opportunity to hold a position with development impact, be familiar on financial education, and join a successful team of young social entrepreneurs.

For interested individuals, kindly send your resume and application letter to info@sedpi.com.

Kindly use the file naming convention described below when sending letter of intent and resume. Applicants who don’t follow will not be shortlisted.

For the Letter of intent: sfi lastname firstname loi mco
For the resume: sfi lastname firstname resume mco

Job Opening | Administrative Associate

Do you want to provide support for a program for migrants? Are you interested to work in the fields of Migration and Development?

SEDPI is currently looking for an Administrative Associate for the Ateneo LSE Program.

The Ateneo Leadership and Social Entrepreneurship (LSE) is an empowerment program targeting Overseas Filipinos Workers (OFWs). The Ateneo LSE program aims to transform their mind-sets and provide them with basic skills on Leadership, Financial Literacy, and Social Entrepreneurship.

Ateneo LSE is a collaboration among the following organizations: Ateneo School of Government (ASoG), Overseas Filipinos Society for the Promotion of Economic Security (OFSPES), UGAT Foundation, and Social Enterprise Development Partnerships, Inc. (SEDPI).

The Administrative Associate (AA) will be in charge of managing the online courses and will also liaise and coordinate with Ateneo LSE secretariats, partners, resource persons, and participants in the Philippines and abroad. The post is open for a six-month contract.

The position offers the opportunity to have a job with development impact and be exposed in the fields of Migration and Development. The program is looking for flexible individuals who are willing to be trained and are fast learners.

For interested individuals, kindly send your resume and application letter to info@sedpi.com. Deadline for submission is on February 22, 2017.

Kindly use the file naming convention described below when sending letter of intent and resume. Applicants who don’t follow will not be shortlisted.

For the Letter of intent: lastname firstname loi lse
For the resume: lastname firstname resume lse

Changing mindsets: Teaching financial literacy to OFWs in HK

Many overseas Filipino workers face problems with loans. A program for OFWs in Hong Kong is helping change that.

By: David Lozada

HONG KONG – In a crowded street in central Hong Kong, overseas Filipino workers (OFWs) line up in front of pawnshops and loan agencies. The crowd starts to thicken even before the offices open.

For domestic helper Maria Wilma Padura, the scene is all too familiar.

The 43-year-old has been an OFW in the city for 18 years, working multiple jobs to raise her family back in the Philippines.

“It’s a common problem among OFWs. Many of us are neck-deep in loans. I’ve been taking loans for years before I learned to manage my finances,” Padura said.

According to her, the problem starts even before OFWs leave the Philippines.

“When you leave the country, you take a loan to pay for the placement fee. You pawn your properties just to pay. When you get here, you have to adjust to the living expenses,” Padura said.

She added: “Aside from paying off the loans, you have to pay for your children’s education and the expenses of your family. When an emergency comes up, you really have no choice but to take another loan.”

Many OFWs in different countries face problems with loans. Many fall victim to loan sharks while some are forced to run away. Some end up using their passport as a collateral so they end up overstaying their visa and forced to go home. Some even end up in prison. (READ: Debt bondage: The scourge of OFWs)

Statistics from Hong Kong’s Immigration Department show that, as of February 2015, there were a total of 173,726 Filipino domestic workers in Hong Kong. This was an increase of nearly 7,000 for the same period in 2014, when a total number of 166,743 Filipino domestics were recorded.

OFW problems

This problem is what the Social Enterprise Development Partnerships Inc (SEDPI), in partnership with the Ateneo School of Government (ASOG), wants to solve in their Financial Literacy, Leadership, and Social Entrepreneurship (FLSE) workshop for OFWs on Sunday, May 29.

“OFWs need to manage scarce resources. They need to focus on making their hard earned money productive,” Vince Rapisura, president and chief executive officer of SEDPI.

Some OFWs present in the workshop have been working in the city for 20 to 30 years. Before leaving for Hong Kong, the participants admitted that they only wanted to work abroad for up to 10 years so they can be with their families back home.

“This is the case for many OFWs. They end up staying too long abroad because they mismanage their finances,” Rapisura said.

According to a study conducted by SEDPI, around 57% of OFWs who attend their workshops struggle to meet their daily needs. Some 33% struggle to find funds to finance businesses or sources of income back in the Philippines while 14% struggle to fulfill their financial obligation to their nuclear family.

The same study found out that despite the challenges, OFWs’ top financial goals and dreams are to achieve the following:

Permanent work or source of income (72%)
House and lot (31%)
Happy and prosperous family life (28%)
Education (27%)
Help nuclear family (13%)
Retirement (13%)
Move out of poverty (3%)

“It’s interesting to note that most OFWs want to create permanent work or sources of income in the Philippines. Their end goal is still to go home and live in the country,” Rapisura said.

SEDPI is a capacity-building institution that trains provides training, research and consulting services in micro finance, social entrepreneurship, and financial literacy for OFWs and locals organizations in 27 countries. From an initial capital of P45,000 (US$1,027), the financing company now has P268 million ($5.737 million) based on audited financial statements in 2015.

Active vs passive income

FINANCIAL LITERACY. SEDPI President and CEO Vince Rapisura teach overseas Filipino workers how to manage their finances. Photo by David Lozada/ Rappler

Rapisura encouraged OFWs to increase their investments to achieve eventual financial independence.

Active income are earnings gained through work and employment while passive income are received on a regular basis with little effort required to maintain it, like stocks, mutual funds, and real estate rentals.

“As a rule, you should use your active income to pay for your needs while you use your passive income for your wants,” he said.

Most OFWs, Rapisura noted, barely differentiate between needs and wants. This becomes the root of their and their families financial problems.

“You need to change your perspective. You should encourage your family back home that their expenses on needs must come from them and expenses on wants/ goals must come from income abroad,” Rapisura said.

He added: “If you don’t have control over their spendings and your own income, you’ll end up staying here in Hong Kong for a long time.”

Road to financial independence

NO MORE DEBT. Domestic helper Maria Wilma Padura achieved financial independence after joining the LSE program. Photo by David Lozada/ Rappler

Padura was part of the FLSE in 2013. She said the program helped her achieve financial independence.

“When I became part of the program, I was still neck-deep in loans. I didn’t know how to manage and budget my resources. I applied what I learned about financial literacy and before I finished the course, I was able to pay off all my loans,” she said.

Aside from paying off her debts and helping her sister finish her education, Padura is paying forward and want to help other OFWs currently in debt. She founded the Passi City, Iloilo Association of OFWs in Hong Kong in 2003. In 2015, she organized the Passi City Balik sa Bayan Incorporated to help OFWs who come home start their own businesses and investments. The Iloilo organization is currently undergoing the same FLSE program.

Padura was awarded in Outstanding Community Leader Award in 2015 and a finalist of Bayaning Pilipino sa Asia Pacific in ABS-CBN’s Gawad Geny Lopez. The local government of Passi City also gave her a Golden Heart Award and Outstanding Passino Award in March 2016.

“I taught my family how to manage their finances properly. I still help them but I don’t pay for all their needs anymore. I learned to say no when needed, which is very difficult for us OFWs,” Padura said.

While many OFWs struggle to become financially independent, Padura said it is possible with the right mindset on saving and budgeting.

For Rapisura, the training is a service to the country’s modern heroes, who seldom end up broke after spending decades working abroad.

“SEDPI would like to harness the power of OFW remittances to contribute to nation building. We need to teach them how to become responsible consumers for their families and themselves,” Rapisura said.

He added: “Remember, your most valuable asset is you. This is more relevant if you’re the sole breadwinner for your families.” – Rappler.com

View original article here.