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
Many overseas Filipino workers face problems with loans. A program for OFWs in Hong Kong is helping change that.
By: David Lozada
LOANS. Overseas Filipino workers flock a street in Hong Kong known to host a number of loaning agencies and pawnshops. Photo by David Lozada/ Rappler
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
For many Filipinos, the lure of working overseas is plain and simple: money. A higher take home pay enables them to provide their family with a better life.
Earning in terms of a stronger currency allows the overseas Filipino to buy more pesos.
In 2015, the number of overseas Filipino workers (OFWs) was estimated at 2.4 million. Remittances reached $22 billion as of end-November 2015.
But not all is well in the land of OFWs, wherever it may be.
A 2011 study by Social Enterprise Development Partnerships Inc. sounded the alarm bell.
One out of 10 OFWs is financially broke. Eight out of 10 of those who return to the Philippines have no savings.
Despite a higher earning power compared to working the same job in the Philippines, why are they coming bank without any savings or investment?
The primary reason Filipinos aim to work abroad is the higher pay which enables them to provide a better life for their families, whether in the Philippines or abroad. For OFWs working in developed countries such as the USA, the UAE, and Singapore to name a few, they are earning in stronger currencies which allow them to buy (and save) more pesos.
Obviously, it’s not how much you earn, it’s how much you save.
Financial planning is not only about increasing your income.
Here is a guide to financial planning for those who live and work abroad.
OFWs are sometimes tagged as modern-day heroes. They sacrifice the time with their family for a better life. Behind the pictures and the social media posts lies the truth –being an OFW isn’t easy.
OFWs move their lives to settle into a country they know little about and immerse themselves in a whole new culture, language, traditions, and people. Such challenges may be rewarded with a better income.
Obviously, best thing to do is to maximize your earning capacity. Saving and investing are keys to when the time comes, you can go back home to the Philippines with wealth both in terms of finances and experience.
BETTER BUDGETING. Around 60 overseas Filipino workers in Hong Kong participate in financial literacy training by SEDPI and the Ateneo School of Government. Photo by David Lozada/Rappler
A financial expert says many overseas Filipino workers send most of their earnings to their families – and fail to save for themselves – because they feel emotions such as guilt and shame
HONG KONG – What emotions are preventing overseas Filipino workers (OFWs) from achieving financial success? What needs to change?
For Analyn Regulacion, a domestic helper in Hong Kong for more than 5 years, it was guilt.
“My relatives would blackmail me emotionally, especially my siblings, to give them financial support. If I don’t give them money, they would make me feel guilty. I would cry by myself because I couldn’t help them,” a teary-eyed Regulacion recalled. (READ: Changing mindsets: Teaching financial literacy to OFWs in HK)
She added: “I left the Philippines when my child was only 3 months old to work abroad. I was able to send all my siblings to school but I realized I was left behind. I wasn’t saving for myself.”
This is common for many OFWs, who usually send most of their earnings to their families back home. In March 2016 alone, OFW remittances hit a record-high $2.7 billion.
According to the National Economic and Development Authority (NEDA) in 2012, the Philippine economy cannot do without cash remittances from its overseas workers. Cash sent to the country, the World Bank also noted, is a “key factor” for the Philippines’ resilience.
Emotions blocking financial success
Aside from guilt, Social Enterprise Development Partnerships Inc (SEDPI) president and CEO Vince Rapisura said fear, anger, envy, and shame also prevent OFWs from being financially independent.
“Because of shame, for example, we tend to cover up reality with luxuries we cannot afford. We want to save our family name by tolerating bad financial habits and solving other members’ financial problems,” Rapisura said during a Financial Literacy, Leadership, and Social Entrepreneurship (FLSE) workshop for OFWs on Sunday, May 29.
Envy is another problem, according to Rapisura, as OFWs may feel discontent with their achievements and compare these with other OFWs’ accomplishments.
To help counter bad financial habits, Rapisura encouraged OFWs to focus on positive emotions – courage, joy, and contentment.
Financial stages
EYE-OPENER. Domestic helper Analyn Regulacion says learning financial literacy will help her end her stint as an OFW in Hong Kong. Photo by David Lozada/Rappler
During the workshop, Rapisura showed OFWs a guide to help them monitor their resources – the so-called financial life stages.
“The financial life stages provide a guide for people to assess their financial health. It provides a framework for people to understand what to prepare financially to enjoy a full and meaningful life,” he said.
Based on the framework, workers are encouraged to start saving from 21 to 22 years old, when most people enter the workforce.
The financial independence stage, when passive income is expected to increase to up to 10%, comes at 23 to 25 years old.
The growth stage, from 26 to 45 years old, is when passive income is expected to grow from 11% to 50%.
The stabilization stage, when the highest income is enjoyed and expenses start to decrease, is from 46 to 60 years old.
The ultimate goal is to achieve financial freedom at the age of retirement or 60 years old.
Many of the 60 OFWs who attended the workshop expressed disappointment over their savings while working abroad.
“I was able to help my relatives while I was the one feeling miserable away from them. I realized I should be helping myself [attain financial independence] first,” Regulacion said.
Most important asset
Rapisura emphasized that while OFWs need to support their immediate families, they should, first and foremost, take care of themselves.
“Remember that your most important asset is yourself. Build your courage and gain the confidence to be self-sufficient and self-reliant,” Rapisura said.
He added: “At our age, money management is a life skill that we should be able to master to gain financial freedom in the shortest possible time.”
For OFWs like Regulacion, the workshop was an eye-opener.
“There are so many things I should have been doing the past years. I did not have any financial plans before this session but now I know how much I should be saving. I now have a target of when I will end my work here in Hong Kong and go back home,” she said.
The event was held in partnership with the Ateneo School of Government (ASoG), Wimler Foundation, UGAT Foundation, and the Overseas Filipinos’ Society for the Promotion of Economic Security (OFSPES). After completing tasks in other online courses and modules, OFW participants will be awarded a diploma on FLSE by ASoG. – Rappler.com
Do you want a job in development and explore the Philippines? Are you interested in development work in microfinance, social entrepreneurship, and financial education?
SEDPI is currently looking for a Project-based Program Officer.
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 from prestigious universities.
Established in 2004, SEDPI worked in 27 countries worldwide reaching approximately 3,000 development organizations. It is a partner of the Ateneo de Manila University for Microfinance Capacity Building. SEDPI 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.
The Project-based Program Officer (PPO) post is open for young individuals looking for a training ground in development work and social entrepreneurship rather than immediate financial gain. Fresh graduates and those with one-year experience are encouraged to apply. Passion for development work and effectiveness in working in a team are given more weight than academic qualification or professional experience. SEDPI is looking for young and flexible individuals who are willing to be trained and are fast learners.
The PPO will conduct various research projects and training courses of SEDPI all over the Philippines on field. The PPO’s main responsibilities include gathering data through field work, writing research reports, providing technical assistance on enterprise development and assisting in the conduct of training courses.
SEDPI offers the opportunity to hold a position with development impact; be exposed to key players in the Philippine development sector; gain exposure in initiatives all over the Philippines and join a successful team of young social entrepreneurs.
For interested individuals, kindly send your resume and application letter toinfo@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: lastname firstname loi ppo
Do you want a job that has positive social impact? Are you interested in promoting financial literacy?
(L)Earning Wealth is currently looking for a Marketing Associate.
(L)Earning Wealth is SEDPI’s flagship program for financial literacy. 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.
(L)Earning Wealth is designed to help participants reach financial empowerment and comprising a set of fun modules built on real-life examples from financially stable trainers. (L)Earning Wealth product and service offerings include (1) trainings, (2) consultations and advice, (3) community support groups and (4) publications.
The Marketing Associate (MA) will be in charge of all the marketing efforts for the (L)Earning Wealth program. This includes marketing the product and service offerings, particularly training events and publications, coordination with consignees and training organizers. The position is open for flexible individuals who are willing to be trained and are fast learners.
(L)Earning Wealth 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: lastname firstname loi lw
One of the pre-requisites in pursuing financial freedom is to have a rainy-day fund, or an emergency savings fund. What it does is it provides an individual, access to funds in an extremely urgent and critical event. SEDPI advises its participants to follow the three rules in forming their rainy day fund. First, the amount should be equivalent to six times their monthly income or nine times their monthly expenses. Second, the fund should be liquid. Third, the fund should have restricted access.
“The fund should not be accessed at all times because it should only be used in matters of life and death. By the time it should be used however, it should be readily accessible,” Romeo Arahan, SEDPI program officer said in one of the trainings for the Financial Literacy, Leadership, and Social Entrepreneurship (FLSE) Program in Pototan, Iloilo on November 21, 2015.
The participants in Pototan, Iloilo had a different opinion on the rainy day fund. Being the rice granary of Iloilo, majority of the participants are saving their hard-earned money and invest it in agricultural-related activities. Aside from rice farming, they venture into hog raising, which can also provide additional income for their families. Arahan, however, advised against the practice of using the rainy day fund for investing. “The rainy day fund is there to have easy money in cases of emergency. If the fund is used to buy for pigs, it will hinder liquidity. By the time the individual needs the money, he still needs to sell the pigs at the value of the rainy day fund, which might take a long time. Because he needs the money right away, he will be forced to sell the pigs at a lower price,” he explained.
This also goes to investing into other physical assets like jewelry, as a participant shared that he already has an established business and is keen on investing his rainy-day fund to buy jewelry. “For jewelry, it will provide easy liquidity because there are numerous pawnshops in the area. However, the pawnshop will charge interest every month until the principal is fully paid. In this sense, the interest paid could have been added to further build up the rainy day fund,” Arahan shared. He added that if selling jewelry is an option, there should be an extensive network of prospective buyers who are willing to pay at a preferred price which might also take a long time to establish.
In both cases, SEDPI recommended putting the emergency savings fund in a rural bank in their municipality. “In this way, they are not only preparing for their financial freedom, they are also helping the rural areas by putting their funds in these banks,” Arahan ended.
The training on financial literacy is the first in a 12-week training under the FLSE program for families of overseas Filipino workers.
Microfinance Institutions (MFIs) face a myriad of issues in running their day-to-day operations. One problem they are constantly faced with is delinquency. Delinquency is a prevaling problem that has negative repercussions for an institution. One peculiar finding, however, is that when there is delinquency, there are also cases of fraud. In fact, SEDPI President and CEO Vince Rapisura states, “One hundred percent of our MFI clients experiencing delinquency problems also have problems on fraud.” When MFIs address fraud, they could also address their delinquency problems.
Fraud happens when there is heavy financial burden on an MFI staff. MFI staff who were caught to have committed fraud cited that they needed money because they were experiencing emergencies in the family. This shows, then, that financial need comes from the fact that personal money is not properly managed.
Given this reality, it is crucial that MFI staff are well-versed in personal financial management. Financial literacy trainings for MFI staff can achieve this goal. It promotes people to make better personal financial choices to manage day-to-day expenses, prepare for emergencies, and take advantage of opportunities to achieve financial goals. These trainings can help equip staff with skills and knowledge to manage their personal finance.
In addition, MFIs should also create policies that enable and encourage staff to practice good personal financial management. Some policies that do so are automatic savings with the institution; adding counterpart from the institution to the staff’s savings; providing adequate insurance protection to the staff and their family; and an option for the staff to increase their SSS contributions.
Once these policies are put in place and are coupled with financial literacy trainings, staff can become better equipped to manage their own finances. This will direct them to be able to better handle financial emergencies and will, eventually, give the staff peace of mind since they are now able to achieve financial freedom. The staff can then have more focus at work and will no longer need to turn to desperate measures just to make ends meet. An added benefit to this is that the staff will also patronize the financial products of the institution.
Last November 12, the Social Enterprise Development Partnerships, Inc. (SEDPI) conducted an Innovation Meeting with the top management of Ramon Aboitiz Foudation, Inc. (RAFI) – Microfinance. RAFI Microfinance is the microfinance and entrepreneurship focus of RAFI. They provide financial products such as loans, savings, and insurance to low-income households in Cebu, Bohol, and Leyte. During the innovation meeting, the team found that their staff needed interventions in terms of financial literacy. RAFI-MF aims to improve the financial literacy of their clients, but their staff, however, are not financially literate. This needs to be addressed first so that they can walk the talk in terms of financial literacy.
Vince adds, “MFI staff can serve better in delivering pro-poor financial products services if they are financially stable. They become true examples of financial empowerment and they can actively share their personal experiences to their clients.”
Carlo Yacob, SEDPI program officer, delivering a sesion to CCT beneficiaries in Siargao Island
The Climate Adaptation Support Services (CASS) project intends to develop communities in Siargao Island, Surigao del Norte, toward climate-resiliency through economic empowerment. Climate Change Commission (CCC) in collaboration with Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) implements CASS. With financial support in the form of cash transfers coming from the government, it was imperative for the beneficiaries to be educated first on how to appropriately manage funds prior the disbursement. For this specific purpose, the Social Enterprise Development Partnerships Inc. (SEDPI), the service-provider hired to conduct the efforts, delivered financial literacy courses for the CASS beneficiaries. Capacity-building was deemed necessary to ensure that the families of the beneficiaries have the proper knowledge and skills to build-up sustainable financial resources in case of emergency situations such as natural disasters and calamities.
To accomplish this task, financial literacy trainings which focused on personal finance were conducted in four municipalities – Del Carmen, Pilar, San Benito, and San Isidro. The attendees were instructed on the importance of personal fund management, the intricacy of managing expenditures, the principles behind setting financial goals, the various advantages and disadvantages of having loans and savings, the acceptable uses of loans and savings, the different kinds of loan products, the proper way of knowing debt capacity, the efficient tracking of loan payment schedules, the different types of savings, the suitable places to store money, the different kinds of insurance products, and the various institutions that offer these financial services.
Discussions and workshops were delivered to impart knowledge to the participants. To complement these, printed financial literacy handbooks that highlight important points were also distributed. By and large, the various interventions conducted were positively received with messages of gratitude and praise. In the Municipality of Pilar, a participant expressed, “Mahusay po, salamat salamat po sa inyong panahon! (Terrific! Thank you for your time!)”. Another participant from the area also mentioned, “Ser and Ma’am, salamat sa inyong pagsasabot kay dahan ang nakat-onan nako kon unsa ba pagpasikot sa panginabuhi. (Sir and Madam, thank you for the talk. It has taught me how to handle by business)”. She was referring to how the program has helped her in managing livelihood.
Most of the participants expressed appreciation on savings, loans, and insurance sessions. A participant remarked, “Natutunan sa insurance para mayroon maasahan sa pangyayari na emergency or pagkamatay, kalamidad. (I was taught that insurance would be reliable in times of emergency, death and calamity)”. In the area of Del Carmen, an attendee noted, “Naiintindihan po namin kung paano magbudget ng pera at pagcontrol ng pangungutang. (We understood how to budget money and control loaning.)”.
Moreover, several participants also included their impressions on the manner of facilitation of the trainings. They exclaimed, “Okay ang mga speakers excellent, nakakaintindi kami at malinaw ang pang-explain. (Excellent speakers, we were able to understand and explanations were clear)”. Another participant commented, “Puro excellent ang nilagay ko kasi marami akong natutunan at masaya ako dahil sa inyong mga lecture (I put all ‘excellent’ (in the evaluation sheets) because I learned a lot and I am happy because of your lecture.)”.
After these financial literacy trainings have been delivered, local government units in charge are expected that cash transfers would be initiated as soon as possible. It is hoped that the beneficiaries would apply their learning once this has ensued.
SEDPI Development Finance, Inc.’s (SDFI) net income jumped by 46% from PhP3.44 million in 2014 to PhP5.03 million in 2015. This is the highest net income of SDFI on record. The surge in net income is on the back of modest asset growth of only 9% that is an indicator of a more efficient use of resources.
Revenues generated for the year increased by 5% while expenses declined by 2% for the same year. The increase in revenues and decrease in expenses resulted in a robust growth of the financing company’s bottom line.
There was only a slight increase in revenues due to the low interest rate environment in the Philippines. SDFI used to extend loans at an average of 13% per annum, now it only extends 11% per annum on average. It could hardly compete with commercial banks that extend 5% to 8% per annum to microfinance institutions. Commercial banks mobilize very low interest-bearing deposits from the public while SDFI mobilize investments from OFWs that gives up to 6% return per annum. This is to fulfill SEDPI’s mission to provide better returns to its investors who are mostly domestic workers overseas.
In spite of the slower growth in assets, SEDPI was still able to exceed its target. It targeted total assets of PhP250 million while actual total assets stood at PhP267 million. SEDPI is gearing up to achieve its target to grow to PhP350 million for 2016. The recent approval of a fresh line of credit worth PhP30 million from Union Bank will enable it to achieve this goal. It will also pursue a more active role in mobilizing social investments from Overseas Filipino Workers as well as young professionals in the Philippines.
The growth in equity outpaced growth in liabilities for 2015. Growth in equity was 16% while growth in liabilities was only 7%. This is a good position to be in since capital adequacy is strengthened to 27%. The banking industry standard is only 10% for the capital adequacy ratio. A good capital adequacy ratio means that the company is able to better serve its long term obligations from creditors.
For 2016, SEDPI hopes to further strengthen its financial performance as it tries to empower more Filipinos through its products and services.
For many Filipinos, the lure of working overseas is plain and simple: money. A higher take home pay enables them to provide their family with a better life.
