Social Enterprise Development Partnerships, Inc.

Coops trained on risk management & financial management

An important part of addressing delinquency for cooperatives is risk management — a systemic approach that includes identification and prioritization of risks, and implementation of strategies to mitigate the risks. This approach entails both the prevention of potential problems and early detection of actual problems of cooperatives.

Risk management is the focus of the third day of the credit competency training of seven credit cooperatives from Northern Luzon. The training was held in Northview Hotel, Laoag City, Ilocos Norte on February 20, 2020. The training aims to reduce delinquency and improve collection to ensure financial sustainability for cooperatives.

The cooperatives were trained on loan administration strategies, understanding risk management, understanding financial analysis, and measures of financial analysis.

For the loan administration strategies, the participants were asked to answer a questionnaire on delinquency prevention measures. The scores they got from the test have corresponding indications in their organization’s systems and policies on preventing delinquency. Most of the participants fell under the rating which indicates that they may be in a delinquency crisis.

To address their delinquency crisis, the cooperatives received important loan promotion and application tips and strategies from the trainers. The cooperatives learned the importance of highlighting incentives to clients as a result of flawless repayment behavior in loan promotion. They also learned to put emphasis on character and repayment behavior when administrating loan applications.

On the risk management topic, the participants were engaged in an activity where they were asked to illustrate the risk management process. They then discussed the four types of microfinance risks including financial management, operational, institutional, and external risks, and how to assess and approach each. The cooperatives learned about keys to effective risk management as well as the nine rules of risk management. The trainer reminded the participants that risk management is an ongoing process because vulnerabilities change over time.

For the financial management training, the trainers stressed on the significance of financial analysis in making financial decisions and achieving the goals of sustainability. The participants were able to review the basic financial statements and the importance of each.

To further strengthen and support the participants’ understanding of financial analysis, the trainers also discussed the measures of financial analysis. The participants’ active sharing of their actual experiences beefed up the discussion and made everyone able to take home valuable lessons.

Social Enterprise Development Partnerships, Inc. (SEDPI) was the successful bidder for this project under the Department of Agriculture’s Agricultural Credit Policy Council (ACPC). This was the first of six batches that were also held in Cagayan de Oro, Davao, Iloilo, Koronadal and Laguna.

Sir Vince Rapisura trains coops on shields to delinquency, remedial management

For cooperatives who face a lot of risks, financial shields to delinquency must always be in place. Remedial management must also be employed to prevent the occurrence of, and bring about prompt and satisfactory conclusions to problem accounts.

The final sessions of the credit competency training with seven credit cooperatives from Northern Luzon were handled by SEDPI president and microfinance expert Vince Rapisura. The training was held in Northview Hotel, Laoag City, Ilocos Norte on February 21, 2020. The training aims to reduce delinquency and improve collection to ensure financial sustainability.

Participants were able to learn about financial shields to delinquency, remedial management and growth strategies, and the SEDPI microfinance model.

Sir Vince discussed the financial shields to delinquency, mainly insurance, savings as collateral, share capital as collateral, and loan loss reserve. The participants learned about the best practices of SEDPI such as using savings as collateral and making clients save 20% of their loan amount.

He also shared that SEDPI writes off loans annually but encourages its financial inclusion officers to keep collecting written off amounts by making 50% of these collections included in their bonuses. In this way, SEDPI is hitting two birds in one stone: still able to collect written off loans while its staff remains high in morale.

The next discussion was concerned on the remedial management and growth strategies. Sir Vince discussed default events: payment, covenant, representation, insolvency, and seizure defaults. The participants were trained on major remedial management strategies including restructured loans, refinanced loans, and other workout remedial strategies including compromise settlement, assignment of receivables, penalties or other charges, liquidation, and litigation.

SEDPI does not restructure loans since this gives additional interest for the clients. He also emphasized that in refinancing loans, where you will give more loans for the business to continue, a thorough reinvestigation is necessary since this might indicate that there was an error in your previous analysis on the amount needed for the business of the client.

Participants learned that the remedial strategy for portfolio-at-risk is reduction of arrears and growth of portfolio.

Sir Vince shared the SEDPI microfinance model and elaborated on SEDPI’s partnership with SSS and Pag-IBIG. He said that, “We partnered with Pag-IBIG and SSS because we believe that we need to collaborate with these institutions to eradicate poverty; we partnered with them to provide services to poor populations.”

The trainings were successful with several good feedback from the participants. SEDPI puts lots of its hopes in these trainings as it is not only equipping the cooperatives with necessary knowledge and skills, it also serves as an avenue where the cooperatives, together with SEDPI, strengthen their commitment in the vision of eradicating poverty and ultimately, in increasing the quality of life for the farmers.

Promoting social investments: Ateneo and SEDPI conducts training of trainers for social investors

Ateneo and SEDPI reached another milestone in their partnership with the implementation of a training of trainers program that aims to develop trainers to promote social investments. Social investments are investments that generate profits as well as social and environmental gains.

The training of trainers for social investors was held in different major cities around the world: Milan, Rome, Dubai, Abu Dhabi, Tokyo, Singapore, Doha, Madrid, and Barcelona. A total of 223 participants attended the training.

To be certified, participants must be able to provide at least 80 hours of volunteer work, participate in social investments and must be financially stable. This is to ensure that trainers on social investments practice what they preach and have a wealth of experience they can share during conduct of trainings.

All those who pre-qualified to attend the training of trainers for social investments program were given a scholarship since the registration fee of PhP25,000 was waived. Participants only shared rhe cost of the venue, materials and meals during the training which amounted to USD70.

Those who will be able to fulfull the requirements of the program will receive certification from the Ateneo de Manila University and will also have the opportunity to become accredited as one of SEDPI’s pool of trainers for social investments.

“The training of trainers for social investors is SEDPI’s way of combating investment scams and also provide alternative investment products to the public,” Vince Rapisura, SEDPI President said. “It is our hope that social investing becomes the standard practice in generating wealth,” he added.

SEDPI and Ateneo looks forward to mount more training of trainers worldwide that will reach beyond the Filipino community.

SEDPI management staff undergo knowledge and skills upgrade

In order to deliver its programs to eradicate poverty, SEDPI continues to invest in its people that emabke them to deliver excellence-driven and innovative products and services.

Foray in socialized housing

One of the major programs of SEDPI is socialized housing that aims to provide affordable and disaster-resilient houses to low income groups. It’s President, Vince Rapisura and Rez Oafallas, admunistrative manager attended a course on real estate and construction management with the Urban Planning Institute held at the Asian Institute of Management.

The course provides basic knowledge in managing housing projects to SEDPI which aims to build at least 100 socialized houses by 2021.

Strengthening AMLA compliance

The administrative staff of received a training on the Anti-Money Laundering Act (AMLA). This is a very important training as it plays a huge role in preserving the integrity of the staff, especially that the job in SEDPI requires the staff to frequently deal with financial transactions.

Policies and procedures were developed, based on learning from the training, to ensure that all transactions are above board and are compliant with government rules and regulations.

Shift from microfinance to social finance

Last June 2019, SEDPI president Vince Rapisura and CEO Dimples Sacdalan-Pateño went on study visits to Italy and United Arab Emirates for the technical assistance and support to the micro-finance sub-component of the Italian Agrarian Reform Community Development Support Program (IARCDSP).

They underwent advanced training for the project specifically on guarantees, agricultural financing in Italy and Islamic finance in the UAE. These trainings were instrumental for SEDPI to transform its microfinance operations to social finance.

Social finance utilizes cost plus through joint ventures that prohibits compounding of interest as well as excessive penalties. SEDPI views its clients as partners in development and should therefore be given rewards and incentives for good performance; and a clear path for recovery and behavioral change if they become delinquent.

Innovations on pro-poor financial service delivery

SEDPI’s staff in Mindanao were given trainings on character and capacity-based lending, basic accounting delinquency management, ethical financing, product design and development and fundamentals and principles of microfinance. The series of trainings were intended to ensure that only pro-poor advice and services on money management are extended to projects in the area.

The organization currently provides capacity building interventions to agrarian reform beneficiary organizations (ARBOs) in Lanao del Sur, Maguindanao, Sarangani and Sultan Kudarat. Direct pro-poor financial services are extended in the provinces of Agusan del Sur and Surigao del Sur where 7 branches of SEDPI operate.

Onboarding with Pag-IBIG and SSS

With SEDPI inking of partnership with SSS and Pag-IBIG, series of onboarding training and orientations wert conducted to its management staff in Agusan del Sur and Surigao del Sur. This is to ensure that proper information reach SEDPI end clients and to ensure that quality services are delivered.

Disability awareness

With the aim to increase sensitivity and awareness on the plight of persons with disability, management staff received disability awareness training from Humanity and Inclusion.

Moving forward

As SEDPI further expands to deliver social finance and serve more development organizations, it will continue investing in its people. It treats its people as one of the key ingredients to success.

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.

Shelter for all: SEDPI partners with Pag-IBIG Fund to benefit more micro-entrepreneurs

“SEDPI’s partnership with Pag-IBIG Fund is a step closer to the organization’s vision of financial empowerment and financial inclusion for Filipinos,” Vince Rapisura, SEDPI President said when asked how the partneship is relevant to nation building.

The organization’s members consist of self-employed individuals in the informal sector with need for improved social protection and access to decent and affordable housing. This led SEDPI to agree to act as the conduit through which Pag-IBIG Fund membership shall be provided to its members.

“With this collaboration, decent and affordable housing is now reachable to all SEDPI members who belong to low income groups in Agusan del Sur and Surigao del Sur, two of the poorest provinces in the Philippines,” Vince Rapisura added.

Home Development Mutual Fund more popularly known as Pag-IBIG fund seeks to improve the quality of life of Filipinos by providing them sufficient shelter, an integrated nationwide provident savings, and housing through the mobilization of funds for shelter finance. It is mandatory for all Filipinos with monthly income of at least PhP1,000 to become Pag-IBIG Fund members. In addition, it is not only for formally-employed but also for self-employed and those from the informal sector.

SEDPI recognizes the value of Pag-IBIG Fund membership and the benefits of savings and home financing it provides for its members. Moreover. Pag-IBIG Fund and SEDPI agreed to jointly work in providing Pag-IBIG Fund membership for the self-employed members of SEDPI towards providing them access to provident savings and decent and affordable shelter financing through Pag-IBIG Fund’s programs.

Information dissemination

Since the agreement has been in place, Pag-IBIG Fund and SEDPI have been assisting each other in disseminating information and increasing awareness on the benefits of Pag-IBIG Fund membership. Pag-IBIG Fund has rendered orientations for the members, personnel and officers of SEDPI and has provided information materials such as leaflets, posters, tarpaulins, audio-visual presentation files and similar items on Pag-IBIG Fund membership and benefits.

SEDPI, on the other hand, displayed tarpaulins, posters and leaflets on Pag-IBIG Fund membership and benefits in conspicuous areas of its units and areas. It distributed and made available Pag-IBIG Fund program leaflets during its regular meetings and provided a timeslot in its meetings for the playing of audio-visual presentations on Pag-IBIG Fund membership and benefits, whenever feasible. SEDPI also made its own promotional materials for Pag-IBIG membership, which comes in various forms — articles, videos, etc.

Pag-IBIG also became part of SEDPi’s Social Welfare Protection Program (SWePP), a consolidated microinsurance and social security program which aims to provide security and financial safety net to members through adoption of various insurance schemes.

Interested members must fill out the SWePP application form at the SEDPI MF office or during SWePP orientation programs in community gatherings and events. SWePP with Pag-IBIG is available to SEDPI members who are existing Pag-IBIG members.

SEDPI conducted training events to promote Pag-IBIG locally and abroad. In partnership with Pag-IBIG Fund, approximately 1,500 microenterprises attended the events promoting Pag-IBIG in Agusan del Sur and Surigao del Sur. Abroad, 2.230 participants, mostly domestic helpers, attended financial literacy training that promotes Pag-IBIG in Macau, Singapore, Bahrain, Qatar and United Arab Emirates. The events became an opportunity to encourage Filipinos to patronize Pag-IBIG and realize the benefits it offers.

Registration and membership

Pag-IBIG Fund and SEDPI also assisted each other in the membership registration of SEDPI’s members to Pag-IBIG Fund. To facilitate this, Pag-IBIG Fund trained SEDPI’s authorized representatives in the membership registration process and conducted membership registration for SEDPI’s members.

In the agreement, Pag-IBIG Fund is to provide SEDPI members of their statement of membership savings (contributions) which include their contributions and the corresponding dividends earned annually.

Pilot housing project

A very exciting part of this partnership between SEDPI and Pag-IBIG Fund is the pilot housing project. SEDPI shall undertake a pilot housing project to benefit qualified SEDPI members. SEDPI shall provide or identify land that can be developed as its housing project for its member-beneficiaries capable of paying housing loan amortizations and who possess good moral character.

SEDPI will identify qualified members based on eligibility requirements provided in the Pag-IBIG Fund’s housing loan program and enter into a collection servicing agreement with Pag-IBIG Fund for the collection of the monthly housing loan amortization of the member-beneficiaries.

For its part, Pag-IBIG Fund shall extend individual housing loan to qualified SEDPI member-beneficiaries of the proposed housing project. It shall also enter into a collection servicing agreement with SEDPI for the collection of the monthly housing loan amortization of their member-beneficiaries and assist SEDPI in coordinating with other key shelter agencies for the successful implementation of the proposed housing project.

In 2019, SEDPI already procures a small lot in Rosario, Agusan del Sur that will serve as the pilot site. It is cureently undergoing negotiation for another lot in municipality of Veruela in the same province.

Advantages of the partnership

For those with maximum monthly compensation of PhP5,000, monthly savings with Pag-IBIG Fund is PhP100. With the partnership between SEDPI and Pag-IBIG Fund, however, members of both institutions only need to pay PhP20 per month or PhP5 per week. Contributions are paid during weekly group meetings held within the barangay where the members live; it saves them costs in visiting the nearest Pag-IBIG Fund branch, which is one town away, at best.

As members, they gain access to Pag-ibig Funds affordable housing program. This gives them the opportunity to avail housing loan as much as PhP450,000 with only 3% interest per annum. This loan amount will already give them enough funds for purchase of lot or house and lot, house construction, or home improvement which can be paid up to thirty (30) years.

Milestones and prospects

At present, SEDPI was able to register more than 2,500 member-beneficiaries with contributions amounting to around PhP400,000. SEDPI has now also already submitted several applications from its members for the availment of various Pag-IBIG benefits.

With the continued support of Pag-IBIG Fund, SEDPI anticipates more of its members and even non-members to be encouraged to become member of both Pag-IBIG and SEDPI. The organization looks forward to more microentrepreneurs benefiting from the programs of Pag-IBIG Fund.

SEDPI partners with ACSent to promote social entrepreneurship nationwide

In 2019, Social Enterprise Development Partnerships, Inc. (SEDPI) and Ateneo Center for Social Entrepreneurship (ACSEnt) mounted series of events to fulfill their partbership agreement to promote social entrepreneurship in the Philippines.

SE Clinics with PwC

SEDPI and ACSent partnered with Isla Lipana & Co. Price Waterhouse Coopers Philippines (PwC) to conduct social impact clinics in key cities in Manila, Cebu, and Davao.

Small business owners, students and faculty members participated in the clinics. SEDPI and ACSent partnered with University of San Carlos which hosted the event on January 11, 2019. Ateneo de Davao was tapped for the Davao leg which was held on January 25, 2019. ACSent, located in Ateneo de Manila University, hosted the last leg held in Manila on February 22, 2019.

The event provided venue for those running an enterprise or wanting to get involved to access expert advice on social entrepreneurshio and network with other entrepreneurs.

Vince Rapisura, a lecturer from Ateneo de Manila University (ADMU) and president of Social Enterprise Development Partnerships, Inc. (SEDPI) was the lead facilitator of the events. A personal finance expert and social entrepreneurship specialist, he discussed social entrepreneurship, resource mobilization, and business strategies.

Ana Tan, Director of ACSEnt presented the social enterprise landscape during the clinics. Other resource speakers were Mr. Allan Cao, Mr. Dennis Bautista, and Ms. Rose Dale Ando from Isla Lipana & Co., Price Waterhouse Coopers Philippines. They shared their expertise on taxation, governance and compliance. They also provided tips on pitching and presenting in order to win investors.

Study and cultural visits for Singaporean students

ACSEnt hosted students from Ngee Ann Polytechnic of Singapore who were on a study and cultural visit to the Philippines. Vince Rapisura shared his experience and rigor on social enterprise development.

Social entrrprise conversations

In an effort to bring together social enterprise practitioners in the country, SEDPI and ACSent pioneered social enterprise conversations. The event is envisioned to be a venue where important topics and issues concerning social enterprise development could be discussed and shared.

For its first offering held last September 30, 2019., Anna Meloto-Wilk of Human Nature,. Reese Fernandez-Ruiz of Rags2Riches, and Vince Rapisura of SEDPI shared challenges they faced as social entrepreneurs. They detailed out the struggles they faced behind the awards they recieved in the past decade.

Deepening social enterprise practice in the Philippines

SEDPI looks forward to more collaboratioba with ACSent in delivering valuable discussions and expanding engagements on social entrepreneurship. Both organizations believe that social entreprneurship should be the standard of doing business in the Philippines so that development objectives and financial sustainability are achieved and mutually reinforce each other.

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.