One of the main challenges that Overseas Filipino Workers (OFWs) face is personal financial management. Most of them do not have emergency savings, insurance, over-indebted and low investment. This condition prompted the Social Enterprise Development Partnerships, Inc. (SEDPI) to develop financial literacy programs.
On September 12, 2010, SEDPI launched an online course on financial literacy for Filipino migrants. It aims to improve the financial situation of OFWs as well as their families by providing an online platform. Migrants could learn about debt management, financial goals setting, savings plan and investments through the online course at their own pace and time. There are 90 migrants currently enrolled in the online course on financial literacy in three classes.
The sessions are presented in a highly animated and interactive manner that makes learning an enjoyable experience at the same time. It also gives practical assessments to determine one’s financial condition. Assignments are given to the enrollees that they could accomplish offline. Customized assessments and advice are given to them once they submit their assignments.
The online financial literacy is an offshoot of SEDPI’s classroom trainings on financial literacy abroad. It hopes to sustain the financial literacy program through augmenting classroom trainings with the online platform. The feedback of enrollees is positive and almost all submitted their assignments on time.
Cordaid, Pilipinas-OFSPES and the Financial Literacy Support Group (FLSG) supported the launch of the online financial literacy platform. Cordaid is one of the largest NGOs in the Netherlands. Pilipinas-OFSPES is a Filipino organization that aims to assist Filipino migrants and their families in their economic empowerment through policy advocacy, studies and capacity building programs. FLSG is a group of migrants in Rome who are graduates of the Leadership and Social Entrepreneurship course of the Ateneo School of Government.