{"id":1295,"date":"2016-06-25T15:51:46","date_gmt":"2016-06-25T07:51:46","guid":{"rendered":"http:\/\/sedpi.com\/en\/?p=1295"},"modified":"2016-06-25T15:51:46","modified_gmt":"2016-06-25T07:51:46","slug":"changing-mindsets-teaching-financial-literacy-ofws-hk","status":"publish","type":"post","link":"https:\/\/sedpi.com\/en\/changing-mindsets-teaching-financial-literacy-ofws-hk\/","title":{"rendered":"Changing mindsets: Teaching financial literacy to OFWs in HK"},"content":{"rendered":"

Many overseas Filipino workers face problems with loans. A program for OFWs in Hong Kong is helping change that.<\/p>\n

By: David Lozada<\/p>\n

\"LOANS.
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<\/figcaption><\/figure>\n

HONG KONG \u2013 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.<\/span><\/p>\n

For domestic helper Maria Wilma Padura, the scene is all too familiar.<\/span><\/p>\n

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.<\/span><\/p>\n

\u201cIt\u2019s a common problem among OFWs. Many of us are neck-deep in loans. I\u2019ve been taking loans for years before I learned to manage my finances,\u201d Padura said.<\/span><\/p>\n

According to her, the problem starts even before OFWs leave the Philippines.<\/span><\/p>\n

\u201cWhen 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,\u201d Padura said.<\/span><\/p>\n

She added: \u201cAside from paying off the loans, you have to pay for your children\u2019s education and the expenses of your family. When an emergency comes up, you really have no choice but to take another loan.\u201d<\/span><\/p>\n

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<\/span><\/a> 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<\/span><\/a>)<\/span><\/p>\n

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.<\/p>\n

OFW problems<\/strong><\/span><\/p>\n

This problem is what the Social Enterprise Development Partnerships Inc<\/span><\/a> (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.<\/span><\/p>\n

\u201cOFWs need to manage scarce resources. They need to focus on making their hard earned money productive,\u201d Vince Rapisura, president and chief executive officer of SEDPI.<\/span><\/p>\n

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.<\/span><\/p>\n

\u201cThis is the case for many OFWs. They end up staying too long abroad because they mismanage their finances,\u201d Rapisura said.<\/span><\/p>\n

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.<\/span><\/p>\n

The same study found out that despite the challenges, OFWs\u2019 top financial goals and dreams are to achieve the following:<\/span><\/p>\n