Photo has been used for illustrative purposes.

Mariecar Jara-Puyod, Senior Reporter

Financial literacy is a must for all overseas Filipinos (OFs) with working abroad strongly associated with greener pastures, specifically for the family’s and loved ones’ sake.

Former Commission on Filipinos Overseas (CFO) executive director Jennifer Ocampo Gonzales said: “Whether they are temporary or permanent – the Filipinos married to foreign nationals or petitioned by their relatives or contracted to work and eligible for citizenship – financial literacy is a must for all (OFs) and their families, either with them or back home.”

Gonzales said it would be for their own good if OFs take cognisance of the banking rules and regulations of the host country, She added: “Do not borrow money unless you can pay it on time to avoid penalties and embarrassment.

“Participate in the activities being provided by the Philippine Embassy and/or Philippine Consulate General, non-government organisations and the private sector on financial literacy. This is where you will learn how to handle your precious hard-earned money,” she continued.

Gonzales was a public servant for 20 years in the Executive Branch of the Philippine Government who served five Philippine presidents from the last few years of the late Ferdinand Marcos to Joseph Estrada, She was a UAE resident and the United International Private School (Dubai) Community Relations manager for 12 years because she wanted to know how it is to be a contractual OF.

Her opinion on  financial literacy and the cost of social migration  was sought as Manila’s Department of Trade and Industry-Philippine Trade Investment Centre (Dubai) is hosting another free “Trabaho, Negosyo, Kabuhayan” (“Employment, Business, Livelihood) webinar series from 1pm on July 2 (Friday) with the theme “Plan, Save, Invest For Your Future.” Registration is through bit.ly/TNK2Invest.

Commercial Attache (Gulf) Charmaine Mignon Yalong reiterated the main reason for the migration of OFs. She added: “By informing them of various opportunities where they can invest their hard-earned money, OFs are encouraged to make prudent investments. Aside from establishing their own businesses or buying real estate as investments, OFs can choose to invest in low to moderate risk investments such as Personal Equity and Retirement Account, bonds, stocks and mutual funds.”