MANILA, Philippines - Overseas Filipino workers (OFWs) should save money for future investments instead of sending balikbayan boxes full of gifts to their loved ones back home, Labor Secretary Rosalinda Baldoz said yesterday.
She said she has heard many stories of OFWs who ended up penniless after years of working abroad.
“OFWs should not be blinded by the fact that they are earning good money. They should open their eyes to the reality that when they come home, they ought to have a substitute or alternative source of income for their families. That’s what financial literacy is all about,” Baldoz explained.
Chona Mantilla, National Reintegration Center for OFWs director, said OFWs most often overlook the need to save or to invest for the future.
Baldoz and Mantilla urged OFWs to set aside 10 percent to 20 percent of their income every month.