Financial Literacy Program
As part of its core mission to assist migrants and their families in preparing for life abroad, the CFO developed and conducts the “Kaalamang Pinansyal Tungo Sa Kaunlaran” or “KAPIT KA!” Financial Literacy Program with the support from LBC Express Inc. Activities under the program include lectures and workshops that aim to educate the migrants and other participants on proper management of their finances through savings, budgeting, financial planning and investments. The KAPIT KA! training module covers the following topics:
• Knowing your Financial Standing
• The Right Formula of Saving
• Financial Fitness Quiz
• Preparation of Personal Income and Expense Tracker (PIET)
• Prioritizing your Expenses
• 10 Commandments to be Financially Literate
• Preparing your Dream Matrix
• Oath of Financial Literacy
Through this program, CFO seeks to provide migrants and their families with tools to enhance their financial standing and guide them towards reaching their financial goals.
Peso Sense Philippine Financial Freedom Campaign
Peso Sense is a nationwide Financial Literacy campaign funded by the Western Union Foundation, e-Biz and PETNET. It is designed to encourage improving productive expenditure, improve the capacity for saving and promote entrepreneurship among Filipino beneficiaries of international or domestic remittances. It is implemented by the Commission on Filipinos Overseas and overseen by the United Nations Development Programme (UNDP).
The Peso Sense has been formulated to enhance the financial acumen of students, young adults, professionals, homemakers, entrepreneurs, seniors, and retirees. The program was launched in 2013 at the Bangko Sentral ng Pilipinas. Former CFO Secretary Imelda Nicolas stressed that: “Overseas Filipinos deserve their financial freedom considering the blood, sweat and tears they have ‘invested’ while working and living outside the country. Collaborative initiatives between the government, corporate sector and inter-governmental and non-governmental organizations are crucial in helping them achieve their individual goals.
The World Bank has also emphasized the importance of providing financial knowledge to both remitter and beneficiaries to effect behavioral change and practice better financial management. Reports indicate that the majority of overseas Filipinos use their remittances for basic needs such as food, education and debt repayment. There is dissatisfaction about the way beneficiaries spend their hard-earned money for lack of financial acumen. A survey sponsored by the Western Union showed nine their families.
Peso Sense will utilize multiple channels to cascade information to Filipinos worldwide: print materials, website, social media, video, and mobile applications.