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| The webinar is the first under the Financial Literacy Project of the DMW and PSE |
This Saturday, July 27, the Department of Migrant Workers in partnership with the Philippine Stock Exchange will hold their first-ever webinar on their Financial Education Program titled “Kapital Kabayan: Stock Investing for OFWs.”
The hour-long seminar will be held online starting at 7pm, Philippine (and Hong Kong) time. Those interested may register through this link: https://tinyurl.com/KapitalKabayan
The event is part of the DMW Financial Literacy Seminars launched in February this year, which aims to teach overseas Filipino workers (OFWs) how to handle their finances, acquire investment know-how, and protect themselves from investment fraud and scams.
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| Pindutin para sa detalye |
Among the goals of the program is to teach OFWs,
including those who will be returning to the country for good, the fundamentals
of investing in the stock market, according to DMW Secretary Hans Cacdac.
"We don't want them to keep their money in
their maletas (suitcases) and their drawers, we want them to take part in the
nation-building effort that the President so exhorts," Cacdac said at the
launch.
PSE president and chief executive officer Ramon
Monzon said OFWs should be encouraged to put part of their savings in the stock
market.
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| Basahin ang detalye! |
Data from 2022 showed only 5.6% of the 1.7 million
retail investor accounts in the stock market were from OFWs, said Monzon.
He said this consists of only 94,000 of the
estimated 2.33 million OFWs registered with the DMW and cleared by the Bureau
of Immigration for overseas employment as of 2023.
"Clearly this project is important and needed
if we are to grow the OFW investor base," Monzon said in his opening
remarks.
Government records show the number of OFWs reached an all-time high in 2023 with 2.33 million, up from 1.2 million in 2022.
Cash remittances from OFWs last year also hit a
record high of $33.49 billion, up 2.9% from $32.54 billion in 2022.
For more information on future events and activities of the PSE Market Education Team,visit and sign up at the PSE Academy website: https://www.pseacademy.com.ph/
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