Did you know that only two out of five overseas Filipino workers manage to save money for themselves after sending cash to their families back home?
This is according to the data gathered by Philippine Statistics Authority in 2014, which showed that at least a hundred thousand more Filipinos are being deployed annually abroad since 2010.
With their remittances continuously driving the economy, it is only fitting to help these modern heroes on how to better handle their cash.
On August 8, the Department of Trade and Industry (DTI) through the Philippine Trade and Investment Center (PTIC) in Singapore urged overseas Filipino workers in the city state to open their own businesses as a form of investment.
“Financial literacy is crucial to equip them with information and empower them to take greater responsibility for their future,” Philippine commercial counselor to Singapore Glenn Peñaranda said in a statement.
The seminar highlighted money management techniques through investments, proper savings and businesses. The OFWs were advised to try their chances in franchising, especially with the booming food industry, as 60 percent of franchise concepts falls under the sector.
Meanwhile, Del Monte Pacific Ltd. CEO Joselito Campos emerged as the entrepreneur of the year at the Asia Pacific Entrepreneurship Awards 2016 on August 11 in Singapore. Campos led the buyout of the local company of American corporation Del Monte Foods in 2014.
Elyssa Christine Lopez is Entrepreneur.com.ph's staff writer. Follow her on Twitter @elyssalopz.