Overseas Filipino Workers' Management of Financial Resources
- Apple Joy M. Ponferrada
Year after year, the number of Overseas Filipino Workers (OFWs) continues to increase. Based on the result of the survey on overseas Filipinos of the Philippine Statistics Authority (PSA), the total number of OFWs estimated at 2.2 million. With the continued deployment and employment of Filipinos in jobs abroad, it is no wonder that remittance continues to rise. For the year 2017, the situation of overseas Filipinos’ remittances based on the Bangko Sentral ng Pilipinas (BSP) report, indicated the growth rate of Overseas Filipinos’ Cash Remittances by 4.2% for the period of January to April 2017. Money repatriated by millions of working Filipinos abroad last year was already at $26.8 billion, making the Philippines the third biggest recipient of recorded money remittances in the world, next only to India and China. Moreover, earning in foreign currencies allows greater purchasing power for Filipinos, and supposedly, a larger opportunity to save and invest, however, based on the PSA survey relative to the distribution of OFWs cash remittance set aside for savings for the latest year update 2016, a total of 2,240 merely save. Every now and then, we hear success stories of OFWs who became successful and were able to save and invest from their hard-earned money. While some people actually became rich after laboring their years as workers overseas, some Filipinos come back empty-handed. Hence, managing financial resources is one of the aspects in life that should be taken due consideration because lack of personal financial knowledge limits personal financial management and may cause financial problems, that in turn become their personal challenges. The study evaluated how Overseas Filipino Workers manage their financial resources; how they allocate their resources through determining their profile, and their level of importance in managing financial resources such as budgeting, investment, and disbursement. Review of literature was made with the following topics: 1) Challenge; 2) OFWs; 3) OFWs Household; 4) Financial Resources; 5) Management; 6) Budgeting; 7) Investment; 8) Disbursement. The theoretical framework utilized for this research study was the Theory of Personal Financial Planning, Goal-Setting Theory, and Behavioral Life-Cycle Hypothesis. The survey was conducted on March 2018 in Philippine Overseas Employment Administration, Central Office in Metro Manila, Philippines. A self-made questionnaire was used, using a Likert scale to measure the level of importance of managing financial resources of OFWs. There are a total of 385 sample respondents gathered by means of Purposive Sampling Method. The study found out that most respondents were aged 31-40 years old, most were male, single or married with one dependent and attained the college degree, having 1 to 2 years of experience abroad and earned below Php50,000.00. The study concluded that regardless of the profile of the OFWs, the level of importance of managing financial resources for them is important. However, OFWs should continue to enhance their knowledge and continuously improve financial practices in line with their goals.
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This document summarizes research on the financial welfare of overseas Filipino workers (OFWs). It examines different lending companies that OFWs can use to take out loans. The researchers interviewed 3 OFWs from each of 3 lending companies - Pagasa, 123 Lending, and Vidalia - about their experiences. They asked questions about loan amounts, interest rates, and repayment periods. Pagasa had ...
Dec 1, 2016 · Findings showed that, there is a need of the OFWs exposure with any trainings relative to financial management, financial literacy and others. Financial discipline is also necessary to manage the ...
Jun 30, 2022 · This study on spending and savings pattern of Overseas Filipino Families (OFWs) and their left behind families is an attempt to understand the social and economic context of Filipino migration.
International Journal of Social Science and Humanities Research ISSN 2348-3164 (online) Vol. 7, Issue 3, pp: (49-59), Month: July - September 2019, Available at: www.researchpublish.com Page | 49 Research Publish Journals Overseas Filipino Workers (OFW) The Modern-day Heroes Antonio R. Donguines
May 1, 2021 · Financial Welfare of OFW’s Research paper Presented to: Ms. Graeciafeya Bajado Valdriz Presented by: Dainty Nicole Evangelista G11-ITMAWD STI Colleges La Union I. INTRODUCTION Objectives General objective: To find the right lending company for overseas Filipino workers.
Vol-3, Issue-11 PP. 1031-1037 ISSN: 2394-5788 P a g e
workers’ welfare abroad. To date, the country has continued to rely on overseas Filipino workers (OFWs) for much-need dollar remittances to keep the economy afloat. Data from the Bangko Sentral ng Pilipinas showed that personal remittances in November 2019 reached Php 30.5 billion, bulk of which amounting to
Dec 26, 2023 · Keywords: Overseas Filipino Workers, Remittances, Financial Management, Mutual Assistance. I. INTRODUCTION In the era of globalization and increased labor mobility, the phenomenon of overseas Filipino workers (OFWs) seeking better opportunities abroad has become a significant driver of the Philippine economy. The impact of these OFW settlements
Jul 18, 2018 · Year after year, the number of Overseas Filipino Workers (OFWs) continues to increase. Based on the result of the survey on overseas Filipinos of the Philippine Statistics Authority (PSA), the total number of OFWs estimated at 2.2 million.
Review of literature was made with the following topics; i) Overseas Filipino Workers (OFWs); ii) remittances management; iii) personal and household finance; and iv) topics about investments on education. The theoretical framework utilized for this study was the Personal and Family Financial Planning Framework (Kapoor et al., 1988).