With the Philippine economy slowly becoming one of the emerging markets in Asia, Filipinos still are bereft of adequate financial education and literacy. The Filipinos are still far behind financial literacy because this is never taught in school. According to Standard & Poor(S&P) Ratings and Services Survey, only 25% of Filipinos are financially literate. It’s not uncommon that the only mental paradigm a Filipino has to get out of poverty is to finish his education, find a decent job, build a house and start up a business. Although we don’t disregard the power of entrepreneurship, Filipinos lack a better understanding of savings and how to use the basic knowledge of finance to their advantage.
According to Janvic Mateo of the Inquirer: “DepEd has previously entered into an agreement with the Bangko Sentral ng Pilipinas to develop learner-friendly financial education initiatives.” On the other hand, the Commission of Filipino Overseas has an ongoing program called Kaalamang Pinansyal Tungo sa Kaunlaran or Kapit ka!, where they conduct trainings and seminar for families of Overseas Filipino Workers. Although there are efforts to bridge the gap on getting Filipinos to be financially literate, there’s clearly no guidance or the programs have not been blatantly publicized.
Migrant workers have this idea that a better life for their families back home means sending money to sustain their families’ expenditures while leaving a portion for savings or investment initiatives(in form of condominium, land, etc.). Hidden behind the shadows though are those Filipino workers who are in debt because of poor financial structure. Take into account the rising cost of commodities in the country they work in as well as accommodation, daily transport, and a poor financial background, it is not a far-fetched idea that Filipinos will fall into the pit of credit.
The silver lining lies in knowing the options that are available for Filipinos regarding their offshore requirements. Filipinos should know the importance of having an emergency fund, getting themselves and their families insured, then move to structure their pension and investments. People think that insurance is trivial but at the base of any financial portfolio, it should answer the question “If something happens to you, will your family be able to live the life you want them to live?”
We have an answer for you!
Filpera is a Filipino-dedicated Financial Advisory subsidiary of Arlo Associates that focuses on shaping each client’s financial landscape according to their goals. With a stellar team of Filipino managers and the guidance of Internationally Licensed Financial Advisors, we converge to achieve the dream of each Filipino – to make our families lives’ comfortable and/or retire enjoying our life-long hardwork. Whatever your goals are, our commitment is to lead you to make financial decisions that are reasonable and unbiased.
Filpera is the Financial Planning Division of Arlo Insurance Brokers LLC (Arlo Associates), licensed and regulated by the United Arab Emirates Insurance Authority Registration Number 248, Dubai Economic Department Commercial License Number 730646.
Filpera is the Debt Restructuring Division of Apex Restructuring Solutions Financing Broker LLC, licensed in the United Arab Emirates under the Dubai Economic Department, License number 820214.
Filpera is a brand name of Filpera Ventures FZE, licensed in the Fujairah Creative City, United Arab Emirates, License number 12975/2018.
© 2018 Filpera. All rights reserved.