On The Money: Financial Literacy

Here is the link.

Vincent Rapisura Program Manager Ateneo de Manila's Microfinance Capacity Building Program

Undocumented migrants -

Train them for financial literacy

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Ateneo de Manila
financial literacy course
for OFWs:

leadership and social entrepreneurship

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Share one success story -

Teach them in 50s -

Lesson #1: Once your child reaches 21 years of age, you can stop sending money and save for yourself.

You break the chain - First two hours they are really mad at you. Stop sending money to adult children.

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Domestic helper - outside Philippines

If your family wants your remittance to be permanent, it means one thing: they don't want you back home.

A significant portion of OFWs will get adequate insurance.

Financial literacy

Every 1 out of 10 participants is bankrupt.

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3 stages of Migration
1. Pay for debts incurred to go overseas (1-2 years)
2. Send money home for children's education or medication of sick family member
3. Save for retirement and reintegration (up to 5 years ideally)

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Course meeting points:

1st and last: Live training session
2nd and 3rd: Online
They have assignments and tips on getting out of debt and saving money

20% of income is sent to home

1 out of 3 Filipinos overspend on houses.

Do not forget themselves - bread winner, if something happens to them, nothing left

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Case study: Nellie

Worked in Rome for 20-25 years
P500K in debt because of vacations and remittances sent to family members

Emergency savings - next year she started to invest.


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Case study: Rhoda

Brings 6,000 euros (roughly P300K) whenever she comes home as pocket money

She pays for everyone. Basically she is ATM.
She came back.

I went back to Philippines, she used to bring back.

Strategy for Rhoda:
Half of the time you said yes before, say no.

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Case study: Emerjon
Works in Italy as domestic helper
he is now in his 3rd year of his bachelor's degree in the University of the Philippines

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Case study: Mayet

Heavily in debt due to supporting children over 21 years of age

She sacrifices herself for her adult child.
Mayet talked to her children and charted a financial plan.

Her children are looking for jobs.
Tell your children grow up.
Your mom is not primary source of income.

Culture of dependency is a big problem in Philippine society.

Love is when you let the other person grow.

Financial capability is a 21st century life skill.


Financial education should be integrated with high school education.