The Bank of the Philippine Islands (BPI) is urging overseas Filipino workers (OFWs) and their families to get financial management education to allow them to better manage remittances.
BPI reached out to overseas Filipinos citing a Bangko Sentral ng Pilipinas Consumer Expectations Survey for the 2nd Quarter of 2018 that indicates only 33.9% of Filipino households that received OFW remittances allot money for savings, and only 5.2% of the households have investments.
BPI also cited a survey in the United Arab Emirates where migrant Filipinos number hundreds of thousands saying that 8 of 10 OFWs are not saving up for retirement because their monthly incomes mostly go to remittances.
Ritchie Farinas, Overseas Customer Segment Division Head of BPI, told participants at the Philippine Overseas Employment Organization (POEA) Migrant Workers Day celebration in June that overseas Filipino who find saving and investing to be a challenge should look for bank services that will help them not only to send money back home, but also make it easier for them to save and invest.
“Given the right financial knowledge and banking services, overseas Filipinos together with their families can achieve their dreams,” said Farinas in a BPI report sent to GNP.
Simon Paterno, BPI Executive Vice President and Segment Head of Financial Products and Alternative Channels, in a BPI release acknowledged that overseas workers are modern day heroes who take risks to provide for their families but are nagged with the question of whether their families will be able to take care of themselves should anything unfortunate happen to them.
To address these concerns, BPI – listed in the Forbes 2000 among the world’s largest companies – presented at the celebration two financial products that can help overseas Filipinos and their families to better manage remittances from abroad – the BPI Pamana Padala and BPI Padala Moneyger.
Pamana Padala allows the OFW to electronically transfer funds directly to the BPI accounts of their loved ones. Its Remittance Continuation Plan also provides the free 90-day Personal Accident Insurance of P100,000 and life insurance coverage of up to P300,000 for the OFW who sends four remittances to the Pamana Padala account within a 12-month period.
BPI Padala Moneyger enables beneficiaries to receive money at any time, while allowing them to efficiently manage their funds like balance checking, funds transfer, and bills payment via online and mobile banking.
Farinas pledged BPI’s continued efforts to offer innovative services to help make a positive impact on the lives of these overseas Filipinos.