Bangko Sentral officials urge Pinoy workers in Brunei to save for retirement

April 11, 2013 2:00pm

Officials of the Bangko Sentral ng Pilipinas (BSP) urged overseas Filipino workers (OFWs) in Brunei to save for retirement.

The BSP officials cited this during financial learning campaign last April 5 at the Philippine embassy in Brunei, the Department of Foreign Affairs (DFA) said in a news release.

"At the end of today's session it is hoped that we will gain the ability to make some financial decisions not to enable our families to live comfortably today but to ensure that we will be financially secure in the future," Ambassador Nestor Ochoa said.

BSP Deputy Governor Diwa Gunigundo and BSP Managing Director Wilhelmina Manalac served as resource speakers.

The two rendered a presentation on the need to prepare a financial plan for retirement and re-integration into Philippine society once the OFWs decide to go home for good.

Ochoa said the session was BSP's way of empowering Filipinos living and working abroad by promoting financial literacy and the ability to understand money matters.

On the other hand, Manalac discussed investing hard-earned money, benefits of remittances, importance of financial planning, investing money in treasury bills and in stocks.

"Financial freedom is having the income to pay what you need. A financial plan is meeting life's goals through proper management of financial resources. Time horizon is how long you will make the investment. The younger you are, the higher your ability to take risk. The earlier you save, the better. The only mistake is not to start saving at all," she said.

The DFA cited BSP figures indicating more than $4.9 million and $5.6 million had been remitted in 2011 and 2012, respectively, by Filipinos working in Brunei.

In January 2013, $843,000 was sent home, up 263.36 per cent from $232,000 in the same period in 2012. - VVP, GMA News