personal finance tips

At Home sa Abroad: OFWs’ personal finance 101
At Home sa Abroad: OFWs’ personal finance 101
Rappler sits down with an Abu Dhabi-based Filipina marketing chief who recently came out with a book on OFWs' personal finance to talk about why some OFWs struggle to save, and how they can prepare for the future

MANILA, Philippines – When a Filipino leaves to work abroad, it usually means higher income and a more comfortable life for their family back home. 

But did you know that for the second quarter of 2023, the Bangko Sentral ng Pilipinas found that just 34.9% of overseas Filipino worker (OFW) households were able to save the remittances they received? Citing the World Bank, the BSP also said that just a quarter of adult Filipinos are knowledgeable in basic financial concepts.

There’s a character to recall in the Philippine blockbuster film, Four Sisters and a Wedding, when eldest daughter Teddie comes home from Spain in a fancy outfit and supposed success. But when the Spanish recession (in the film) made Teddie lose her job, she was pushed to find multiple service jobs and go into debt just for a plane ticket home. She also had to pretend in front of her family that everything was okay.

The reality is, many OFWs end up without savings, even when they reach their senior years, despite having worked abroad for most of their lives.

In this episode of At Home sa Abroad: Stories of Overseas Filipinos, Rappler multimedia reporter Michelle Abad speaks with Joanne DG Rico, an Abu Dhabi-based marketing chief who recently released a new book, It’s Not What You Think: Cracking OFW myths on personal finance.

It is a book by an OFW, for OFWs, on how to stay financially stable and prepare for their future.

Watch the video on Rappler on Monday, November 13, at 7 pm, Manila time. –

At Home sa Abroad: Stories of Overseas Filipinos is Rappler’s one-stop video podcast for all things Filipino diaspora. 

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