Over 100 OFWs Wise Up on Finances in Forum Organized by PH Embassy and Filipino Club Bahrain
Philippine Charge d’ Affaires a.i. to Bahrain Anne Jalando-on Louis (3rd from right, seated), Labor Attache Vicente Cabe (4th from right, seated), Welfare Officer Redina Manlapaz (2nd from right, seated), and Filipino Club Bahrain President Ric Advincula (5th from left, seated) with the participants of the Financial Literacy Forum. (Manama PE photo)
MANAMA, 17 November 2022 – The Philippine Embassy in Manama, Kingdom of Bahrain, and the Filipino community umbrella organization, Filipino Club Bahrain, organized a Financial Literacy Forum on 11 November 2022 at the Arman Hotel in Juffair, Kingdom of Bahrain. The Forum was attended by more than 100 OFWs based in Bahrain.
The Forum aimed to impart to the OFW-participants the basic concepts of financial planning and investment towards achieving financial freedom and in preparation for their eventual return to the Philippines for good.
Philippine Charge d’ Affaires a.i. to Bahrain Anne Jalando-on Louis welcomed the participants and stressed the importance for OFWs to save and to make wise investments in preparation for their return to the PHL and for retirement. The OFWs were also encouraged to continue their active memberships in OWWA, SSS, Pag-Ibig, and PhilHealth.
The pool of speakers included Ms. Czerina Martin and Ms. Jeune Marie Catindig, both accountants working with an insurance company in Bahrain, Mr. Vince Rapisura, founder of SEDPI and Lecturer of Microfinance and Social Entrepreneurship at the Ateneo de Manila University, Ms. Redina Manlapaz, Welfare Officer, OWWA-Bahrain, Mr. Jose Benito Custodio, SSS Bahrain Office, and Ms. Nova Kristal Pala, Team Leader, PAG-IBIG Bahrain, UAE and Kuwait Office.
Ms. Martin discussed the topic, “Changing Your Money Mindset: Starting the Journey Towards Financial Freedom” and shared her experience of financial awakening that led to her practice of financial planning. She noted the common Filipino traits or practices that can be avoided to plan and manage finances better.
Ms. Catindig discussed the process of making a financial plan. She noted that lack of financial planning could lead to poor financial decisions, debts, and mismanagement of one’s income.
Mr. Rapisura joined the Forum via Zoom. He presented an OFW “for Good” checklist and discussed investment opportunities for OFWs in cooperatives and Rural Banks, Retail Treasury Bonds (RTB), Pag-Ibig, and in rental properties.
Welfare Officer Manlapaz discussed the benefits and services provided by OWWA, encouraging the OFWs to remain active members.
Mr. Custodio discussed the seven benefits that may be availed of by an SSS member. He encouraged the participants to actively pay their SSS contributions to ensure that they remain qualified to claim their benefits, particularly upon retirement.
Ms. Pala also joined the Forum virtually and provided an overview of the services and programs offered by PAG-IBIG, especially the MP2 programs.
Mr. Ric Advicula, President of the Filipino Club Bahrain, moderated the program and the Open Forum, during which several OFWs raised questions on the topics discussed by the speakers. END
(Left) CDA Louis delivers the Welcome Remarks and encourages participants to make the most of the information and tips that will be shared by the resource speakers. (Center) Welfare Officer Redina Manlapaz discusses the OWWA programs and benefits. (Right) Mr. Jose Benito Custodio provides information on the SSS and its benefits. (Manama PE photo)
(Top, L-R): Ms. Czerina Martin and Ms. Jeune Marie Catindig. (Bottom, L-R): Mr. Vince Rapisura and Ms. Nova Kristal Pala who both joined the Forum virtually. (Manama PE photo)
For more information, visit https://www.manamape.dfa.gov.ph, https://www.facebook.com/PHLinBahrain or https://www.instagram.com/phlinbahrain/.