OWWA trains seafarers on income management

CEBU, Philippines - The Overseas Workers Welfare Administration-7 extends the financial literacy among seafarers in Central Visayas to also train them on income management through an investment forum.

Spearheaded by OWWA, the forum held yesterday was also in line with the celebration of the National Maritime Week and the Seafarers’ Week this month.

The forum was attended by at least 150 seafarers.

“We are to empower and make them put their savings and income to investments,” said OWWA-7 regional director Wilfreda Misterio.

Misterio said that most Filipinos aim to work abroad to earn more for their families and yet return home either with money that is only enough for the family or no savings at all.

“It is either we live to work or we work to live,” Misterio said in her welcome message, adding that they wanted to promote a wholesome and successful family, part of which is by training them on financial management.

Aside from seafarers, Overseas Filipino Workers should also know how to raise their money, said Misterio.

Seafarers were given the options like taking investment in the right franchise, investment opportunity on fixed income security, and basic stock investing. 

They were also informed on Social Security System benefits and flexi-fund, employee’s compensation program for seafarers and seafarer’s registration certification.

Ceasar Laro Jr., project officer for Visayas-Mindanao of the Philippine Franchise Association-Cebu Office, said that one of the targets of an ideal franchisee is an OFW.

“They are not really the main (target) because we still have businessmen, but they are included,” Laro said.

According to Laro, OFWs and Filipinos in general want to venture into business but fail to pursue it due to lack of funding.

“Based on statistics, 70 percent above are successful because of franchising and 20 to 25 percent of those who started their own business become successful,” he said.

One can franchise a product for as low as P95,000, as said.  (FREEMAN)