The Philippine Embassy held a Financial Literacy Webinar on 25 November 2023 in partnership with Pag-IBIG Fund, OF Bank, and OWWA-Beirut in support of the financial stability and well-being of Filipinos overseas. The event equips overseas Filipinos with essential knowledge on saving and investing, especially amidst persisting economic challenges since the onset of the financial crisis in Lebanon in 2019.
In his opening remarks, Philippine Ambassador to Lebanon, H.E. Raymond R. Balatbat underscored the importance of this webinar in achieving the government’s long-term vision that Filipinos’ migration for foreign employment will be driven by choice, and not by necessity. It can be achieved by ensuring inclusive growth where all Filipinos have access to financial investment and savings mechanisms and other sustainable means of support.
Pag-IBIG Fund representative for the Middle East and Africa, Ms. Nova Kristal discusses PAG-IBIG Fund savings.
During the webinar, representatives from Pag-IBIG Fund, OF Bank, and OWWA-Beirut shared valuable insights on managing personal finances by promoting savings and investment tools from their respective financial institutions, offering practical tips and strategies for effective financial planning.
OF Bank representative, Mr. Leover Loyola, during his lecture on Investing Basics for Global Pinoys.
Various services and support mechanisms available to overseas Filipino workers are presented to strike awareness and provide participants access to said resources at their disposal. An interactive Q&A session allowed participants to engage with the speakers and facilitators in addressing specific queries and concerns related to personal finances.
Welfare Officer Windelin Marquez also discussed OWWA membership benefits to promote coverage among OFWs in Lebanon.
The financial literacy initiative reflects the Philippine Embassy’s commitment to collaborate with government agencies in supporting and empowering Filipino communities in Lebanon to access financial tools for long-term financial freedom. Following a series of repatriation flights from Lebanon mounted by the Philippine Embassy since 2018, around 17,000 Filipinos remain in the country. Around 95% of them are household service workers who are vulnerable to the impacts of Lebanon’s volatile security and economic situation.
The Philippine Embassy encourages the Filipino community to stay connected and participate in future financial literacy activities. The recorded webinar is made available on the Philippine Embassy’s official Facebook page for those who missed the live session.
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