Filipinos urged to develop skills on financial planning

Never be ashamed of financial literacy engagements.

Becoming financially literate lies within families whose adult members should be the ones enlightened on financial matters.

Basic to tertiary education curricula must integrate that which permits everyone how to wisely spend and save resources.

These were from Ben Lebig and Rolly Brucales, among the private sector volunteer “Registered Financial Advisers” (RFA) of the Philippines in the UAE, which has been widely advocating financial literacy, a cornerstone of the Philippine Government, particularly for overseas Filipino workers (OFWs), since the 2008 borderless financial debacle.

Long-time UAE residents, corporate man Lebig and food & beverage industry player Brucales, cited success stories.

They were interviewed after the recent Philippine Consulate General-Dubai “Karaban” Outreach Programme in Fujairah.

The outreach programme through which 855 assistance were rendered – passport renewals, notarisation of public documents, civil registration, and Overseas Voting Registration validation from the consular mission – and employment contract verification, Overseas Workers Welfare Administration-Social Security System-PagIBIG Fund membership services, Assistance-to-Nationals support, and free legal consultations from the Migrant Workers Office-Dubai, also saw the delivery of financial literacy lectures-cum-workshops.

Lebig and Brucales, alongside fellow Filipino RFAs Michelle Tatel, Eleonor Pangan, and Francia Angeles discussed Cash Flow Management: Understanding Income, Expenses and Budgeting Effectively; Debt Management: Strategies to Reduce and Avoid Excessive Debt; Emergency Funds: Importance of Savings for Unforeseen Circumstances; Insurance: How to Protect Oneself and One’s Family Financially; and Investments: Introduction to Different Investment Options to Grow Wealth.

Success stories are a-plenty, according to Lebig.

He has actively participated in the financial literacy advocacy of the Philippine Government in the past 10 years of his 19-year residency in the UAE.

A couple Lebig had mentored was in possession of “multiple credit cards and living beyond their means with no savings and no plans, either. With proper understanding of the skills required to manage their finances, they slowly applied the concepts and techniques. They eventually were able to clear their debts and started building on their savings and investments. They still have many years left before retirement but since they have a proper financial plan, their actions and decisions have become well-guided.”

A Brucales mentee on “disciplined savings and wise investment strategies is chef Renato Relucio, 43.

Relucio is “grateful for the patience of Boss Rolly. He has proved that even at my age, I can still save and own a house because I have learnt how to prioritise. I am going home next month to see and enjoy for the first time my house.”

The two success stories rise above the backdrop of OFWs in the UAE, among the severely affected by the infamous 2008 global monetary crisis whereby they had realised that beyond the earthly desire to belong, by way of possessing every latest electronic gadget, misuse of loans, and sheer excessive affluent lifestyle, is the relevance of being financially literate.

Lebig said, “Filipinos from various walks of life and on different income brackets need to develop the skills on personal financial planning. Building savings and investments is not dependent on levels of income. I have seen many Filipinos who are high earners but have no savings. There are some who earn so little but already have investments and savings back home, positioning them for a well-prepared retirement.”

From his workplace and community observations, Brucales cited debt management and savings as the top predicaments: “Many fall into debt due to limited financial knowledge or unexpected expenses. Many struggle to consistently set aside money because of obligations back home or the lack of proper budgeting skills. Start in small savings and remain consistent in setting aside money.”

Consul General Angeles said: “Financial literacy is a vital tool for empowerment. As overseas Filipinos work hard to support their families and invest in their future, understanding how to manage finances effectively is not just beneficial. It is essential. Beyond sending remittances, we encourage our countrymen to build financial resilience, secure their future, and contribute to the economic growth of their families and our nation.”