The Bank of the Philippine Islands (BPI) is continuing its mission to assist Hongkong-based Overseas Filipino Workers (OFW) on how to save, invest, and secure their families’ future.
With the continuously growing number of overseas Filipino workers (OFWs) in Hong Kong, BPI has stepped up its efforts to be a reliable partner in managing their finances through a series of financial literacy seminars in Hong Kong.
With around 220,000 Filipino nationals in Hong Kong, Pinoys are considered the largest group of expatriates in the territory, many of whom are women working as household service workers (HSWs). HSWs typically earn about HKD 4,000, or close to PhP25,000 monthly, a good portion of which they remit to their families in the Philippines once a month.
Most of these remitters have short-term work contracts and are subscribed to alternative financial services providers that simply send their money back home. Once their contracts are over, the remittances—and their sources of income—end.
To help address this situation, BPI sought of ways to increase the financial knowledge of Hong Kong-based Filipino remitters for the sake of their families. BPI’s Remittance and Funds Transfer Group (BPI RFTG) conducted a series of learning sessions aimed at addressing the financial challenges of OFWs in Hong Kong. These sessions include presentations about services that safeguard their finances.
“BPI strives to be the trusted partner of OFWs,” said Melinda Dulay, BPI’s Head of Inward Remittance. “We understand the many challenges they face being away from their families. Through our products and services, we aim to empower these clients to have control on their finances as they take on their challenging role as OFW, but at the same time have peace of mind that whatever happens to them, they have a back-up plan for their family.”
Among these services is BPI Pamana Padala, a unique remittance solution that is tailor fit for OFWs who knowingly take risks to work abroad. It offers a free remittance continuation benefit. In case something unfortunate happens to the OF remitter, his or her family will continue to receive money for 12 months.
The Bank also held one-on-one consultations with the OFWs during the seminar. Around 75 percent of the total attendees expressed interest in opening BPI Pamana Padala accounts.
These financial literacy seminars were conducted in partnership with BPI Express Remittance Center (HK) Ltd. and BPI’s remittance partner Lulu Financial Services (Hong Kong) Limited.
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