MANILA, 13 December 2002 — The Overseas Workers Welfare Administration (OWWA) and the Philippine Stock Exchange (PSE) will today begin training Overseas Filipino Workers (OFWs) in stock investments and the stock market in general.
The training is being coordinated with PSE Chairwoman Vivien Yuchengco who suggested the orientation last August to encourage overseas workers in investing their hard-earned money in stocks.
The PSE conducted its own orientation program on stock investment with OWWA members in October and solicited suggestions on the content and materials to make the program more suitable to overseas workers.
New OWWA Administrator Virgilio Angelo said the one-day orientation is free of charge.
He said the program will focus on the financial gains overseas workers may derive from investing in the stock market.
Also included in the orientation is a free personal consultation on stock investments to be given by some stockbrokers who will be present during the consultation.
Angelo said the PSE considers the OFW sector as a potential market for stock investment. That is why Yuchengco sought OWWA’s help to enable the PSE to develop and raise public awareness on stock investment in the OFW community, he said.
“OFWs can profit from investing wisely in stocks, while they continue playing their pivotal role in keeping the country’s economy afloat,” Angelo said.
He said the orientation seminar is relevant to the current reintegration program of the OWWA and the Department of Labor and Employment (DOLE) and is a way of concretizing President Gloria Arroyo’s vision of converting OFWs into overseas Filipino investors (OFIs).
“This will lead OFWs to take the direction of becoming the country’s premier investors in line with the vision of encouraging Filipino migrant workers to wisely invest their hard-earned money in the country,” he said.
Angelo, who is also a banker and financial analyst, sees a bright scenario in motivating OFWs to invest in the stock market. He said that OFW investments will produce a multiple effect in the economic stability of the nation.
“First, there will be an increase in the country’s dollar reserves since OFWs would infuse additional capital through their respective stock investments,” he said.
“Second, sound advise from brokers will encourage more OFWs to actively participate in stock exchanges. Knowing that they have been able to benefit from these transactions, the OFWs would definitely branch out into other business ventures meaning more job opportunities for local workers and an additional source of livelihood for the community,” he added.
