The program is spearheaded by the central bank of the Republic of the Philippines.

Philippines government introduced a new program for overseas Filipino workers (OFWs) that will require them to attend a financial literacy seminar. This will make it mandatory for Filipinos aspiring to work in the UAE and other foreign countries to undergo training on managing their finances, under the Pinanysal na Talino at Kaalaman (PiTaKa) program.

The program is spearheaded by the central bank of the Republic of the Philippines, Bangko Sentral ng Pilipinas (BSP), in partnership with Overseas Workers Welfare Administration (OWWA) and the BDO Foundation. The program will be a part of the Pre-Departure Orientation Seminar and Post-Arrival Orientation Seminar of OFWs who will be shown a series of videos on financial literacy, reported The Filipino Times.

The program has been initiated to help OFWs save better until they eventually decide to establish their own businesses in the Philippines or abroad. "As remittances consistently account for 10 per cent of the Philippines' gross domestic product, OFWs are indeed modern-day heroes. Yet, we continue to hear stories of OFWs facing financial struggles," BSP Governor, Nestor Espenilla Jr., said in a statement.

He further added, "The PiTaKa program aims to change these sad stories into ones with happy endings - OFWs and their families living together in the Philippines, with the capability to sustain their financial health, and productively contribute to the national economy."

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