September remittances hit $3B; financial literacy need cited

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The story "September remittances hit $3B; financial literacy need cited" was covered 11 hours ago by Business Mirror, a news publisher based in Philippines.

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September remittances hit $3B; financial literacy need cited - Business Mirror

Quick Summary:

IF the national government wants to maximize remittances for nation building, more needs to be done to teach overseas Filipinos and their families financial literacy, an advocacy group said Friday, as the latest remittance flows were reported.

This leaves out or fails to make room for savings and/or investment.“As we celebrate BSP’s Economic and Financial Literacy Week next week, the BSP may have to lead the financial sector to re-assess and rekindle the financial education strategies that we do,” Opiniano said.

He described it as “a source of consolation for OFWs and their families/dependents, especially in coping with higher prices/inflation, as well as to cope up with higher interest rate payments since 2022 for any amortization or any form of debt servicing/payment such as for housing loans, auto/vehicle loans, personal loans, business loans, and other consumer loans, if any,” Ricafort said.