About Pinoy Wise OF TV
Atikha and the Philippine Consortium on Migration and Development (PHILCOMDEV) organized the PINOY WISE MOVEMENT (Pinoy Worldwide Initiative on Savings Investment and Entrepreneurship) an information, value formation and education campaign to encourage OFWs and their families to save and invest the hard earned money wisely.
There are approximately 8 million Filipinos overseas in about 200 countries all over the world. In 2010, the remittances of overseas Filipinos reached about $ 19 billion. Filipinos working abroad receive relatively higher salaries than their counterpart in the Philippines and their remittances provide the much needed assistance for the basic needs of their families. However, a closer look at the life of migrants shows that the majority of the Filipino migrants have been unable to channel their remittances for long-term investments to secure their and their families future.
The lack of savings and investment of migrants is due to the following reasons:
- Majority do not have knowledge on budgeting, financial planning, fund management, saving and investing so they become easy prey of unscrupulous investment companies and loan sharks
- There are quite a number of OFWs who are experiencing family problems due to separation that drain their resources such as dependency of the whole family on migrant earnings and luxurious lifestyle of the family. Some families in the Philippines stop working the moment they have a migrant.
- Some have problems with values, attitudes and behaviors such as “bahala na attitude”. They feel so guilty for leaving family behind so they splurge on the family, splurging them with packages and “pasalubong” on vacation consuming all the hard earned savings for one year.
- Some are able to save and invest in business but a big number of their business failed.
The overseas Filipinos sacrifice being away from the country and their family. Some had to work doubly hard working in double jobs just to be able to provide for the family. Others are even working under difficult situations. It is a pity that despite all of their sacrifices, they remain a failure in achieving their goals for migration. Calling them “Bagong Bayani” is not enough. We need a multi-stakeholder initiative involving the national and local government, schools, migrant and family organizations, NGOs, faith based organizations, cooperatives and corporations to reach out to migrants and their families to provide information, value formation activities and skills to enable them to save and invest to achieve their family and financial goals. This is the reason why Atikha and the Philippine Consortium on Migration and Development (Philcomdev) initiated the Pinoy Wise Movement.
To augment the various financial literacy seminars and financial literacy campaign that are being conducted abroad and in the Philippines, it was seen that a TV program that can be downloaded / viewed via the internet will be a good vehicle to compliment the financial literacy campaign of PINOY WISE.
Objectives of the Pinoy Wise OFW TV
- To reach out to OFWs and their families and provide information to encourage them to save and invest
- To help address family issues and other social cost of migration brought about by family separation
- To showcase best practices on migration and development of migrants, family members, migrant and family organizations, NGOs, cooperatives, banks, faith based organizations and local and national government organizations
- To link OFs and their families to concrete savings and investment programs of selected cooperatives, micro-finance institutions, social enterprises, insurance companies, banks and other agencies; and
- To leverage migrant resources with government and corporations towards local economic development.
PINOY WISE OFW TV FORMAT
The PINOY WISE TV program will be composed of the following segments:
- Best Practice – 10 minutes segment featuring programs and services and “good practices” of national and local government, NGOs, Hometown associations, schools, migrants and family organizations and other organizations working with OFWs on savings, investment and entrepreneurship. It will feature stories of migrants abroad and how they triumph against all odd. This will also feature philanthropy initiatives of OFWs that contribute to migration and development. Their projects and enterprises will be featured on location.
- Dear Atikha – 5 minutes segment on financial education for OFWs and families left behind. This will focus on goal setting, budgeting, financial planning and important tips in saving, investing and entrepreneurship. Atikha will answer questions and concerns of OFWs emailed to the PINOY WISE website. This segment will also feature existing saving and investment opportunities and possible enterprises that can be provided to the OFWs and their families.
- Hawak Kamay – 5 minutes segment featuring various problems and issues being confronted by the migrants and their families; legal concerns to personal issues with children, husbands, in-laws and extended family. Atikha will share tips and ways of coping with the family issues and problems brought about by separation.
- News Worldwide – 2 minute updates of various events from Filipino community, migrants and families abroad and in the Philippines. Correspondents of Pinoy Wise in different countries will co-anchor this via skype/ taped video. This segment will serve as the vehicle for various announcements of the OFWs of activities abroad.