Philippine Stock Exchange (PSE) and Department of Migrant Workers (DMW) Inked a MOU for OFWs Financial Literacy

A Memorandum of Understanding (MOU) was signed by the Department of Migrant Workers (DMW) and the Philippine Stock Exchange, Inc. (PSE) with the objective of introducing a financial education program that will emphasize personal finance and the principles of stock market investing, particularly for Overseas Filipino Workers (OFWs).

The MOU was signed by PSE President and CEO Ramon S. Monzon and DMW Officer-in-Charge Hans Leo J. Cacdac. It also intends to provide information and guidance on investment fraud and scams, as well as conduct financial literacy initiatives among OFWs, particularly those who are returning for good.
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The MOU also covers the conduct of learning sessions for OFWs' families as well. An online community will also be created to facilitate communication with OFWs.

PSE President and CEO Ramon S. Monzon said, “Investor education is a core advocacy for the PSE that stems from our mission to promote sustainable and inclusive economic growth. This Project is aligned with the PSE’s core strategy to improve liquidity and increase market depth by boosting retail participation in the local capital market.”

“PSE intends to complement DMW’s reintegration roadmap by educating OFWs and their families about personal finance and the fundamentals of investing in the stock market; and by equipping them with relevant information to protect themselves against investment scams,” Mr. Monzon added.
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In addition, Mr. Monzon expressed hope that the collaboration with DMW will contribute to the expansion of the OFW investor base, which as of 2022 accounted for just 5.6% of the 1.68 million retail investor accounts.