Wu Report 1st Draft

Para sa Pamilya ng Mga Bagong Bayani 

An initial report by Colayco Foundation for Education, Inc.

Table of Contents   The Foundation…………………………1   Publication   Seminars & Workshops

  The Grant Provider……………………..5   The Project……………………………. 7   Rationale   Pisobilities Series   Program   Pisobilities Handbook   Other Piso Materials

  Pisobilities Runs……………………….13   Alaminos, Pangasinan (1st Run))   Analysis   Other Materials

The Foundation Publication Seminars & Workshops

The Foundation The Colayco Foundation for Education (CFE) is a non-stock non-profit organization dedicated to actively promoting “financial literacy” for the average income earners, overseas Filipino workers, and students. Our objective is to fill-in the dearth of public financial information, reach out to a bigger audience and spread the good news that financial independence is within everyone’s reach. This is our own little way of contributing to nation-building.

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The Foundation Publications CFE is a publisher of books on personal finance. These bestseller books are authored by CFE Founder and Chairman, Francisco J. Colayco. These publications serve as a guide for every Filipino on how to save and grow their savings. CFE embarked on publishing DVDs on the same subject matter.

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The Foundation – Seminars & Workshops From the beginning of our mission in 2003, we have conducted over 300 seminars and workshops for government agencies and financial institutions, the armed services, trade and professional associations, business clubs, community groups, academic institutions, and top corporations in service, product and manufacturing industries. For overseas Filipino workers in the Far East, Middle East and Europe, we conduct regular seminars in partnership with private financial institutions, the Overseas Workers Welfare, Philippine embassies and workers’ associations. We provide our audience ways to manage their personal finances effectively by planning, wise spending, saving and investing.

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The Grant Provider Western Union Foundation

Western Union Foundation Worldwide charitable giving The Western Union Foundation was created to help individuals, families and communities worldwide. The Foundation supports charitable giving programs, education and human services programs and humanitarian projects and relief efforts. We work together with Western Union, its employees and Agents. So far we have granted $45 million to 1,500 organizations in 70 countries, supported 500 non-traditional students with scholarships, partnered with 150 Western Union Agents in charitable programs, and supported over 50 disaster relief operations. The Foundation embodies Western Union’s core values of integrity, partnership, opportunity, passion and teamwork.

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The Project Rationale Pisobilities Series Program Pisobilities Handbook Other Piso Materials

Rationale Over the last 40 years of the OFW phenomenon, an increasing number of Filipinos are sent abroad. In latest public data, the number of Filipinos sent abroad increase by at least 10% annually. Given the unchanging national economic situation, more Filipinos are expected to go abroad in the years to come. As they go to other countries to work for better pay, they leave behind their families to be cared for by their parents or by their older children. For the most part, OFWs hard earned money goes to children’s schooling, parent’s health, buying or improving their house and its conveniences and the day to day household requirements of food, utilities, water, etc. All these are worthwhile and necessary expenditures, however it has been noticed that remittances slip quickly through the fingers of its beneficiaries with most of it allotted to consumption as opposed to savings and investment. The trouble with this is the dependency on OFW remittances. In the event that the OFW is not working the family is financially crippled. Financial literacy is a valuable resource for OFW families which can help them better manage their finances and more importantly make the hard earned money of their loved ones abroad work for them. Through sound saving and investment practices the one peso remitted can be grown into a million .

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Pisobilities Series To present the value of financial literacy to OFW families, a two-hour program that employed an interactive “edutainment” approach was carefully developed. This program is entitled “Gusto Mo Bang Yumaman?” with a tagline “Pisobilities Para sa Pamilya ng Mga Bagong Bayani”.

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Program I. 

Pre-Evaluation

II. 

National Anth

III. 

Invocation

IV. 

V.  VI. 

VII. 

Forms

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Opening Rem arks Jennifer T. Ursua CFE Program D irector Mary Ann A. Esp anola CFE Account Off icer Western Unio n Video Pisobilities Pa ra sa Pamilya ng Mga Bagon g Bayani Armand Q. Bengc o, CFE Executive D irector Open Forum

VIII.  Financia l Literacy Gam e IX.  Closing Remarks Cloyd Peter Lalas Administration O fficer 2 X.  Post-Evaluatio n Forms XI.  Distribu tion of Pisobil ities handbook

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Pisobilities Handbook

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Other Piso Materials (In CD) Piso Marketing Peripherals Piso Evaluation Forms

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Pisobilities Runs Alaminos City, Pangasinan (1st Run) Analysis Other Materials

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February 28, 2009 (Saturday) 10:00 AM to 12:00 NN Don Leopoldo Sison Auditorium Alaminos City, Pangasinan 200 participants

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Analysis Are you able to save regularly from your monthly income? 50 out of 97 answered yes (51.55%) 42 out of 97 answered no (43.30%) 5 out of 97 have no answer (5.15%) Where do you put your savings? 13 out of 97 answered under their pillow / coin or piggy bank (13.40%) 48 out of 97 answered bank (49.48%) 6 out of 97 answered in a cooperative (6.19%) 20 out of 97 answered others (20.61%) 9 out of 97 have no answer (9.28%) How much is your monthly savings? 25 out of 97 answered PhP 100 to 499 (25.77%) 22 out of 97 answered PhP 500 to 999 (22.68%) 15 out of 97 answered PhP 1,000 or more (15.46%) 27 out of 97 answered none (27.84%) 8 out of 97 have no answer (8.25%) Are you good in handling your finances? 65 out of 97 answered yes (67.01%) 27 out of 97 answered no (27.84%) 5 out of 97 have no answer (5.15%) What are your expectations from the program? Good lessons (mabuting aral) | Future to be wealthy (kinabukasan para yumaman) | Get ideas on how to start a business (matuto at mabigyan ng ideya para makapagsimula ng negosyo) | How to manage money remitted (matuto at mabigyan ng ideya para makapagsimula ng negosyo) | Tips on how to save (maraming tipid tips na matutunan by the end of the day) | How to grow our business (kung paano magpalago ng negosyo) | How to save money (matutong mag-ipon ng pera) | Grow money and how to budget (lago ng pera at kung pano magbudget) How to save or how to grow a small business (pinansyal lalo sa pagtitipid o paglalago ng maliit na negosyo) | To help families of OFWs (para makatulong sa pamilyang OFW) | Be wealthy (yumaman) | Increase our income (madagdagan ang konting kita) | Help us to plan our lives (matulungan kaming magplano sa buhay) | Have a better future (magiging mabuti po siguro ang aking kinabukasan) | Interesting for me | To improve my life (siguro aangat ang buhay ko)

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Analysis Will this Pisobilities seminar help you with your current personal financial status? 51 out of 97 answered it will help a lot (52.58%) 42 out of 97 answered it will help (43.30%) 4 out of 97 have no answer (4.12%) How do you receive remittances from your OFW relative? 45 out of 97 answered banks (46.39%) 46 out of 97 answered Western Union (47.42%) 7 out of 97 answered others (7.22%) 9 out of 97 did not answer the question (9.28%) What will you do if you were given a starting capital or a big amount of money? Go into business (negosyo) | Put or deposit in bank (ilalagay o idedeposito sa bangko) | Buy food and medicines for my mother (ibibili ng pagkain at gamut ni nanay) | Allocate for expenses at home and in school (gastos sa bahay at sa eskwela) | Keep for the future of my child (itatago ko para sa kinabukasan ng anak ko) | Put up a small store (magtatayo ako ng sari-sari store) | Save for my studies (iipunin para sa pag-aaral ko) | Invest in real estate (mag-invest sa real estate) | Save it (iipunin) | Pay my debt (babayaran muna ang utang) | Help the less fortunate (tutulungan ko ang mahihirap) When will you start to save? 76 out of 97 answered now (78.35%) 8 out of 97 answered next month (8.25%) 2 out of 97 answered next year (2.06%) 4 out of 97 answered later on (4.12%) 7 out of 97 have no answer (7.22%)

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Analysis What can you say about the seminar? We are happy to know how to be rich (masaya dahil malaki ang natutunan ko kung paano yamaman) | We are happy to know how to be rich (masaya dahil malaki ang natutunan ko kung paano yamaman) | The tips will help in growing my savings (makakatulong ang tips sa pagpapalago ng ipon) | It helped me to find opportunities/business | Gives a good source of business (makapagbigay ng magandang simula sa negosyo) | Lessons on how to manage and use money (nakapulot ng aral kung pano humawak at gamitin sa tama ang pera) | Worthy (kapakipakinabang) | I learned how to value money and I will save for my child (natuto ako kung pano pahalagahan ang pera at mag-iipon ako para sa anak ko) | Increased my knowledge on how to save money (nadagdagan ang pag-iisip ko paano ilagay sa maayos ang aking pera at paano mag-ipon) | Meaningful and timely especially these times of crisis (makabuluhan at napapanahon lalo’t sa dinadaanang krisis pinansyal) | This can help a lot of people (maraming tao ang matutulungan) | This can help OFWs and their relatives (makakatulong sa mga OFW at sa mga kamag-anak) | Interesting, good for everybody. I’ve learned how to save income. | Learning experience | It’s a  great help.  I learned a lot towards having a better future.  (malaking tulong sa amin. Marami akong natutunan tungo sa mabuting kinabukasan) | Helps us and how to use our money correctly and on how to invest money properly.

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Analysis Registration started as early as 7:30 am. There were 20 LGU volunteers who helped out during the entire program.  As the people enter, they were handed out with the evaluation forms, Western Union materials and ushered to their seats.    The program started at 10am with a little more than 100 participants.  Each were

give pre- and post- evaluation forms.    Ms. Jennifer T. Ursua, CFE Program Director opened the program with Ms. Mary

Ann A. Española, CFE Account Officer. The program started off with the preevaluation form.  Everyone was guided by Ms. Ursua on how to fill up the preevaluation form.  Then Ms. Española had a short sharing of her experiences on how her mom taught her to handle her money, and her experiences being a child of an Overseas Filipino Worker.    Ms. Ursua thanked Western Union for making this program available to families and

relatives of OFWs in Alaminos, Pangasinan.  Then the video was shown.   Mr. Armand Q. Bengco, CFE Executive Director was introduced as the main speaker

and he lectured on the topics below. The  lecture lasted for 45 minutes. i.     Personal Finance Concepts Money, income and wealth Earning, planning, saving, spending and investing ii.     When are we wealthy? iii.     Sources of income Active income Passive income iv.     Savings is your first source of capital v.     The right savings equation vi.    Obstacles and Allies vii.   Fundamental money transactions viii.  Business prospects ix.    Net Worth planning x.     Baby steps xi.    Conclusion

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Analysis  

There was an open forum after the financial literacy seminar.

 

To  test whether the crowd absorbed some pointers, we provided a Financial      Literacy Game comprised of 9 questions.  For those who answered correctly, they got the prizes       that Western Union provided. There were 8 minor prizes given out and 1      major prize courtesy of Western Union. The Colayco Foundation also provided cash prizes, PhP1,000, PhP500 and PhP200.

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After  the game, everyone was reminded to fill out the post-evaluation forms.  They were also given instructions that the evaluation forms will be exchanged with a Pisobilities       Handbook.  Again, Western  Union was acknowledged for bringing this program to Alaminos, Pangasinan.

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The distribution of handbooks were facilitated by the LGU volunteers.  Afterwards, we had our pictures taken with each participant holding a book. The flyers of Western Union was inserted inside the Pisobilities Handbook and there’s a full-color ad of Western Union at the inside back cover of the book.

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There’s this old lady who approached Mr. Bengco right after the program.  She embraced Mr. Bengco thanking  him for the program.  She wished that her children are they to listen to what the foundation has to say.  She used to be an OFW and all her children are already living separately with her.  But she has not saved a single centavo and her kids are not supporting her. 

Overall Evaluation and Key Learnings  

There was a low turnout considering the radio announcements and the tarpaulins placed in the major thoroughfares.  

The participants were happy with their learning experience and based on evaluation, they are thankful for bringing this program to them.

 

There is still a big need to provide the families of OFWs with the encouragement to handle their finances well.  They also need more education on where to put their money other than banks.  As the result of the evaluation shows, people are still highly dependent on banks and the interest rates are not competitive.  Imagine the potentials if the people have the know-how in growing their savings.       

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Other Materials (in CD) Pictures Encoded Evaluation Forms Recipients Database

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