The Securities and Exchange Commission (SEC) has joined forces with the Department of Migrant Workers (DMW) to help shield overseas Filipino workers (OFWs) from investment scams.
The SEC said the partnership aims to empower OFWs spot investment scams and manage their finances better by improving their financial and debt management skills.
This will be done by tapping into DMW’s resources to expand the reach of its financial literacy and investment scam awareness programs.
According to the SEC, OFWs have been targeted by scammers into investing their hard-earned money into fraudulent investment schemes for many years now.
“It is imperative that we protect our modern-day heroes, who work thousands of miles away just to provide for their families, only to be scammed by unscrupulous individuals who take advantage of their lack of knowledge on legitimate investments,” SEC chairperson Emilio Aquino said.
“The SEC wants to address this problem by ensuring that OFWs have access to legitimate investment options in the market, thereby steering them away from fraudulent schemes and helping them grow their finances through sound financial decisions,” he added.
The SEC and DMW have also signed partnerships with fintech companies Maya and G-Xchange Inc., BDO Foundation Inc., as well as Empower and Transform, OPC, to further expand the reach of their financial literacy programs through the private sector.