Help for UAE Filipinos to Save and Invest

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Like many expatriates, one of the main aims of the 600,000 Filipinos living in the UAE is to save money.

The Philippine Embassy is now pushing to increase the financially literacy of Filipinos and prepare them to reintegrate with their communities upon their return.

“Sixty per cent of the Filipino expatriate population are professionals,” said the ambassador, Grace Princesa. “If there is interest, understanding and commitment among them, anything is possible.”

Ernesto Refugio, 57, a civil engineer who has lived in Abu Dhabi for 19 years, plans to set up a business in his hometown of Antique when he retires in three years.

“Filipinos in the UAE should learn how to save and invest their hard-earned money,” he said. “Many are in jail because of credit-card debts and some decide to flee the country without paying their outstanding banks loans.”

Atikha, a non-governmental organisation (NGO) that provides economic and social services to overseas Filipino workers and their families, is targeting people like Mr Refugio to help train others to save and invest.

In January last year, the Ministry of Labour ran a financial literacy “training of trainers” event in Dubai for migrants from the Philippines, Bangladesh, India, Pakistan and Sri Lanka.

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