According to the Social Enterprise Development Partnerships, Inc.(SEDPI), the reason why returning OFWs' went home bankrupt is because of mismanagement of their liquid assets. Meaning overseas Filipino workers spend more of their cash than putting it in the bank as emergency savings.
The idea of financial management as advised must be an equation of
income - savings = expenses
However, this is likely the most difficult task most OFW's hard to comply, instead most of the cash were spent to home improvement and renovation, car purchases and electronic gadgets. What is left will be a minimal amount for their savings account.
DOLE and OWWA are both governmental agencies advocating OFW Financial Literacy Program. It is then included in the Pre- Departure Orientation Seminar or PDOS to give outgoing overseas Filipino workers a basic idea of financial management.
Try to watch the video below and if you are one of those OFW who have no basic knowledge of Financial Management, try to act now before it's too late. Make a study of your finances and save what is important for emergency needs.
Video from GMA News 24 Oras: Ilang nagbabalikbayang OFW, bangkarote.