The Department of Migrant Workers has partnered with the Securities and Exchange Commission to boost financial literacy and investor protection for overseas Filipino workers and their families.

Department of Migrant Workers Officer-in-Charge Hans Leo Cacdac and SEC Chairperson Emilio B. Aquino on Saturday signed a memorandum of Agreement committing the two agencies to work together on disseminating information to OFWs on investing, financial literacy and investor protection.

"We are thankful for this meaningful and strong partnership in promoting financial literacy and investor education among OFWs and their families. We know that the OFWs and their families want to get more information on how to make wise investment decisions and in fighting investment scams," Cacdac said.

Aquino cited OFWs as one of the major contributors to the growth of the Philippine economy, with OFW remittances reaching $20.9 billion as of July 2023, according to the Bangko Sentral.

"We are delighted to partner with the DMW in educating and protecting our OFWs who serve as a pillar in our nation's economic transformation. In honor of our OFWs' heroic act for their families, and for our country, we have long endeavored to deepen their financial literacy and inclusion through investor education," Aquino said.

The agreement aims to assist OFWs and their families in making informed financial and investment decisions. It will be implemented through the SEC's Capital Market Promotion and Awareness Inter-Agency Network, a network of partner organizations from the public and private sectors with a shared mission to promote financial literacy and investor education among Filipinos.

The DMW will provide the necessary logistical requirements including the participation of OFWs and their families, while the SEC will take the lead in implementing the project, including the development of modules, programs and course design for financial training and seminars.

The DMW-SEC program comes amid the growing number of OFWs who are falling victim to investment scams.