WU Report 1st Draft

8/14/2019 WU Report 1st Draft

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An initial report by Colayco

Foundation for Education, Inc.

Para sa Pamilya ng Mga Bagong Bayani


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Table of Contents The Foundation1

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


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The Foundation

Publication

Seminars & Workshops


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The FoundationThe 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 everyones reach. This is our own little way ofcontributing to nation-building.

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The Foundation -

PublicationsCFE 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 guidefor 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 & WorkshopsFrom the beginning of our mission in 2003, we

have conducted over 300 seminars and

workshops for government agencies and

financial institutions, the armed services, tradeand 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


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Western Union

FoundationWorldwide charitable giving

The Western Union Foundation was created to help

individuals, families and communities worldwide. TheFoundation 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 Unions core values of

integrity, partnership, opportunity, passion and teamwork.

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The Project

RationalePisobilities SeriesProgramPisobilities HandbookOther Piso Materials


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RationaleOver the last 40 years of the OFW phenomenon, an

increasing number of Filipinos are sent abroad. In latestpublic data, the number of Filipinos sent abroad increase

by at least 10% annually. Given the unchanging nationaleconomic situation, more Filipinos are expected to go

abroad in the years to come. As they go to other countriesto work for better pay, they leave behind their families tobe cared for by their parents or by their older children.

For the most part, OFWs hard earned money goes tochildrens schooling, parents health, buying or improvingtheir house and its conveniences and the day to dayhousehold requirements of food, utilities, water, etc. Allthese are worthwhile and necessary expenditures, however

it has been noticed that remittances slip quickly throughthe fingers of its beneficiaries with most of it allotted toconsumption as opposed to savings and investment. Thetrouble with this is the dependency on OFW remittances.In the event that the OFW is not working the family isfinancially crippled.

Financial literacy is a valuable resource for OFW familieswhich can help them better manage their finances andmore importantly make the hard earned money of theirloved ones abroad work for them. Through sound savingand investment practices the one peso remitted can begrown into a million .

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Pisobilities SeriesTo present the value of financial literacy to

OFW families, a two-hour program that

employed an interactive edutainment

approach was carefully developed. Thisprogram is entitled Gusto Mo Bang

Yumaman? with a tagline Pisobilities Para sa

Pamilya ng Mga Bagong Bayani.

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I. Pre-EvaluationFormsII. NationalAnthemIII. InvocationIV. OpeningRemarks

JenniferT.UrsuaCFEProgramDirectorMaryAnnA.EspanolaCFEAccountOfficer

V. WesternUnionVideoVI. PisobilitiesParasaPamilyangMgaBagongBayaniArmandQ.Bengco,

CFEExecutiveDirectorVII. OpenForumVIII. FinancialLiteracyGameIX. ClosingRemarks

CloydPeterLalasAdministrationOfficer2

X.Post-EvaluationForms

XI. DistributionofPisobilitieshandbook

Program

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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 AuditoriumAlaminos City, Pangasinan200 participants1

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AnalysisAre you able to save regularly from yourmonthly 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 orpiggy 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%)


What are your expectations from theprogram?

Good lessons (mabuting aral) | Futureto 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 magpalagong 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

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AnalysisWill 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%)


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 atgamut ni nanay) | Allocate for expenses at home

and in school (gastos sa bahay at sa eskwela) |

Keepfor the future of my child (itatago ko para sakinabukasan ng anak ko) | Put up a small store

(magtatayo ako ng sari-sari store) | Save for mystudies (iipunin para sa pag-aaral ko) | Investin realestate (mag-invest sa real estate) | Save it (iipunin) |Pay my debt (babayaran muna ang utang) | Help theless 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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AnalysisWhat can you say about the seminar?

We are happy to know how to be rich (masaya dahilmalaki ang natutunan ko kung paano yamaman) | Wearehappy to know how to be rich (masaya dahilmalaki ang natutunan ko kung paano yamaman) | The

tips will help in growing my savings (makakatulong

ang tips sa pagpapalago ng ipon) | It helped me tofind opportunities/business | Gives a good sourceof business (makapagbigay ng magandang simula sa

negosyo) | Lessons on how to manage and usemoney (nakapulot ng aral kung pano humawak at

gamitin sa tama ang pera) |

Worthy(kapakipakinabang) | I learned how tovalue 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 paanoilagay sa maayos ang aking pera at paano mag-ipon) |

Meaningfuland timely especially these times ofcrisis (makabuluhan at napapanahon lalot sa

dinadaanang krisis pinansyal) | This can help a lot of

people (maraming tao ang matutulungan) | This canhelp OFWs and their relatives (makakatulong sa mgaOFW at sa mga kamag-anak) | Interesting,good foreverybody. Ive learned how to save income. |Learning experience | Its a great help. I learneda lottowards having a better future. (malakingtulong sa amin. Marami akong natutunan tungo sa

mabuting kinabukasan) | Helpsus and how to useour money correctly and on how to invest moneyproperly.

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AnalysisRegistration 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 evaluationforms, 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

AnnA. Espaola, CFE Account Officer. The program started off with the pre-evaluation form. Everyone was guided by Ms. Ursua on how to fill up the pre-evaluation form.Then Ms. Espaola had a short sharing of her experiences on howher 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 ConceptsMoney, income and wealthEarning, planning, saving, spending and investing

ii. When are we wealthy?iii. Sources of income

Active income

Passive incomeiv. Savings is your first source of capitalv. The right savings equationvi. Obstacles and Alliesvii. Fundamental money transactionsviii. Business prospectsix. Net Worth planningx. Baby stepsxi. Conclusion

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Analysis Therewas 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 prizesthat 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.

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

The distribution of handbooks were facilitated by the LGU volunteers. Afterwards, we hadour picturestaken with each participant holding a book. The flyers of Western Union wasinserted inside the Pisobilities Handbook and theres a full-color adof Western Union at theinside back cover of the book.

Theresthis old lady who approached Mr. Bengco right after the program. She embracedMr. Bengco thanking him for the program. She wished that her children are they to listen towhat the foundation has to say. She used to be an OFWand all her children are alreadyliving separately with her. But she has not saved a single centavo and her kids are notsupporting her.

Overall Evaluation and Key Learnings

There was a low turnout considering the radio announcements and the tarpaulins placed inthe 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 tohandle 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 highlydependent on banks and the interest rates are not competitive. Imagine the potentials ifthe 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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Documents

WU Report 1st Draft