9 May 2009 – As the South Korean economy successfully avoids a recession and shows positive signs of bouncing back, Philippine Ambassador to Seoul Luis T. Cruz reports that the Philippine Embassy continues to intensify its Financial Literacy Campaign to overseas Filipinos as one way of enhancing their skills and providing them options when they return to the Philippines.

“The good news is that reports indicate that the Korean economy is on the road to recovery from the global financial crisis, partly because its export sector is benefiting immensely from the depreciated Won,” explained Amb. Cruz. “In the midst of all these changes that directly affect the employment opportunities and welfare of overseas Filipinos, the Philippine Embassy continues to intensify its Financial Education Campaign to ensure that Filipinos make the best out of their stay here and to prepare them for reintegration when the time comes for them to return home,” he added. The International Monetary Fund expects South Korea to have US$20 billion in current account surplus this year, which measures a country’s net flow of goods and services. Because of the drop in value of the Korean Won and the weak demand for imported products by South Koreans, the total value of Korean exports will be significantly higher than its imports. On 19 April, 72 Filipinos received certificates for successfully participating in the four-weekend seminar on the Fundamentals of Finance and Business Management, which the Philippine Embassy initiated as a follow-up to a savings campaign it launched in March 2008. Part of the reintegration program of the Philippine Overseas Labor Office, he seminar consisted of a lecture on financial planning and investment options by Deputy Governor Diwa Guinuigundo of the Bangko Sentral ng Pilipinas on 21 March; a class on Feasibility Studies and the Basics of Entrepreneurship held on 29 March; a session on Introduction to Marketing and Advertising and Introduction to Bookkeeping on 12 April; and group presentations on 19 April. The participants were divided into three groups during the seminar, each of which was tasked to evaluate the feasibility of a business it was interested it. Each group later came up with plans for funding, marketing and advertising the proposed business. “The results were very impressive. The groups displayed infectious enthusiasm and creativity,” said Amb. Cruz. One group, for instance, explored the possibility of re-educating the population through an extensive campaign promoting organic coffee for both adults and children. Another planned to establish an exclusive boarding house for women along a university belt in the Philippines while the third was keen on setting up an internet café. The group submitted their findings to the Embassy as part of their requirements for graduation. With the encouraging feedback received from the seminar participants, Labor Attaché Delmer Cruz stated that the program would be brought to as many Filipinos as possible. “Our goal is to educate Filipinos in South Korea so that they can be assured of financial freedom. This will eventually lead to a meaningful reunion with his or her family back home,” he said.