NOTICE

Commisssion on Filipinos Overseas (CFO) PESO SENSE or the Philippine Financial Freedom Campaign

The Philippine Consulate General in Chongqing wishes to inform you of the Commission of Filipinos Overseas’ Peso Sense Philippine Financial Freedom Campaign.

Peso Sense is a nationwide Financial Literacy campaign funded by the Western Union Foundation, e-Biz and PETNET. It is designed to improve financial literacy by promoting productive expenditure, improve the capacity for saving and promote entrepreneurship among Filipino beneficiaries of international or domestic remittances. It is implemented by the Commission on Filipinos Overseas and overseen by the United Nations Development Programme (UNDP).

The Peso Sense has been formulated to enhance the financial acumen of students, young adults, professionals, homemakers, entrepreneurs, seniors, and retirees. The program was launched in 2013 at the Bangko Sentral ng Pilipinas. Former CFO Secretary Imelda Nicolas stressed that: “Overseas Filipinos deserve their financial freedom considering the blood, sweat and tears they have ‘invested’ while working and living outside the country. Collaborative initiatives between the government, corporate sector and inter-governmental and non-governmental organizations are crucial in helping them achieve their individual goals.

The World Bank has also emphasized the importance of providing financial knowledge to both remitter and beneficiaries to effect behavioral change and practice better financial management. Reports indicate that the majority of overseas Filipinos use their remittances for basic needs such as food, education and debt repayment. There is dissatisfaction about the way beneficiaries spend their hard-earned money for lack of financial acumen.

Peso Sense will utilize multiple channels to cascade information to Filipinos worldwide: print materials, website, social media, video, and mobile applications. For more information, please visit their website: http://pesosense.com. END