There are 1.5 Million seafarers around the world, 25% are Filipinos.
Roughly 400,000 are battling it out on the sea, away from their families and loved ones to earn decent money. Working at sea proved to be difficult, long months onboard and constantly coping with homesickness.
The attendess composed of some seafarers, wives and families, government institutions and religious groups
Yesterday, I had the chance to celebrate and do another emcee stint on an information campaign on how to strengthen the investments of the Filipino seafarers alongside with other government agencies. There has been a common problem for seafarers unable to continue paying social and health benefits due to the inconsistency of the working months. Some may be onboard at 3 up to 10 months per year. So the information caravan has helped clear up questions and doubts on how and where the benefits should go.
It is important that financial literacy is emphasized. There are a lot of unfortunate stories circulating on how Filpino seafarers have wasted their income with nonsense. They spend their money on the first month after docking and returning home, and these mariners often practice the "One Day Millionaire" tag that when all funds have been used up some are scrimping on the remaining months left. This has caused some families to get loans and eventually have a hard time stocking on savings because working on the first months onboard again, their salaries are used to pay up these loans. A sad plight for those who are not wise with their money and investments. These doesn't happen on Filipino seafarers alone but other landbased Overseas Filipino Workers (OFWs).
Although not all, some have been wisely investing on businesses, stocks and other means of income. One ship captain has successfully incorporated his investments on real estate, agricultural and commercial ventures. The wife is also a strong supporter of their businesses and has been happily managing while the husband is onboard.
Family groups and church organizations have been formed to support as well, and that the government have been finding ways to reach out to these groups to strengthen and empower their families.
Getting my program ready to host the event
The event proved to be a success for we were able to gain positive feedback from the attendees. It was also fun learning about new programs that would help my fellow countrymen be more aware and engaged in good financial practices. I am very proud to be part of this activity where service and uplifting lives are widely emphasized and given importance.
With my colleagues at the registration booth
