A specialized agency of the United Nations has cited the Bangko Sentral ng Pilipinas for providing overseas workers and their families financial education. The International Fund for Agriculture Development presented the award to the Philippine central bank during the fifth Global Forum on Remittances and Development in Milan Thursday.
BSP was recognized for its Economic and Financial Learning Program, which was launched in July 2010. One component of the program targets overseas Filipino workers and families receiving remittances.
IFAD also recognized nonprofit organization Asociacion Mexicana de Uniones de Credito del Sector Social, Bioessence Laboratories CEO Mame Khary Diene and money transfer service WorldRemit.
“IFAD’s Financing Facility for Remittances chose the awardees based on their efforts to promote cost-effective and inclusive remittances transfer systems as well as migrant and diaspora investments and entrepreneurship in their home countries,” the UN agency said.
Global remittances amounted to $346 billion last year, according to IFAD.
Studies show that up to 20 percent of remittances could be available for savings and investments as well as for loan repayments for small business, the agency added. -NB, GMA News