In order to help fellow overseas workers manage their finances and avoid going bankrupt when it's time to return home, a seasoned Filipina marketing executive has written a book on financial literacy.

The debut book, "It's Not What You Think: Cracking OFW Myths on Personal Finance,” was launched during a gala event at the Al Safa Art and Design Library in Dubai. 

The author, Joanne Rico condenses over a decade of her experiences as an Overseas Filipino Worker (OFW) into valuable perspectives on money management and the opportunities open to other OFWs.

"I've walked in the shoes of OFWs, experiencing loneliness, exhaustion, and financial difficulties. This book is my way of assisting fellow OFWs in preventing common money mistakes, developing a sound financial plan, and realizing their dreams," Rico said.

A Call to Financial Literacy

The necessity for OFWs to increase their financial literacy is emphasised throughout the book. Rico wrote the book after months of in-depth research, well aware that many OFW, even after years of working overseas, still end up penniless. This is due to a lack of knowledge about prudent money management. Rico's book is a thorough, easy-to-read manual that offers helpful tips on handling money, making investments, and being ready for unforeseen events.

His Excellency Alfonso Ver, Philippine Ambassador to the UAE, praised Rico's commitment to OFW care. "Joanne Rico's book is a valuable resource for our overseas workers," he said in his congratulatory message in the book. "It not only teaches OFWs, it also motivates them to take charge of their financial future," the ambassador also said.

The much-anticipated event, which was attended by some 100 OFWs and Filipino community leaders, was graced by Vice Consul Kenneth Jim Joseph M. Jimeno of the Philippine Consulate General’s Office in Dubai.

“Overseas Filipinos need to be practical when it comes to financial matters. This  book will help (them),” he said in his speech.

Empowering OFWs

Along with the unveiling, the event featured a showcase of prominent Filipinos and creatives from throughout the United Arab Emirates. One of the highlights of the event was an inspirational talk by Roxane Negrillo-Magbanua, an award-winning Filipina financial literacy advocate and marketing expert.

In her presentation, Roxane discussed the various factors that have led to OFWs becoming impoverished even after spending years working abroad.

“The story of an OFW toiling away in some obscure part of the world to pay for a sibling’s education or to fund a relative’s new business venture is all too familiar. While most OFWs generally earn substantial income, it doesn’t necessarily mean that they are not struggling financially - and it’s not surprising why.

“Typically, families left behind think that those who are earning in a different currency have an endless supply of money. Whenever more funds are needed back home for “emergencies” or even for parties and celebrations, the one working abroad always comes to mind.

“In the end, many OFWs struggle to manage their finances. While there are indeed successful ones who are able to purchase a home or start a business after working abroad for years, many OFWs still come home with no savings, or worse, burdened with debt,” she said.

Additional highlights of the event included a fashion show by another internationally recognised Filipino designer, Aldwin Jlo Guardiana, based in Abu Dhabi. The top three winners of the Mutya ng Kasarinlan 2023, Rechel Hoco, Anjelu Adan, and Mariah Jewel Pencil, presented Aldwin Jlo Guardiana's special collection, which highlighted vivid colours and intricate designs in the barot saya.

There was also live poetry by Ester Castillo, who just released a book of poetry, and spontaneous caricatures created by renowned artist Sky Biscocho.

Ivy Grace Paredes, the Global Pinoy Singing Idol of the UAE, Talentadong Pinoy winner, and finalist of X Factor UK, performed live in a lounge setting. She was supported by Ryan Cipriano Mayor and Angelo Bernal, the singing duo Bokals Vocals.

‘More than a book’

"‘It's Not What You Think: Cracking OFW Myths on Personal Finance,’" is more than a book; it's a call to action for OFWs worldwide to take charge of their financial futures. With the right knowledge and mindset, I believe they can achieve their dreams and provide a better future for themselves and their families,” Rico said.

In 2009, Rico, a native of the Philippines, joined the Filipino disapora in order to pursue a career in marketing in the Middle East. Her primary goal was to give her family back home a better future. She soon discovered that there were many obstacles and false beliefs in the way of OFWs achieving financial security.

Rico's work is significant, as noted by the book's editor Jojo Dass, who states, "This book is a game changer for OFWs. It demystifies personal finance and provides readers with vital information on how to strike a balance between providing for their kin back home and their own financial requirements before retiring."

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