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IRMA LAPITAN COSICOCHIEF EXECUTIVE OFFICER
VisionA global training centre that helps migrant workers make their overseas work experience more meaningful and productive.
MissionTo change the mindset of migrant workers and their families so that they become entrepreneurial through back-to-back coaching and training on financial literacy and basic entrepreneurship.
• Back-to-back training• Reversed the traditional model of microfinance
Training first before microfinancing• A different MIS• Crossborder microfinancing• Partnerships with academe, government agencies, local
banks in Singapore and other countries
Financial Inclusion Model
Financial Education (FinEd)• 5 Sundays, 3 batches a year• Learning materials co-developed with the
National University of Singapore (NUS)• Volunteer-trainers from Citi Asia Pacific
and NUS• Requirement to graduate: Submission of
5-year Financial Goals plan and passing the Recital
• Objective: To provide information on and access to financial products and services; financial understanding, competency and responsibility
Basic Entrepreneurship (BE)• 12 Sundays, 4 sections, average of 50
students per session• ‘Social Entrepreneurship’ module
conducted at the National University of Singapore
• Requirement to graduate: Passing of Business Plan Recital conducted with ASKI Global panel
• Objective: To acquire an entrepreneurial mindset and start allocating funds for productive activities
Training Program No. of Enrollees
No. of Graduates
Notable Impacts
Financial Education for Migrants
603 5361 About 80 students have established micro enterprise business from their savings. 2 85% have become savers, saving the most 20% of their monthly salary.3 More than 10 have invested in financial instruments.4 100% have started budgeting and allocating funds between savings, home consumption and personal expenses.
ASIAONE News: 8 MARCH 2012
Training Program
No. of Enrollees
No. of Graduates
Notable Impacts
Financial Education
for Families(Back-to-
Back)
- 3531 Increased awareness of financial products and services among family members. 2 Developing savings habit among young children.
After undergoing training on Financial Education in Singapore, OFW Rosie Silvestre shared with her kids the importance of saving money. Her kids were so inspired that they have used local materials to develop their own coin banks. Indeed, “like mother, like sons.”Kenneth (8) and Bryan (7) Silvestre
with their bamboo coin banks.
Training Program No. of Enrollees
No. of Graduates
Notable Impacts
Basic Entrepreneurship 874 776114 migrant workers have accessed financial assistance from MF partners in the Philippines. Total portfolio of Ps. 12.6M with a repayment rate of 99%.
Partner MFIs:
ASKI Philippines: Ps. 12,530,226.00Enterprise Bank: Ps. 100,000.00
Training Implementation
Training Implementation