BACOLOD City — The Integrated Seafarers of the Philippines is urging seafarers and their families to save and to invest to ensure a steady provision of their needs while still active in the employment until they decide to retire.
ISP President Capt. Jess Morales said only 20 percent of Filipino seafarers are successful partly because their opportunities are limited to foreign seafaring or opt in the local maritime industry.
Morales said the Philippines has about 406,000 Filipino seafarers deployment in 2015 but dropped to 400,000 in 2016 when there was a global shipping market downturn
Mostly, while having good income from sailing, seamen help their families and relatives financially, he said.
Although seeing nothing wrong with helping others, he said seafarers should also save and learn to invest.
The ISP he said is helping their members achieve financial literary through their Multi-Purpose Cooperative and are offering business loans and cash advances before boarding the ship.
Morales urges seafarers to take part in the recently launched Business Plan Competition Plan for Seafarers by checking at the DOLE- National Reintegration Center for OFWs or through its website www.nrco.dole.gov.ph. (JCM/Lljr-PIA6)