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 their employment until the time 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 they opt for the local maritime industry, a press release from the Philippine Information Agency said.
Morales said the Philippines had about 406,000 Filipino seafarers deployed in 2015 but this dropped to 400,000 in 2016 when there was a global shipping market downturn
While having a good income from sailing, most seamen can help their families and relatives financially, he said.
Although he sees nothing wrong with helping others, he said seafarers should also save and learn to invest.
The ISP, he said, is helping its members achieve financial literally through their Multi-Purpose Cooperative and are offering business loans and cash advances before boarding the ship.
Morales is urging 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 , the press release siad. *
back to top