Building Wealth, Building Communities: Empowering OFWs in Bahrain through Cooperatives and Investments

ALSE OF LIFE - Financial Literacy 4: Cooperatives and Investments for Nation-Building

On September 6, 2024, the NATCCO Diaspora through the Ateneo Leadership and Social Entrepreneurship (ALSE) Overseas Filipino (OF) Life Program, led a fruitful session on Financial Literacy 4 focusing on Cooperatives and Investments for Nation-Building. Thirty-six Overseas Filipino Workers (OFWs) from Bahrain were empowered to deepen their understanding and appreciation of the principles of the cooperative. This opportunity expands our OFWs' horizons to explore investment opportunities to support their financial goals and secure their future. 

National Confederation of Cooperatives (NATCCO) Advocacy Unit Head, Lasalette Gumban, guided the participants in identifying the legal basis, framework, and structure of cooperatives. The session also aims to provide a sustainable platform for OFWs to uplift their communities by being cooperative members outside the country. This inclusive principle of the co-op allows them to give back to their communities. Ms. Gumban also introduced the NATCCO Diaspora Partners and the process of Overseas Filipino (OF) Membership with the co-op operating in their province in the Philippines. 

The participants actively engaged in the discussions, sharing their insights and raising questions about the role of cooperatives in building wealth, responsible investing, and social and financial enterprises. Furthermore, the activity was excellently facilitated by the volunteer secretariat from Bahrain, which sustained the enthusiasm and interest of the participants in the session.

The activity was a success, with participants growing their interest in the cooperatives and the benefits of becoming co-op members, particularly because many were unfamiliar with the concept of co-op beforehand. We are optimistic that this will bring them to the next steps of personal investment and community wealth-building.