Bank Indonesia and the Indonesian Migrant Worker Protection Agency (BP2MI) Strengthen Cooperation to Increase Indonesian Migrant Worker’s Economic and Financial Empowerment
Indonesian Migrant Workers (PMI) are an important pillar of the national economy, which is why Indonesian Migrant Workers are called "Foreign Exchange Heroes". This is because of the large contribution of Indonesian Migrant Workers in the form of remittances (cross-border money transfer services) which make them one of the largest contributors to the country's foreign exchange. Therefore, it is very important to strengthen cooperation and coordination between Bank Indonesia (BI) and the Indonesian Migrant Worker Protection Agency to increase Indonesian Migrant Workers 's economic and financial empowerment. This commitment was realized in the signing of a Memorandum of Understanding (MoU) between the Deputy Governor of Bank Indonesia, Juda Agung and the Head of BP2MI, Benny Rhamdani in Jakarta on 31 May 2024
The scope of cooperation includes economic and financial empowerment of Indonesian Migrant Workers, increasing consumer protection education and literacy, developing Indonesian Migrant Workers data and statistics to support policy formulation, as well as other forms of cooperation and coordination in the context of implementing the duties and authority of BI and BP2MI. The Memorandum of Understanding between BI and BP2MI is effective until 31 May 2029.
Juda Agung, Deputy Governor of Bank Indonesia, revealed three things that need to be emphasized to increase Indonesian Migrant Workers's economic and financial empowerment. That is :
1. First, during the pre-departure process, migrant workers need to be given financial knowledge so they can manage their finances wisely and safely and utilize inter-state transfer services (remittances) for productive purposes.
2. Second, when posted abroad, workers need the support of reliable and trustworthy remittance services so they can send money to their families in their homeland safely and quickly. In this case, they need to be supported by increasing literacy in payment system services and consumer protection.
3. Third, upon returning to their homeland, the economic empowerment of migrant workers also needs to be encouraged through increasing access to financing from formal financial institutions and entrepreneurial skills training programs. That way, workers who return to their homeland can have sufficient provisions to start independent businesses and contribute to the economy. Deputy Governor of Bank Indonesia, Juda Agung said, "it is hoped that the collaboration between BI and BP2MI can continue to become stronger and more solid so that it can have a positive impact on migrant workers."
It is hoped that this collaboration can improve the financial management abilities of migrant workers to be better, which will ultimately be able to create an Independent, Empowered and Prosperous Indonesian Migrant Workers.
Buana Safira Abadi also hopes that Indonesian Migrant Workers can become Indonesian Migrant Worker’s who are able to be independent, empowered and prosperous. If you intend to work as an Indonesian Migrant Worker to make your life better, contact us to get a job that suits your abilities to work abroad. We will be happy to assist you with the registration process until your departure
