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Monday, September 04, 2017

7 Things OFWs Should Prepare Before Going Home


 A former OFW who is now a successful businessman said that starting from your first day abroad, you already need to plan your return. It will help you determine how long will you really stay working abroad.   Saudi Arabia has the largest  number of  Filipinos working in different sectors. Overseas Filipino Workers (OFWs) in Saudi Arabia can be found working in hospitals, restaurants, construction and oil companies, schools and  even in houses as household service workers among others. Saudi Arabia has become a home for most OFWs, some even brought their families to live with them. Being an unfamiliar territory with strict rules and laws, working in the Kingdom has become the bread and butter for most OFWs who were not given an opportunity in their  own country to find a decent job with enough earning for their families.Every year, a big number of OFWs  try their fate and gamble just to have a job that can feed their families and send their kids to school. Aware of the risks, OFWs still come to the Kingdom bearing the burden to provide their families with a better life and better future. But there is no permanent in life except "change". And change always cost something. Saudi Arabia has started Saudization  since 2011. ‘Saudization’, officially known as Saudi nationalization scheme, or Nitaqat system in Arabic, is the newest policy of the Kingdom of Saudi Arabia implemented by its Ministry of Labor, whereby Saudi companies and enterprises are required to fill up their workforce with Saudi nationals up to certain levels. It calls for an increase in the share of Saudi manpower to total employment and for expanding work opportunities for Saudi women and youth. With the implementation of this changes, many expats  including OFWs  are under the risk of losing their jobs. In a report dated August 9,2016 by Arab News,The Ministry of Labor and Social Development plans to nationalize all health jobs in the Kingdom in collaboration with its counterparts. Saudization will not be limited only to the pharmaceutical sector. In the pharmaceutical sector alone,they are expecting 15,000 jobs that can be made available  for the Saudi Nationals --it translates to 15,000 expats which include OFWs that will lose their jobs. In the automobile sector,they are expecting 9,000 jobs for citizens. In March this year, the ministry made a decision that forbids non-Saudis from selling and maintaining mobile phone devices and accessories. The ruling was made in collaboration with the Ministry of Commerce and Industry, Municipal and Rural Affairs and Communications and Information Technology.  This is really happening and it is hitting the expats hard and fast.You need to be ready when it comes. The Duterte government, The POEA, and OWWA formulates reintegration programs to help the OFWs, especially those who will be hit by retrenchments due to an unavoidable circumstances including Saudization, but it will not be sufficient. Every OFW needed to be prepared. Mr. Loreto  B. Soriano, a former OFW in Saudi Arabia and the CEO of LBS Recruitment Solutions has some useful  insights on how to plan your return.  "Its a long range plan so OFWs must have their own plan too.  And the plan must start with increased capacity to reduce expenses by himself in the jobsite and his family then augment with increased effort to save more monthly, " Mr. Soriano said.   Bringing family in the job site unless the wife or husband is employed should be avoided.   When preparing for vacation, an OFW must have "his and his family" an expenditure plan.   "Pag mag- exit naman but balak pang mag-abroad. Dapat may financial plan to cover the days, weeks, months na un-employed siya and without income. Where shall fund come if the emergency fund is exhausted- without touching the savings in the bank 'coz the savings is for the family, " he added.    Saudi has been deeply planning its exit from depending on migrant workers. We know it will take them time, maybe 10-15 more years...  at least, they are better off in adopting a "long range exit plan" compared to us in the Philippines. We always believe, we are badly needed, we are the best, and we keep on postponing to sit down or probably we are afraid to acknowledge the truth. I appeal we must start to craft our "exit strategy and plans" from over dependence on overseas migration and OFW remittances." Mr. Soriano stated.  "Their exit plan start with no extension of residence permit of those with 10years employment stay in Saudi. No valid residence permit-no recontract, no re-entry visa." "On the health sector in Saudi the loss of jobs from Saudization maybe slower compared to other sector.." he said.   Being an OFW for years, how much do you actually save?  Due to lack of financial knowledge, most OFWs remain broke after years of working hard overseas. The key word is save, save and save.   When something unexpected happens, you must be ready. You needed to be prepared.    ©2016 THOUGHTSKOTO That's where most OFW fail. They enjoy the benefits of earning  so much so that they never thought that working abroad is not forever. Later when they realize these fact, they are already out of time to catch up. That's why some OFWs return home broke, no savings, no investments. In this article, we will help you realize the value of planning and how you could benefit from it. Time is ticking, and before your time run out, you have to start moving , now.    Do you already have enough for your daily needs?  You wouldn’t want to go home without having anything to cover your living expenses. Try to estimate how much your needs will total in a month, and make sure you have at least 6 months’ worth or more before finally deciding to head for home. This will include food, shelter, transportation, entertainment, and the like.  2. Can you continue to support your dependents? If you have school-age kids or sick parents, you have to be able to cover for their needs as well. You want to have enough to cover your children’s tuition for the next school year, to ensure that there is no disruption. If you’re renting, you should have enough to cover at least 6 months’ worth of rent. If you’re paying for a car, then you should have enough to cover at least 6 months as well. The larger your buffer, the better.   3. Do you have a new job lined up at home? Let’s face it, much as we’d all like to be able to just relax and do nothing, the fact is that we will continue to need a regular income source when we get back home. Try to scout for a new job before heading home by using online searches or by using your personal network to know what’s out there. Advertisements   4. Have you saved enough capital for a business? If your plan is to start a business, then make sure that you (and your partners) allot enough capital as well. Try to research on what businesses you can do even before going home. Even better if your family started one for you with the money you sent home, and now you can help or take over. It is not enough to have funds for overhead expenses alone; you also need to think about the business’ operational needs in the early days until it can sustain itself.    5. Are your family covered with medical or health coverage? Often overlooked, health concerns should always be prioritized as the high cost of hospitalization and medicine can easily wipe out your life savings. Make sure to get yourself a health insurance that’s appropriate for your needs. There are many variants being offered out there by different providers.  6. Do you have an emergency fund? You can never tell when emergencies will strike – accidents, loved ones passing away, fires, and the like. It’s always financially wise to have at least 2-3 months’ worth of savings for these, on top of your money for your daily needs, dependents’ needs, and capital.  7. Are you planning for your retirement?   Make sure you don’t forget about your nest egg. Although you do have a lot of needs to cover, you can’t afford not to have anything for your senior years. A life insurance plan is basic. You can look into a pension plan as well. Alternatively, you can look into mutual funds, but make sure to consult with a financial planner who can help you choose one that is right for your needs.  The earlier you figure out how to formulate and execute a plan to make these seven checklist complete, the earlier you can set yourself up for your return.  As OFWs, everything we do is for the sake of our family and we are working hard to give the better future that we dream and hope to give them. We can work like a beast of burden but bear in mind that one day, we will return to our homeland, in the warmth of our family's sweet embrace and we've got to enjoy the fruits of our toil.    Saudi Arabia has the largest  number of  Filipinos working in different sectors. Overseas Filipino Workers (OFWs) in Saudi Arabia can be found working in hospitals, restaurants, construction and oil companies, schools and  even in houses as household service workers among others. Saudi Arabia has become a home for most OFWs, some even brought their families to live with them. Being an unfamiliar territory with strict rules and laws, working in the Kingdom has become the bread and butter for most OFWs who were not given an opportunity in their  own country to find a decent job with enough earning for their families.Every year, a big number of OFWs  try their fate and gamble just to have a job that can feed their families and send their kids to school. Aware of the risks, OFWs still come to the Kingdom bearing the burden to provide their families with a better life and better future. But there is no permanent in life except "change". And change always cost something. Saudi Arabia has started Saudization  since 2011. ‘Saudization’, officially known as Saudi nationalization scheme, or Nitaqat system in Arabic, is the newest policy of the Kingdom of Saudi Arabia implemented by its Ministry of Labor, whereby Saudi companies and enterprises are required to fill up their workforce with Saudi nationals up to certain levels. It calls for an increase in the share of Saudi manpower to total employment and for expanding work opportunities for Saudi women and youth. With the implementation of this changes, many expats  including OFWs  are under the risk of losing their jobs. In a report dated August 9,2016 by Arab News,The Ministry of Labor and Social Development plans to nationalize all health jobs in the Kingdom in collaboration with its counterparts. Saudization will not be limited only to the pharmaceutical sector. In the pharmaceutical sector alone,they are expecting 15,000 jobs that can be made available  for the Saudi Nationals --it translates to 15,000 expats which include OFWs that will lose their jobs. In the automobile sector,they are expecting 9,000 jobs for citizens. In March this year, the ministry made a decision that forbids non-Saudis from selling and maintaining mobile phone devices and accessories. The ruling was made in collaboration with the Ministry of Commerce and Industry, Municipal and Rural Affairs and Communications and Information Technology.  This is really happening and it is hitting the expats hard and fast.You need to be ready when it comes. The Duterte government, The POEA, and OWWA formulates reintegration programs to help the OFWs, especially those who will be hit by retrenchments due to an unavoidable circumstances including Saudization, but it will not be sufficient. Every OFW needed to be prepared. Mr. Loreto  B. Soriano, a former OFW in Saudi Arabia and the CEO of LBS Recruitment Solutions has some useful  insights on how to plan your return.  "Its a long range plan so OFWs must have their own plan too.  And the plan must start with increased capacity to reduce expenses by himself in the jobsite and his family then augment with increased effort to save more monthly, " Mr. Soriano said.   Bringing family in the job site unless the wife or husband is employed should be avoided.   When preparing for vacation, an OFW must have "his and his family" an expenditure plan.   "Pag mag- exit naman but balak pang mag-abroad. Dapat may financial plan to cover the days, weeks, months na un-employed siya and without income. Where shall fund come if the emergency fund is exhausted- without touching the savings in the bank 'coz the savings is for the family, " he added.    Saudi has been deeply planning its exit from depending on migrant workers. We know it will take them time, maybe 10-15 more years...  at least, they are better off in adopting a "long range exit plan" compared to us in the Philippines. We always believe, we are badly needed, we are the best, and we keep on postponing to sit down or probably we are afraid to acknowledge the truth. I appeal we must start to craft our "exit strategy and plans" from over dependence on overseas migration and OFW remittances." Mr. Soriano stated.  "Their exit plan start with no extension of residence permit of those with 10years employment stay in Saudi. No valid residence permit-no recontract, no re-entry visa." "On the health sector in Saudi the loss of jobs from Saudization maybe slower compared to other sector.." he said.   Being an OFW for years, how much do you actually save?  Due to lack of financial knowledge, most OFWs remain broke after years of working hard overseas. The key word is save, save and save.   When something unexpected happens, you must be ready. You needed to be prepared.    ©2016 THOUGHTSKOTO Sponsored Links Source: ABS-CBN  Read More:  There are more than 10 million OFWs working outside the country, 80% of which are mothers. They are all working miles away from their families enduring the homesickness with one thing in mind: to give their kids a better future.The challenges of a household going through the day without a mother on their side has an impact on the children and of course to the mothers themselves. For both of them, things could have been better if they can sustain the needs of the family without having to work overseas.   ©2017 THOUGHTSKOTO
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  Saudi Arabia has the largest  number of  Filipinos working in different sectors. Overseas Filipino Workers (OFWs) in Saudi Arabia can be found working in hospitals, restaurants, construction and oil companies, schools and  even in houses as household service workers among others. Saudi Arabia has become a home for most OFWs, some even brought their families to live with them. Being an unfamiliar territory with strict rules and laws, working in the Kingdom has become the bread and butter for most OFWs who were not given an opportunity in their  own country to find a decent job with enough earning for their families.Every year, a big number of OFWs  try their fate and gamble just to have a job that can feed their families and send their kids to school. Aware of the risks, OFWs still come to the Kingdom bearing the burden to provide their families with a better life and better future. But there is no permanent in life except "change". And change always cost something. Saudi Arabia has started Saudization  since 2011. ‘Saudization’, officially known as Saudi nationalization scheme, or Nitaqat system in Arabic, is the newest policy of the Kingdom of Saudi Arabia implemented by its Ministry of Labor, whereby Saudi companies and enterprises are required to fill up their workforce with Saudi nationals up to certain levels. It calls for an increase in the share of Saudi manpower to total employment and for expanding work opportunities for Saudi women and youth. With the implementation of this changes, many expats  including OFWs  are under the risk of losing their jobs. In a report dated August 9,2016 by Arab News,The Ministry of Labor and Social Development plans to nationalize all health jobs in the Kingdom in collaboration with its counterparts. Saudization will not be limited only to the pharmaceutical sector. In the pharmaceutical sector alone,they are expecting 15,000 jobs that can be made available  for the Saudi Nationals --it translates to 15,000 expats which include OFWs that will lose their jobs. In the automobile sector,they are expecting 9,000 jobs for citizens. In March this year, the ministry made a decision that forbids non-Saudis from selling and maintaining mobile phone devices and accessories. The ruling was made in collaboration with the Ministry of Commerce and Industry, Municipal and Rural Affairs and Communications and Information Technology.  This is really happening and it is hitting the expats hard and fast.You need to be ready when it comes. The Duterte government, The POEA, and OWWA formulates reintegration programs to help the OFWs, especially those who will be hit by retrenchments due to an unavoidable circumstances including Saudization, but it will not be sufficient. Every OFW needed to be prepared. Mr. Loreto  B. Soriano, a former OFW in Saudi Arabia and the CEO of LBS Recruitment Solutions has some useful  insights on how to plan your return.  "Its a long range plan so OFWs must have their own plan too.  And the plan must start with increased capacity to reduce expenses by himself in the jobsite and his family then augment with increased effort to save more monthly, " Mr. Soriano said.   Bringing family in the job site unless the wife or husband is employed should be avoided.   When preparing for vacation, an OFW must have "his and his family" an expenditure plan.   "Pag mag- exit naman but balak pang mag-abroad. Dapat may financial plan to cover the days, weeks, months na un-employed siya and without income. Where shall fund come if the emergency fund is exhausted- without touching the savings in the bank 'coz the savings is for the family, " he added.    Saudi has been deeply planning its exit from depending on migrant workers. We know it will take them time, maybe 10-15 more years...  at least, they are better off in adopting a "long range exit plan" compared to us in the Philippines. We always believe, we are badly needed, we are the best, and we keep on postponing to sit down or probably we are afraid to acknowledge the truth. I appeal we must start to craft our "exit strategy and plans" from over dependence on overseas migration and OFW remittances." Mr. Soriano stated.  "Their exit plan start with no extension of residence permit of those with 10years employment stay in Saudi. No valid residence permit-no recontract, no re-entry visa." "On the health sector in Saudi the loss of jobs from Saudization maybe slower compared to other sector.." he said.   Being an OFW for years, how much do you actually save?  Due to lack of financial knowledge, most OFWs remain broke after years of working hard overseas. The key word is save, save and save.   When something unexpected happens, you must be ready. You needed to be prepared.    ©2016 THOUGHTSKOTO
That's where most OFW fail. They enjoy the benefits of earning  so much so that they never thought that working abroad is not forever. Later when they realize these fact, they are already out of time to catch up. That's why some OFWs return home broke, no savings, no investments. In this article, we will help you realize the value of planning and how you could benefit from it. Time is ticking, and before your time run out, you have to start moving , now. 

 A former OFW who is now a successful businessman said that starting from your first day abroad, you already need to plan your return. It will help you determine how long will you really stay working abroad.   Saudi Arabia has the largest  number of  Filipinos working in different sectors. Overseas Filipino Workers (OFWs) in Saudi Arabia can be found working in hospitals, restaurants, construction and oil companies, schools and  even in houses as household service workers among others. Saudi Arabia has become a home for most OFWs, some even brought their families to live with them. Being an unfamiliar territory with strict rules and laws, working in the Kingdom has become the bread and butter for most OFWs who were not given an opportunity in their  own country to find a decent job with enough earning for their families.Every year, a big number of OFWs  try their fate and gamble just to have a job that can feed their families and send their kids to school. Aware of the risks, OFWs still come to the Kingdom bearing the burden to provide their families with a better life and better future. But there is no permanent in life except "change". And change always cost something. Saudi Arabia has started Saudization  since 2011. ‘Saudization’, officially known as Saudi nationalization scheme, or Nitaqat system in Arabic, is the newest policy of the Kingdom of Saudi Arabia implemented by its Ministry of Labor, whereby Saudi companies and enterprises are required to fill up their workforce with Saudi nationals up to certain levels. It calls for an increase in the share of Saudi manpower to total employment and for expanding work opportunities for Saudi women and youth. With the implementation of this changes, many expats  including OFWs  are under the risk of losing their jobs. In a report dated August 9,2016 by Arab News,The Ministry of Labor and Social Development plans to nationalize all health jobs in the Kingdom in collaboration with its counterparts. Saudization will not be limited only to the pharmaceutical sector. In the pharmaceutical sector alone,they are expecting 15,000 jobs that can be made available  for the Saudi Nationals --it translates to 15,000 expats which include OFWs that will lose their jobs. In the automobile sector,they are expecting 9,000 jobs for citizens. In March this year, the ministry made a decision that forbids non-Saudis from selling and maintaining mobile phone devices and accessories. The ruling was made in collaboration with the Ministry of Commerce and Industry, Municipal and Rural Affairs and Communications and Information Technology.  This is really happening and it is hitting the expats hard and fast.You need to be ready when it comes. The Duterte government, The POEA, and OWWA formulates reintegration programs to help the OFWs, especially those who will be hit by retrenchments due to an unavoidable circumstances including Saudization, but it will not be sufficient. Every OFW needed to be prepared. Mr. Loreto  B. Soriano, a former OFW in Saudi Arabia and the CEO of LBS Recruitment Solutions has some useful  insights on how to plan your return.  "Its a long range plan so OFWs must have their own plan too.  And the plan must start with increased capacity to reduce expenses by himself in the jobsite and his family then augment with increased effort to save more monthly, " Mr. Soriano said.   Bringing family in the job site unless the wife or husband is employed should be avoided.   When preparing for vacation, an OFW must have "his and his family" an expenditure plan.   "Pag mag- exit naman but balak pang mag-abroad. Dapat may financial plan to cover the days, weeks, months na un-employed siya and without income. Where shall fund come if the emergency fund is exhausted- without touching the savings in the bank 'coz the savings is for the family, " he added.    Saudi has been deeply planning its exit from depending on migrant workers. We know it will take them time, maybe 10-15 more years...  at least, they are better off in adopting a "long range exit plan" compared to us in the Philippines. We always believe, we are badly needed, we are the best, and we keep on postponing to sit down or probably we are afraid to acknowledge the truth. I appeal we must start to craft our "exit strategy and plans" from over dependence on overseas migration and OFW remittances." Mr. Soriano stated.  "Their exit plan start with no extension of residence permit of those with 10years employment stay in Saudi. No valid residence permit-no recontract, no re-entry visa." "On the health sector in Saudi the loss of jobs from Saudization maybe slower compared to other sector.." he said.   Being an OFW for years, how much do you actually save?  Due to lack of financial knowledge, most OFWs remain broke after years of working hard overseas. The key word is save, save and save.   When something unexpected happens, you must be ready. You needed to be prepared.    ©2016 THOUGHTSKOTO That's where most OFW fail. They enjoy the benefits of earning  so much so that they never thought that working abroad is not forever. Later when they realize these fact, they are already out of time to catch up. That's why some OFWs return home broke, no savings, no investments. In this article, we will help you realize the value of planning and how you could benefit from it. Time is ticking, and before your time run out, you have to start moving , now.    Do you already have enough for your daily needs?  You wouldn’t want to go home without having anything to cover your living expenses. Try to estimate how much your needs will total in a month, and make sure you have at least 6 months’ worth or more before finally deciding to head for home. This will include food, shelter, transportation, entertainment, and the like.  2. Can you continue to support your dependents? If you have school-age kids or sick parents, you have to be able to cover for their needs as well. You want to have enough to cover your children’s tuition for the next school year, to ensure that there is no disruption. If you’re renting, you should have enough to cover at least 6 months’ worth of rent. If you’re paying for a car, then you should have enough to cover at least 6 months as well. The larger your buffer, the better.   3. Do you have a new job lined up at home? Let’s face it, much as we’d all like to be able to just relax and do nothing, the fact is that we will continue to need a regular income source when we get back home. Try to scout for a new job before heading home by using online searches or by using your personal network to know what’s out there. Advertisements   4. Have you saved enough capital for a business? If your plan is to start a business, then make sure that you (and your partners) allot enough capital as well. Try to research on what businesses you can do even before going home. Even better if your family started one for you with the money you sent home, and now you can help or take over. It is not enough to have funds for overhead expenses alone; you also need to think about the business’ operational needs in the early days until it can sustain itself.    5. Are your family covered with medical or health coverage? Often overlooked, health concerns should always be prioritized as the high cost of hospitalization and medicine can easily wipe out your life savings. Make sure to get yourself a health insurance that’s appropriate for your needs. There are many variants being offered out there by different providers.  6. Do you have an emergency fund? You can never tell when emergencies will strike – accidents, loved ones passing away, fires, and the like. It’s always financially wise to have at least 2-3 months’ worth of savings for these, on top of your money for your daily needs, dependents’ needs, and capital.  7. Are you planning for your retirement?   Make sure you don’t forget about your nest egg. Although you do have a lot of needs to cover, you can’t afford not to have anything for your senior years. A life insurance plan is basic. You can look into a pension plan as well. Alternatively, you can look into mutual funds, but make sure to consult with a financial planner who can help you choose one that is right for your needs.  The earlier you figure out how to formulate and execute a plan to make these seven checklist complete, the earlier you can set yourself up for your return.  As OFWs, everything we do is for the sake of our family and we are working hard to give the better future that we dream and hope to give them. We can work like a beast of burden but bear in mind that one day, we will return to our homeland, in the warmth of our family's sweet embrace and we've got to enjoy the fruits of our toil.    Saudi Arabia has the largest  number of  Filipinos working in different sectors. Overseas Filipino Workers (OFWs) in Saudi Arabia can be found working in hospitals, restaurants, construction and oil companies, schools and  even in houses as household service workers among others. Saudi Arabia has become a home for most OFWs, some even brought their families to live with them. Being an unfamiliar territory with strict rules and laws, working in the Kingdom has become the bread and butter for most OFWs who were not given an opportunity in their  own country to find a decent job with enough earning for their families.Every year, a big number of OFWs  try their fate and gamble just to have a job that can feed their families and send their kids to school. Aware of the risks, OFWs still come to the Kingdom bearing the burden to provide their families with a better life and better future. But there is no permanent in life except "change". And change always cost something. Saudi Arabia has started Saudization  since 2011. ‘Saudization’, officially known as Saudi nationalization scheme, or Nitaqat system in Arabic, is the newest policy of the Kingdom of Saudi Arabia implemented by its Ministry of Labor, whereby Saudi companies and enterprises are required to fill up their workforce with Saudi nationals up to certain levels. It calls for an increase in the share of Saudi manpower to total employment and for expanding work opportunities for Saudi women and youth. With the implementation of this changes, many expats  including OFWs  are under the risk of losing their jobs. In a report dated August 9,2016 by Arab News,The Ministry of Labor and Social Development plans to nationalize all health jobs in the Kingdom in collaboration with its counterparts. Saudization will not be limited only to the pharmaceutical sector. In the pharmaceutical sector alone,they are expecting 15,000 jobs that can be made available  for the Saudi Nationals --it translates to 15,000 expats which include OFWs that will lose their jobs. In the automobile sector,they are expecting 9,000 jobs for citizens. In March this year, the ministry made a decision that forbids non-Saudis from selling and maintaining mobile phone devices and accessories. The ruling was made in collaboration with the Ministry of Commerce and Industry, Municipal and Rural Affairs and Communications and Information Technology.  This is really happening and it is hitting the expats hard and fast.You need to be ready when it comes. The Duterte government, The POEA, and OWWA formulates reintegration programs to help the OFWs, especially those who will be hit by retrenchments due to an unavoidable circumstances including Saudization, but it will not be sufficient. Every OFW needed to be prepared. Mr. Loreto  B. Soriano, a former OFW in Saudi Arabia and the CEO of LBS Recruitment Solutions has some useful  insights on how to plan your return.  "Its a long range plan so OFWs must have their own plan too.  And the plan must start with increased capacity to reduce expenses by himself in the jobsite and his family then augment with increased effort to save more monthly, " Mr. Soriano said.   Bringing family in the job site unless the wife or husband is employed should be avoided.   When preparing for vacation, an OFW must have "his and his family" an expenditure plan.   "Pag mag- exit naman but balak pang mag-abroad. Dapat may financial plan to cover the days, weeks, months na un-employed siya and without income. Where shall fund come if the emergency fund is exhausted- without touching the savings in the bank 'coz the savings is for the family, " he added.    Saudi has been deeply planning its exit from depending on migrant workers. We know it will take them time, maybe 10-15 more years...  at least, they are better off in adopting a "long range exit plan" compared to us in the Philippines. We always believe, we are badly needed, we are the best, and we keep on postponing to sit down or probably we are afraid to acknowledge the truth. I appeal we must start to craft our "exit strategy and plans" from over dependence on overseas migration and OFW remittances." Mr. Soriano stated.  "Their exit plan start with no extension of residence permit of those with 10years employment stay in Saudi. No valid residence permit-no recontract, no re-entry visa." "On the health sector in Saudi the loss of jobs from Saudization maybe slower compared to other sector.." he said.   Being an OFW for years, how much do you actually save?  Due to lack of financial knowledge, most OFWs remain broke after years of working hard overseas. The key word is save, save and save.   When something unexpected happens, you must be ready. You needed to be prepared.    ©2016 THOUGHTSKOTO Sponsored Links Source: ABS-CBN  Read More:  There are more than 10 million OFWs working outside the country, 80% of which are mothers. They are all working miles away from their families enduring the homesickness with one thing in mind: to give their kids a better future.The challenges of a household going through the day without a mother on their side has an impact on the children and of course to the mothers themselves. For both of them, things could have been better if they can sustain the needs of the family without having to work overseas.   ©2017 THOUGHTSKOTO
Make sure already have enough money for your daily expenditures
Do the math, how much do you need to sustain your daily expenses? If you are going home for vacation, how long do you want to stay? if you are going home for good and will try to find a new job, estimate how long before you can have your new job?
If you are going home for good and setting up a business, how long will it take for your business to be sustainable for you and your family?
You would not want to go home with a budget that will last for only a month. 

 A former OFW who is now a successful businessman said that starting from your first day abroad, you already need to plan your return. It will help you determine how long will you really stay working abroad.   Saudi Arabia has the largest  number of  Filipinos working in different sectors. Overseas Filipino Workers (OFWs) in Saudi Arabia can be found working in hospitals, restaurants, construction and oil companies, schools and  even in houses as household service workers among others. Saudi Arabia has become a home for most OFWs, some even brought their families to live with them. Being an unfamiliar territory with strict rules and laws, working in the Kingdom has become the bread and butter for most OFWs who were not given an opportunity in their  own country to find a decent job with enough earning for their families.Every year, a big number of OFWs  try their fate and gamble just to have a job that can feed their families and send their kids to school. Aware of the risks, OFWs still come to the Kingdom bearing the burden to provide their families with a better life and better future. But there is no permanent in life except "change". And change always cost something. Saudi Arabia has started Saudization  since 2011. ‘Saudization’, officially known as Saudi nationalization scheme, or Nitaqat system in Arabic, is the newest policy of the Kingdom of Saudi Arabia implemented by its Ministry of Labor, whereby Saudi companies and enterprises are required to fill up their workforce with Saudi nationals up to certain levels. It calls for an increase in the share of Saudi manpower to total employment and for expanding work opportunities for Saudi women and youth. With the implementation of this changes, many expats  including OFWs  are under the risk of losing their jobs. In a report dated August 9,2016 by Arab News,The Ministry of Labor and Social Development plans to nationalize all health jobs in the Kingdom in collaboration with its counterparts. Saudization will not be limited only to the pharmaceutical sector. In the pharmaceutical sector alone,they are expecting 15,000 jobs that can be made available  for the Saudi Nationals --it translates to 15,000 expats which include OFWs that will lose their jobs. In the automobile sector,they are expecting 9,000 jobs for citizens. In March this year, the ministry made a decision that forbids non-Saudis from selling and maintaining mobile phone devices and accessories. The ruling was made in collaboration with the Ministry of Commerce and Industry, Municipal and Rural Affairs and Communications and Information Technology.  This is really happening and it is hitting the expats hard and fast.You need to be ready when it comes. The Duterte government, The POEA, and OWWA formulates reintegration programs to help the OFWs, especially those who will be hit by retrenchments due to an unavoidable circumstances including Saudization, but it will not be sufficient. Every OFW needed to be prepared. Mr. Loreto  B. Soriano, a former OFW in Saudi Arabia and the CEO of LBS Recruitment Solutions has some useful  insights on how to plan your return.  "Its a long range plan so OFWs must have their own plan too.  And the plan must start with increased capacity to reduce expenses by himself in the jobsite and his family then augment with increased effort to save more monthly, " Mr. Soriano said.   Bringing family in the job site unless the wife or husband is employed should be avoided.   When preparing for vacation, an OFW must have "his and his family" an expenditure plan.   "Pag mag- exit naman but balak pang mag-abroad. Dapat may financial plan to cover the days, weeks, months na un-employed siya and without income. Where shall fund come if the emergency fund is exhausted- without touching the savings in the bank 'coz the savings is for the family, " he added.    Saudi has been deeply planning its exit from depending on migrant workers. We know it will take them time, maybe 10-15 more years...  at least, they are better off in adopting a "long range exit plan" compared to us in the Philippines. We always believe, we are badly needed, we are the best, and we keep on postponing to sit down or probably we are afraid to acknowledge the truth. I appeal we must start to craft our "exit strategy and plans" from over dependence on overseas migration and OFW remittances." Mr. Soriano stated.  "Their exit plan start with no extension of residence permit of those with 10years employment stay in Saudi. No valid residence permit-no recontract, no re-entry visa." "On the health sector in Saudi the loss of jobs from Saudization maybe slower compared to other sector.." he said.   Being an OFW for years, how much do you actually save?  Due to lack of financial knowledge, most OFWs remain broke after years of working hard overseas. The key word is save, save and save.   When something unexpected happens, you must be ready. You needed to be prepared.    ©2016 THOUGHTSKOTO That's where most OFW fail. They enjoy the benefits of earning  so much so that they never thought that working abroad is not forever. Later when they realize these fact, they are already out of time to catch up. That's why some OFWs return home broke, no savings, no investments. In this article, we will help you realize the value of planning and how you could benefit from it. Time is ticking, and before your time run out, you have to start moving , now.    Do you already have enough for your daily needs?  You wouldn’t want to go home without having anything to cover your living expenses. Try to estimate how much your needs will total in a month, and make sure you have at least 6 months’ worth or more before finally deciding to head for home. This will include food, shelter, transportation, entertainment, and the like.  2. Can you continue to support your dependents? If you have school-age kids or sick parents, you have to be able to cover for their needs as well. You want to have enough to cover your children’s tuition for the next school year, to ensure that there is no disruption. If you’re renting, you should have enough to cover at least 6 months’ worth of rent. If you’re paying for a car, then you should have enough to cover at least 6 months as well. The larger your buffer, the better.   3. Do you have a new job lined up at home? Let’s face it, much as we’d all like to be able to just relax and do nothing, the fact is that we will continue to need a regular income source when we get back home. Try to scout for a new job before heading home by using online searches or by using your personal network to know what’s out there. Advertisements   4. Have you saved enough capital for a business? If your plan is to start a business, then make sure that you (and your partners) allot enough capital as well. Try to research on what businesses you can do even before going home. Even better if your family started one for you with the money you sent home, and now you can help or take over. It is not enough to have funds for overhead expenses alone; you also need to think about the business’ operational needs in the early days until it can sustain itself.    5. Are your family covered with medical or health coverage? Often overlooked, health concerns should always be prioritized as the high cost of hospitalization and medicine can easily wipe out your life savings. Make sure to get yourself a health insurance that’s appropriate for your needs. There are many variants being offered out there by different providers.  6. Do you have an emergency fund? You can never tell when emergencies will strike – accidents, loved ones passing away, fires, and the like. It’s always financially wise to have at least 2-3 months’ worth of savings for these, on top of your money for your daily needs, dependents’ needs, and capital.  7. Are you planning for your retirement?   Make sure you don’t forget about your nest egg. Although you do have a lot of needs to cover, you can’t afford not to have anything for your senior years. A life insurance plan is basic. You can look into a pension plan as well. Alternatively, you can look into mutual funds, but make sure to consult with a financial planner who can help you choose one that is right for your needs.  The earlier you figure out how to formulate and execute a plan to make these seven checklist complete, the earlier you can set yourself up for your return.  As OFWs, everything we do is for the sake of our family and we are working hard to give the better future that we dream and hope to give them. We can work like a beast of burden but bear in mind that one day, we will return to our homeland, in the warmth of our family's sweet embrace and we've got to enjoy the fruits of our toil.    Saudi Arabia has the largest  number of  Filipinos working in different sectors. Overseas Filipino Workers (OFWs) in Saudi Arabia can be found working in hospitals, restaurants, construction and oil companies, schools and  even in houses as household service workers among others. Saudi Arabia has become a home for most OFWs, some even brought their families to live with them. Being an unfamiliar territory with strict rules and laws, working in the Kingdom has become the bread and butter for most OFWs who were not given an opportunity in their  own country to find a decent job with enough earning for their families.Every year, a big number of OFWs  try their fate and gamble just to have a job that can feed their families and send their kids to school. Aware of the risks, OFWs still come to the Kingdom bearing the burden to provide their families with a better life and better future. But there is no permanent in life except "change". And change always cost something. Saudi Arabia has started Saudization  since 2011. ‘Saudization’, officially known as Saudi nationalization scheme, or Nitaqat system in Arabic, is the newest policy of the Kingdom of Saudi Arabia implemented by its Ministry of Labor, whereby Saudi companies and enterprises are required to fill up their workforce with Saudi nationals up to certain levels. It calls for an increase in the share of Saudi manpower to total employment and for expanding work opportunities for Saudi women and youth. With the implementation of this changes, many expats  including OFWs  are under the risk of losing their jobs. In a report dated August 9,2016 by Arab News,The Ministry of Labor and Social Development plans to nationalize all health jobs in the Kingdom in collaboration with its counterparts. Saudization will not be limited only to the pharmaceutical sector. In the pharmaceutical sector alone,they are expecting 15,000 jobs that can be made available  for the Saudi Nationals --it translates to 15,000 expats which include OFWs that will lose their jobs. In the automobile sector,they are expecting 9,000 jobs for citizens. In March this year, the ministry made a decision that forbids non-Saudis from selling and maintaining mobile phone devices and accessories. The ruling was made in collaboration with the Ministry of Commerce and Industry, Municipal and Rural Affairs and Communications and Information Technology.  This is really happening and it is hitting the expats hard and fast.You need to be ready when it comes. The Duterte government, The POEA, and OWWA formulates reintegration programs to help the OFWs, especially those who will be hit by retrenchments due to an unavoidable circumstances including Saudization, but it will not be sufficient. Every OFW needed to be prepared. Mr. Loreto  B. Soriano, a former OFW in Saudi Arabia and the CEO of LBS Recruitment Solutions has some useful  insights on how to plan your return.  "Its a long range plan so OFWs must have their own plan too.  And the plan must start with increased capacity to reduce expenses by himself in the jobsite and his family then augment with increased effort to save more monthly, " Mr. Soriano said.   Bringing family in the job site unless the wife or husband is employed should be avoided.   When preparing for vacation, an OFW must have "his and his family" an expenditure plan.   "Pag mag- exit naman but balak pang mag-abroad. Dapat may financial plan to cover the days, weeks, months na un-employed siya and without income. Where shall fund come if the emergency fund is exhausted- without touching the savings in the bank 'coz the savings is for the family, " he added.    Saudi has been deeply planning its exit from depending on migrant workers. We know it will take them time, maybe 10-15 more years...  at least, they are better off in adopting a "long range exit plan" compared to us in the Philippines. We always believe, we are badly needed, we are the best, and we keep on postponing to sit down or probably we are afraid to acknowledge the truth. I appeal we must start to craft our "exit strategy and plans" from over dependence on overseas migration and OFW remittances." Mr. Soriano stated.  "Their exit plan start with no extension of residence permit of those with 10years employment stay in Saudi. No valid residence permit-no recontract, no re-entry visa." "On the health sector in Saudi the loss of jobs from Saudization maybe slower compared to other sector.." he said.   Being an OFW for years, how much do you actually save?  Due to lack of financial knowledge, most OFWs remain broke after years of working hard overseas. The key word is save, save and save.   When something unexpected happens, you must be ready. You needed to be prepared.    ©2016 THOUGHTSKOTO Sponsored Links Source: ABS-CBN  Read More:  There are more than 10 million OFWs working outside the country, 80% of which are mothers. They are all working miles away from their families enduring the homesickness with one thing in mind: to give their kids a better future.The challenges of a household going through the day without a mother on their side has an impact on the children and of course to the mothers themselves. For both of them, things could have been better if they can sustain the needs of the family without having to work overseas.   ©2017 THOUGHTSKOTO

Make sure you can continue to support your dependents
 You have kids who go to school, you need to pay your monthly amortization for your house or car, you have  parents who are sick or relatives that need help. Can you still be able to support them?
Of course you don't need to be burdened by your extended family but we are dictated by our culture to do so. After all, we are Filipinos and that is what we do.

 A former OFW who is now a successful businessman said that starting from your first day abroad, you already need to plan your return. It will help you determine how long will you really stay working abroad.   Saudi Arabia has the largest  number of  Filipinos working in different sectors. Overseas Filipino Workers (OFWs) in Saudi Arabia can be found working in hospitals, restaurants, construction and oil companies, schools and  even in houses as household service workers among others. Saudi Arabia has become a home for most OFWs, some even brought their families to live with them. Being an unfamiliar territory with strict rules and laws, working in the Kingdom has become the bread and butter for most OFWs who were not given an opportunity in their  own country to find a decent job with enough earning for their families.Every year, a big number of OFWs  try their fate and gamble just to have a job that can feed their families and send their kids to school. Aware of the risks, OFWs still come to the Kingdom bearing the burden to provide their families with a better life and better future. But there is no permanent in life except "change". And change always cost something. Saudi Arabia has started Saudization  since 2011. ‘Saudization’, officially known as Saudi nationalization scheme, or Nitaqat system in Arabic, is the newest policy of the Kingdom of Saudi Arabia implemented by its Ministry of Labor, whereby Saudi companies and enterprises are required to fill up their workforce with Saudi nationals up to certain levels. It calls for an increase in the share of Saudi manpower to total employment and for expanding work opportunities for Saudi women and youth. With the implementation of this changes, many expats  including OFWs  are under the risk of losing their jobs. In a report dated August 9,2016 by Arab News,The Ministry of Labor and Social Development plans to nationalize all health jobs in the Kingdom in collaboration with its counterparts. Saudization will not be limited only to the pharmaceutical sector. In the pharmaceutical sector alone,they are expecting 15,000 jobs that can be made available  for the Saudi Nationals --it translates to 15,000 expats which include OFWs that will lose their jobs. In the automobile sector,they are expecting 9,000 jobs for citizens. In March this year, the ministry made a decision that forbids non-Saudis from selling and maintaining mobile phone devices and accessories. The ruling was made in collaboration with the Ministry of Commerce and Industry, Municipal and Rural Affairs and Communications and Information Technology.  This is really happening and it is hitting the expats hard and fast.You need to be ready when it comes. The Duterte government, The POEA, and OWWA formulates reintegration programs to help the OFWs, especially those who will be hit by retrenchments due to an unavoidable circumstances including Saudization, but it will not be sufficient. Every OFW needed to be prepared. Mr. Loreto  B. Soriano, a former OFW in Saudi Arabia and the CEO of LBS Recruitment Solutions has some useful  insights on how to plan your return.  "Its a long range plan so OFWs must have their own plan too.  And the plan must start with increased capacity to reduce expenses by himself in the jobsite and his family then augment with increased effort to save more monthly, " Mr. Soriano said.   Bringing family in the job site unless the wife or husband is employed should be avoided.   When preparing for vacation, an OFW must have "his and his family" an expenditure plan.   "Pag mag- exit naman but balak pang mag-abroad. Dapat may financial plan to cover the days, weeks, months na un-employed siya and without income. Where shall fund come if the emergency fund is exhausted- without touching the savings in the bank 'coz the savings is for the family, " he added.    Saudi has been deeply planning its exit from depending on migrant workers. We know it will take them time, maybe 10-15 more years...  at least, they are better off in adopting a "long range exit plan" compared to us in the Philippines. We always believe, we are badly needed, we are the best, and we keep on postponing to sit down or probably we are afraid to acknowledge the truth. I appeal we must start to craft our "exit strategy and plans" from over dependence on overseas migration and OFW remittances." Mr. Soriano stated.  "Their exit plan start with no extension of residence permit of those with 10years employment stay in Saudi. No valid residence permit-no recontract, no re-entry visa." "On the health sector in Saudi the loss of jobs from Saudization maybe slower compared to other sector.." he said.   Being an OFW for years, how much do you actually save?  Due to lack of financial knowledge, most OFWs remain broke after years of working hard overseas. The key word is save, save and save.   When something unexpected happens, you must be ready. You needed to be prepared.    ©2016 THOUGHTSKOTO That's where most OFW fail. They enjoy the benefits of earning  so much so that they never thought that working abroad is not forever. Later when they realize these fact, they are already out of time to catch up. That's why some OFWs return home broke, no savings, no investments. In this article, we will help you realize the value of planning and how you could benefit from it. Time is ticking, and before your time run out, you have to start moving , now.    Do you already have enough for your daily needs?  You wouldn’t want to go home without having anything to cover your living expenses. Try to estimate how much your needs will total in a month, and make sure you have at least 6 months’ worth or more before finally deciding to head for home. This will include food, shelter, transportation, entertainment, and the like.  2. Can you continue to support your dependents? If you have school-age kids or sick parents, you have to be able to cover for their needs as well. You want to have enough to cover your children’s tuition for the next school year, to ensure that there is no disruption. If you’re renting, you should have enough to cover at least 6 months’ worth of rent. If you’re paying for a car, then you should have enough to cover at least 6 months as well. The larger your buffer, the better.   3. Do you have a new job lined up at home? Let’s face it, much as we’d all like to be able to just relax and do nothing, the fact is that we will continue to need a regular income source when we get back home. Try to scout for a new job before heading home by using online searches or by using your personal network to know what’s out there. Advertisements   4. Have you saved enough capital for a business? If your plan is to start a business, then make sure that you (and your partners) allot enough capital as well. Try to research on what businesses you can do even before going home. Even better if your family started one for you with the money you sent home, and now you can help or take over. It is not enough to have funds for overhead expenses alone; you also need to think about the business’ operational needs in the early days until it can sustain itself.    5. Are your family covered with medical or health coverage? Often overlooked, health concerns should always be prioritized as the high cost of hospitalization and medicine can easily wipe out your life savings. Make sure to get yourself a health insurance that’s appropriate for your needs. There are many variants being offered out there by different providers.  6. Do you have an emergency fund? You can never tell when emergencies will strike – accidents, loved ones passing away, fires, and the like. It’s always financially wise to have at least 2-3 months’ worth of savings for these, on top of your money for your daily needs, dependents’ needs, and capital.  7. Are you planning for your retirement?   Make sure you don’t forget about your nest egg. Although you do have a lot of needs to cover, you can’t afford not to have anything for your senior years. A life insurance plan is basic. You can look into a pension plan as well. Alternatively, you can look into mutual funds, but make sure to consult with a financial planner who can help you choose one that is right for your needs.  The earlier you figure out how to formulate and execute a plan to make these seven checklist complete, the earlier you can set yourself up for your return.  As OFWs, everything we do is for the sake of our family and we are working hard to give the better future that we dream and hope to give them. We can work like a beast of burden but bear in mind that one day, we will return to our homeland, in the warmth of our family's sweet embrace and we've got to enjoy the fruits of our toil.    Saudi Arabia has the largest  number of  Filipinos working in different sectors. Overseas Filipino Workers (OFWs) in Saudi Arabia can be found working in hospitals, restaurants, construction and oil companies, schools and  even in houses as household service workers among others. Saudi Arabia has become a home for most OFWs, some even brought their families to live with them. Being an unfamiliar territory with strict rules and laws, working in the Kingdom has become the bread and butter for most OFWs who were not given an opportunity in their  own country to find a decent job with enough earning for their families.Every year, a big number of OFWs  try their fate and gamble just to have a job that can feed their families and send their kids to school. Aware of the risks, OFWs still come to the Kingdom bearing the burden to provide their families with a better life and better future. But there is no permanent in life except "change". And change always cost something. Saudi Arabia has started Saudization  since 2011. ‘Saudization’, officially known as Saudi nationalization scheme, or Nitaqat system in Arabic, is the newest policy of the Kingdom of Saudi Arabia implemented by its Ministry of Labor, whereby Saudi companies and enterprises are required to fill up their workforce with Saudi nationals up to certain levels. It calls for an increase in the share of Saudi manpower to total employment and for expanding work opportunities for Saudi women and youth. With the implementation of this changes, many expats  including OFWs  are under the risk of losing their jobs. In a report dated August 9,2016 by Arab News,The Ministry of Labor and Social Development plans to nationalize all health jobs in the Kingdom in collaboration with its counterparts. Saudization will not be limited only to the pharmaceutical sector. In the pharmaceutical sector alone,they are expecting 15,000 jobs that can be made available  for the Saudi Nationals --it translates to 15,000 expats which include OFWs that will lose their jobs. In the automobile sector,they are expecting 9,000 jobs for citizens. In March this year, the ministry made a decision that forbids non-Saudis from selling and maintaining mobile phone devices and accessories. The ruling was made in collaboration with the Ministry of Commerce and Industry, Municipal and Rural Affairs and Communications and Information Technology.  This is really happening and it is hitting the expats hard and fast.You need to be ready when it comes. The Duterte government, The POEA, and OWWA formulates reintegration programs to help the OFWs, especially those who will be hit by retrenchments due to an unavoidable circumstances including Saudization, but it will not be sufficient. Every OFW needed to be prepared. Mr. Loreto  B. Soriano, a former OFW in Saudi Arabia and the CEO of LBS Recruitment Solutions has some useful  insights on how to plan your return.  "Its a long range plan so OFWs must have their own plan too.  And the plan must start with increased capacity to reduce expenses by himself in the jobsite and his family then augment with increased effort to save more monthly, " Mr. Soriano said.   Bringing family in the job site unless the wife or husband is employed should be avoided.   When preparing for vacation, an OFW must have "his and his family" an expenditure plan.   "Pag mag- exit naman but balak pang mag-abroad. Dapat may financial plan to cover the days, weeks, months na un-employed siya and without income. Where shall fund come if the emergency fund is exhausted- without touching the savings in the bank 'coz the savings is for the family, " he added.    Saudi has been deeply planning its exit from depending on migrant workers. We know it will take them time, maybe 10-15 more years...  at least, they are better off in adopting a "long range exit plan" compared to us in the Philippines. We always believe, we are badly needed, we are the best, and we keep on postponing to sit down or probably we are afraid to acknowledge the truth. I appeal we must start to craft our "exit strategy and plans" from over dependence on overseas migration and OFW remittances." Mr. Soriano stated.  "Their exit plan start with no extension of residence permit of those with 10years employment stay in Saudi. No valid residence permit-no recontract, no re-entry visa." "On the health sector in Saudi the loss of jobs from Saudization maybe slower compared to other sector.." he said.   Being an OFW for years, how much do you actually save?  Due to lack of financial knowledge, most OFWs remain broke after years of working hard overseas. The key word is save, save and save.   When something unexpected happens, you must be ready. You needed to be prepared.    ©2016 THOUGHTSKOTO Sponsored Links Source: ABS-CBN  Read More:  There are more than 10 million OFWs working outside the country, 80% of which are mothers. They are all working miles away from their families enduring the homesickness with one thing in mind: to give their kids a better future.The challenges of a household going through the day without a mother on their side has an impact on the children and of course to the mothers themselves. For both of them, things could have been better if they can sustain the needs of the family without having to work overseas.   ©2017 THOUGHTSKOTO

Have a new job lined up 
Yes we need to rest after years of tiring work abroad but we need to have something that will sustain the needs of our family.
Browsing the internet for jobs and applying online before you go home could help you find a job while enjoying your vacation.

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 A former OFW who is now a successful businessman said that starting from your first day abroad, you already need to plan your return. It will help you determine how long will you really stay working abroad.   Saudi Arabia has the largest  number of  Filipinos working in different sectors. Overseas Filipino Workers (OFWs) in Saudi Arabia can be found working in hospitals, restaurants, construction and oil companies, schools and  even in houses as household service workers among others. Saudi Arabia has become a home for most OFWs, some even brought their families to live with them. Being an unfamiliar territory with strict rules and laws, working in the Kingdom has become the bread and butter for most OFWs who were not given an opportunity in their  own country to find a decent job with enough earning for their families.Every year, a big number of OFWs  try their fate and gamble just to have a job that can feed their families and send their kids to school. Aware of the risks, OFWs still come to the Kingdom bearing the burden to provide their families with a better life and better future. But there is no permanent in life except "change". And change always cost something. Saudi Arabia has started Saudization  since 2011. ‘Saudization’, officially known as Saudi nationalization scheme, or Nitaqat system in Arabic, is the newest policy of the Kingdom of Saudi Arabia implemented by its Ministry of Labor, whereby Saudi companies and enterprises are required to fill up their workforce with Saudi nationals up to certain levels. It calls for an increase in the share of Saudi manpower to total employment and for expanding work opportunities for Saudi women and youth. With the implementation of this changes, many expats  including OFWs  are under the risk of losing their jobs. In a report dated August 9,2016 by Arab News,The Ministry of Labor and Social Development plans to nationalize all health jobs in the Kingdom in collaboration with its counterparts. Saudization will not be limited only to the pharmaceutical sector. In the pharmaceutical sector alone,they are expecting 15,000 jobs that can be made available  for the Saudi Nationals --it translates to 15,000 expats which include OFWs that will lose their jobs. In the automobile sector,they are expecting 9,000 jobs for citizens. In March this year, the ministry made a decision that forbids non-Saudis from selling and maintaining mobile phone devices and accessories. The ruling was made in collaboration with the Ministry of Commerce and Industry, Municipal and Rural Affairs and Communications and Information Technology.  This is really happening and it is hitting the expats hard and fast.You need to be ready when it comes. The Duterte government, The POEA, and OWWA formulates reintegration programs to help the OFWs, especially those who will be hit by retrenchments due to an unavoidable circumstances including Saudization, but it will not be sufficient. Every OFW needed to be prepared. Mr. Loreto  B. Soriano, a former OFW in Saudi Arabia and the CEO of LBS Recruitment Solutions has some useful  insights on how to plan your return.  "Its a long range plan so OFWs must have their own plan too.  And the plan must start with increased capacity to reduce expenses by himself in the jobsite and his family then augment with increased effort to save more monthly, " Mr. Soriano said.   Bringing family in the job site unless the wife or husband is employed should be avoided.   When preparing for vacation, an OFW must have "his and his family" an expenditure plan.   "Pag mag- exit naman but balak pang mag-abroad. Dapat may financial plan to cover the days, weeks, months na un-employed siya and without income. Where shall fund come if the emergency fund is exhausted- without touching the savings in the bank 'coz the savings is for the family, " he added.    Saudi has been deeply planning its exit from depending on migrant workers. We know it will take them time, maybe 10-15 more years...  at least, they are better off in adopting a "long range exit plan" compared to us in the Philippines. We always believe, we are badly needed, we are the best, and we keep on postponing to sit down or probably we are afraid to acknowledge the truth. I appeal we must start to craft our "exit strategy and plans" from over dependence on overseas migration and OFW remittances." Mr. Soriano stated.  "Their exit plan start with no extension of residence permit of those with 10years employment stay in Saudi. No valid residence permit-no recontract, no re-entry visa." "On the health sector in Saudi the loss of jobs from Saudization maybe slower compared to other sector.." he said.   Being an OFW for years, how much do you actually save?  Due to lack of financial knowledge, most OFWs remain broke after years of working hard overseas. The key word is save, save and save.   When something unexpected happens, you must be ready. You needed to be prepared.    ©2016 THOUGHTSKOTO That's where most OFW fail. They enjoy the benefits of earning  so much so that they never thought that working abroad is not forever. Later when they realize these fact, they are already out of time to catch up. That's why some OFWs return home broke, no savings, no investments. In this article, we will help you realize the value of planning and how you could benefit from it. Time is ticking, and before your time run out, you have to start moving , now.    Do you already have enough for your daily needs?  You wouldn’t want to go home without having anything to cover your living expenses. Try to estimate how much your needs will total in a month, and make sure you have at least 6 months’ worth or more before finally deciding to head for home. This will include food, shelter, transportation, entertainment, and the like.  2. Can you continue to support your dependents? If you have school-age kids or sick parents, you have to be able to cover for their needs as well. You want to have enough to cover your children’s tuition for the next school year, to ensure that there is no disruption. If you’re renting, you should have enough to cover at least 6 months’ worth of rent. If you’re paying for a car, then you should have enough to cover at least 6 months as well. The larger your buffer, the better.   3. Do you have a new job lined up at home? Let’s face it, much as we’d all like to be able to just relax and do nothing, the fact is that we will continue to need a regular income source when we get back home. Try to scout for a new job before heading home by using online searches or by using your personal network to know what’s out there. Advertisements   4. Have you saved enough capital for a business? If your plan is to start a business, then make sure that you (and your partners) allot enough capital as well. Try to research on what businesses you can do even before going home. Even better if your family started one for you with the money you sent home, and now you can help or take over. It is not enough to have funds for overhead expenses alone; you also need to think about the business’ operational needs in the early days until it can sustain itself.    5. Are your family covered with medical or health coverage? Often overlooked, health concerns should always be prioritized as the high cost of hospitalization and medicine can easily wipe out your life savings. Make sure to get yourself a health insurance that’s appropriate for your needs. There are many variants being offered out there by different providers.  6. Do you have an emergency fund? You can never tell when emergencies will strike – accidents, loved ones passing away, fires, and the like. It’s always financially wise to have at least 2-3 months’ worth of savings for these, on top of your money for your daily needs, dependents’ needs, and capital.  7. Are you planning for your retirement?   Make sure you don’t forget about your nest egg. Although you do have a lot of needs to cover, you can’t afford not to have anything for your senior years. A life insurance plan is basic. You can look into a pension plan as well. Alternatively, you can look into mutual funds, but make sure to consult with a financial planner who can help you choose one that is right for your needs.  The earlier you figure out how to formulate and execute a plan to make these seven checklist complete, the earlier you can set yourself up for your return.  As OFWs, everything we do is for the sake of our family and we are working hard to give the better future that we dream and hope to give them. We can work like a beast of burden but bear in mind that one day, we will return to our homeland, in the warmth of our family's sweet embrace and we've got to enjoy the fruits of our toil.    Saudi Arabia has the largest  number of  Filipinos working in different sectors. Overseas Filipino Workers (OFWs) in Saudi Arabia can be found working in hospitals, restaurants, construction and oil companies, schools and  even in houses as household service workers among others. Saudi Arabia has become a home for most OFWs, some even brought their families to live with them. Being an unfamiliar territory with strict rules and laws, working in the Kingdom has become the bread and butter for most OFWs who were not given an opportunity in their  own country to find a decent job with enough earning for their families.Every year, a big number of OFWs  try their fate and gamble just to have a job that can feed their families and send their kids to school. Aware of the risks, OFWs still come to the Kingdom bearing the burden to provide their families with a better life and better future. But there is no permanent in life except "change". And change always cost something. Saudi Arabia has started Saudization  since 2011. ‘Saudization’, officially known as Saudi nationalization scheme, or Nitaqat system in Arabic, is the newest policy of the Kingdom of Saudi Arabia implemented by its Ministry of Labor, whereby Saudi companies and enterprises are required to fill up their workforce with Saudi nationals up to certain levels. It calls for an increase in the share of Saudi manpower to total employment and for expanding work opportunities for Saudi women and youth. With the implementation of this changes, many expats  including OFWs  are under the risk of losing their jobs. In a report dated August 9,2016 by Arab News,The Ministry of Labor and Social Development plans to nationalize all health jobs in the Kingdom in collaboration with its counterparts. Saudization will not be limited only to the pharmaceutical sector. In the pharmaceutical sector alone,they are expecting 15,000 jobs that can be made available  for the Saudi Nationals --it translates to 15,000 expats which include OFWs that will lose their jobs. In the automobile sector,they are expecting 9,000 jobs for citizens. In March this year, the ministry made a decision that forbids non-Saudis from selling and maintaining mobile phone devices and accessories. The ruling was made in collaboration with the Ministry of Commerce and Industry, Municipal and Rural Affairs and Communications and Information Technology.  This is really happening and it is hitting the expats hard and fast.You need to be ready when it comes. The Duterte government, The POEA, and OWWA formulates reintegration programs to help the OFWs, especially those who will be hit by retrenchments due to an unavoidable circumstances including Saudization, but it will not be sufficient. Every OFW needed to be prepared. Mr. Loreto  B. Soriano, a former OFW in Saudi Arabia and the CEO of LBS Recruitment Solutions has some useful  insights on how to plan your return.  "Its a long range plan so OFWs must have their own plan too.  And the plan must start with increased capacity to reduce expenses by himself in the jobsite and his family then augment with increased effort to save more monthly, " Mr. Soriano said.   Bringing family in the job site unless the wife or husband is employed should be avoided.   When preparing for vacation, an OFW must have "his and his family" an expenditure plan.   "Pag mag- exit naman but balak pang mag-abroad. Dapat may financial plan to cover the days, weeks, months na un-employed siya and without income. Where shall fund come if the emergency fund is exhausted- without touching the savings in the bank 'coz the savings is for the family, " he added.    Saudi has been deeply planning its exit from depending on migrant workers. We know it will take them time, maybe 10-15 more years...  at least, they are better off in adopting a "long range exit plan" compared to us in the Philippines. We always believe, we are badly needed, we are the best, and we keep on postponing to sit down or probably we are afraid to acknowledge the truth. I appeal we must start to craft our "exit strategy and plans" from over dependence on overseas migration and OFW remittances." Mr. Soriano stated.  "Their exit plan start with no extension of residence permit of those with 10years employment stay in Saudi. No valid residence permit-no recontract, no re-entry visa." "On the health sector in Saudi the loss of jobs from Saudization maybe slower compared to other sector.." he said.   Being an OFW for years, how much do you actually save?  Due to lack of financial knowledge, most OFWs remain broke after years of working hard overseas. The key word is save, save and save.   When something unexpected happens, you must be ready. You needed to be prepared.    ©2016 THOUGHTSKOTO Sponsored Links Source: ABS-CBN  Read More:  There are more than 10 million OFWs working outside the country, 80% of which are mothers. They are all working miles away from their families enduring the homesickness with one thing in mind: to give their kids a better future.The challenges of a household going through the day without a mother on their side has an impact on the children and of course to the mothers themselves. For both of them, things could have been better if they can sustain the needs of the family without having to work overseas.   ©2017 THOUGHTSKOTO

Save enough capital for a business
A business how small it may be needs a capital to start. If you are planning to make a sustainable livelihood by starting your own business, you should have  enough money to start. Skills is also needed aside from capital. You should know every details of your chosen business for it to succeed.
Is you savings enough to put up a business?
Make sure you pay your OWWA membership to be able to avail their programs for returning OFWS such as the "Trabaho, Negosyo, Kabuhayan" . You can also avail scholarships from TESDA should you want to open a computer shop, a welding shop, a bakery or a small cafe.


 A former OFW who is now a successful businessman said that starting from your first day abroad, you already need to plan your return. It will help you determine how long will you really stay working abroad.   Saudi Arabia has the largest  number of  Filipinos working in different sectors. Overseas Filipino Workers (OFWs) in Saudi Arabia can be found working in hospitals, restaurants, construction and oil companies, schools and  even in houses as household service workers among others. Saudi Arabia has become a home for most OFWs, some even brought their families to live with them. Being an unfamiliar territory with strict rules and laws, working in the Kingdom has become the bread and butter for most OFWs who were not given an opportunity in their  own country to find a decent job with enough earning for their families.Every year, a big number of OFWs  try their fate and gamble just to have a job that can feed their families and send their kids to school. Aware of the risks, OFWs still come to the Kingdom bearing the burden to provide their families with a better life and better future. But there is no permanent in life except "change". And change always cost something. Saudi Arabia has started Saudization  since 2011. ‘Saudization’, officially known as Saudi nationalization scheme, or Nitaqat system in Arabic, is the newest policy of the Kingdom of Saudi Arabia implemented by its Ministry of Labor, whereby Saudi companies and enterprises are required to fill up their workforce with Saudi nationals up to certain levels. It calls for an increase in the share of Saudi manpower to total employment and for expanding work opportunities for Saudi women and youth. With the implementation of this changes, many expats  including OFWs  are under the risk of losing their jobs. In a report dated August 9,2016 by Arab News,The Ministry of Labor and Social Development plans to nationalize all health jobs in the Kingdom in collaboration with its counterparts. Saudization will not be limited only to the pharmaceutical sector. In the pharmaceutical sector alone,they are expecting 15,000 jobs that can be made available  for the Saudi Nationals --it translates to 15,000 expats which include OFWs that will lose their jobs. In the automobile sector,they are expecting 9,000 jobs for citizens. In March this year, the ministry made a decision that forbids non-Saudis from selling and maintaining mobile phone devices and accessories. The ruling was made in collaboration with the Ministry of Commerce and Industry, Municipal and Rural Affairs and Communications and Information Technology.  This is really happening and it is hitting the expats hard and fast.You need to be ready when it comes. The Duterte government, The POEA, and OWWA formulates reintegration programs to help the OFWs, especially those who will be hit by retrenchments due to an unavoidable circumstances including Saudization, but it will not be sufficient. Every OFW needed to be prepared. Mr. Loreto  B. Soriano, a former OFW in Saudi Arabia and the CEO of LBS Recruitment Solutions has some useful  insights on how to plan your return.  "Its a long range plan so OFWs must have their own plan too.  And the plan must start with increased capacity to reduce expenses by himself in the jobsite and his family then augment with increased effort to save more monthly, " Mr. Soriano said.   Bringing family in the job site unless the wife or husband is employed should be avoided.   When preparing for vacation, an OFW must have "his and his family" an expenditure plan.   "Pag mag- exit naman but balak pang mag-abroad. Dapat may financial plan to cover the days, weeks, months na un-employed siya and without income. Where shall fund come if the emergency fund is exhausted- without touching the savings in the bank 'coz the savings is for the family, " he added.    Saudi has been deeply planning its exit from depending on migrant workers. We know it will take them time, maybe 10-15 more years...  at least, they are better off in adopting a "long range exit plan" compared to us in the Philippines. We always believe, we are badly needed, we are the best, and we keep on postponing to sit down or probably we are afraid to acknowledge the truth. I appeal we must start to craft our "exit strategy and plans" from over dependence on overseas migration and OFW remittances." Mr. Soriano stated.  "Their exit plan start with no extension of residence permit of those with 10years employment stay in Saudi. No valid residence permit-no recontract, no re-entry visa." "On the health sector in Saudi the loss of jobs from Saudization maybe slower compared to other sector.." he said.   Being an OFW for years, how much do you actually save?  Due to lack of financial knowledge, most OFWs remain broke after years of working hard overseas. The key word is save, save and save.   When something unexpected happens, you must be ready. You needed to be prepared.    ©2016 THOUGHTSKOTO That's where most OFW fail. They enjoy the benefits of earning  so much so that they never thought that working abroad is not forever. Later when they realize these fact, they are already out of time to catch up. That's why some OFWs return home broke, no savings, no investments. In this article, we will help you realize the value of planning and how you could benefit from it. Time is ticking, and before your time run out, you have to start moving , now.    Do you already have enough for your daily needs?  You wouldn’t want to go home without having anything to cover your living expenses. Try to estimate how much your needs will total in a month, and make sure you have at least 6 months’ worth or more before finally deciding to head for home. This will include food, shelter, transportation, entertainment, and the like.  2. Can you continue to support your dependents? If you have school-age kids or sick parents, you have to be able to cover for their needs as well. You want to have enough to cover your children’s tuition for the next school year, to ensure that there is no disruption. If you’re renting, you should have enough to cover at least 6 months’ worth of rent. If you’re paying for a car, then you should have enough to cover at least 6 months as well. The larger your buffer, the better.   3. Do you have a new job lined up at home? Let’s face it, much as we’d all like to be able to just relax and do nothing, the fact is that we will continue to need a regular income source when we get back home. Try to scout for a new job before heading home by using online searches or by using your personal network to know what’s out there. Advertisements   4. Have you saved enough capital for a business? If your plan is to start a business, then make sure that you (and your partners) allot enough capital as well. Try to research on what businesses you can do even before going home. Even better if your family started one for you with the money you sent home, and now you can help or take over. It is not enough to have funds for overhead expenses alone; you also need to think about the business’ operational needs in the early days until it can sustain itself.    5. Are your family covered with medical or health coverage? Often overlooked, health concerns should always be prioritized as the high cost of hospitalization and medicine can easily wipe out your life savings. Make sure to get yourself a health insurance that’s appropriate for your needs. There are many variants being offered out there by different providers.  6. Do you have an emergency fund? You can never tell when emergencies will strike – accidents, loved ones passing away, fires, and the like. It’s always financially wise to have at least 2-3 months’ worth of savings for these, on top of your money for your daily needs, dependents’ needs, and capital.  7. Are you planning for your retirement?   Make sure you don’t forget about your nest egg. Although you do have a lot of needs to cover, you can’t afford not to have anything for your senior years. A life insurance plan is basic. You can look into a pension plan as well. Alternatively, you can look into mutual funds, but make sure to consult with a financial planner who can help you choose one that is right for your needs.  The earlier you figure out how to formulate and execute a plan to make these seven checklist complete, the earlier you can set yourself up for your return.  As OFWs, everything we do is for the sake of our family and we are working hard to give the better future that we dream and hope to give them. We can work like a beast of burden but bear in mind that one day, we will return to our homeland, in the warmth of our family's sweet embrace and we've got to enjoy the fruits of our toil.    Saudi Arabia has the largest  number of  Filipinos working in different sectors. Overseas Filipino Workers (OFWs) in Saudi Arabia can be found working in hospitals, restaurants, construction and oil companies, schools and  even in houses as household service workers among others. Saudi Arabia has become a home for most OFWs, some even brought their families to live with them. Being an unfamiliar territory with strict rules and laws, working in the Kingdom has become the bread and butter for most OFWs who were not given an opportunity in their  own country to find a decent job with enough earning for their families.Every year, a big number of OFWs  try their fate and gamble just to have a job that can feed their families and send their kids to school. Aware of the risks, OFWs still come to the Kingdom bearing the burden to provide their families with a better life and better future. But there is no permanent in life except "change". And change always cost something. Saudi Arabia has started Saudization  since 2011. ‘Saudization’, officially known as Saudi nationalization scheme, or Nitaqat system in Arabic, is the newest policy of the Kingdom of Saudi Arabia implemented by its Ministry of Labor, whereby Saudi companies and enterprises are required to fill up their workforce with Saudi nationals up to certain levels. It calls for an increase in the share of Saudi manpower to total employment and for expanding work opportunities for Saudi women and youth. With the implementation of this changes, many expats  including OFWs  are under the risk of losing their jobs. In a report dated August 9,2016 by Arab News,The Ministry of Labor and Social Development plans to nationalize all health jobs in the Kingdom in collaboration with its counterparts. Saudization will not be limited only to the pharmaceutical sector. In the pharmaceutical sector alone,they are expecting 15,000 jobs that can be made available  for the Saudi Nationals --it translates to 15,000 expats which include OFWs that will lose their jobs. In the automobile sector,they are expecting 9,000 jobs for citizens. In March this year, the ministry made a decision that forbids non-Saudis from selling and maintaining mobile phone devices and accessories. The ruling was made in collaboration with the Ministry of Commerce and Industry, Municipal and Rural Affairs and Communications and Information Technology.  This is really happening and it is hitting the expats hard and fast.You need to be ready when it comes. The Duterte government, The POEA, and OWWA formulates reintegration programs to help the OFWs, especially those who will be hit by retrenchments due to an unavoidable circumstances including Saudization, but it will not be sufficient. Every OFW needed to be prepared. Mr. Loreto  B. Soriano, a former OFW in Saudi Arabia and the CEO of LBS Recruitment Solutions has some useful  insights on how to plan your return.  "Its a long range plan so OFWs must have their own plan too.  And the plan must start with increased capacity to reduce expenses by himself in the jobsite and his family then augment with increased effort to save more monthly, " Mr. Soriano said.   Bringing family in the job site unless the wife or husband is employed should be avoided.   When preparing for vacation, an OFW must have "his and his family" an expenditure plan.   "Pag mag- exit naman but balak pang mag-abroad. Dapat may financial plan to cover the days, weeks, months na un-employed siya and without income. Where shall fund come if the emergency fund is exhausted- without touching the savings in the bank 'coz the savings is for the family, " he added.    Saudi has been deeply planning its exit from depending on migrant workers. We know it will take them time, maybe 10-15 more years...  at least, they are better off in adopting a "long range exit plan" compared to us in the Philippines. We always believe, we are badly needed, we are the best, and we keep on postponing to sit down or probably we are afraid to acknowledge the truth. I appeal we must start to craft our "exit strategy and plans" from over dependence on overseas migration and OFW remittances." Mr. Soriano stated.  "Their exit plan start with no extension of residence permit of those with 10years employment stay in Saudi. No valid residence permit-no recontract, no re-entry visa." "On the health sector in Saudi the loss of jobs from Saudization maybe slower compared to other sector.." he said.   Being an OFW for years, how much do you actually save?  Due to lack of financial knowledge, most OFWs remain broke after years of working hard overseas. The key word is save, save and save.   When something unexpected happens, you must be ready. You needed to be prepared.    ©2016 THOUGHTSKOTO Sponsored Links Source: ABS-CBN  Read More:  There are more than 10 million OFWs working outside the country, 80% of which are mothers. They are all working miles away from their families enduring the homesickness with one thing in mind: to give their kids a better future.The challenges of a household going through the day without a mother on their side has an impact on the children and of course to the mothers themselves. For both of them, things could have been better if they can sustain the needs of the family without having to work overseas.   ©2017 THOUGHTSKOTO
Have your family covered with medical or health insurance
Health is wealth, indeed. Although most Filipino families often overlook health concerns, it is important that everyone at home is covered with medical or hospitalization plan.
One way to do this is to verify if you have an active Philhealth membership. While you may probably not use it abroad, it will be very helpful to you and your family if you decided to stay for good.
 A former OFW who is now a successful businessman said that starting from your first day abroad, you already need to plan your return. It will help you determine how long will you really stay working abroad.   Saudi Arabia has the largest  number of  Filipinos working in different sectors. Overseas Filipino Workers (OFWs) in Saudi Arabia can be found working in hospitals, restaurants, construction and oil companies, schools and  even in houses as household service workers among others. Saudi Arabia has become a home for most OFWs, some even brought their families to live with them. Being an unfamiliar territory with strict rules and laws, working in the Kingdom has become the bread and butter for most OFWs who were not given an opportunity in their  own country to find a decent job with enough earning for their families.Every year, a big number of OFWs  try their fate and gamble just to have a job that can feed their families and send their kids to school. Aware of the risks, OFWs still come to the Kingdom bearing the burden to provide their families with a better life and better future. But there is no permanent in life except "change". And change always cost something. Saudi Arabia has started Saudization  since 2011. ‘Saudization’, officially known as Saudi nationalization scheme, or Nitaqat system in Arabic, is the newest policy of the Kingdom of Saudi Arabia implemented by its Ministry of Labor, whereby Saudi companies and enterprises are required to fill up their workforce with Saudi nationals up to certain levels. It calls for an increase in the share of Saudi manpower to total employment and for expanding work opportunities for Saudi women and youth. With the implementation of this changes, many expats  including OFWs  are under the risk of losing their jobs. In a report dated August 9,2016 by Arab News,The Ministry of Labor and Social Development plans to nationalize all health jobs in the Kingdom in collaboration with its counterparts. Saudization will not be limited only to the pharmaceutical sector. In the pharmaceutical sector alone,they are expecting 15,000 jobs that can be made available  for the Saudi Nationals --it translates to 15,000 expats which include OFWs that will lose their jobs. In the automobile sector,they are expecting 9,000 jobs for citizens. In March this year, the ministry made a decision that forbids non-Saudis from selling and maintaining mobile phone devices and accessories. The ruling was made in collaboration with the Ministry of Commerce and Industry, Municipal and Rural Affairs and Communications and Information Technology.  This is really happening and it is hitting the expats hard and fast.You need to be ready when it comes. The Duterte government, The POEA, and OWWA formulates reintegration programs to help the OFWs, especially those who will be hit by retrenchments due to an unavoidable circumstances including Saudization, but it will not be sufficient. Every OFW needed to be prepared. Mr. Loreto  B. Soriano, a former OFW in Saudi Arabia and the CEO of LBS Recruitment Solutions has some useful  insights on how to plan your return.  "Its a long range plan so OFWs must have their own plan too.  And the plan must start with increased capacity to reduce expenses by himself in the jobsite and his family then augment with increased effort to save more monthly, " Mr. Soriano said.   Bringing family in the job site unless the wife or husband is employed should be avoided.   When preparing for vacation, an OFW must have "his and his family" an expenditure plan.   "Pag mag- exit naman but balak pang mag-abroad. Dapat may financial plan to cover the days, weeks, months na un-employed siya and without income. Where shall fund come if the emergency fund is exhausted- without touching the savings in the bank 'coz the savings is for the family, " he added.    Saudi has been deeply planning its exit from depending on migrant workers. We know it will take them time, maybe 10-15 more years...  at least, they are better off in adopting a "long range exit plan" compared to us in the Philippines. We always believe, we are badly needed, we are the best, and we keep on postponing to sit down or probably we are afraid to acknowledge the truth. I appeal we must start to craft our "exit strategy and plans" from over dependence on overseas migration and OFW remittances." Mr. Soriano stated.  "Their exit plan start with no extension of residence permit of those with 10years employment stay in Saudi. No valid residence permit-no recontract, no re-entry visa." "On the health sector in Saudi the loss of jobs from Saudization maybe slower compared to other sector.." he said.   Being an OFW for years, how much do you actually save?  Due to lack of financial knowledge, most OFWs remain broke after years of working hard overseas. The key word is save, save and save.   When something unexpected happens, you must be ready. You needed to be prepared.    ©2016 THOUGHTSKOTO That's where most OFW fail. They enjoy the benefits of earning  so much so that they never thought that working abroad is not forever. Later when they realize these fact, they are already out of time to catch up. That's why some OFWs return home broke, no savings, no investments. In this article, we will help you realize the value of planning and how you could benefit from it. Time is ticking, and before your time run out, you have to start moving , now.    Do you already have enough for your daily needs?  You wouldn’t want to go home without having anything to cover your living expenses. Try to estimate how much your needs will total in a month, and make sure you have at least 6 months’ worth or more before finally deciding to head for home. This will include food, shelter, transportation, entertainment, and the like.  2. Can you continue to support your dependents? If you have school-age kids or sick parents, you have to be able to cover for their needs as well. You want to have enough to cover your children’s tuition for the next school year, to ensure that there is no disruption. If you’re renting, you should have enough to cover at least 6 months’ worth of rent. If you’re paying for a car, then you should have enough to cover at least 6 months as well. The larger your buffer, the better.   3. Do you have a new job lined up at home? Let’s face it, much as we’d all like to be able to just relax and do nothing, the fact is that we will continue to need a regular income source when we get back home. Try to scout for a new job before heading home by using online searches or by using your personal network to know what’s out there. Advertisements   4. Have you saved enough capital for a business? If your plan is to start a business, then make sure that you (and your partners) allot enough capital as well. Try to research on what businesses you can do even before going home. Even better if your family started one for you with the money you sent home, and now you can help or take over. It is not enough to have funds for overhead expenses alone; you also need to think about the business’ operational needs in the early days until it can sustain itself.    5. Are your family covered with medical or health coverage? Often overlooked, health concerns should always be prioritized as the high cost of hospitalization and medicine can easily wipe out your life savings. Make sure to get yourself a health insurance that’s appropriate for your needs. There are many variants being offered out there by different providers.  6. Do you have an emergency fund? You can never tell when emergencies will strike – accidents, loved ones passing away, fires, and the like. It’s always financially wise to have at least 2-3 months’ worth of savings for these, on top of your money for your daily needs, dependents’ needs, and capital.  7. Are you planning for your retirement?   Make sure you don’t forget about your nest egg. Although you do have a lot of needs to cover, you can’t afford not to have anything for your senior years. A life insurance plan is basic. You can look into a pension plan as well. Alternatively, you can look into mutual funds, but make sure to consult with a financial planner who can help you choose one that is right for your needs.  The earlier you figure out how to formulate and execute a plan to make these seven checklist complete, the earlier you can set yourself up for your return.  As OFWs, everything we do is for the sake of our family and we are working hard to give the better future that we dream and hope to give them. We can work like a beast of burden but bear in mind that one day, we will return to our homeland, in the warmth of our family's sweet embrace and we've got to enjoy the fruits of our toil.    Saudi Arabia has the largest  number of  Filipinos working in different sectors. Overseas Filipino Workers (OFWs) in Saudi Arabia can be found working in hospitals, restaurants, construction and oil companies, schools and  even in houses as household service workers among others. Saudi Arabia has become a home for most OFWs, some even brought their families to live with them. Being an unfamiliar territory with strict rules and laws, working in the Kingdom has become the bread and butter for most OFWs who were not given an opportunity in their  own country to find a decent job with enough earning for their families.Every year, a big number of OFWs  try their fate and gamble just to have a job that can feed their families and send their kids to school. Aware of the risks, OFWs still come to the Kingdom bearing the burden to provide their families with a better life and better future. But there is no permanent in life except "change". And change always cost something. Saudi Arabia has started Saudization  since 2011. ‘Saudization’, officially known as Saudi nationalization scheme, or Nitaqat system in Arabic, is the newest policy of the Kingdom of Saudi Arabia implemented by its Ministry of Labor, whereby Saudi companies and enterprises are required to fill up their workforce with Saudi nationals up to certain levels. It calls for an increase in the share of Saudi manpower to total employment and for expanding work opportunities for Saudi women and youth. With the implementation of this changes, many expats  including OFWs  are under the risk of losing their jobs. In a report dated August 9,2016 by Arab News,The Ministry of Labor and Social Development plans to nationalize all health jobs in the Kingdom in collaboration with its counterparts. Saudization will not be limited only to the pharmaceutical sector. In the pharmaceutical sector alone,they are expecting 15,000 jobs that can be made available  for the Saudi Nationals --it translates to 15,000 expats which include OFWs that will lose their jobs. In the automobile sector,they are expecting 9,000 jobs for citizens. In March this year, the ministry made a decision that forbids non-Saudis from selling and maintaining mobile phone devices and accessories. The ruling was made in collaboration with the Ministry of Commerce and Industry, Municipal and Rural Affairs and Communications and Information Technology.  This is really happening and it is hitting the expats hard and fast.You need to be ready when it comes. The Duterte government, The POEA, and OWWA formulates reintegration programs to help the OFWs, especially those who will be hit by retrenchments due to an unavoidable circumstances including Saudization, but it will not be sufficient. Every OFW needed to be prepared. Mr. Loreto  B. Soriano, a former OFW in Saudi Arabia and the CEO of LBS Recruitment Solutions has some useful  insights on how to plan your return.  "Its a long range plan so OFWs must have their own plan too.  And the plan must start with increased capacity to reduce expenses by himself in the jobsite and his family then augment with increased effort to save more monthly, " Mr. Soriano said.   Bringing family in the job site unless the wife or husband is employed should be avoided.   When preparing for vacation, an OFW must have "his and his family" an expenditure plan.   "Pag mag- exit naman but balak pang mag-abroad. Dapat may financial plan to cover the days, weeks, months na un-employed siya and without income. Where shall fund come if the emergency fund is exhausted- without touching the savings in the bank 'coz the savings is for the family, " he added.    Saudi has been deeply planning its exit from depending on migrant workers. We know it will take them time, maybe 10-15 more years...  at least, they are better off in adopting a "long range exit plan" compared to us in the Philippines. We always believe, we are badly needed, we are the best, and we keep on postponing to sit down or probably we are afraid to acknowledge the truth. I appeal we must start to craft our "exit strategy and plans" from over dependence on overseas migration and OFW remittances." Mr. Soriano stated.  "Their exit plan start with no extension of residence permit of those with 10years employment stay in Saudi. No valid residence permit-no recontract, no re-entry visa." "On the health sector in Saudi the loss of jobs from Saudization maybe slower compared to other sector.." he said.   Being an OFW for years, how much do you actually save?  Due to lack of financial knowledge, most OFWs remain broke after years of working hard overseas. The key word is save, save and save.   When something unexpected happens, you must be ready. You needed to be prepared.    ©2016 THOUGHTSKOTO Sponsored Links Source: ABS-CBN  Read More:  There are more than 10 million OFWs working outside the country, 80% of which are mothers. They are all working miles away from their families enduring the homesickness with one thing in mind: to give their kids a better future.The challenges of a household going through the day without a mother on their side has an impact on the children and of course to the mothers themselves. For both of them, things could have been better if they can sustain the needs of the family without having to work overseas.   ©2017 THOUGHTSKOTO
Secure an emergency fund
Emergencies happen and there are no signs that it will come.
Having an emergency savings nowadays is a very wise move.
Considering enough emergency funds while you are working abroad is even wiser.

 A former OFW who is now a successful businessman said that starting from your first day abroad, you already need to plan your return. It will help you determine how long will you really stay working abroad.   Saudi Arabia has the largest  number of  Filipinos working in different sectors. Overseas Filipino Workers (OFWs) in Saudi Arabia can be found working in hospitals, restaurants, construction and oil companies, schools and  even in houses as household service workers among others. Saudi Arabia has become a home for most OFWs, some even brought their families to live with them. Being an unfamiliar territory with strict rules and laws, working in the Kingdom has become the bread and butter for most OFWs who were not given an opportunity in their  own country to find a decent job with enough earning for their families.Every year, a big number of OFWs  try their fate and gamble just to have a job that can feed their families and send their kids to school. Aware of the risks, OFWs still come to the Kingdom bearing the burden to provide their families with a better life and better future. But there is no permanent in life except "change". And change always cost something. Saudi Arabia has started Saudization  since 2011. ‘Saudization’, officially known as Saudi nationalization scheme, or Nitaqat system in Arabic, is the newest policy of the Kingdom of Saudi Arabia implemented by its Ministry of Labor, whereby Saudi companies and enterprises are required to fill up their workforce with Saudi nationals up to certain levels. It calls for an increase in the share of Saudi manpower to total employment and for expanding work opportunities for Saudi women and youth. With the implementation of this changes, many expats  including OFWs  are under the risk of losing their jobs. In a report dated August 9,2016 by Arab News,The Ministry of Labor and Social Development plans to nationalize all health jobs in the Kingdom in collaboration with its counterparts. Saudization will not be limited only to the pharmaceutical sector. In the pharmaceutical sector alone,they are expecting 15,000 jobs that can be made available  for the Saudi Nationals --it translates to 15,000 expats which include OFWs that will lose their jobs. In the automobile sector,they are expecting 9,000 jobs for citizens. In March this year, the ministry made a decision that forbids non-Saudis from selling and maintaining mobile phone devices and accessories. The ruling was made in collaboration with the Ministry of Commerce and Industry, Municipal and Rural Affairs and Communications and Information Technology.  This is really happening and it is hitting the expats hard and fast.You need to be ready when it comes. The Duterte government, The POEA, and OWWA formulates reintegration programs to help the OFWs, especially those who will be hit by retrenchments due to an unavoidable circumstances including Saudization, but it will not be sufficient. Every OFW needed to be prepared. Mr. Loreto  B. Soriano, a former OFW in Saudi Arabia and the CEO of LBS Recruitment Solutions has some useful  insights on how to plan your return.  "Its a long range plan so OFWs must have their own plan too.  And the plan must start with increased capacity to reduce expenses by himself in the jobsite and his family then augment with increased effort to save more monthly, " Mr. Soriano said.   Bringing family in the job site unless the wife or husband is employed should be avoided.   When preparing for vacation, an OFW must have "his and his family" an expenditure plan.   "Pag mag- exit naman but balak pang mag-abroad. Dapat may financial plan to cover the days, weeks, months na un-employed siya and without income. Where shall fund come if the emergency fund is exhausted- without touching the savings in the bank 'coz the savings is for the family, " he added.    Saudi has been deeply planning its exit from depending on migrant workers. We know it will take them time, maybe 10-15 more years...  at least, they are better off in adopting a "long range exit plan" compared to us in the Philippines. We always believe, we are badly needed, we are the best, and we keep on postponing to sit down or probably we are afraid to acknowledge the truth. I appeal we must start to craft our "exit strategy and plans" from over dependence on overseas migration and OFW remittances." Mr. Soriano stated.  "Their exit plan start with no extension of residence permit of those with 10years employment stay in Saudi. No valid residence permit-no recontract, no re-entry visa." "On the health sector in Saudi the loss of jobs from Saudization maybe slower compared to other sector.." he said.   Being an OFW for years, how much do you actually save?  Due to lack of financial knowledge, most OFWs remain broke after years of working hard overseas. The key word is save, save and save.   When something unexpected happens, you must be ready. You needed to be prepared.    ©2016 THOUGHTSKOTO That's where most OFW fail. They enjoy the benefits of earning  so much so that they never thought that working abroad is not forever. Later when they realize these fact, they are already out of time to catch up. That's why some OFWs return home broke, no savings, no investments. In this article, we will help you realize the value of planning and how you could benefit from it. Time is ticking, and before your time run out, you have to start moving , now.    Do you already have enough for your daily needs?  You wouldn’t want to go home without having anything to cover your living expenses. Try to estimate how much your needs will total in a month, and make sure you have at least 6 months’ worth or more before finally deciding to head for home. This will include food, shelter, transportation, entertainment, and the like.  2. Can you continue to support your dependents? If you have school-age kids or sick parents, you have to be able to cover for their needs as well. You want to have enough to cover your children’s tuition for the next school year, to ensure that there is no disruption. If you’re renting, you should have enough to cover at least 6 months’ worth of rent. If you’re paying for a car, then you should have enough to cover at least 6 months as well. The larger your buffer, the better.   3. Do you have a new job lined up at home? Let’s face it, much as we’d all like to be able to just relax and do nothing, the fact is that we will continue to need a regular income source when we get back home. Try to scout for a new job before heading home by using online searches or by using your personal network to know what’s out there. Advertisements   4. Have you saved enough capital for a business? If your plan is to start a business, then make sure that you (and your partners) allot enough capital as well. Try to research on what businesses you can do even before going home. Even better if your family started one for you with the money you sent home, and now you can help or take over. It is not enough to have funds for overhead expenses alone; you also need to think about the business’ operational needs in the early days until it can sustain itself.    5. Are your family covered with medical or health coverage? Often overlooked, health concerns should always be prioritized as the high cost of hospitalization and medicine can easily wipe out your life savings. Make sure to get yourself a health insurance that’s appropriate for your needs. There are many variants being offered out there by different providers.  6. Do you have an emergency fund? You can never tell when emergencies will strike – accidents, loved ones passing away, fires, and the like. It’s always financially wise to have at least 2-3 months’ worth of savings for these, on top of your money for your daily needs, dependents’ needs, and capital.  7. Are you planning for your retirement?   Make sure you don’t forget about your nest egg. Although you do have a lot of needs to cover, you can’t afford not to have anything for your senior years. A life insurance plan is basic. You can look into a pension plan as well. Alternatively, you can look into mutual funds, but make sure to consult with a financial planner who can help you choose one that is right for your needs.  The earlier you figure out how to formulate and execute a plan to make these seven checklist complete, the earlier you can set yourself up for your return.  As OFWs, everything we do is for the sake of our family and we are working hard to give the better future that we dream and hope to give them. We can work like a beast of burden but bear in mind that one day, we will return to our homeland, in the warmth of our family's sweet embrace and we've got to enjoy the fruits of our toil.    Saudi Arabia has the largest  number of  Filipinos working in different sectors. Overseas Filipino Workers (OFWs) in Saudi Arabia can be found working in hospitals, restaurants, construction and oil companies, schools and  even in houses as household service workers among others. Saudi Arabia has become a home for most OFWs, some even brought their families to live with them. Being an unfamiliar territory with strict rules and laws, working in the Kingdom has become the bread and butter for most OFWs who were not given an opportunity in their  own country to find a decent job with enough earning for their families.Every year, a big number of OFWs  try their fate and gamble just to have a job that can feed their families and send their kids to school. Aware of the risks, OFWs still come to the Kingdom bearing the burden to provide their families with a better life and better future. But there is no permanent in life except "change". And change always cost something. Saudi Arabia has started Saudization  since 2011. ‘Saudization’, officially known as Saudi nationalization scheme, or Nitaqat system in Arabic, is the newest policy of the Kingdom of Saudi Arabia implemented by its Ministry of Labor, whereby Saudi companies and enterprises are required to fill up their workforce with Saudi nationals up to certain levels. It calls for an increase in the share of Saudi manpower to total employment and for expanding work opportunities for Saudi women and youth. With the implementation of this changes, many expats  including OFWs  are under the risk of losing their jobs. In a report dated August 9,2016 by Arab News,The Ministry of Labor and Social Development plans to nationalize all health jobs in the Kingdom in collaboration with its counterparts. Saudization will not be limited only to the pharmaceutical sector. In the pharmaceutical sector alone,they are expecting 15,000 jobs that can be made available  for the Saudi Nationals --it translates to 15,000 expats which include OFWs that will lose their jobs. In the automobile sector,they are expecting 9,000 jobs for citizens. In March this year, the ministry made a decision that forbids non-Saudis from selling and maintaining mobile phone devices and accessories. The ruling was made in collaboration with the Ministry of Commerce and Industry, Municipal and Rural Affairs and Communications and Information Technology.  This is really happening and it is hitting the expats hard and fast.You need to be ready when it comes. The Duterte government, The POEA, and OWWA formulates reintegration programs to help the OFWs, especially those who will be hit by retrenchments due to an unavoidable circumstances including Saudization, but it will not be sufficient. Every OFW needed to be prepared. Mr. Loreto  B. Soriano, a former OFW in Saudi Arabia and the CEO of LBS Recruitment Solutions has some useful  insights on how to plan your return.  "Its a long range plan so OFWs must have their own plan too.  And the plan must start with increased capacity to reduce expenses by himself in the jobsite and his family then augment with increased effort to save more monthly, " Mr. Soriano said.   Bringing family in the job site unless the wife or husband is employed should be avoided.   When preparing for vacation, an OFW must have "his and his family" an expenditure plan.   "Pag mag- exit naman but balak pang mag-abroad. Dapat may financial plan to cover the days, weeks, months na un-employed siya and without income. Where shall fund come if the emergency fund is exhausted- without touching the savings in the bank 'coz the savings is for the family, " he added.    Saudi has been deeply planning its exit from depending on migrant workers. We know it will take them time, maybe 10-15 more years...  at least, they are better off in adopting a "long range exit plan" compared to us in the Philippines. We always believe, we are badly needed, we are the best, and we keep on postponing to sit down or probably we are afraid to acknowledge the truth. I appeal we must start to craft our "exit strategy and plans" from over dependence on overseas migration and OFW remittances." Mr. Soriano stated.  "Their exit plan start with no extension of residence permit of those with 10years employment stay in Saudi. No valid residence permit-no recontract, no re-entry visa." "On the health sector in Saudi the loss of jobs from Saudization maybe slower compared to other sector.." he said.   Being an OFW for years, how much do you actually save?  Due to lack of financial knowledge, most OFWs remain broke after years of working hard overseas. The key word is save, save and save.   When something unexpected happens, you must be ready. You needed to be prepared.    ©2016 THOUGHTSKOTO Sponsored Links Source: ABS-CBN  Read More:  There are more than 10 million OFWs working outside the country, 80% of which are mothers. They are all working miles away from their families enduring the homesickness with one thing in mind: to give their kids a better future.The challenges of a household going through the day without a mother on their side has an impact on the children and of course to the mothers themselves. For both of them, things could have been better if they can sustain the needs of the family without having to work overseas.   ©2017 THOUGHTSKOTO
 Plan for your retirement

How and when do you plan to retire?
Some people even at the age that they should retire are still working hard. Some are so young and not even in their senior years but they considered themselves "retired".
It is all about planning. It is having a sustainable income even you are enjoying the comfort of your couch.
Some people invest in mutual funds, stock market, etc.
There are lots of option for you but being an active SSS member can save you when your retirement comes.



The earlier you figure out how to formulate and execute a plan to make these seven checklist complete, the earlier you can set yourself up for your return.

As OFWs, everything we do is for the sake of our family and we are working hard to give the better future that we dream and hope to give them. We can work like a beast of burden but bear in mind that one day, we will return to our homeland, in the warmth of our family's sweet embrace and we've got to enjoy the fruits of our toil.

  Saudi Arabia has the largest  number of  Filipinos working in different sectors. Overseas Filipino Workers (OFWs) in Saudi Arabia can be found working in hospitals, restaurants, construction and oil companies, schools and  even in houses as household service workers among others. Saudi Arabia has become a home for most OFWs, some even brought their families to live with them. Being an unfamiliar territory with strict rules and laws, working in the Kingdom has become the bread and butter for most OFWs who were not given an opportunity in their  own country to find a decent job with enough earning for their families.Every year, a big number of OFWs  try their fate and gamble just to have a job that can feed their families and send their kids to school. Aware of the risks, OFWs still come to the Kingdom bearing the burden to provide their families with a better life and better future. But there is no permanent in life except "change". And change always cost something. Saudi Arabia has started Saudization  since 2011. ‘Saudization’, officially known as Saudi nationalization scheme, or Nitaqat system in Arabic, is the newest policy of the Kingdom of Saudi Arabia implemented by its Ministry of Labor, whereby Saudi companies and enterprises are required to fill up their workforce with Saudi nationals up to certain levels. It calls for an increase in the share of Saudi manpower to total employment and for expanding work opportunities for Saudi women and youth. With the implementation of this changes, many expats  including OFWs  are under the risk of losing their jobs. In a report dated August 9,2016 by Arab News,The Ministry of Labor and Social Development plans to nationalize all health jobs in the Kingdom in collaboration with its counterparts. Saudization will not be limited only to the pharmaceutical sector. In the pharmaceutical sector alone,they are expecting 15,000 jobs that can be made available  for the Saudi Nationals --it translates to 15,000 expats which include OFWs that will lose their jobs. In the automobile sector,they are expecting 9,000 jobs for citizens. In March this year, the ministry made a decision that forbids non-Saudis from selling and maintaining mobile phone devices and accessories. The ruling was made in collaboration with the Ministry of Commerce and Industry, Municipal and Rural Affairs and Communications and Information Technology.  This is really happening and it is hitting the expats hard and fast.You need to be ready when it comes. The Duterte government, The POEA, and OWWA formulates reintegration programs to help the OFWs, especially those who will be hit by retrenchments due to an unavoidable circumstances including Saudization, but it will not be sufficient. Every OFW needed to be prepared. Mr. Loreto  B. Soriano, a former OFW in Saudi Arabia and the CEO of LBS Recruitment Solutions has some useful  insights on how to plan your return.  "Its a long range plan so OFWs must have their own plan too.  And the plan must start with increased capacity to reduce expenses by himself in the jobsite and his family then augment with increased effort to save more monthly, " Mr. Soriano said.   Bringing family in the job site unless the wife or husband is employed should be avoided.   When preparing for vacation, an OFW must have "his and his family" an expenditure plan.   "Pag mag- exit naman but balak pang mag-abroad. Dapat may financial plan to cover the days, weeks, months na un-employed siya and without income. Where shall fund come if the emergency fund is exhausted- without touching the savings in the bank 'coz the savings is for the family, " he added.    Saudi has been deeply planning its exit from depending on migrant workers. We know it will take them time, maybe 10-15 more years...  at least, they are better off in adopting a "long range exit plan" compared to us in the Philippines. We always believe, we are badly needed, we are the best, and we keep on postponing to sit down or probably we are afraid to acknowledge the truth. I appeal we must start to craft our "exit strategy and plans" from over dependence on overseas migration and OFW remittances." Mr. Soriano stated.  "Their exit plan start with no extension of residence permit of those with 10years employment stay in Saudi. No valid residence permit-no recontract, no re-entry visa." "On the health sector in Saudi the loss of jobs from Saudization maybe slower compared to other sector.." he said.   Being an OFW for years, how much do you actually save?  Due to lack of financial knowledge, most OFWs remain broke after years of working hard overseas. The key word is save, save and save.   When something unexpected happens, you must be ready. You needed to be prepared.    ©2016 THOUGHTSKOTO

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