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Sunday, November 06, 2016

Every OFW Should Have an Exit Plan and Here's Why

"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."
KAILANGAN I-PLANO NG MGA OFW ANG KANILANG PAG-UWI.ALAMIN KUNG BAKIT. 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  evand evenses 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 has 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 of giving their families good life and better future. 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,the are expecting 15,000 jobs that can be made available  for the Saudi Nationals --it translates to 15,000 expats including 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 ministries 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. Being ready is the key and you need to act now. 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 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.
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 formulate reintegration programs to help the OFWs, especially those who will be hit by retrenchments due to unavoidable circumstances including Saudization, but it will not be sufficient. Every OFW needed to be prepared.
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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 job site and his family then augment with increased effort to save more monthly, " Mr. Soriano said.
  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

Bringing the family in the job site unless the wife or husband is employed should be avoided.
  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

When preparing for a vacation, an OFW must have "his and his family" an expenditure plan.
  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

"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 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

 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 sectors." he said.
  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
Being an OFW for years, how much do you actually save? 
Due to the lack of financial knowledge, most OFWs remain broke after years of working hard overseas.
The key word is save, save and save.
  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.
When something unexpected happens, you must be ready. You needed to be prepared. 
This article is filed under: OFW News, OFW Exit Plan, OFW Plan, OFW Future

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How To Retire Rich - 8 Steps To Plan Your Retirement
http://www.jbsolis.com/2017/06/how-to-build-successful-retirement-plan.html  Retirement may seem like a lifetime away, so much so that saving for retirement may have yet to cross your mind. People may consider retirement to be twenty, thirty, or even forty years from now, it’s important that you start saving for retirement immediately. A recent study sponsored by Sun Life Financial-Philippines found that only 2 out of 100 Filipinos, age 65 and older are financially independent. This highlights the need to plan your retirement early so you can avoid struggling later in life. Imagine the bills you are currently paying, now that you have a regular paycheck. You will still pay the same bills, possibly more, during retirement, and without a paycheck at that.  A successful retirement starts with a retirement plan. If you have no idea where to start, follow these guide, originally from iMoney. This steps are your guide in building your own retirement plan. If done properly, these steps are your first in your path to a rich retirement!  1. Set Your Retirement Goal Before you start developing a retirement savings plan, it’s a good idea to think about the kind of lifestyle you would like to live once retired. This will be the benchmark that you need to follow in setting your savings plan. Whether you plan to do a lot of traveling, or retire on a farm somewhere else in the Philippines or in a different country, you will probably need to start saving more aggressively. Setting your goal for retirement will help you understand how aggressive you need to be with your savings.  2. Open A Savings Account One of the first steps to help you retire comfortably is to open a savings account where you can earn interest on the money you put into your retirement fund. Trying to determine which is the right savings account for you involves many factors. Things like initial deposit, interest rate, maintaining balance, and the account balance needed to earn interest should all be taken into consideration before opening a savings account in the Philippines. You will also want to take into consideration the bank's reputation, their branch locations, and the availability of online banking transactions.  A good starter savings account in the Philippines is BPI Easy Saver. With just ₱200.00 for initial deposit, no maintaining balance requirements, and a 0.25% annual interest rate if you maintain a balance of ₱1,000, this is an easy option. Another easy choice is the EastWest Bank Basic Savings Account, where you can open a savings account with only a ₱100.00 initial deposit. You will start earning as interest of 0.125% annually when your account reaches at least ₱500.  If you are able to put down a bigger initial deposit, here are your best options where to open a savings account in the Philippines. 3. Start Saving Now Financial gurus suggest that you should start saving 10% to 15% of your total income for retirement when you reach your early twenties. However, you do not need to stick to 10% or 15% of your total income, depending on your financial situation. The important thing to do is to start saving any decent amount of money as early as you can.  Saving for retirement may be boring or a burden, but if you think of it as paying your future self, it becomes a bit more important and interesting. If the situation limits your ability to save 10-15% of your annual income for retirement, start smaller. It’s OK to start at around 2-3% of your annual income, and then gradually increase your savings percentage every few months. If you get a raise at work, or a chance to earn overtime, increase your savings percentage accordingly. Do not be discouraged if you can only save a small percentage initially. build on to this and make it a goal to raise your savings. Saving a small amount is always better than saving nothing at all.  4. Set Up Automatic Deposits If your bank has it, set-up an Automatic Deposit for your account. Automating your savings contributions will help you build your retirement fund systematically and quickly, and with little effort on your part. There is less chance that you will divert your savings for unnecessary spending. Schedule your automatic deposits around the time you receive your pay check. You may even find that living off less is easier than you would have expected.  5. Seek Investment Options One of the best ways to boost your retirement coffers is to consider investment opportunities. If you think you need a large amount of money to make investments, you’re wrong. Investments, however small, will help prepare you for retirement. Start small, and start as early as possible. Also, make a habit of learning the different investment modes and opportunities since you can keep on investing even during retirement.  Whether you are afraid of risk or a risk-taker, there is an investment product to suit your preference. You can start with a Mutual Fund, Unit Investment Trust Fund, or the Stock Market. Stocks provide the highest potential earnings, but also carry a higher amount of risk than a mutual fund or unit investment trust fund.  Investments may seem scary if you do not know much about them, or have not had much experience with them. The thought of potentially losing money is scary. Learning about all your options, and consult a professional before jumping into any type of investment.  A financial planner will help you come up with a plan that is right for you. An example is Sun Life Financial. They have advisers who specialize in helping people make sense of retirement and investment options.  6. Open A Time Deposit If you’re serious about saving for retirement now, opening a time deposit is a smart move. A time deposit is essentially a fixed deposit at a bank, which you cannot touch during a certain agreed upon time. In return, you are offered a higher interest rate than a regular savings account. A time deposit is a great product to get, as an additional option to your savings account to boost your retirement money.  While a time deposit provides you with the benefit of a higher interest rate, any interest you earn will be subject to a 20% monthly tax for every interest earned on your account. There is also a documentary stamp tax to deal with where you will be charged ₱1.00 for every ₱200.00 of the principal amount. This may be turn-off some people.  As we stated, a time deposit is a great way to help you build your retirement savings account at no risk to you. If you want to get a time deposit, the first step is to use a time deposit calculator to help you find a bank and product that best suits your individual retirement needs.  7. Set Aside Money for Emergencies It’s easy to completely forget the potential for emergencies to happen, especially when you are focused on building your retirement budget. Various emergency expenses happen, and you don’t want to have to dig into the money you’ve set aside for retirement, to pay for an unexpected trip to the hospital, damage to your home, or to front the bill for an expensive car repair.  One good way to set aside a separate budget for emergency is to set up a separate savings account. From each paycheck, add a little bit of money into this account. If you get a salary raise or a one-time bonus from work, add a big portion of it to your emergency fund. Putting even a small amount in your emergency account every month is better than contributing nothing at all. You will be surprised by how much you can save over the course of a year.  8. Find Additional Career Opportunities If you feel like you’re retirement fund is still below your target after following these steps, consider seeking out additional income sources. You don’t have to get a second full-time job, instead find one that would provide you with the freedom of working when you want, while also having a favorable opportunity of making some extra money to put towards your retirement. You could even deposit all the money that you make from your freelancing job into your retirement savings account. Search online for some ideas on freelancing jobs.  If you freelancing simply isn’t possible, or if you do not see yourself in such an arrangement, consider a promotion in your current career instead. Could you get any certifications to help you get that raise?  Would your work be willing to pay for you to go back to school and get an advanced degree? Neither one of these options will help you save money right now, but investing in yourself will surely pay off in the long-run.  Final Thoughts As your status in life evolve, so will your retirement plan. The most important thing to keep in mind is that your plan should evolve to to reflect the current status you are in. It’s normal to make changes to it. Make modifications to your retirement plan to compensate for any changes in your current status - getting married and starting a family, buying a house, career-change, and many more.  Make it a habit to go over your retirement plan on a regular basis, annually or semi-annually. Take into consideration all the aspects of your life that have changed. Making a savings plan and sticking to it will be the key to helping you retire rich. It may be hard and painful at first, but you will look back to when you started this journey and thank yourself you did it in the first place.
Read and Explore More: How To Retire Rich - 8 Steps To Plan Your Retirement https://www.jbsolis.com/2017/06/8-steps-to-a-successful-retirement-plan.html


Here's How to Open in PERA Investment — A Voluntary Retirement Account for OFWs
Overseas Filipino Workers (OFWs) are often told to prepare for their old age or retirement. One thing OFW can do for this is to invest their earnings in a Personal Equity Retirement Account (PERA).  What is PERA?   It is the first ever voluntary retirement account with tax incentives. OFWs can invest up to P200,000 annually while non-OFWs are allowed a maximum of P100,000 investment per year. Even if the OFW is abroad, the spouse and children can open a PERA account on behalf of the OFW.  Upon reaching retirement at the age of 55, all payments or distributions will be tax-exempt. This can either be in a lump sum, a pension for a definite period, or a lifetime.  Early withdrawals are allowed if one has made contributions for at least five years but will be subject to a penalty – except in cases when the individual is totally disabled due to an accident or hospitalization.  According to Senator Juan Edgardo Angara, chairman of the Senate Ways and Means Committee, “PERA investments have higher returns because it is a tax-free investment income. PERA supplements the social pension Filipinos can get from SSS or GSIS. It especially targets OFWs, who may not be contributing to either of these funds.”  Agara said, PERA will help and encourage Filipinos to save for their old years or emergency medical situation. He added they are encouraging OFWs to save and invest their earnings here in the country so they can secure a comfortable retirement and be with their families.  The Bangko Sentral ng Pilipinas (BSP) accredited last year Banco de Oro (BDO) and Bank of the Philippine Islands (BPI) as PERA institutional administrators.  PERA investments products include unit investment trust funds, the share of stock of mutual funds, insurance pension products, government securities, and other financial products.
Read and Explore More: Here's How to Open in PERA Investment — A Voluntary Retirement Account for OFWs https://www.jbsolis.com/2018/04/invest-in-PERA-a-voluntary-retirement-for-ofws.html






China's plans to hire Filipino household workers to their five major cities including Beijing and Shanghai, was reported at a local newspaper Philippine Star. it could be a big break for the household workers who are trying their luck in finding greener pastures by working overseas  China is offering up to P100,000  a month, or about HK$15,000. The existing minimum allowable wage for a foreign domestic helper in Hong Kong is  around HK$4,310 per month.  Dominador Say, undersecretary of the Department of Labor and Employment (DOLE), said that talks are underway with Chinese embassy officials on this possibility. China’s five major cities, including Beijing, Shanghai and Xiamen will soon be the haven for Filipino domestic workers who are seeking higher income.  DOLE is expected to have further negotiations on the launch date with a delegation from China in September.   according to Usec Say, Chinese employers favor Filipino domestic workers for their English proficiency, which allows them to teach their employers’ children.    Chinese embassy officials also mentioned that improving ties with the leadership of President Rodrigo Duterte has paved the way for the new policy to materialize.  There is presently a strict work visa system for foreign workers who want to enter mainland China. But according Usec. Say, China is serious about the proposal.   Philippine Labor Secretary Silvestre Bello said an estimated 200,000 Filipino domestic helpers are  presently working illegally in China. With a great demand for skilled domestic workers, Filipino OFWs would have an option to apply using legal processes on their desired higher salary for their sector. Source: ejinsight.com, PhilStar Read More:  The effectivity of the Nationwide Smoking Ban or  E.O. 26 (Providing for the Establishment of Smoke-free Environment in Public and Enclosed Places) started today, July 23, but only a few seems to be aware of it.  President Rodrigo Duterte signed the Executive Order 26 with the citizens health in mind. Presidential Spokesperson Ernesto Abella said the executive order is a milestone where the government prioritize public health protection.    The smoking ban includes smoking in places such as  schools, universities and colleges, playgrounds, restaurants and food preparation areas, basketball courts, stairwells, health centers, clinics, public and private hospitals, hotels, malls, elevators, taxis, buses, public utility jeepneys, ships, tricycles, trains, airplanes, and  gas stations which are prone to combustion. The Department of Health  urges all the establishments to post "no smoking" signs in compliance with the new executive order. They also appeal to the public to report any violation against the nationwide ban on smoking in public places.   Read More:          ©2017 THOUGHTSKOTO www.jbsolis.com SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below Smoking is only allowed in designated smoking areas to be provided by the owner of the establishment. Smoking in private vehicles parked in public areas is also prohibited. What Do You Need To know About The Nationwide Smoking Ban Violators will be fined P500 to P10,000, depending on their number of offenses, while owners of establishments caught violating the EO will face a fine of P5,000 or imprisonment of not more than 30 days. The Department of Health  urges all the establishments to post "no smoking" signs in compliance with the new executive order. They also appeal to the public to report any violation against the nationwide ban on smoking in public places.          ©2017 THOUGHTSKOTO

Dominador Say, undersecretary of the Department of Labor and Employment (DOLE), said that talks are underway with Chinese embassy officials on this possibility. China’s five major cities, including Beijing, Shanghai and Xiamen will soon be the destination for Filipino domestic workers who are seeking higher income.

©2016 THOUGHTSKOTO