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Showing posts with label OFW families. Show all posts
Showing posts with label OFW families. Show all posts

Thursday, May 17, 2018

The Big Role Of Internet For Long Distance OFW Families

Do you imagine the life of  Overseas Filipino Workers the time when there is no internet yet and their communication with their families depend only on snail mail, telegram and voice tapes?
The internet and lots of communication devices and apps play a great role in keeping OFW families together despite the distance.
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Do you imagine the life of  Overseas Filipino Workers the time when there is no internet yet and their communication with their families depend only on snail mail, telegram and voice tapes?  The internet and lots of communication devices and apps play a great role in keeping OFW families together despite the distance.  Advertisement       Sponsored Links       Communication is what makes a relationship stronger and today, modern technology and the internet play a great role in binding people together especially those who are separated by great distance, especially the OFWs and their families. In this fast-paced world, everything depends on how fast you can adapt to any situation.  In the late 70's to early 90's Overseas Contract Workers (OCWs) then depend on snail mails that took them months of waiting just to read from their loved ones back home. During their time, homesickness eats you big time. If you want to talk with them via long-distance telephone, it will cost you a lot, needless to say, you are most likely to spend a big chunk of your hard-earned salary.    I remember as a child, my grandmother used to gather everyone just to record a voice tape to be sent to our relatives in Canada. Each of them has their own letter to be read during the voice tape recording. Using a cassette recorder and a couple of cassette tapes with 90 minutes on each side, the tape recording has a variety of contents, from greetings, stories, requests, reminders and even song and poems from kids.    With the emergence of the modern communication devices and the internet, communication between the OFWs and their families has become easier. Now they can watch what they are both doing real time. They can talk to each other whenever they want. Social media apps also have messaging service that allows them to send a message at any time for free. It makes families closer even if they are located on either side of the globe.    Although time and distance seem not to be a barrier to connect, nothing can substitute being physically present with them. A mother who is working abroad replaced by a father to do the role of a housekeeper, it is far different than being the mother who is doing it personally. although you talk a lot with your kids over the internet, there is still a void that only a human touch could fill.    Every OFWs reason why they left their loved ones is to give them the best future that they could possibly give. Sadly, there is always a price to pay. Even though you talk to them every time, a communication gap still builds up. Maybe you miss a lot about your kids, how they feel, what they think. They may not understand why their mom or their dad does not stay home with them. The emptiness they feel can only be filled if you will stay with them, but you can't because there are no opportunities at home. Someday when they are old enough, they will come to realize that every sacrifice that their OFW mom and dad is doing is all for them.    READ MORE: It's More Deadly In The Philippines? Tourism Ad In New York, Vandalized    Earn While Helping Your Friends Get Their Loan     List of Philippine Embassies And Consulates Around The World    Deployment Ban In Kuwait To Be Lifted Only If OFWs Are 100% Protected —Cayetano    Why OFWs From Kuwait Afraid Of Coming Home?   How to Avail Auto, Salary And Home Loan From Union Bank
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Communication is what makes a relationship stronger and today, modern technology and the internet play a great role in binding people together especially those who are separated by great distance, especially the OFWs and their families. In this fast-paced world, everything depends on how fast you can adapt to any situation.
In the late 70's to early 90's Overseas Contract Workers (OCWs) then depend on snail mails that took them months of waiting just to read from their loved ones back home. During their time, homesickness eats you big time. If you want to talk with them via long-distance telephone, it will cost you a lot, needless to say, you are most likely to spend a big chunk of your hard-earned salary.

I remember as a child, my grandmother used to gather everyone just to record a voice tape to be sent to our relatives in Canada. Each of them has their own letter to be read during the voice tape recording. Using a cassette recorder and a couple of cassette tapes with 90 minutes on each side, the tape recording has a variety of contents, from greetings, stories, requests, reminders and even song and poems from kids.

With the emergence of the modern communication devices and the internet, communication between the OFWs and their families has become easier. Now they can watch what they are both doing real time. They can talk to each other whenever they want. Social media apps also have messaging service that allows them to send a message at any time for free. It makes families closer even if they are located on either side of the globe.

Although time and distance seem not to be a barrier to connect, nothing can substitute being physically present with them. A mother who is working abroad replaced by a father to do the role of a housekeeper, it is far different than being the mother who is doing it personally. although you talk a lot with your kids over the internet, there is still a void that only a human touch could fill.

Every OFWs reason why they left their loved ones is to give them the best future that they could possibly give. Sadly, there is always a price to pay. Even though you talk to them every time, a communication gap still builds up. Maybe you miss a lot about your kids, how they feel, what they think. They may not understand why their mom or their dad does not stay home with them. The emptiness they feel can only be filled if you will stay with them, but you can't because there are no opportunities at home. Someday when they are old enough, they will come to realize that every sacrifice that their OFW mom and dad is doing is all for them.

Friday, July 14, 2017

Where and How Do OFW Families Spend The Remittances They Receive?


One reason that keeps the Philippine economy afloat are the dollar remittances coming from the Overseas Filipino Workers (OFWs). It is being sent to their families who spend them for their everyday needs. 
In December last year, OFW remittances reached a new record high of $2.56 billion  which exceeded government target.
Bangko Sentral ng Pilipinas showed that the cash remittances last December were the highest monthly inflow to date and were up 3.6 percent from the $2.47 billion during the same month of the previous year.

Remittances serve as the direct outcome of labor migration and the most important source of dollar reserve for the country. Though the years, the OFWs acted as a savior of the Philippine economy. Almost 10 million OFWs and counting leave their families behind and work for slightly higher salaries they cannot find in their home country. They sacrifice in exchange for the better future they can possibly give to their family, hence the term "modern day heroes".

However, the better future they aim depends on how their family back home spend the remittances they send. That's why there are OFWs, after many years of working overseas, remain broke because they lack financial wisdom to channel these hard-earned money to the right expenditures. They most likely spend it to what they want instead of what they need.

How do OFW families spend the remittances they receive?
Bangko Sentral ng Pilipinas (BSP) survey of 2016 shows that recipients allocate their remittances more on consumables. For instance, 97.3 percent are for food and other household needs.

However,  Asia Development Bank (ADB) stated that families sometimes compromise and lower their food expenses. OFW families allocates larger portion of their remittances for education (70 %), purchase of consumer durables (21.9%), and house purchase (11 %), investment (6.5 %), and miscellaneous expenses (4.5 %).

The expenditure of the remittance-receiving families is closely monitored by the government because it reflects the general condition of the country. 

In this way, OFWs can expect a better return of investment because of the government efforts to further allow recipients to avail and spend more money on government programs. At the same time, investments on education and nonfood expenditure can impart a long-term growth on the economy because of the higher probability of producing better human resources for the country.

The government formulated programs for the OFW families to be financially literate. There are also programs for the spouses of the OFWs who want to start a small business to help their husband/wife who is working abroad.

Another expenditure of the family-receiving remittance is their allocation on savings. According to data by BSP, 43.2 percent of Filipinos who are considered mostly put their savings at home.

Moreover, a portion of OFW households, especially those who left the country for the first time, allotted part of their remittances for debt payments (46.5 %). Geographically speaking, large portion of the OFW households in the NCR allocated their remittances to pay their debts, for purchase of food and other household needs, they stretch their budget on what is left. Their budget for investment follows as they get rid of the debts.

If the OFW families could spend the remittances wisely with at least 30% would go to savings or investment, every OFWs sacrifices will not be in vain. They must work hand in hand to make the better future they aim to come into reality.
Many OFWs has now become successful in handling their finances by educating themselves and through government  programs.
The key is to determine how much do you need to allocate on expenditures and spend only within your means. 

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Thursday, March 09, 2017

7 Practical Tips for OFWs to Earn Extra Income

In spite of working abroad, there are many Overseas Filipino Workers (OFWs) that still in debt.  Indebtedness is not new in OFW stories. From the start when OFW applies for a job abroad and sometimes until they retire working in other countries, some of them are still in debt.  They said it is because you need a "capital" if you pursue working in other countries.

In spite of working abroad, there are many Overseas Filipino Workers (OFWs) that still in debt.

Indebtedness is not new in OFW stories. From the start when OFW applies for a job abroad and sometimes until they retire working in other countries, some of them are still in debt.

They said it is because you need a "capital" if you pursue working in other countries.



This capital is a must so that you have something to use to process your documents and requirements, medical exam, big amount of placement fees and another related spending until you got hired.

To provide the needs of a family and for their better lives. This is the most common reason of Pinoy why he/she wants to work abroad. And because of this, even their small properties are put on risk when it uses as a collateral for a loan to have that abovementioned "capital".

Still, working in abroad is not an assurance that you will no longer engage in debts. There are many OFW stories where an OFWs puts into prison due to unpaid debts of obligations. This is why extra income for OFWs is a must.

Having or growing an extra income is not just OFWs sole responsibility even he or she is a breadwinner of the family. We must say, 50/50 - for OFW and his family.

There are other ways to add income to a family by engaging in a small business.

1. Online Selling - Online shopping is a trend nowadays. Fashion apparel, gadgets, processed foods remain the highest selling online item. It can be run 24/7 at home with low operating expenses. For the capital, you can borrow it from your OFW family member.

Things you need:
  • A facebook will do. But a website is better.
  • High Powered PC with internet connection.

2. The Carinderia or Food Business - Any business that deals with food are surely profitable for as long as there is proper management of the business. The food business will always be a popular business idea for Filipino OFWs.

(Image by blog.yuneoh.com)
There are a few ways an OFW can get into the food business:

  • Start a carinderia.
  • Start a bakeshop.
  • Start a catering business.
  • Start a food delivery business.
  • Buy a food franchise.

3. The "sari-sari" store - This is a common business venture for OFW spouses in the Philippines. You can set it up starting with a small capital. This is a small business that can be run from home and considered to be a cash generating business for OFWs and its family.


(Image by Flickr)
To attract more costumers, you can add imported items from abroad such as clothes, toiletries, and canned goods. This will attract a more diversified market and potentially earn more income.

4. E-loading/Cellphone Retailer and Services - you can sell these from your home. The market for mobile phones will continue to be profitable until 2020 in the Philippines. That is why this is the best business ideas for OFWs.

You can offer services and products such as;

  • Cell Phone loading services
  • Selling pre-paid cards
  • Cell Phone accessories
  • Repair services
  • Upgrading services
  • Unlocking services
  • Retail of new and old models
  • Retail of brand new and second-hand models


5. Real estate - Another opportunity but may take more time. A property’s value may increase between 20 to 50% in a matter of five years, depending on the location. 

Since OFWs are earning 10x more in abroad, they can easily invest in condo units if financial management is good. Condo investing has been a trend for some time now. They can earn from having it rented.

6. Mutual funds - this type of investment takes away the trouble of having to constantly check on the progress or development of the investment through the help of a fund manager. 

7. Bonds - This type of investment is offered by large corporations and government offices as a means of raising funds by borrowing from the public. They have a fixed maturity date and offer different rates that depend on the length of investment. 

There are many opportunities for OFWs and its family to earn and grow extra income. But they said, investing in small or big business venture, it requires the same discipline: the will to start the business, to learn the ins and outs of the business, and to create strategies that will ensure profitability. 

In such ways, OFWs can avoid debts since the family has an extra income at home. Other than this, OFW can retire early and come home for good together with his or her family.

SEE MORE:

17 banks offers savings account for kids, teenagers

5 Financial Tips for Families of OFWs

Senate Approves 120 Days Maternity Leave

7 Reminders for OFWs who are Leaving Saudi Arabia
SSS pensioner will received P3,000 this March



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