How to Apply for Sikap Pinoy OFW Account in Bank of Commerce?

If you want a savings account that does not require an initial deposit, you can apply for Sikap Pinoy OFW Account in Bank of Commerce. However, the Sikap Pinoy OFW Account is exclusively for Overseas Filipino Workers (OFW) only and their beneficiaries.

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Aside from initial deposit, maintaining balance with this account is also waived but you need to have P5,000 minimum balance so that your savings will earn interest. One more good things about Sikap Pinoy OFW Account is that it comes with a customized ATM card where you can access your account in anytime, anywhere through BancNet ATMs. There is also Bank of Commerce Internet Banking for your hassle-free transaction!

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Sikap Pinoy OFW Savings Account is offered by the Bank of Commerce that aims to serve the banking needs of our "modern-day heroes".

Who to Apply for Sikap Pinoy OFW Savings Account?

1. Go to the "New Account Section" of the bank. Here you will be brief the Sikap Pinoy OFW Savings Account as your choice as well as the bank rules and regulations on handling deposit accounts.

2. Fill Out Account Opening Forms. You will require to fill-up the following form. Fill them out with accurate details and try to write legibly.

• Customer Record Form
• Signature Cards
• Application for ATM Card (if applicable)
• Authorization to Debit (if initial deposit in debited to another account)

3. Present Your Documentary Requirements

• 1 government-issued ID
• 2 pieces 1×1 latest ID pictures
• Tax Identification Number (TIN and other information, for completing forms)

4. Claim Your Passbook If applicable

After completing all forms and submitting your requirements, you can claim your passbook if applicable after opening your account.

5. Come Back After a Week for Your ATM Card (if applicable). If you opted for an account with an ATM card, you will be advised to come back after a week to claim it. Don’t forget to ask for branch contacts so you could call them first before attempting to claim it.

The following are the commonly asked question about Sikap Pinoy OFW Account. For more information, you may visit the nearest bank's branches in your area or call +63(2)632-2265 or email at remhelpdesk@bankcom.com.ph

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Tips for OFWs Who Wants to Return Home Earlier

Working abroad is not easy and no Overseas Filipino Workers wants to work abroad for the rest of their lives. Of course, no one wants to be separated with their family and loved ones for a very long time.

Every OFW has a goal to be home for good for the shortest time as possible.

According to Vince Rapisura, president of the Social Enterprise Development Partnership in Rappler's Article, OFWs should make a goal to come back home after a minimum of 10 years.

If you are an OFW who wants to come back to the Philippines in the span of 10 years in working abroad. You might try this three stages of migration process according to Rapisura.

1. The Beginning State

This is the first two years of working abroad. In these years, as OFW you should work on paying off your debts you get to be able to work abroad. For example the money you loan for your plane ticket, processing fees, and others.

2. The Medium Term

Two to three years. During this term, OFW should focus to provide the basic needs of his or her family.

3. The Long Term

Three to five years or the OFW's last year of working. The money you have earned within this year should spend for financial goals. For example, buying a house for a family or open a small business for new income.

Rapisura said, as an OFW you should not wait for 10 years to achieved your financial goal if you can make it earlier.

(Watch:Pesos And Sense Explains: Tips on Saving (OFW)

Here are some tips for OFWs who wants to return home earlier

1. Before going abroad, OFW should set a clear financial goal before leaving.

It means, before flying to other countries for work, it is vital that you and your family understand why you have to leave and what are you trying to achieve.

2. When working abroad. Stick with your goals.

"When they go there, initially they say, 'I only want a tricycle as a business,' and send my children to school.' After 5 years and they've already attained that, the goal would shift somewhere else. Maybe the tricycle is now a jeepney, and sending the children to school is finished and now they want to put up a house," Rapisura explained.

Changing goals is not necessarily a bad thing, but having no definite end-goal contributes to OFWs overstaying abroad.

3. Teach your family to be independent

Rapisura said it is important that the families of OFW understand that reaching financial goals is not the OFW’s burden alone.

The family who left behind should find another source of income and not only depend on remittances of OFWs. Family income at home should be able to cover the needs and expenses of the household.

OFWs income will fund the ultimate financial goals like building a house, opening a business or sending kids to school. By doing so, families not only get to reach their financial goals faster but are also able to maintain their lifestyle.  With this, you are helping the OFWs to achieve his goal to come home earlier as expected.

According to Rapisura, many OFWs fail to save because their families suddenly change their lifestyle, ultimately increasing expenses. This happens when the OFW provides them with more than they actually need.

(Watch:ANC On The Money: Money Management for OFWs)

4. Budgeting your money

Only one out of five OFWs has enough savings for emergency despite the claims of OFWs that they actually saved.

Rapisura explained that while OFWs do budgeting, they are just focused mainly on immediate consumption, not on investments or other financial goals.

Rapisura suggest that OFWs should follow the 5-15-20-60 budgeting rule;

• 5% of the income going to insurance premium
• 15% to savings
• 20% to investment
• 60% to expenses

We all know that budgeting is hard, but as OFWs, we need to do it so that we can spend time with our families and not to grow old in foreign countries. If OFWs can do budgeting effectively, it is not impossible to reach our financial goal faster to return home for good.

SEE MORE:

READ MORE: 5 Money Tips for OFWs + 5 Guidelines on Borrowing Money

As a Filipino that works abroad or OFW, how long would you like to work in other country and be away from your family? Do you have a goal to be able to come back in the Philippines for good, let us say, after 10 years of working?

Read more: http://www.jbsolis.com/2017/03/5-money-tips-for-ofws-5-guidelines-on-borrowing-money.html#ixzz4eTnU45Sa

READ MORE: OFWs told "borrow money in the Philippines to avoid jail abroad"

Many people think that Overseas Filipino Workers (OFWs) has a lot of money since they are working abroad. But the truth is some of them are also in debt while abroad and worse, sent to jail due to unpaid debt.

Read more: http://www.jbsolis.com/2017/02/ofws-told-borrow-money-in-philippines.html#ixzz4eToFuXZ6

READ MORE:15 Admirable Single Storey House Design with Plans

Perhaps everyone of us has its own dream house. For our family, we visualize a big, a medium size or a small house with a wide garden, a beautiful pool or a playground for kids. A house is a place where we can build a home and it becomes our inspiration to work hard and eventually make our dream become a reality.

Read more: http://www.jbsolis.com/2017/04/15-admirable-single-storey-house-design-with-plans.html#ixzz4efxfVjtT

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5 Financial Tips for Families of OFWs

Regardless of how big or small the earning of an Overseas Filipino Workers (OFW), it is important that he/she knows how to save and learn to properly manage their hard-earned money.

According to Senator Cynthia A. Villar, this is for the good of OFWs and their family, in case an OFW will retire and stay home for good.

As an advocate of OFW welfare and protection, Villar said, OFW must be armed with right know-how on how they can grow and use their savings to ensure the good future of their families.

“They worked hard and sacrificed their time with their families so they will have a bright tomorrow. It will be disheartening, and more so frustrating if they do not use their savings wisely,” Villar said.

“Our workers need all the help and support when it comes to handling their savings. It is heartwarming to hear their success stories, and it is with pride that I align myself as among the many protectors and supporters of our OFWs,” she added.

On the separate report of Philippine Statistics Office (PSA) in 2014, it says that only two in every five overseas Filipino workers (OFWs) are able to save from their cash remittances.

“Regardless of the amount of the cash remittances sent, for every 10 OFWs, six [61.7 percent] were able to save less than 25 percent of the total amount received, two [21.6 percent] were able to save from 25 percent to 49 percent of it, and about two [16.7 percent] saved 50 percent or more,” PSA added.

On the other hand, OFW are not just the one who needs to save or to learn how to manage their hard-earned money. It is because the biggest part of OFWs salary goes to their family at home.

So while the OFWs are saving for themselves, it is also vital that the family of an OFWs knows how to manage the money they received.

In Inquirer article dated June 19, 2015, financial guru Dennis Sy, author of Rich for Life gives financial tips for families of OFWs.

Here are the five useful tips to consider if you are a family of OFW and the one who receives monthly remittances.

5 Financial Tips for Families of OFWs

1. Remember that the remittance is a privilege, not something you are entitled to

As a family, it is important that you understand that remittance is a product of someone else's hard work. You need to keep in your mind how much sacrifice made by your OFW son or daughter or relatives made in another country just to send money home.

As the one who receives the remittances, it is important to see ourselves as recipients of a privilege and not something owed to us, we put ourselves in the right mindset to make better choices, especially on our spending.

2. Put a name on every peso you receive

This is budgeting. The budget includes savings, investment, and monthly expenditures. People who receive money from OFWs tend to splurge because they didn't work hard for it. Discipline yourself on how to budget the finances given.

3. Make money work for you

Find ways to start a small business, since the money you received is from the hard work of our family members. It would be wise to make the money continue to work for you rather than just spending it outright.

4.Decide who really needs the money

Know the priorities. Gather your family and have a good talk. Discuss who gets the money and why. First priority should be the spouse and their own children. Second, the parents who are not able to work anymore. Outside of that circle, you should revisit why the money is allocated that way.

When money comes easily, especially through a monthly remittance, people tend to slack off and lose their drive to earn their own living.

5. Be financially literate

Continue to learn on how to be financially savvy. There are countless books on finance in the market by local authors who understand the context of the Philippines like Bo Sanchez on how to invest in the stock market as well as reading blogs online.

It is not easy to be an OFW, they need to endure homesickness, and different culture also embraces different kind people that are why as families, we have to help manage their finances well so that they will not grow old working in other countries but remain poor when they retire.

SEE MORE:

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Clinic with all Filipino Staff, opens at Abu Dhabi

7 Reminders for OFWs who are Leaving Saudi Arabia

SSS pensioner will received P3,000 this March

TESDA to give more than 400,000 scholarship this 2017

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