Are you one of the 2.2 million Filipinos who work overseas? The latest data from the Philippine Statistics Authority shows a gradual increase in the number of OFWs seeking greener pasture in a foreign land. With the countless sacrifice and a total remittance amounting to 211.9 billion pesos, you are indeed a modern-day hero! And for that, you deserve more.
On sacrifices and investments
It is true that OFWs sacrifice a lot in order to earn money for their families. In reality, even the family left in the Philippines is also faced with challenges. The decision maker, for example, is left with the responsibility to properly allocate the remittance from the hardworking OFW family member into basic necessities. Ideally, a portion of the money is saved in a bank or is used on investment items such as a real estate property.
Aside from the fact that it is increasing its value even more through the years, owning a real estate property is advantageous when seeking a low interest collateral loan as it could get you instant funding that may be required on different endeavors such as home construction or renovation, a major purchase, educational needs of children, business purposes and medical purposes.
If you are planning to loan an amount from a bank, you better extend your patience as they are tightening their belts after the months when massive disruption in business operations was felt.
No matter the nature of authorized work that you perform overseas, you deserve a special kind of treatment. Incentives and privileges accorded by the government are well-deserved by OFWs. But as the country’s condition only starts to recover, you can expect that the 2021 national budget would be allotted into other programs.
In the proposed P4.506 trillion national budget, P6.15 billion is allocated for the repatriation efforts of DOLE-OWWA while P50 million will be used for the reintegration of OFW returnees. Although the national budget is said to be 9.9% higher than the 2020 budget, the approval and distribution could still go a long way.
On maximizing your personal property
It is good to have an alternative plan in order to ensure that your vision for your family or your business will realize and push through this time around. Say, an OFW Loan. Rather than making your properties sit for a long time, why not use them for a low interest collateral loan and secure the financial resources that you need?
This OFW loan works for you in two ways. It helps you maximize a property that you own. Also, lenders will more likely grant a higher loan because a collateral loan in the Philippines is considered to be less risky than an unsecured loan.