Tag Archives: OFW

List of Digital Banks for OFW

13 Tuesday Jul 2021

Posted by in Personal Financing

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So are you an OFW and looking for ways to open a digital bank in the Philippines, while you are abroad. Good to report that there are banks in the Philippines that are offering Digital Banks opening. You may enroll in a Philippine Bank Account while you are in any part of the world. Sos here is the list with links to the play store and App Store.

OVERSEAS FILIPINO BANK (OFBANK)

App Store: https://apps.apple.com/us/app/ofbank-mobile-banking/id1396335444

Google Play: https://play.google.com/store/apps/details?id=ph.gov.overseasfilipinobank.mobilebanking&hl=en&gl=US

CIMB BANK PH

App Store: https://apps.apple.com/ph/app/cimb-bank-ph/id1385393720

Google Play: https://play.google.com/store/apps/details?id=com.CIMB.OctoPH&hl=en&gl=US

UNION BANK

App Store: https://apps.apple.com/ph/app/unionbank-online/id1242291412

Google Play:https://play.google.com/store/apps/details?id=com.unionbankph.online&hl=en&gl=US

BPI BANK

App Store: https://apps.apple.com/ph/app/bpi-mobile/id1351734142

Google Play: https://play.google.com/store/apps/details?id=com.bpi.ng.mobilebanking&hl=en&gl=US

TONIK BANK

App Store: https://apps.apple.com/ph/app/tonik/id1541576007

Google Play:https://play.google.com/store/apps/details?id=com.tonik.mobile&hl=en&gl=US

We hope that this list is helpful to our fellow OFW.

Taking Advantage of the High Exchange Rate

24 Monday Aug 2015

Posted by in Personal Financing

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As an OFW, I am used of sending money to the Philippines with an exchange rate of 1 USD to Php 44. But there was a turn of events in the world economy that is why from last month I can see an exchange rate higher that Php 45. I know that some OFW are happy on what is happening because higher exchange rate will mean higher money will be received by their relatives. But is it really true that money value will be higher on this days? Actually it is not because the higher the exchange rate the lower the economy, It is indirectly proportional. The PSEI (an economy indicator of Philippines) keeps on going low.

The following scenarios might be experienced

  • Higher cost of commodities due to higher cost of raw materials
  • Most of the items that uses imported materials will definitely have higher prices.
  • The higher tuition fee.
  • Fare hike, due to the cost of maintenance auto parts
  • Low investor in the Philippines

So how will you take advantage of the situation?

If there are some surplus money due to exchange rate it is better be placed in an investment. If you are paying your land or house amortization at an amount of Php 44,000 before you need to send USD 1,000 to pay off your monthly amortization. Now if you send the same USD 1,000 it will be converted to Php 45,000 therefore you will have a Php 1,000 surplus. The surplus would be better placed in an emergency fund or be placed in the stock market or an equity fund. Economist knows that this will be temporary. Therefore, if you put your surplus money into an investment, the moment that the economy recovers and exchange rate become lower, your surplus money will grow.

I hope OFW will take advantage of the situation and not just spend money in wants.

Financial Literacy Goes to Riyadh Philippine Embassy With Angat Pilipinas Coalition [Updated]

23 Tuesday Jun 2015

Posted by in Speaking Engagement

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[Updated]

It was indeed a successful event that was attended by more than 50 OFW from Riyadh Saudi Arabia. Thanks to the Philippine Embassy for accommodating such event in coordination with AngNARS Party List. I could say that it is a good start seeing the enthusiasm that we have seen with the attendee. One of the attendee even told me why it is only now and that it should have been made long time ago. We are planning to have the second Financial Literacy Seminar soon. You may enter your details below so that we can send you updates when will be the 2nd Financial Literacy Seminar in Riyadh Saudi Arabia.

Here are some photos that was taken during the event.

Angat Pilipinas Riyadh Philippine Embassy (1)

The Speakers (Kristine Rodriguez, Dexter Panganiban (Me), Oddesa Liwanag (From Left to Right)

Angat Pilipinas Riyadh Philippine Embassy (2)

The Paticipants With the Speakers

Angat Pilipinas Riyadh Philippine Embassy (3)

The Paticipants With the Speakers

Angat Pilipinas Riyadh Philippine Embassy (4)

The Paticipants With the Speakers

Angat Pilipinas Riyadh Philippine Embassy (5)

The Speakers (Kristine Rodriguez, Dexter Panganiban (Me), Oddesa Liwanag (From Left to Right)

Photo Credit : Ma Bel Olaso

[Older Post]

I am excited to share that I will be teaching Financial Literacy at Philippine Embassy in Riyadh Saudi Arabia this coming Friday, June 26, 2015. I am a volunteer of Angat Filipinas Coalition for Financial Literacy with the Mission OFW Usapang Piso (Mission for OFW’s Dependent and Former OFW). I together with 2 other volunteers, Miss Des Liwanag and Miss Kristine Rodriguez will be teaching Steps to Financial Security for OFW. This particular seminar is in coordination with ANG NARS Party list who help to secure time and place at the Philippine Embassy.

ang Nars Philippine Embassy

It is our objective to teach fellow OFW on how Eliminate and reduce debts, Be protected financially, Be a responsible spender, avoiding and fighting scams, investing in Paper investments and achieving financial freedom.

I am excited since this will be 2nd time teaching financial literacy in Public here in Saud Arabia, at First it was with Engineers during the Annual convention and this time with most of the attendees are Nurses.  I have been teaching small groups in private houses here in the Kindom of Saudi Arabia and good to report that there are some spenders that is now turning to savers after learning the objective of Financial Literacy and I hope there will be more OFWm who learn about how to handle their finances.

We will be reporting our experience about this event. BTW this event is also through the effort of Burn Guttierez, the Founder of Angat Pilipinas.

OFW Investors Should Take Advantage Now

28 Wednesday Aug 2013

Posted by in Stock Market

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We know that Philippine Stock Market (PSEi) is now low due to what is happening in other part of the world like Syria and the possible FED tapering as they say. Lots of foreign investors are pulling out their money and transferring to some places where there is possibilities of gaining more. In fact as of this writing PSEi is trading at 5605 which is almost the same price as of November 2012.

So how are we going to take advantage of this time?

For your information Peso exchange rate is now higher than before, upon checking, the present exchange rate is Php 44.5/USD. For us Online Filipino Workers and Overseas Filipino Workers, our salary is higher than before when it is converted to Philippine Peso. Technically all dollar earning people should take advantage of this time.

So here we go, If we have a higher salary and the market is low, it is really high time to invest, so that when the exchange rate goes back to it’s normal rate which is 40 to 42 and the Philippine Stock Market (PSEi) goes back to 7403, which is the all-time high in PSEi, your gain will be sizeable.

So don’t spend your extra earnings due to higher exchange rates, invest the difference and delay your gratification. Because the tendency of OFW is to buy things which are not important when they have extra cash. So better change your attitude towards money.

I suggest to have a cost averaging strategy in investing, just invest a constant amount on a monthly basis and wait until the market goes up. This is really advisable for younger generation but if you are already at age higher than 60’s I would not suggest you to enter into stock market or mutual fund connected with equity fund. Instead go for a less risk investment.

Younger generation have lots of time to recover, as the market have it’s cycle. I would like to share my Video Blog about saving early.


Video is edited by my daughter : Micaella

IMG (International Marketing Group) Review and Reasons in Joining

08 Monday Apr 2013

Posted by in Daily Dose, Personal Financing

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First of all I need to introduce you to IMG which means International Marketing Group. IMG is a marketing company that is dedicated to serving the financial needs of individuals and families from all walks of life. They also conduct FREE Financial Literacy Seminar to educate people on how to manage their money. In Philippines, members can get the full set of FREE seminars in the Head Office.

Even I am in Saudi Arabia, I have completed the 2 FREE Seminars customized for OFW which is being conducted by IMG wealth Academy. I am also being mentored by Fely Santiago, of the IMG – Truly Rich Maker Group.

Yup, IMG also exist in Saudi Arabia.

IMG

IMG helps people makes critical financial decisions that can help move them from where they are to where they want to be. The 2 seminars give details about the importance of 6 steps to Financial Security.

Through the seminar, listener would be able to understand about the importance of financial planning and how your present situation could affect your future.

I have learned through that seminar that, there is a high percentage of OFW, which are not financially literate and ended up working in Saudi Arabia for a long time without any goal in life.

There were also times that an OFW who resign from his work in Saudi Arabia, ended up having a misery life because he was not able to prepare for his future. It is also sad to know that there are some Filipinos who work in Saudi Arabia for a long time, 15 years perhaps, and retiring poor in Philippines. Those OFW did not think about their future but instead, spend all their money on wants and not on needs needs. It is one of the reasons also why I joined IMG, to have a planned financial future.

In IMG they make sure that your practice what you preached.

This is the Common Pinoy Financial Mistake as mentioned in the seminar:

  • Overspending / Not Living Within One’s Means
  • Credit Mismanagement
  • Overly conservative in Investing Money
  • Lack of Financial Education

Our mission is To Make Your Family’s Dream into Reality. We are committed in helping families achieve your dreams, through our business opportunity, as well as our products and concepts.

Actually IMG is a one- stop shop, for every Financial Investment Vehicle that Filipino may need. Ranging from Insurance, Mutual Funds, Stock Market, Real State, Non-life Insurance and more.

You could actually earn form your own investment portfolio.

I could actually see a big business potential with-in this company, members will not only be financially literate, but will also be financial secure during retirement age.

IMG is teaching individual on how to have a strong foundation about financial security.

Perhaps this link could give you more idea about the company – http://img-corp.com/company.php

I know I have lots to learn from the company, but I believe that I have made a step towards my Family Financial Security.

I have been in Saudi Arabia for 10 years, and If I only became financial literate long time ago, I would be probably a millionaire and a big time investor by now.

I always believe in Proverbs 19:21

Many are the plans in a person’s heart, but it is the LORD’s purpose that prevails

As well as Jeremiah 29:11

For I know the plans I have for you,” declares the LORD, “plans to prosper you and not to harm you, plans to give you hope and a future.

That is why I know that being financially prepared is the will of the God. God doesn’t want us to be poor during our retirement age.

Do you want to learn more about the IMG and Wealth Academy and how you can attend the FREE Financial Literacy seminars? Then just enter your details below, and I will contact you as soon as possible. If you are not within my vicinity, I will let our IMG associates contact you as soon as possible.

You could be in any part of the world.

 






And as I detailed my journey to Financial Freedom, I will continuously update our readers of my journey to Financial Security.

Invest Through SSS Flexi Fund – Know Its Advantage & Disadvantage (Exclusive for OFW)

01 Monday Apr 2013

Posted by in Personal Financing

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Yesterday, when I was browsing SSS Website, I came to know about the SSS Flexi Fund. Here is an idea about the Fund.

The SSS Flexi-fund is a voluntary provident fund for Overseas Filipino Workers (OFWs). It is an additional of the SSS on top of its regular OFW membership. The program gives OFWs the opportunity to set aside part of their earnings abroad and maximize the return on their Flexi-fund contributions, thus providing good security for their future.

SSS Flexi-fund is a risk free investment that is being invested in government securities, with Interest earnings are computed based on the average 91-day Treasury bill rate, thus ensuring a transparent, high yield and risk-free investment of members’ hard-earned income abroad.

 

Metrobank

Metrobank

It’s a good time to invest through SSS flexi fund due to the fact that we recently have an investment Grade from Fitch.

SSS Flexi Fund, is any amount beyond Php 200 from the maximum monthly SSS payment. As of this time, the maximum payment or contribution for OCW Members is Php 1,560 monthly. So if you pay Php 2,000, the Php 440 will automatically go to SSS Flexi Fund, which could be withdrawn anytime, should you need money.

Here are the list of bank that could receive payments.

  1. Allied Bank
  2. Asiatrust Bank
  3. Bank of the Philippine Islands (BPI)
  4. Equitable PCI Bank
  5. International Exchange Bank
  6. Land Bank of the Philippines
  7. Metrobank
  8. Philippine National Bank (PNB)
  9. Rizal Commercial Banking Corporation (RCBC)
  10. Security Bank
  11. Luzon Brokerage Corporation (LBC)

According to the SSS website:

Interest under the SSS Flexi-fund is. . .

  1. Tax-free
  2. Based on prevailing 91-day Treasury bill rates, quoted on a per annum basis
  3. Subject to quarterly re-pricing, to make it more reflective of current market conditions
  4. Computed at actual date of payment of Flexi-fund contributions, and posted to individual accounts at the end of the month.
  5. Compounded monthly, such that earnings at the end of each month are taken into account in the computation and application of earnings in the succeeding months.

I am paying my SSS via Metrobank Online banking System. I have also accessed the SSS Online portal by using the “Host Server Number” that was provided by Metrobank upon online payment in replacement for the SBR number which is a requirement for accessing SSS Online Monitoring System.

Updates : At this time since the prevailing rate of T-Bill is only 0.4%, I am not recommending investing in SSS-Flexi Fund, however keeping your SSS payment up to date is  I belived a necessity for every Filipino.