Whenever an OFW or overseas Filipino worker is asked for his reason of working abroad, answer will be “because I want to give my family a better and brighter future”. Sure this is what all Filipinos want. But when the time comes that they’ve arrived at the foreign land, the reason is often than not forgotten.
Many OFWs seem to be working for the rest of their lives because they failed to earn enough for them to retire early. An OFW’s life abroad is not easy, sacrificing many aspects just to uplift their family’s livelihood. But their spending practices have tied them to the idea that they have to continue to work abroad to make ends meet.
Here are some of the malpractices OFWs and their family often commit, resulting to retiring broke and sometimes, in big debt.
Overspending. OFWs complain that their salary abroad is just enough for them and for remittance to their family. Overspending is one problem that OFWs should address. Admit it or not, we Filipinos are overwhelmed by the sudden and enormous income we receive, thus having the power to purchase things we’ve wanted before. OFWs and their family enjoy it, until the day they can’t stop and control how they spend the hard-earned money abroad.
Failure to keep a savings account. This is the first thing most OFWs should do before anything else. Open a savings account, and be responsible to deposit on it regularly. Your savings will be your lifeline in case of emergencies and instances when remittance can’t be done immediately for important cases like tuition fee payments or medical expenses.
Not investing wisely. Aside from a savings account, investing is another wise thing to do. You can invest in a business, stock exchange, real estate, or life plans. Investing is also your preparation for what’s to come ahead unexpectedly. However, OFWs should be careful when putting their investments as many scams linger around, preying on unsuspecting victim.
Generosity to boast. OFWs coming home for the holiday or just for a vacation are much awaited; not only on the eagerness to see the missed loved ones, but because of the anticipation on what gifts would be receive. Giving gifts is not bad, just don’t spend all the salary you’ve earned for it. It’s more acceptable that you don’t have anything for everyone because you’re allocating it to much more important things.
Never ending debts. Filipinos are always indebted in many ways, money as first. Before an OFW can go to work abroad, he has to borrow from relatives, friends, and even loan sharks just to come up with the amount needed for the processing of his documents. And often than not, these were unpaid even after many years of working abroad which leads to harassment and quarrels.
No target date to retire. OFWs must set specifications on how long they should be working abroad. It is not forever that an OFW will have their overseas job. A certain period should be set as a goal on how long you’ll save, invest and provide for the family. So when you retire, you can still enjoy what you’ve worked hard abroad.
It is a sad scenario that most OFWs became rich just a few months or a year after working abroad, to be poor again in the blink of an eye because of the money mistakes they often commit. OFWs should learn how to handle their salary and how to allocate it in the proper way for them to see an early retirement that they can enjoy to the fullest.
Loan sharks are illegal financing companies that usually take advantage of people in desperate need of money that they would agree to sky-high interest rates.
If you are Filipino looking for resources to be able to finance the fees you need to work abroad, be sure to take these precautionary measures to avoid loan sharks:
Compare first the interest rates of different lenders so you can choose which is more practical to you. You should not also be afraid to ask question for the clarifications of the terms and conditions of your loan.
You may also ask for a written contract of the loan from lenders to have evidence of your agreement. The contract should specify the duration of the payment, the mode of payment, the consequences of failure to pay at the right time and the interest rate of the loaned amount. But make sure that you understand all your obligations before signing the loan contract.
How to Deal with Loan Sharks
Debtors have a responsibility to pay their loans but one’s consumer rights do not disappear when one is unable to pay the loan immediately. Bear in mind that Philippine law prohibits collection agencies from harassing or threatening individuals because of their unpaid loans.
Let the collection agencies or loan sharks know that you are aware of your rights so they will think twice about their illegal tactics. Do not let them intimidate you for an amount. Do not give them the authority to shake you because of the loan. It may be your responsibility to pay, but this doesn’t give them the right to threaten or harass you and your family once you fail to comply with your side of the agreement.
If you and your family’s safety and well-being are already severely affected, you can seek the help of authorities to intervene.
These article may also be of help:
Tips for OFWs: Don’t be a Victim of Loan Sharks
Overseas Filipino workers in the Kingdom of Saudi Arabia must obey the final calling of the Jawazat or Passport department.
The Jawazat office emphasized on their warning that they will not issue any new or even renew residents permits or iqama unless all foreign workers and dependents over 15 years old have registered their fingerprints.
The department, assigned to gather all the residents of KSA’s fingerprints, have also started their responsibility when issuing iqama to arriving expatriates at the airports.
They have gradually introduced the system for the past years, not wanting to interrupt the residents and expatriates, including OFWs daily lives.
The fingerprinting system was introduced and implemented at the same time, dividing it into four stages.
First stage: Enforced more than six years ago when fingerprinting was applied at airports and land and sea inlets.
Second stage: Made mandatory for issuance of new iqama, their transfer, amendments and replacement.
Third stage: When fingerprinting became part of exit, re-entry and final exit visas.
Last stage: Implementing it for iqama renewals.
It is perceived that OFWs will comply to register their fingerprints until the given deadline which is on January 21, 2015. Everyone in the KSA had been given enough time to obey this fingerprinting system.
Fingerprinting every person in the kingdom, which also includes expatriates like OFWs, is part of the Saudi governments’ efforts to improve protection for foreigners and citizens.
OFWs in KSA, Learn This: How to Compute for OT Pay
Breach of Contract in KSA: All You Need to Know
OFWs Transferring Sponsor? Know Your Company’s Category in Saudi
How OFWs can Transfer Sponsorship if in Red Category
Final Exit Visa Guidelines for OFWs in Saudi Arabia
How Can OFWs Cancel Final Exit Visa in Saudi Arabia
Is this Real? No More Iqama Fee for OFWs in KSA?
Benefits entitled to OFWs in Kuwait
OFWs: No to 2-year Ban in KSA for Exiting Filipinos
Overseas Workers Credit Assistance Act: How will it Benefit OFWs?
Overseas Filipino workers or OFWs who had been violated by the recruitment agency which deployed them for overseas jobs may file an administrative and illegal recruitment case against them. OFWs can go to the Philippine Overseas Employment Administration or POEA’s main office, particularly to their legal assistance division for assistance.
OFWs must obtain and fill out a verification form from the security guard at the POEA’s office. The legal officer will call the OFW’s name for counselling and legal assistance i the preparation/filling out of a complaint form.
Click here for detailed step by step procedure on how to ask for legal assistance and file a complaint in POEA.
Overseas Filipino workers (OFWs) or Filipinos, who want to work abroad and have finished only secondary education or high school, can still apply to overseas jobs. POEA-licensed recruitment agencies have job openings for you abroad.
Just click each job title for more information and how to apply.
** For manpower pooling only. No fees to be collected during the application process. Mag-ingat sa mga illegal recruiter. **
More overseas jobs for Filipinos here.
Guide Steps to Work Abroad for Filipinos
What Not to Include in Your Hand Carry Luggage
How to Schedule a DFA Passport Appointment Online
job openings Philippines
jobs in australia
jobs in canada
jobs with no placement fee
mobile passport service
no placement fee
ofws in hong kong
ofws in saudi
work in usa