Savvy- tips for OFW’s

Some people consider debt as evil especially when it puts them in nightmarish situations.  However, debt can be a helpful tool to grow your money and finance your goals. Debt is good when it is utilized for the right purpose. For many Overseas Filipino Workers (OFWs), fulfilling their wish to go abroad requires getting loan in any possible form. Money loan Philippines is one of them. This kind of loan assists OFWs to pay placement fee or other necessary fees pertinent to their flight. To qualify for this, the Overseas Certificate of Employment (OEC) is necessary together with essential requirements.

OFW loan for ph is also offered to allottee (wife, dependent or first-degree relative of the OFW).  This helps the family during emergency purposes or augment fund for projects such as home mortgage, business capital and investment plans. Whatever the reason, securing loan to make your life better is a good way to achieve stability and security of the whole family.

Savvy- tips for OFW’s:

  1. Set your monthly family budget


It is important to set a budget to make sure that OFWs remittances are used properly. A realistic budget prioritizes the basic needs over wants. A good budget helps the family to save money. However, make sure that all members of the family know the details of the budget and committed to follow it diligently.


  1. Enroll in auto-debit program


This assists OFWs to save part of their hard-earned money. An egg nest is vital because it guarantees fund in case of emergency. It can also be arranged to pay your investment plans directly. This prevents you from spending the money for other purposes.


  1. Begin investing


Investing is highly-recommended way to earn passive income while working as OFW. Find an investment type which you think will give you profitable returns. Start small to test the waters. Unit Investment Trust Funds (UITFs), Mutual Funds, Treasury Bills, Stocks and Bonds are some of the best investment plans.  Another popular investment is real estate. Many OFWs buy condominiums in Metro Manila and rent them out or used them as bed & breakfast spaces.


  1. Start a business


Putting up a dream business is fulfilling yet challenging. The Return of Investment (ROI) depends on its success. Getting a franchise of a well-known brand is a better option if you want to guarantee profit. Be ready to shell out larger amount of capital for franchise fee. If you need additional fund to finance start-up expenditures, your back-up plan can be an OFW loan for ph. This can be your lifeline every time you need to finance some minor to major expenses in your business venture. Once you pay off the current loan, getting a re-loan is easier.

Top 3 Business Ventures recommended to OFWs

Overseas Filipino Workers (OFWs) are considered modern-day heroes due to the fact that their remittances contribute 10% of Philippines’ Gross Domestic Product (GDP). Aside from the immediate purpose of bringing a better life for their families, OFWs ultimate goal is to save to put up their own business that will provide steady income once they decide to come back home.

Aside from saving, another option to get capital is getting loan from a legal money lender. One of the easiest types of loan is the OFW loan. The approval period is also fast. Once you are able to pay the outstanding amount of loan, you can apply for a larger amount.

Top 3 Business Ventures recommended to OFWs

  1. Travel Agency

If you love travelling, invest your money to start a travel agency. A travel agency offers ticket booking, tour packages, passport and Visa assistance. It allows you to pursue your passion and promote the beauty of the Philippines. Use your experience abroad to attract clients here and abroad.


  1. Recruitment Service Agency

As OFW, you know the basic steps and information regarding workers recruitment. Of course, you need to apply for a Philippine Overseas Employment Administration (POEA) accreditation before you can start your recruitment agency aside from other necessary permits and licenses. As legitimate agency, you can help Filipino workers find jobs abroad. If you need additional fund for start-up expenditures, find the best lending agency that offer OFW loan for ph.


  1. Buy & Sell Imported Goods

One of the best way to augment your earnings while working abroad as OFW is buy imported items and sell them in the Philippines. In this type of business, your family can help you in marketing and delivery aspects. You can start by per order basis. Once you have established your buy and sell business, you can put up your own store back home or an online store. Promotion is easy, thanks to social media and internet.

These are just some of interesting and lucrative ways to earn money while you are still working abroad. Once it is well-established and gaining profits, going back home to be with the family will be easier.