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Common OFW Money Mistakes [ENG SUB]



many of our countrymen move
abroad in search of a better future. people say that when you're
an overseas Filipino worker you get bigger pay which
you can give to your family and you also help contribute
to the country's economy However, instead of putting their
remittances into savings and investments Some OFWs encounter problems
due to mishandling of finances. what are the frequent problems that
OFWs face when it comes to money matters? what are the ways and techniques to
correct and solve these kinds of mistakes these questions
will be answered with our resident financial adviser, Ninang
Riza Matibag Muyot, only here on "Ikonsulta mo" Good morning (All) Good morning, good morning
kuya. good morning to our viewers our question, "when can we say that
a person should look for work overseas" see there, that's the type
that should just go work abroad sorry, you're
sending me away already The primary reason why OFWs (overseas
Filipino workers) migrate is money they always say
there's no opportunity here no job offers,
small income, but what you really need to do,
if you are thinking of going abroad, is to ask yourself
'are you really prepared?' not only with the skills
for the job you'll do abroad but with your heart and mind,
are your heart and mind in it? it's not only yourself you have to prepare,you
also have to know if your family is ready for it especially if you
have children and a spouse are they ready
before you leave them? so you'll have to consider
who will take care of your children how about your partner, because there are alot of
broken families because they are far away from each other so those are the things you
have to consider before going abroad money is important, but the relationship
between your family is also important you really need to balance it, because many
of these OFWs don't bring their families with them it would be nice if
their family is with them but because they don't, its
what you have to weigh carefully but can we really say that OFWs will
have better income than in their own country I think it's
not always the case It's just that we have a mind-set where
if you're an OFW your income is way better that when you work
abroad you'll get rich but what we don't see are the
opportunities here in the philippines we just need to think of
things we can make money out of we need to improve ourselves, I personally
believe it's much better here in our own country here's the thing,the reason they
say that income overseas is higher for example, our domestic helpers
in Hong Kong earn 200 – 300 dollars so that will be around… 15,000 pesos there are instances
where its only 8,000 pesos Equivalent especially if they're
still making payments to the agency so Erin was right, 8 to 15 thousand,
that problem is, in the Philippines how much do we pay our maids?
About 3000, 5000. if they compare it they think
they get a larger income abroad but they don't
compute the expenses there plus, the cost of application.
for example if they sought a recruitment agency,
there will be deductions depending on the arrangement, there's
monthly, depends on the income,or a one-time payment what will be left of your
income is very small, but if you were here in the philippines, you
go to Divisoria and sell there you can still reach that kind
of income you just have to work hard now, other people
are drawn to work overseas even if they have graduate
here, like teachers that go abroad and become maids while some who are already managers here
will go to canada and take an entry level job They're so convinced that it's
better in Canada or in other countries without seeing the
beauty of our own country my advice to them, if you are already
receiving a good income for your family and you're on a managerial level, you don't need to go abroad you can just stay
here in the philippines just do a good job here so it's better to exert all sources of
income here in you own country before going abroad that's right Angela, put your effort
here in the philippines, earn a living here so you can be with your family,
before exploring the idea of going abroad It's different if you're going abroad to gain
experience or the company sent you to work there, its also different if you can bring your family because it's a very
good experience for the family to travel and to live in another country for the OFWs, not all of them
have happy stories, right? usually they all have financial
problems because they can't earn and when they return home after
their contract they're poorer than rats or poorer than
when they first left that's right angela, there
are so many cases related to that where they working hard abroad and when they
return they're much poorer than they were before why? first of all
before they could even leave, they already have
so many debts, okay It would've been fine if the debt is for
getting there, in preparation for the trip However, because the family is expecting a higher
salary, they confidently start borrowing more money they will buy TV, they'll buy a refrigerator,
because they think their OFW will be earning more anyway. they are relying on
the monthly remittance, even the unmarried ones, they'll send their
salary to their parents, then the parents will buy a car buy a house and the
worse thing about this is, even the relatives
are waiting for dole outs number two, a lot of
people are borrowing money friends, relatives, since the OFW is
working abroad, they ask,"Can you lend me money?" other than that number three, these
OFWs they tend to send all of their income. which is not right, it's fine if you know
that the recipients will take care of the money for example, if they'll send money and use
it to start a buisness even if it's small business that they can make a
living out of, then that's okay but if the family members start asking for money to
buy TV, cellphones and things, it should not be that way. needs first before wants, yes right. The OFWs should consider
first what will their money be used for. Rina was right. Will it go to their needs? for example,
if they have kids will they use the money for tuition? it's okay for the kids to rely on it,
because they have no source of income yet. but when it comes to the
adults like the parents and siblings hopefully they don't have to always rely on
the income of the OFW's who works in another country i think that it's better for the OFW worker to not
give all of his income, but to save some for themselves that's right Angela, it's
importatnt to keep some for themselves too especially when you're single it's not
your obligation to support your whole family. because, we have a saying here that being
generous does not necessarily mean you are helping sometimes when we give, we don't really help them,
because, we're teaching them to be dependent on us so they end up not working anymore.
The OFWs need to see that we need to teach our relatives that even though
we have jobs outside the country they also need to learn, firstly
that they must save the money they receive or use the money to start
a business for more revenues and for the OFWs they need to save
some…they can go to the Philippine Embassy they can ask for advice on where to
invest their money so they can have a plan so that when they return home, they'll
have enough capital to start a business thank you so much, we learned something
new again from you, thank you very much Ninang.

Glenn Chapman

20 Comments

  1. Mababaw ung advice…. ung mga tanung binabalik mo dn sa mga viewer, anu ba point mo? Napakalawak ng advice mo. Ala ka bang case study or numbers how to save? Advice ko sa u mam, nuod ka sa advice ni sir colayco, di ka pa pede magadvice. Napaka stereo type ng mga advice mo. Basag na tenga ko sa mga sinasabi nyo po

  2. Financial adviser pero 3 layer ng perlas yung nasa leeg nya, eh isa lang naman yung leeg nya. πŸ˜‚πŸ˜‚πŸ˜‚

    Peace po!!! πŸ˜‚πŸ˜‚πŸ˜‚

  3. Ofw aq at naniniwala aq sknya tamang mindset lng tlga ang problema ntn specialy s pera sablay tlga ang ilan sten pgdtng s pera management opinion lng

  4. Mas masaya at masarap mamuhay sa abroad. walang pera sa pinas.

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  6. Almost every problems the Philippines is facing right now are cultural. The Filipino culture is super primitive and backward. When most Filipinos will admit this things will slowly start to improve but I doubt it will happen. People have voted for a genocide.

  7. Like me gusto ng pamilya ko bibili ng phone tv ect.nako naman di na ako magpapauto pa kasi nauto nako many times

  8. Nako sobrang hirap sa abroad mas gustuhin ko pa ang mag stay sa pinas sa abroad STRESS,PAGOD,HOMESICK YONG IBA DI PINALAD NAMAMATAY

  9. halos lahat ng sinabi nya tama…lalo yong nagpapadala ng lahat ng sweldo nya sa pinas dahil sa mga luho ng kamag anak…ang di lng ako sang ayon ay ang mag work sa pinas at wag na mag abroad…

  10. Kalokohan.. di mo kikitain sa pinas ang kikitain mo dito sa ibang bansa.. 10 taon ako nagtrabaho jan.. puro mga walang kwenta napapasukan ko..

  11. Kaya ako nag abroad kasi walang maapplayan. Apply ka sa manila uupa ka ng tirahan ang pamasahe gising ng maaga dahil traffic. Kikita ako ng malaki dapat ot ng ot. Pagkain ko pa. Hindi nakakaipon.
    Sa 8months ko pinadadala ko talaga lahat ng sweldo ko dahil pinatatapos ko ang bahay. Wala pa akong pamilya ha. Walang pinag aaral. Nanay lang pinadadalhan pero wala pa ko ipon. Sa ika9 months ko 1/3 na lang ipapadala ko sa pinas para ipon na. Mahirap magwork abroad kaya pinag iisipan ko talagang mabuti anong gagawin ko sa ipon ko pagbalik ko ng pinas.

  12. Kung mksalita kyo prng ksalanan ng ofw na wla pera!!!daiii alm mo pti mga nsa goberno kmi kya ksma sa ngppsahod sa knila y? Tax dai!!!!!we pay

  13. Think of saving in peso not Sr. Example: when you reach 2000 sr think of howmuch it is in pilipines peso not sr. Save 2000 or 1500 every month or two months. Whrn you reach 100,000 peso exchange to us dollar and keep it untill time to return home.

  14. Kung may malaki sana sahod dyan sa mga DH hindi na mang ibang bansa eh wala eh

  15. Tama po kung mataas na ang position mo diyan , Huwag nang umalis .

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