Top 4 Financial Goals for OFWs
MONEYMAX.PH, 11/29/15 11:12 AM
MANILA – With P1.20 trillion in remittances from overseas Filipinos last year, it’s puzzling why 1 out of 10 overseas Filipino workers (OFWs) remains financially broke.
This is according to a 2011 study done by Social Enterprise Development Partnerships Inc.
In addition, 80 percent of OFWs return to the Philippines with no savings. Even though they earn much more than local workers, they are not immune to money problems and financial insecurity.
Bulk of OFW remittances are sent to relatives for personal consumption expenses. Many invest in idle assets such as houses.
Many OFWs experience financial challenges. They return home with insufficient savings or investments.
OFWs should thus maximize their income earned abroad.
Make the most out of your high-earning years so you can come back to the Philippines with savings and enjoy the fruits of your labor.
You can read more financial goals for OFWs here.
