Page 8 - Hello Philippines March 2016 'A' issue

8 www.hello-philippines.com BUSINESS & FINANCE March 2016 – No. 05 • UK & Europe Edition

Top 5 financial goals for OFWs

IT’S puzzling why one out of 10 such as bonuses to debt payments to firms let you trade and participate in y Help your loved ones gain gain financial independence.
overseas filipino workers (OFWs) extinguish your debt faster. the stock market. independence from remittances. Walang forever. Time will come
is financially broke, when OFW
remittances or the money they sent Interest on loans and credit cards x Multiple income streams. Look Support your family by fostering their when you’ll have to stop working. If
back to the Philippines totaled P1.20 may be higher than the return on for freelance opportunities where you personal and professional growth. One you plan right, you can live the kind
trillion last year. investments, so pay off the bulk of your can showcase your skills while earning of the best ways to do this is through of life you’ve always dreamed of when
debt before you invest. extra income. Use network and online education. you retire.
On top of that, a study by Social freelancing platforms to make extra
Enterprise Development Partnerships v Retirement fund. Grow your cash. Putting your children through Expenses don’t stop when you
Inc. noted that 80 percent of OFWs retirement fund the moment you start school is one of the best investments, stop working. So it’s best to live your
return to the Philippines with no working. Numerous online calculators since you’re setting up your children retirement years with a well-padded
savings. can help you compute how much you for success and a brighter future. retirement fund.
will need to retire and live the lifestyle
Apparently, OFWs experience you want. Instead of buying Apple products, Make the most out of your high-
financial challenges specific to their why not buy Apple Inc. stocks for them? earning years, and return to the
situation – from sending the bulk their Once you know your retirement Philippines with savings and the
hard earned money to their loved ones numbers, set a portion of your salary Encouraging your children to freedom to enjoy the fruits of your
in the Philippines, to investing in idle for your retirement fund. start a business so they can have labor. n This article first appeared on MoneyMax.ph./
assets such as houses. their own source of income is an
w Diversified investments. Apart invaluable approach to help them Published / February 24, 2016 / 12:33 pm
Before it’s too late, OFWs should from investing in real estate, open an
maximize their time abroad. investment account through your local
bank or with a brokerage firm when
Here are five financial goals for you come back to the Philippines for a
OFWs: vacation.

u Zero debt. While in your prime Banks offer a diversified selection of
years of earning, set aside a percentage UITFs or unified investment trust funds
of your salary for debt payment. Take and time deposits. Insurance providers
it a step further and allot windfalls offer mutual funds. Stock brokerage

World Bank arm IFC says: PH’s PPP program is model to follow

MANILA - The Philippine government’s In a press conference in Makati City, “The current administration (of Although the Philippines has done a Limcaoco said, reading Abaya’s speech.
implementation of the public-private IFC Director for East Asia and the Pacific President Benigno S. Aquino III) has done a remarkable job in PPPs, Pathak said that in “The government needs the support
partnerships (PPP) program is the Vivek Pathak described the Philippines as great job in ensuring procurement is done order for it to stay ahead in the game, the
model to follow, the World Bank arm the leader in PPPs in Asia for its private in a transparent and competitive manner government should institutionalize the PPP and cooperation of different sectors
International Finance Corporation (IFC) sector participation and private funding for and on a level playing field,” Pathak said in Center through legislation. to make the PPP program successful.
said on Tuesday. infrastructure. his speech. It is important to implement quality
He pointed out that the government infrastructure projects and services that
The government-owned Philippine Orthopedic Center is one of the planned public-private partnerships of “One can argue that things can be a bit should also enhance capacity building in will benefit the people and broad support
the Philippine government. The PPP project was awarded to Megawide-World Citi Consortium in December slow but at the end of the day, the legacy implementing agencies, the ability to recruit in inclusive growth,” he added.
2013. File Photo one leaves behind is laying the framework, talented staff and attract foreign capital in a
making sure things are done in the correct more sustainable manner. Outgoing PPP Center Executive
manner and that the public gets the best Director Cosette Canilao, for her
possible service for a reasonable price,” he Department of Transportation and part, shared the same sentiment to
added. Communications (DOTC) Undersecretary institutionalize the PPP Center.
Atty. Rene Limcaoco, reading from the
Pathak said that while PPPs are well- prepared speech of DOTC Secretary Joseph “If PPP plays a big part in the
suited to certain aspects, they might Emilio Abaya, meanwhile, stressed the development of infrastructure, maybe
not necessary solve all the government’s importance of the PPP program. it is necessary that there is an impartial
problems. central agency covering PPPs,” Canilao
“Under the leadership of President said.
He further said that the challenge is how Aquino, PPPs have been made a key strategy
to balance public good, the need of private to infrastructure growth and development “It will be on the hands of the next
sector to have a reasonable return in capital as we aspire to accelerate not only our president if he will give priority to the
and adequate sharing between government infrastructure but also broad economic PPP Center,” she added. n Azer N. Parrocha
and private sector. growth throughout the Philippines,”
/ Philippines / News Agency / February 24, 2016 /

8:51 am

DOST’s Free WiFi project to boost number of online income earners
MANILA - The Information and editing, software development and sized companies or individuals abroad One key component of online work

Communications Technology (ICT) virtual assistants. who choose to outsource certain is Internet connectivity, which can be

Office of the Department of Science According to the Department of jobs and functions in order to be cost an issue in rural areas.

and Technology (DOST) is promoting Science and Technology (DOST), these effective. “The Juan Konek Free Wi-Fi

Online Jobs or Impact Sourcing 1.5 million Filipinos earn an average What an online worker needs to Internet access in public places project

to Filipinos in the provinces as an of $3 per hour and $250 per project. connect with the online job market is hopes to address this. With faster

alternative means of earning income. The compensation rates depend on the a computer with Internet access as well Internet connectivity available in all

The ICT Office regularly conducts job’s level of difficulty as well as the as the necessary skills to do the job. municipalities, this can significantly

Rural Impact Sourcing (RIS) worker’s online reputation, typically In 2015, the ICT Office conducted increase the number of Filipinos

workshops at various provincial gained from ratings given by previous eight workshops in the following earning a living through the Internet,”

locations promoting RIS to students online employers. locations: Kapatagan, Lanao del Norte; Sec. Montejo added.

and fresh graduates. In 2013, the highest recorded Manila; Iriga City, Camarines Sur; Juan Konek is part of the ICT Office’s

By the end of 2015, an estimated annual gross income for any Filipino Odiongan, Romblon; Tacloban, Leyte; Digital Empowerment Program which

1.5 million Filipinos had found online online freelancer was that of a Cavite- Pulilan, Bulacan; Calapan, Oriental aims to provide Internet access to the

work through the Internet, earning based programmer who developed Mindoro; and Tagbilaran, Bohol. country’s municipalities, through 7,118

income, with many raking in US dollars mobile apps for foreign clients. He “Filipinos are known worldwide public sites.

in compensation, without leaving the earned P 7.5 million. for their technical skills and Through initiatives such as these,

country. Online jobs can be found through communication skills, as well as as the Contact Center capital of the every Juan can possess the tools they’ll

Among the jobs Filipinos excel in job portals such as UpWork.com, excellent customer service orientation,” world. Online jobs are an extension of need to harness ICT and improve their
are writing, graphic and web design, Freelancer.ph and OnlineJobs.ph. said DOST Secretary Mario G. Montejo. this, but for smaller businesses instead lives, Montejo adds. n InterAksyon.com /
desktop publishing, audio and video Employersareusuallysmalltomedium- “This is why the Philippines is regarded of big ones.”
February 27, 2016 / 5:42 pm

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