The existing work contract abroad comprised 94.9 percent

The Philippine government have the eagerness of becoming our nation a progressive, well-develop, and a well-stimulated economy. One of their strategical way to attain these desires of the country is to send Filipino workers to migrate outside the country that was started way back 1417 under Spanish people, from the administration of the former president Ferdinand Marcos(1970-1972), after the World war 2 where he sent approximately 100 thousand Filipino workers, excluding students and professionals in the United States of America, and in some places like Hawaii, Alaska ,Europe, Canada and in some Asian countries(1906-1960s). According to the Philippine statistics authority survey from (2010-2017). The number of Overseas Filipino Workers(OFWs) who worked abroad at any time during the period (April to September 2010) was estimated at 2.0 million. Statistically, those with existing work contract abroad comprised 94.9 percent (1.9 million). Based on the survey, Saudi Arabia was the most preferred destination of OFWs with 22.1%. The other preferred destinations were: United Arabs, Qatar, Singapore, and Hong Kong. The total remittances sent by OFWs during 2010 was estimated at 141.2 billion pesos. These remittances included cash sent home (146.0 billion pesos), cash brought home (45.7 billion pesos) and remittance in kind (11.1 billion pesos), and the laborers and unskilled workers comprised the biggest share with 20.6 billion or an average remittance of 39 thousand pesos per OFW. A total of 1.9 OFWs sent cash remittances to their families from April to September 2016.The majority of OFWs sent their remittances through banks (60.3%). The total remittances reached (203.0 billion pesos). Of this number, 36.9 percent were able to set aside savings from their cash remittances. Regardless, of the amount of the cash remittances sent, for every ten OFWs, about seven (69.2%) were able to save more than 20% but not greater than 30% of the total amount received. Around 20% saved about 25 to 49 percent of their remittances and one (11.5%) saved 50 percent or more. One of the five OFWs saved about 25 to 49 percent of their remittances/earnings and one out of ten OFWs saved 50 percent or more. There are currently more than 1.8 million OFWs who sends around 800 Billion pesos every year to the Philippines (2017 SOF). Republic of the Philippines comprises 7,107 islands. With approximately 100 million people currently living in the Philippines, it is ranked as the 12th most populous country in the world. Our economy heavily depends on the remittances from the Filipinos residing overseas and investing in the homeland. More than 10 million Filipinos are currently living abroad, and a one of the fastest developing economies in Asia. According to the Asian development Bank, the GDP growth rate is 7.6% higher than the remittances from the last year and accounted for 8.4 % of Philippine gross domestic product (GDP) in 2013. 6.1% where Philippines was the third-highest recipient of migrant remittances next to India and China. It was 7.6% higher than the remittances from the last year in (2014) and Inflation, Current Account Balance in 2015 is estimated to be 6.4%,2.8%, and 4%, and an outlook on ADB in 2016 is 6.4% up from its March projection of 6%. For 2017, it decreases back slightly to 6.2%, but is still higher than the previous forecast of 6.1%. However, inflation is seen moving up to average 2.8% in 2017, as global oil prices and domestic demand rise. The Philippines is one of the developing economies in Southeast Asia. In spite, of the hardships of the Philippines in terms of exports, remittances from overseas Filipino workers, and foreign direct investments, during the 2008 global economic crisis, there was a growth development in the economy in previous years. Sadly, In the Global Competitiveness Report 2014-2015 of the World Economic Forum, Philippines is ranked at number 91 among 144 countries. Undoubtedly, we don` have a quality of investing, an infrastructure, indeed. The country dependently relying in other countries for funds. Their economic growth can primarily be associated to the remittances from the (OFWs), as well as the growth in the Business Process Outsourcing (BPO) sector. In spite, of these struggles the persistency of the Filipino spirit and the positivity of their minds still reigns in their hearts and deeds for the sake of their loved ones.
Some Filipinos need to go to other countries to meet their deepest needs in life, one of the main reason is to sustain their own family. Unfortunately, most OFWs comes back in their homeland, left with tears in the eyes, empty pockets, and some tragic experiences from sources of incomes or some serious frustrations in managing a business here in our country. First and foremost is the lack of financial goals. Most migrant workers do not plan before. Some believe they can keep working overseas permanently. But overseas employment is temporary at best. Statistically speaking, based on 2016 Mastercard survey, the Philippines score and ranking in the financial literacy index declined four points from the previous year. Filipinos ranked 10th in terms of basic money management down seven places from its previous rank. And we`re ranked 11th among 17 countries in the Asia-Pacific region based on financial planning, knowledge of financial products and services, and the ability to make long-term financial plans. Our country was at No. 12 when it came to investment knowledge, such as basic understanding of investment risks, investment products and investment skills. Meanwhile, a Standard & Poor’s (S;P) Ratings Services survey found that only 1 in every 4 Filipino adults is financially literate. The Philippines was grouped with different country`s banks, in the bottom of the survey. Money experts all agree that if the OFW fails to save sufficient cash or to invest intelligently, they will come home with hardly any assets. A study by the International Monetary Fund (IMF) revealed that many OFW families are declining to work on their own and rely too much on remittances sent to them, with extended families like the closest relatives expecting to be rescued out by the family member working abroad. A financial crisis, a sudden illness or an accident can always be the reason of leaving work in abroad. Herein, the most valuable thing that a one Filipino can possess are these so called “assets”, where it covers all the wholeness of this study giving the safest way to invest, where money is just a part of the plan- says, Robert Kiyosaki, and a one person does not need to possess a large amount of money in order to make a good starting but, will have a poor ending later on- says, some financial experts. There were some previous studies about domestic helpers, where ideas are overflowing making these possible brilliant ideas from our fellowmen and suggestions of some financial experts which is scientifically based from their own experiences. This aims to show or expose to our greatest heroes, our “Domestic helpers”, some practical ways and helpful insights towards financial matters in the country. This study is exclusively for Filipino people who are struggling outside the country with the following questions as guidelines:
Main question:
“An easy way” and the “I knew everything” attitude, were the two biggest stumbling blocked for most OFWs in business. When in fact, they have these questions in their minds, like `where are we going to start? And how are we going to do it? what are the consequences after taking those risky actions? The 2011 findings accomplished by Social Enterprise Development Partnerships Inc. has exposed shocking results, that 1 out of 10 OFWs remains financially destroyed while there are approximately 80% goes back to their homeland without any savings or investments. Ideally speaking, it`s just about `Financial literacy`, which is very important to save money smartly and invest wisely, but majority of our countrymen never acquired high education in the country. But fortunately, with practical thinking with great common sense can also produce positive results which can create a big difference.

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