It’s been repeated time and time, Overseas Filipino Workers (OFWs) must learn how to save and invest their money wisely. There are many sad tales of OFWs whose hard-earned money vanished in a flash when they reached the Philippines. The key is to have stable investments and savings before returning, so you’ll live comfortably.
Nowadays, it’s not enough that you keep your money safe. You also need to invest in making it grow. If you’re an OFW looking for ways to keep your money safe and growing, here are some of our recommended investment options.
1. Real estate
Real estate is one of the most essential investments for long-term goals, especially for OFWs. Its value appreciates over time, and it offers huge returns if you plan to use it for business. Also, it creates a safety net for OFWs that they will have a roof over their head once they return, whether they have enough money or not.
2. Franchise business
This can be a bit risky because you’re not really there to be hands-on. But don’t fret because there are ways for OFWs to ensure franchise success even while working abroad. If done right, starting a franchise business is an excellent way to grow your money and provide your family extra income for their needs.
3. PERA investment
PERA is an investment, savings, and retirement program offered by banks and regulated by the Bangko Sentral ng Pilipinas (BSP). It’s really meant for long-term goals like a retirement fund. You can benefit from your PERA investment when you’ve reached 55 years old and have contributed for at least 5 years. The best thing about PERA is you get higher returns due to its tax exemptions. It’s tax-free, including the estate tax. You’ll also earn 5% tax credit every year.
Big banks that offer PERA are:
- BPI
- Landbank
- BDO
- PNB
- Metrobank
4. Pagi-ibig MP2
Pagi-ibig MP2 is another favorite investment option for many, especially for OFWs. You can start investing for as low as P500 and earn a dividend of up to 8% annually. It has a 5-year lock-in period, but you can withdraw a portion with sanctions and penalties. MP2 is beneficial for OFWs because they don’t need to do anything to make their money grow. It’s easy and hassle-free.
5. SSS Flexi Fund
SSS Flexi Fund is a savings program exclusively open to all OFWs. It’s meant to supplement your SSS pension benefits. It offers tax-free benefits for members’ retirement, disability, and death. You can also qualify for Annual Incentive Benefits (AIB). You can start your SSS Flexi Fund for as low as P200.
These are just some investment options you can consider as an OFW. Working abroad is not an easy feat and you wouldn’t want your hard-earned money to go to waste. So, research and be wise in investing. Good luck!
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