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Financial Struggles of Filipinos Working Abroad




In the momentum monetary circumstance, the commitment of Filipino representatives, working abroad LENDING From OFW (OFW – Overseas Filipino Workers), is colossal for the nation. As indicated by measurements just in the principal quarter of 2017, profit outside the nation has turned into the fundamental wellspring of pay for 2.32 million Filipino families. Be that as it may, even with high livelihoods, in examination with the compensations of laborers inside the nation, remote specialists likewise need monetary help and regularly apply for an advance, particularly for enormous buys (vehicles, land, and so forth.).

Advantages of Loans for Filipino Workers

By considering the high dissolvability, the Filipino banks are prepared to furnish the workers with any kind of advances (OFW advances), incorporating enormous sums with a speedy endorsement for the buy of a condo, a house, a vehicle, and so forth. Utilizing such recommendations, you don’t have to transmit wanted buys and improving living conditions.

The upsides of OFW credits include:

  • The probability to pick a reasonable credit program;
  • Brisk enrollment of the application, including on the web;
  • Brisk endorsement;
  • Quick cash move:
  • Adaptable credit reimbursement framework;
  • The probability to pick the cash gathering technique;
  • The accessibility of credit programs for the specialist, yet besides an individual from his family.

Stipulations for granting credit to employees working abroad

When all is said in done, the conditions for Filipino laborers who connected to state banks and private money related establishments for credit are the equivalent. The principal condition is that you have at any rate one year of work involved in the last employment. This standard applies to people, laborers both inside and outside the nation.

Abroad laborers have certain benefits: their salary sum enables them to apply for bigger advances. Furthermore, if the work involved with a steady pay is at any rate three years, at that point you can apply with no questions for a home loan in the standardized savings framework (SSS) at good rates. Applying for such credit is conceivable regardless of whether one of the marriage accomplices utilized the program before marriage.

What Banks offer Credits to Filipino Workers?

Credits are accessible to Filipino laborers between the ages of 21 and 65 (at the season of advance reimbursement), while they ought not to have other real obligations. For advances that include enormous sums, the credit notoriety is considered, it ought to be perfect.

The following is the rundown of mainstream banks that offer OFW advances. These include:

  • Pag-IBIG (Mortgage Unit Investment Fund) and SSS (Social Security System);
  • BPI (Bank of the Philippine Islands);
  • BDO Unibank;
  • Security Bank Philippines;
  • China Banking Corporation (CBC);
  • EastWest Personal Loan;
  • AUB Seafarers Loan;
  • PSBank (Philippine Saving Bank) and others.

Loans to Pag-IBIG and SSS

In the system of the “reasonable lodging” program, Pag-IBIG has built up a program that gives a home loan to Filipino laborers who have worked abroad for at least 2 years. Natives of 21-65 years will almost certainly exploit this chance. An obligatory necessity for borrowers is the nonappearance of other credit commitments, unpaid advances, and obligations.

However, individuals who have worked outside the nation for over a year reserve the privilege to apply for home credits straightforwardly in the SSS (standardized savings framework) under increasingly ideal conditions. The program is accessible regardless of whether one of the marriage accomplices has utilized this credit before marriage, yet if there are no postponements and instances of non-installment.

Loan to laborers working abroad in Security Bank

The Security Bank has created loaning programs for Filipino natives working abroad for at least 2 years. For enrollment of a home loan, the degree of profit ought to be in any event 40,000 PHP, and for car credits – 50,000.

The home loan is a vow advance, where bought lodging fills in as security. Simultaneously it is important to pay an underlying commitment of 20% of the house cost. The rates shift between 5.07 – 9.44% every year. An advance can be issued for the buy of an optional lodging, just as new structures. You can likewise spend credit for the development of a lodging.

In the auto loaning business sector of the Philippines there some alluring ideas from the Security Bank. The primary points of interest are generally low financing costs (5.07 – 9.44% every year), quick endorsement, agreeable credit reimbursement terms, little beginning store, absence of underwriter or vow, the likelihood of loaning for the buy of both new and utilized auto.

Borrowers can hope to get 80% of the all-out expense of the obtained vehicle, with an underlying commitment of 20%.

To reimburse the obligation, you can utilize a few strategies: pay month to month in money tucked neatly away as indicated by the timetable. The measure of obligation can be charged from the borrower’s settlement account consequently.

Credit Features:

  • Least credit measure of P30 000 to a limit of P1 000;
  • Pick among 12, 18, 24, and three years advance term;
  • Installment using post-dated checks;
  • Must have at any rate P15 000 gross month to month pay.
  • Advantages of Security Bank Personal Loan:
  • Re-availment of advance is permitted as long as you paid at any rate half of your unique credit sum;
  • The handling of credit application is up to five working days.
  • BDO Unibank (BDO) loans for OFW

Unibank offers purchaser credits, automobile advances and home loans for the Filipino residents working abroad for in any event two years. For the credit and home advance, the compensation ought to be in any event PHP 50 000, and for shopper advances – 10 000. The program is accessible to residents from 25 years, the most extreme age at the season of advance reimbursement ought to be close to 65 years.

Advantages of BDO Personal Loan:

  • Least sum is P10 000 while the greatest sum is P1 000;
  • Fixed regularly scheduled installment with adaptable installment term for as long as three years;
  • Advance continues will be credited to your BDO account;
  • Can be liable to Top Up Loan Feature where you can get a higher sum than your past advance, however subject to the accommodation of extra pay archives;
  • Advantageous application and accommodation of prerequisites at the BDO branch close you.

EastWest Personal Loan

Whatever your fantasies and wants are, EastWest Bank Personal Loan is the fast and simple money related arrangement that encourages you to get the money you need. EastWest Bank Personal Loan is an unbound and non-collateralized buyer advance that is conceded to qualified people for their utilization. This advance office is multi-reason and comes in moderate fixed equivalent regularly scheduled payments.

Advance Features

  • Flexible credit office to suit your particular needs;
  • Accessible in 12, 18, 24, and three years;
  • Acquire with least measure of P25 000 to P2 000;
  • Focused loan cost;
  • Net month to month pay of in any event P15 000.
  • Advantages of EastWest Personal Loan
  • No co-producer and no-guarantee prerequisite;
  • Helpful and quick handling, enabling you to apply while you’re in your office or at the solace of your home;
  • Three to five working days advance application preparing.

OFW LOAN Conditions

Philippine laborers who do their expert exercises abroad make an enormous commitment to the economies of numerous nations. Nonetheless, only one out of every odd bank creates extraordinary loaning programs for outsiders. What’s more, Philippine natives applying for credit must conform to the prerequisites of the association to which they apply.

An application for an advance submitted to the United Bank of Asia might be endorsed subject to the accompanying conditions:

the borrower has finished in any event one work contract at the season of use for the advance;

The nearness of record in the United Bank of Asia (AUB);

The borrower’s salary is at any rate of 1 000 dollars.

Multi-reason advances without insurance are given by the Chinabank banking organization. A non-security advance can likewise be drawn up through EastWest Bank. Notwithstanding insurance, banks may require installment of the accompanying compulsory commitments:

  • Public accountant charge;
  • Once commission for handling the solicitation;
  • Charge on narrative printing.

To appropriately set up an application for an advance, it is prescribed to get some information about the need to make these and different costs.


In a few circumstances, the frontal area is the speed with which the bank is prepared to give a choice on issuing a Lending For OFW. Notwithstanding the particulars of individual conditions, the residents of the Philippines can rely on operational money related help.

Metro bank enables you to draw up credit and move cash to the Philippine record in only 24 hours. Money is moved from hand to hand to the beneficiary, situated in the Manila agglomeration, following 24 hours. Conveyance to the common districts is completed in 2-3 days.

You can likewise make money LENDING FROM OSW from the domain of accomplice banks. The accomplices of Metro bank incorporate such associations as Cebuana Loye, LBC or Palawan Pawnshop. Another preferred position of Metro bank is the likelihood to pay service bills while being outside the Philippines.

BDO bank rapidly procedures demands for vehicle advances. Its endorsement can be gotten in only 24 hours.

Endorsement of an advance inside 24 hours is an extremely fast activity. Preparing applications for credits by numerous banks takes around five days. Simultaneously, establishments working with Filipinos abroad give adaptable alternatives to making cash moves as quickly as time permits after the finish of the exchange.

Michelle has been a part of the journey ever since Bigtime Daily started. As a strong learner and passionate writer, she contributes her editing skills for the news agency. She also jots down intellectual pieces from categories such as science and health.

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City Retirement – Why young people aren’t the only ones interested in urban living




Offering the most exciting concentration of retail outlets, social outings and career opportunities, cities are becoming extremely popular destinations to live in. You should be able to guess the main demographic of people that want to live in cities, but overall it isn’t as clear cut as you might think.

Here’s a bit more information on why this trend is beginning to grow in popularity among pensioners and retirees, and why it might continue to be a popular choice in the future, due to developments in technology.

Who wants to live in the city?

A large majority of the people that come to live in the city are young people, either living close by to their university during study time, or looking to work and live in the area in order to aspire higher and make the most of the opportunities for socialising and work that it affords. That being said, young people aren’t the only ones living an urban lifestyle, and an increasing number of older people are looking for similarly designed city-centre apartments and homes to retire into, reaping very much of the same benefits as the youngsters. 

Referred to by the Telegraph as ‘super-agers’, this growing niche group of older urbanites are estimated to be on average in the ‘mid-or high end affluence’ category, and want to spend their money on getting the most they can out of their retirement with their savings. This is good news for investors, local businesses, and larger city development in general.

What do young city tenants and retirees have in common?

Almost coming full circle in terms of living requirements and demands, the living situation and choice in housing style is surprisingly similar between people young and old. Here are a couple of key similarities:

Manageable studio apartments/flats – Most students or young people living on their own or with partners within the city want small, compact apartments that are easy to maintain and don’t get in the way of busy lives and schedules. Older people are very much the same in their apartment needs and wants. Many moving to the city downsize and sell their family homes in favour of something more manageable and simple, that is relaxed enough but doesn’t require a lot of travel to reach various facilities.

Examples of these apartments include the likes of One Baltic Square and Bridgewater Wharf, luxury residential apartment buildings offered by RWinvest in Liverpool and Manchester. These sorts of buildings are well placed in their respective cities, providing sleek interiors and ease-of-access to the surrounding amenities.

Proximity to the surrounding city – Again, having a solid social life and friends around is actually something high on the list of priorities for both young people and old people alike. Young students, for example, want to make the most of their time at university, forging new and long-lasting relationships with course mates and friends, while the elderly want to enjoy their retirement and get out to different social activities and events as much as possible.

Ease-of-access and opportunity for travel – Being within a city puts a ton of different facilities and amenities within walking distance of where you’re living, but it also helps to connect you with the wider country, making it much easier to get around. In Manchester for example, the northern great city, there are train links, buses, access to the airport, and even a tram service. This bonus benefits young students living away from home that use the train to travel back and forth, but also elderly people who can easily hop on-and-off public transport as they please, and access airports and long-distance trains without having to plan ahead.

How will cities benefit retirees in the future?

As technology increasingly interweaves itself with cities and the way they are navigated, nearly everyone will benefit from an increase in accessibility and productivity. However, certain developments that are being made in cities around the world will really help to make them inclusive for the elderly and disabled, in ways that they might not have thought previously possible. 

One great example of this is the ‘Virtual Warsaw’ project in Poland, which aimed to make city traversal much more accessible and possible for the visually impaired. By creating a series of different network transmitters across points-of-interest around the popular city, visitors and locals could be alerted to their location via smartphone, making them aware of everything from dangers to local museum opening times and bus stop locations. This sort of development wouldn’t necessarily be possible in rural areas, and so displays a level of social inclusion that only cities would be able to achieve. 

To add to this, you might have heard of the phrase ‘internet of things’, which refers to the interconnectivity between home devices and appliances that allow for them to be controlled through one another. This trend is also permeating modern building techniques, and it is quite probable that in the coming years, building features such as internet connectivity, heating and security will be connected and automated on a tenant/landlord’s behalf. These sorts of developments will benefit both the investor/homeowner and the tenant going forward.

Which cities are the most popular for students and retirees

It’s a great time to be an investor in the UK at the moment, as there are many different cities across the country with exciting prospects and unique features. But which are the most popular among young students, and which do retirees seem to gravitate towards?

Students – Oxford & Cambridge – Most cities in the UK with prevalent universities attract an abundance of young people during term-time. Despite Manchester holding the title for one of the largest student populations in Europe, Oxford and Cambridge perhaps unsurprisingly take the cake for the most young people. Oxford in particular has the highest share of residents aged 18-24 in the entire country. Students aiming for greatness in these cities can expect to also pay great sums to find accommodation, however, as quality living arrangements are hard to come by due to their partial scarcity.

Retirees – Blackpool

Providing the seaside attraction while still maintaining a partial city feel, Blackpool is the city in the UK with the highest percentage of older people. A study by the Guardian estimated that five out of ten English people want to move when they retire – and the city presents new social opportunity – although they also prioritise peace and quiet, and aren’t happy in overcrowded areas like London, which can be a daunting and overwhelming prospect. Blackpool seems to currently provide the best balance for those that want to ‘dip their toes in the water’ of city life.

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