For most OFWs including myself, saving for the future is a continuous struggle. I would not call it a savings but I set aside a little amount of money for my annual vacation. That amount would totally be spent for ‘Pasalubong’ and financial dole outs at back home.
Out of the total monthly salary that I receive, 31.97% of that goes to my Mom, 15.96% goes to my Metrobank Account, 25.95% is spent for my SABB Mastercard, 26.12% for my living allowance. I spend most of my money on clothes. I work in a corporate environment and I don’t want to dress shabbily. I owe it to my job, the company I’m working for, my boss and to myself.
The savings I have do not come from my income here in the Kingdom of the Sands. My sister who manages our farm (since our father’s death) gave me 2 hectares of land last year. I financed everything from the planting, fertilizer, labor and everything related to sugarcane farming. In fact, my housing allowance (last year) that company gave on a yearly basis was sent home for my sugarcane farm. We’re expecting the first harvest of my sugarcane on March 2009. According to my sister, the expected amount I will receive from the harvest is approximately Php. 300,000. It could go up or down depending on the PSTC or the sugar content of my sugarcane. That would only be the gross amount since I would still have to pay my sister a management fee. I plan to roll that amount and would try to acquire at least one hectare every year. I could still see myself working here in Saudi Arabia for another 10-15 years so if I acquire 1 hectare a year, that would mean I will have 10-15 hectares of land when I retire. It’s not bad to dream right? (LOL).
Yesterday, our HR Manager gave me a print out of Philstar.com article about savings for OFWs. The Development Bank of the Philippines (DBP) recently launched ‘Deposito ng Bayaning Filipino’. The program gives an OFW an opportunity to earn 8.5% per annum at a minimum deposit of Php. 50,000. In nine (9) years, we could double our earnings. I think this is the best program that a Philippine bank has come up with for the OFWs.
2 comments:
Ako, more than 50% of my earnings go to my family; a little less than 20% to my personal 'hidden' savings; around 20% for my allowances and luho; 10% for dole out to relatives na humihingi ng tulong (napakarami nila!).
I will check out that Deposito ng Bayaning Filipino. Mababa kc ang interest sa atin kahit ng $ deposit.
Hello Nebz, Yeah you should try to check 'Deposito ng Bayaning Filipino' program of DBP. It's not bad to think of our future right? Thanks for dropping a line. Take care.
Post a Comment