(Editor's note: This article was written by MoneyMax, the Philippines’ foremost online platform for comparing financial and telecom products and services, for ABS-CBNnews.com. Find out more at MoneyMax.ph)
MANILA, Philippines - The Philippine Overseas Employment Administration (POEA) recorded more than 2.2 million overseas Filipino workers all over the world as of 2013.
OFWs, as they are commonly called, are the heroes of our generation or mga Bagong Bayani. They choose to be away from home to provide better lives for their families. Many of them are waiting for the day they can finally come home without having to work abroad again.
“Working abroad isn't always what I want to do” - that's what most OFWs will tell you when asked about whether or not they plan on coming back home for good. Most people who work abroad do so to broaden their horizons while providing for the family at the same time, but most of our heroes still want to retire and live closer to their families left home.
One of the ways that OFWs plan for eventually returning to the Philippines is to invest, but in what, exactly?
According to a 2014 report by the Central Bank of the Philippines, OFW remittances go to household needs such as food and utilities, education of the household members, medical expenses, debt payments and savings. While away, many do their best to provide for their families’ needs while preparing for the future.
Most OFWs invest in fixed assets like real estate; some choose to put up small businesses. However, there are plenty more ways to make your money work for you while working abroad.
There are investment opportunities everywhere for anyone interested, and it takes a minimal amount of study, along with looking into the right kind of investment and the best financial advisors and institutions to help you grow your money.
Here’s a handy little infographic on what investment opportunities for OFWs there are out there.