OFW Remittances Have Soared Past The $17B Mark As of Nov 2010 - BSP

The $17B OFW remittance from Jan-Nov 2010 is around P748-B! It's a very big amount infused to our local economy. (See Source).

If only our OFWs can make it a habit to save just one percent (1%) of whatever money they earn abroad, which is equivalent to P7.48B, they can very easily put up a big OFW BANK (commercial bank) just from their 1% savings! The minimum required cash capital to put up a commercial bank is only around P3-B compared to their 1% savings of P7.48B!

Halimbawa lang po: Kung ang karamihan ng OFW ay kumikita ng average of P30,000 a month, ang 1% savings po ay halagang P300 lamang o kaya P150 sa akinse at P150 sa katapusan. Mas malaki pa po ang ginagastos ng kanilang mga anak sa Pinas sa load ng celfon o kaya panglaro sa online games na iba ang nakikinabang, yung mga dati nang mayayamang malalaking negosyante. Bakit hindi po natin gamitin yun para sa inyong kapakanan this time which will bring long-term economic & financial benefits to you and your loved ones.

Pag 2% ng kanilang kinikita ay itatabi aba that's around P15-B in just one year. E ang BDO ang CASH ASSET po nila noong end of 2009 ay nasa P32 Billion lang po, ibig sabihin kung magtabi lang ang OFWs ng 4% ng kanilang kinita sa buong taon that's P30 Billion at katapat niyo na po kaagad ang BDO, sa isang taong pagtitipid lang po yan. E lalo na po pag ginawa nyo pong regular habit na yan taon-taon naku po mauungusan na po ninyo ang BDO. See http://www.bdo.com.ph/aboutus-... for reference.

Tunay na maging dakila ang mga OFW po natin kapag nagmamay-ari na po sila ng OFW BANK. Ganito po ang layunin ng mga kababayang OFW po natin na nagtutulungang paitaguyod ang pagtayo ng OFW BANK. Patuloy po nating itaguyod ang ganito pong layunin upang mapaangat ang kalagayan at kapakanan ng mga OFW. Mabuhay po kayo.

Maaaring may mga nagdududa po at nag-iisip na baka raket lang po ito, kaya yun po ang iniiwasan natin na maging kaisipan ng mga kababayan natin kaya po we don't encourage any collection or contribution of anything, we do everything voluntarily because I believe that if God has blessed this idea, God will use many people, events and circumstances to make this dream a reality.What we encourage here is for our OFWs to start make saving money a habit. 

Never dream for an OFW BANK if you cannot even learn to save just 1%, 2% or 5% of your income. It takes some kind of self-discipline and determination. Kailangan po minsan marunong tayong tumangging pondohan ang luho ng ating mga anak kung tayo po ay seryoso sa ating pagnanais na mapaunlad ang kanilang buhay at kinabukasan, at upang mas maagang makauwi "for good" ang ating OFWs.

Mabuhay po ang ating OFWs!

RELEVANT ARTICLES HERE:

• Save Money By Watching Out Your Spending Habit First! 

• How Can We Put Up The P3B Fund For An OFW Bank?

• How To Make The OFWs An Economic Powerhouse?

• Creative Business Ideas And Reactions Generated By The GMA News About The P1-billion Loan Program For OFWs

• OWWA & POEA Boards Now Open For OFW Nominations

Recent Emails Received Through The OFW BANK Incubator Blog

Over the week, may mga natanggap po akong mga email sa pamamagitan po ng ating blogsite using the email address "makabayangpilipino143@yahoo.com", and let me publish them here to keep you abreast of these developments.

I have tried to "hide" their personal details to keep their privacy, unless they will advise me to the contrary. Their emails are as follows:

From DONVERCAS, an electrical/instrumentation instructor and Oil & Gas Operation/maintenance Consultant:

“I was deeply touched with the makabayan ideas of yours and I hope this will happen soonest the better to have OFWBank that all over the world OFW will contribute mabuhay ka makabayangpilipino.

To be exact 30 years na akong OFW and I had a lot of ideas want to share with as well for the benefit of mankind. Regards and thank you.”

From DARYL of qdvc.com:

“sali ako dyan when do we start”

From Michelle Stone of pho_art:

“Hi there!!! Just want to register to receive “newsletters” if possible…Thanks a lot & God bless!!!”

From Andy P. of a known bank in New Zealand:

“Manigong Bagong Taon sa iyo, sa iyong pamilya at sa wider community na iyong kinapapalooban!

I’ll focus on clarifying your requirements.  Basically, the site would be some sort of a forum/blog website with a touch of a social-media network engine (ala facebook).    Some of the system/applications that would be built unto the site resembles that of a “virtual bank” where members would make deposit and withdrawal so as to mimic the updates on their actual savings or pledged capitals.   All updates by its members are gathered real-time by the system and then publish the updates on a graphical form (something like a stakeholder report or financial statement).   I could see the big picture and we could come up with that kind of web application.   Though, there may be some technical limitations if hosted on a free site domain such as blogspot or twitter.   A work-around is to host the other applications in some other domain sites and integrate it via URL on the main forum site and blog site.   I’ve now started to integrate a forum unto a blog site in one of the free domains and hopefully be able to present it to you in the coming weeks.

As for my suggestions on the site building, we could also incorporate an auto-email subscription facility such that all members will be sent an email on regular updates, monthly report and forum topics.   This will somehow encourage the members to get involved in the process and promote the site to their friends and relatives.   The forum application could facilitate posting from its members either via online or via email since replying via email would be an easier way to voice their opinion.  In addition, we could promote the site further by adding facilities for integration unto the wider social media networks such as facebook, twitter, linkedin, Friendster, etc…  I think most of the OFWs would have an account on at least one of these social media channels.   Please let me know your thoughts on this.

As for the blog site, since you are teaching financial literacy, I would also suggest if

Save Money By Watching Out Your Spending Habit First!

The following article about saving money is a very sensitive topic and this is not for the faint of heart and onion skinned, more so when we touch about the common spending habit of most. At least I have warned you. But keep on reading as it might just also wake up your senses. This will also help us save money to be invested later for the OFW Bank that we are pushing to realize.

SAVING MONEY IS AN OLD IDEA

Saving money is not new to us because since the time when we were little kids our parents have already taught us how to save money. And now that we are grown ups and have become fathers and mothers to our kids, we have been urging our children to save money too.

But have we become good at saving money? If we are good at it, then how come we have not saved much? Well, one might argue that how can we save money if our income is very limited.

SAVING MONEY....PANG-MAYAMAN LANG BA?

But do you know that saving money is not only for those who are earning much? In fact, saving money is more necessary for those who earn little! 

Ang pag-iimpok ng pera ay hindi para lamang sa mga may malaking kinikita. Kundi sa katunayan, mas lalong kinakailangan na mag-impok ang mga manggagawang mas kakaunti ang kinikita.

Ngunit paano? Papaanong makapag-impok ang isang manggagawang maliit ang kinikita, na kadalasan ay kulang pa ang kinikita kaysa kanyang mga gastusin at iba pang pangangailangan? 

CAN THE LOW-INCOME EARNER STILL SAVE MONEY?

Is saving money still possible for people with low income? For people whose income is not even enough to cover their expenses?