Are you OFW or OFIE ? Break the Culture! Be an OFIE

"The wicked borrows but does not pay back, the the righteous is generous and gives" - Psalm 37: 21

"It is better that you should not vow than that you should vow and not pay" - Ecclesiastes 5: 5

From spender to saver to investor and entrepreneur, that is the transformation we dream of for every Filipinos not only for OFW but to all Filipino. 

OFIE stands for Overseas Filipino Investors and Entrepreneurs, the term was introduce by our personal financial mentor, Mr. Paul Gamboa. This man dreams that this is the right time to change OFW to OFIE and I salute his vision and advocacy to teach OFWs to become investors in the Philippines while working here in abroad. This one man’s advocacy has inspired other OFWs-turned-OFIEs to continue sharing his vision and as such, non-profit organizations like OFIE-M in Qatar has already taught hundreds of OFWs in Doha to start not only investing in the Philippines but plan their financial goals and prepare for it while still working abroad.

Why an OFW need to become an OFIE?

For more than 6 years as OFW working here in the Middle East, I met a lot of OFW and fellow Filipino who stay in abroad for the longest time of their life. Being a concern individual I ask them what keep them holding back to return in the Philippines, to stay with their love ones and family? Most common replied, financial issue.

Filipinos are the most talented and hard-working employees in the world. This is a reason why international companies, in the Philippines and abroad, highly regard us as part of their workforce. The sad thing is that most OFW's go home broke—in finances and in relationships. They spent many of their productive years working abroad for their loved ones; sacrificing not coming home for so long to provide a good life for family but end up with nothing in savings and investment. They never saw their kids growing up, missing a lot of bonding moments with their family and when the time comes to finally return home, they realized that their children have moved on with their own lives.

But being an OFIE can provide a win-win scenario financially, and later will help to solve the issue of migration. With financial knowledge, we know that regardless of the market conditions and economic situation, we can save and invest for the future. Take this case. When the value of dollar goes up and becomes strong, OFIEs have additional money to invest, to buy shares/ stocks of blue-chip companies in the Philippines or purchase government bonds. But when the reverse happens (“weaker dollar”), our investments grow and profit comes. So in either situation, OFIE wins. Hence, are not bothered as much as others who rely only on one income stream to provide their financial needs.

OFWs are known as the modern-day heroes in that they bring billions worth of remittances back to the Philippines, stimulating economy through robust consumer spending. Yet while OFWs excel in their chosen careers, they are never masters of their own financial life. If OFWs will be trained and taught even the basics of financial planning and money management, they will go home happy and fulfilled.

How OFIE can make a difference?

Teaching OFW to be conscious of his expenses, learning to differentiate between needs and wants, is part of what   OFIE-M’s financial literacy program. Started in 2011, the organization has received official recognition from the Philippine Embassy in Qatar in September 2012 as the only non-profit Filipino organization in Qatar that teaches about financial literacy and entrepreneurship.

OFWs need to be taught the values of saving and managing their own finances and encourage them to continually learn and involve their families in the process of planning and managing their hard-earned money. By starting to take action such as saving money in the bank for emergency purposes or opening a mutual fund account or getting health care and insurance policies, we help create a new generation of Filipinos who are not only savers but investors and entrepreneurs as well. It may not be easy at first but it is possible. You need to believe, make the commitment and encourage others to do the same.

Now is the best time to change our culture from OFW now lets turn it into OFIE. It's more fun investing in the Philippines.

Here is the report by GMA about the real situation of OFW after returning home.

There were also those who said, “We are mortgaging our fields, our vineyards, and our houses to get grain because of the famine.” And there were those who said, “We have borrowed money for the king's tax on our fields and our vineyards. Now our flesh is as the flesh of our brothers, our children are as their children. Yet we are forcing our sons and our daughters to be slaves, and some of our daughters have already been enslaved, but it is not in our power to help it, for other men have our fields and our vineyards.”                 - Nehemiah 5: 3-5

P.S. 1. Bernard B. Anduyon is an OFW based in Qatar. He is a speaker and trainor for OFIE-M (Overseas Filipino Investors and Entrepreneur – Movement), a small group of Filipinos that advocates and teaches fellow OFWs to be investors and entrepreneurs. He is also a long-time member of Bo Sanchez' Truly Rich Club http://bernard.trulyrichclub.com. 

P.S. 2.  If you, your family or friends are based in Qatar, then I’m inviting you to attend our financial literacy talk series every 1st and 3rd Mondays of every month at Al Thumama, Doha. I give talks on diverse topics such as abundance mindset, financial planning, investing and entrepreneurship for Filipinos. I am also a trainor for PINOYWISE-ATIKHA, promoting awareness on issues affecting OFWs and their families as well as financial literacy.

If you want a financial coaching, you can send email to b_anduyon@yahoo.com

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