OFW Bank Incubator Project

Former OFW In Saudi Arabia Now Earns Twice More With Her Home-Based Business

noreply@blogger.com (OFW Bank Incubator) — Sun, 24 Apr 2011 23:41:00 +0000

A former OFW who worked for 14 years as a midwife at the Saudi Arabia Naval Base Hospital now earns more than twice her original income as an OFW when she established a modern birthing home in her hometown in General Santos City.

Dolores Batchanicha put to good use the advanced training she received from the British midwives while working in that Naval Base Hospital in Saudi, on top of her previous local midwifery experience at a local hospital in Davao City to make a difference in their province by offering them modern pregnancy-related services.

She received further technical and financial assistance and business skills from the United States Agency for International Development (USAID) through the referral of her colleagues in the Integrated Midwives’ Association of the Philippines (IMAP).

Her modern birthing home facility is a better alternative to the traditional “hilot” or home-assisted birthing by traditional attendants. Established in early 2006 in Calumpang, General Santos City, the modern birthing facility has already earned the accreditation of the Philippine Health Insurance Corporation (PhilHealth), and it is also one of the recipients of the PhilHealth Awards for Excellence in Health Services last year 2010.

Dolores Batchanicha was also honored by USAID for such an accomplishment during the celebration of the International Women’s Day held recently. She is not only earning more than twice as much what she used to earn working abroad, but more importantly she is now reunited with her family and regaining those precious moments she missed for the last 14 years.

All these she gained by her humble creativity in making the modern health care for mothers accessible to her local community. May this be an encouragement to our OFWs to save as much money while working abroad, rather than buying all those modern conveniences and excellent food around, and learn as much modern techniques of your trade, and later come home to our beloved beautiful country to put up your own businesses here.

There are a lot of business opportunities awaiting for you here, just identify specific needs of the community, local and foreign, and you will surely reap financial rewards. OFWs can even realize their huge economic influence by grouping together and pooling their resources to come up with several businesses and services like what is being incubated and propounded here, such as:

1) Setting up an OFW BANK financed through the financial contributions as investments of the OFWs to this bank. Common shares will be issued to the contributing OFWs. Go to this page for suggestions on how to fund the project.

2) Putting up Retirement Village(s) for foreign retirees, owned and operated by OFWs and the fees shall be in Dollars, Euros, Yen similar to what they pay in their home countries. The facility shall be applied for PEZA (Philippine Export Zone Authority) accreditation being export-oriented services. Tax exemptions can be availed for the first 5 years if this project is accredited with the BOI (Board of Investments) because it is part of the Investment Priority Plan (IPP) of the Government. The IPP for 2011 will be published soon.

This project can also enjoy free marketing and promotion abroad if this is accredited by the PRA (Philippine Retirement Authority) because this is one of the sunrise industries that is being vigorously encouraged by the Philippine Government. These privileges are now being enjoyed by foreign investors, why should not we take advantage of these tax privileges too! In fact, they are now scheduling the first ever Philippine Retirement & Healthcare Summit in collaboration with the Philippine Retirement Authority and the European Chamber of Commerce of the Philippines (ECCP) and the American, Japanese & Korean Chambers of Commerce in the country.

3) Organize OFWs into several cooperatives to be involved in real estate development where other OFW members will be its own clients, be operated as a cooperative and be accredited under the CDA (Cooperative Development Authority) to enjoy full tax exemption as a cooperative.

Spend some time browsing the government websites through the links provided above to know of the awesome privileges that are open to you being a Filipino businessman. Foreign investors are also enjoying the said privileges.

You may not be able to do it by yourself, unlike Dolores Batchanicha, but we can pool together our talents and resources and become even more competitive. That is what the spirit of EDSA is for.

You will surely earn more than you would think of by simply addressing the needs of our countrymen, because people will always be willing to pay you when you have addressed their needs. And I tell you, the market is so huge, and also the local employment we can generate.

The country needs you!

Local Job Vacancies our OFWs From Libya Can Fill In

noreply@blogger.com (OFW Bank Incubator) — Thu, 17 Mar 2011 06:38:00 +0000

Here’s one good news for OFWs returning from Libya. Labor officials at home advised the returning OWFs from Libya to keep their mobile phones on for possible job offers at home as there are over 6,000 job vacancies for Philippine-based US firms and local mining companies that Filipino skilled and professional workers can readily fill in.

Labor officials said the profiles and job records of our returning OFWs gathered by the Labor Department will be turned over for possible job matching to more than 30 Philippine-based companies in need for professional and highly-skilled and experienced workers.

The US Embassy will in fact hold a 3-day job fair on March 18-20, 2011 at SM North Edsa, also intended for this job matching. Other job vacancies for the mining industry such as field nurses, engineers, chemists, geologists, accountants, safety engineers and managers, riggers, electricians, welders, surveyors, research specialists, secretaries and construction workers were also identified during the Mining Industry Tripartite Council Forum last Wednesday.

The Labor Department will also solicit and identify more job vacancies during their meeting with the European Chamber of Commerce and Industry (ECCI) and the Federation of Filipino-Chinese Chamber of Commerce and Industry (FCCCI). This is part of the government’s reintegration program for returning OFWs not only from Libya but also for those who worked in other countries who wants to return home for good.

Our repatriated OFWs who stay home for good can also avail of the government’s financial grants and loans to start up a business of their own and grow them.

How To Rise and Come Out Stronger From The Libyan Crisis

noreply@blogger.com (OFW Bank Incubator) — Thu, 17 Mar 2011 06:37:00 +0000

Per latest reports, around 11,000 OFWs have been evacuated out of Libya while there are still about 34,000 Filipino workers who need to be evacuated to safer territories. The Philippine authorities and representatives in Libya and nearby states are hard pressed to move these number as quickly as possible inspite of the great risk that they have to go through because both the pro and anti Gaddafi forces are spread along these possible escape routes.

To be diplomatically correct, it is best to defer my personal comments about the embattled Libyan leader and how he managed the petroleum dollars which evidently did not become a blessing to his country and his people that's why they have this widespread revolt.

But by reflecting on this current event, it only underlines the necessity for our OFWs to save as much money during good times because you can never tell what would happen next, because who would have thought that Libya would go down in history with this bloody revolt. In fact from what I have gathered, some OFWs have stayed in Libya for more than 10 years and they raised their family there because they found that country to be safe and peaceful. But that was before.

Saving as much money as possible during good times will determine one's welfare and survival when the bad times come. Even the Book of Proverbs tell us to "Go to the ant and consider its ways and be wise! It has no commander, no overseer or ruler, yet it stores its provisions in summer and gathers its food at harvest." (source: Prov 6:6-8, NIV 2011)

The storing of provisions in summer and gathering of food at harvest have become so natural to the ants. No need for any commander, supervisor or ruler or nagging wife to pressure them to save as much, they just did it naturally, day in and day out, considering the fact that the ants are creatures of little strength. But what made these ants do that? It's because they are wise in their ways.

Your wisdom, your mind will make you do that. When a person is convinced that saving money during good times will benefit him much more than spending that hard earned money because he deserves it anyway - that person will surely reap the rewards in due time in its perfect season of plentiful harvest.

The number of OFWs in Libya alone has reached around 45,000 or maybe more, and assuming that each one of them saved P5,000 a month for the last 12 months they would have collectively raised P2.7 Billion thereafter. That P2.7B is enough to put up a big bank like an OFW Bank. And that's only from the OFWs in Libya, and just imagine if the other OFWs will join them.

But this is now water under the bridge because the bad times have come. The laptops and sleek TV set and the nice and overpriced house back home and the branded shoes and jackets and sunglasses and pricey electronic gadgets of the kids won't matter anymore when one does not have a source of income anymore. Just turning on the arm's length wide LED TV set and the 2-door stainless refrigerator is an added expense because of the high cost of electricity.

But one should not feel condemned because it's not the end of the road for you. Don't worry if you are left out empty after the last harvest season, just remember that after the harvest season where the fields turn into golden yellow, there always comes the planting season!

During the planting season, what you see is mud everywhere and the terrain is gloomy and it's not enjoyable to walk around, and the rainwater on the ground becomes smelly and just dirty. Life, after losing some golden opportunity for growth, may have much semblance and may feel like the muddy ground after the harvest time when the sky looks dark and dim all day long with no sunshine at all for several months.

But realize my friend that the absence of the bright sunshine and the heavy rain is just perfect to redistribute the nutrients on the ground and fertilize again the farmlands and make it perfectly ready to receive and germinate the seeds to make them sprout and grow them to become your next bountiful harvest in due season.

Therefore, do not fret when God allowed you to miss the last harvest season because what comes next is the planting season for you. And whatever and however you plant will always determine your next harvest. whatever seed you invest into this muddy soil is the seed that will soon give you your next bountiful harvest.

So every season, be it sunshiny or rainy, is an opportunity for you. The planting season is your opportunity to invest. And that investment may not be necessarily setting aside some money, but maybe it's more about making a firm decision as to how much and in what way can you save money on your next opportunity. And that next opportunity is coming.

To those of you who are not directly affected by these recent crisis in the Middle East, don't wait for such turmoil to come before you make up your mind to save some amount and make it your seed money when the next investment opportunity comes.

Just imagine if 500,000 OFWs around the globe decide to save an average of P5,000 per month for 12 months. That one year effort will raise some P30 Billion! Just imagine the huge business that our OFWs can collectively put up with that amount!

Doing it for the next 5 years, our OFWs can raise some P150 Billion! That amount can already create a business empire employing thousands. Just assuming that the P150 Billion will earn at least 9% a year, that's P13.5 Billion annual income.

But if the OFWs won't make up their mind and pursue these things, these will remain a dream, an imagined business, an imaginary income, a potential job and income generator by the thousands. Without any purposeful action on the part of the OFWs, these dreams will remain just an untapped potential even 5 years from now.

And our children will be left condemning the government again for being unable to provide them the jobs they needed at home, and they will again be separated from their families to work abroad - thereby repeating your life's story again in theirs -- simply because we refused to do what is within our means during our our time.

But today is never too late. Tomorrow is still an open opportunity. Let's make up our mind while the opportunity is still great. Kelan pa ba tayo magsimulang kumilos? Kung nasa US$180/barrel na ang petroleum? Pag nagkataon, tig P3,500 na ang isang sakong bigas noon.

OWWA & POEA Boards Now Open For OFW Nominations

noreply@blogger.com (OFW Bank Incubator) — Mon, 31 Jan 2011 06:23:00 +0000

May mga magagandang balita po nayon para sa ating mga makabayang OFW! Sa wakas, our OWWA and POEA, for the first time, are now accepting nominations for OFWs or OFW representatives to become part of their respective Board of Trustees, in compliance with the Migrant Workers and Overseas Filipinos Act.

At least 3 representatives of OFWs shall sit as part of the respective governing board of OWWA and POEA, and these representatives shall come from the land-based sector, sea-based sector, and the women OFW sector.

Suriin niyo land po ng maigi na hindi mga dummy ng mga politiko ang maiupo dahil baka gamitin lang po ang kanilang pwesto para maikampanya ang politiko overseas pagdating ng 2016! I encourage our OFWs na makialam po kayo dahil ginawa ang batas at hakbang na ito para lang po sa kapakanan ng OFWs at nawa maging ganoon nga po dapat ang maisakatuparan. I am not imputting anything on anybody here, I am just encouraging everyone to be wise, be vigilant and be cautious to ensure that indeed this time POEA and OWWA will indeed serve to promote, enhance and protect the welfare of the OFWs. Dahil dati inubos po halos ang $25 contribution po ninyo sa OWWA noong ginamit ng nakaraang nakaupo para pondohan ang libreng Philhealth na pinamudmod sa mga bayan-bayan upang maisulong ang kanyang kandidatura.

The Nominee must be at least 25 years old, able to read and write, and a real migrant worker at the time of nomination OR with at least 3 years actual experience as a migrant worker. Representatives for the 3 sectors may be nominated only by Non-Government Organizations (NGOs) which have an outstanding history in the protection and promotion of the welfare of our OFWs.

To qualify, these nominating NGOs must be registered with the appropriate government agency and should be certified by that agency as "of good standing" and these NGOs must represent either the land-based, sea-based, and women sectors for at least 3 years prior to the submission of their nominee.

The OWWA and POEA shall separately come up with a final list of nominees, with 3 nominees for each sector (land-based, sea-based and women sectors) and the same shall be submitted to the President for consideration and the same shall be published in a newspaper of general circulation.

Once the names are published I encourage our OFWs to voice their opinions about the nominees through the President's website and other popular online discussion boards just to make sure that we are heard by the President, and he will be guided with his choice because the President will have to select and appoint 1 representative for each 3 sectors to become part of the governing boards of OWWA and POEA 30 days after the submission of the list of nominees. The appointed new members of the Boards shall have a term of 3 years, and will be eligible for reappointment for another 3 years if their records serves the OFWs.

So mga mahal kong mga makabayang OFWs I encourage you to actively participate in this process, bago po ito, and this is now your most opportune time to shine and be heard and be well-represented. Mabuhay po Kayo and God bless you!

For further reference, please see the Migrant Workers and Overseas Filipinos Act and its Implementing Rules and Regulations here and also the related news. For further reference, please check the POEA and OWWA websites.

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

noreply@blogger.com (OFW Bank Incubator) — Mon, 31 Jan 2011 06:23:00 +0000

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!

Recent Emails Received Through The OFW BANK Incubator Blog

noreply@blogger.com (OFW Bank Incubator) — Mon, 31 Jan 2011 06:22:00 +0000

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
we could post topics about financial literacy. This would help a lot of the OFWs and their families how to be good stewards of the blessings that they receive. We could post practical tips on how to save money and reduce expenses in our daily life. Those saving tips would somehow fast track their way to greater savings. It’s good that you had already started posting some of the business ideas that the proposed “OFW Bank” could explore. Financial literacy is a very sensitive topic and is not even included in the current Philippine educational system. Maybe this topic would help our OFW kababayans to start thinking how they are currently managing their money in general and eventually realize that they should start doing something now and change for the better.

I have a number of idea on the business plan but I will have to reserve it for future discussions. Ika nga eh, focus muna ako on the task-at-hand which is to build the website and the related applications and functionality on it.

Ako po ay nalulugod na malaman na kayo ay isang kapanalig sa pananampalataya. Kami po ng aking maybahay ay Kristiyano ding katulad nyo. Maganda ang simulain ng iyong ministeryo dyan sa atin at hangad ko ang tagumpay ng iyong mga activities at nawa ay patuloy na maging kalugod-lugod yaon sa harapan ng ating Panginoon. To God be the Glory! God Bless”

NOTE:

Mr. Andy P. has volunteered to help us in this effort by selflessly sharing us his expertise in banking and programming. Let’s keep him in our prayers.

Mr. Andy P., patuloy po kayong pagpalain ng Panginoon diyan sa inyong paghahanapbuhay sa New Zealand, at marami pong salamat sa inyong tulong at creative ideas, napupunan niyo po ang aking mga kakulangan at limitasyon.

All for the greater glory of God and the upliftment of the lives of our People! -- pilipino

From Chriz of Abu Dhabi, RE: http://www.aquaculture-israel.com/index.html...

“When I go home this February, my plan is to start up the business I told you I will first start with a simple one, when it thrives, I’l make sure it will prosper, just I’ve said while working here in the middle East, eto ang nagbukas sa atin na we can and we should do it, kahit di ka humingi ng tulong sa gobyerno if at first you could go underground do it first, please see attached pictures of my business plan. I’ll be starting with lobster production as food. See the idea here is first purchase breeders, one breeder can lay eggs from 100 up to 1000, from this brood stock you can produce more and eventually can generate lots of opportunities to venture,

1. Breeding

2. Food Production ( Fishball production – lobster as the main ingredient )

3. Carinderia which you can use the lobster as a special menu

4. Create employment

5. Technology transfer to other Filipino OFW’s who would want to join this business venture ( If you have friends who buys my idea please let me know because by February I’ll be getting first around 3 breeders which will be stocked for breeding in an aquarium, ones it lays eggs I’ll go on fish pond production, I’ll also start a vermiculture venture (earthworms) which I will be using as food for the lobsters.

If we could form a group the better para mas malaki ung mahihiram natin, Nasa akin na lahat ng modules which I will be needing for this undertaking, just let me know if you happen to know some of your friends who may want to join us, lets create a special facebook account where we could chat and share ideas. Wala naman mawawala if we have the guts and determination to succeed and eventually go back to our beloved country to achieve our goals and that is to uplift oneself and help others.

http://www.sulit.com.ph/index.php/view+classifieds/id/2435725/Australia+Red+Claw+Freshwater+Lobster

Maraming salamat and advance happy new year kabayang Nicholas. There will be lots of opportunities with this project, it could invade exportation basta tama yung mga taong magtutulungan to push thru with this project. Happy New Year!!!”

NOTE:

For those of you who are interested to keep in touch with Chriz about his business ideas, feel free to contact him thru his email (c.rimando@epiuae.ae) -- pilipino

Save Money By Watching Out Your Spending Habit First!

noreply@blogger.com (OFW Bank Incubator) — Mon, 31 Jan 2011 06:22:00 +0000

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.

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?
Is it possible and doable? Yes! But is it easy? No! It takes some amount of self discipline to be able to save money.

Saving money is very doable, but it is not easy. In fact some people who are well off in life still find it hard to save money. Most people are able to save something for a while but the habit of saving is not sustained and they end up spending again everything that they earn including their savings.

WATCH YOUR SPENDING HABIT

Each one has his own spending habit, at kadalasan ay ganito po ang nangyayari: Kahit malayo pa ang araw ng sahod, marami na tayong mga iniisip na bibilhin - mga bagay na paggagastusan. At may mga tao na hindi kinakayang maghintay pa ng akinse o katapusan ng buwan upang gumastos.

Oo nga naman napakadaling ikaskas ang credit card sa payment counter sa mga mall, tinataon pa naman na may laging sale tuwing sahuran.

Those who are bent into doing this feel that they have the "right to spend" on anything that they like because anyway it is their money.

WHAT IS YOUR SAVINGS HABIT?

Ang tao, ewan ko ba kung bakit habang may hawak na pera ay parang di mapakali at laging nag-iisip kung ano kaya ang kanyang bibilhin, marami siyang naaalalang mga kulang sa kanyang katawan at mga kulang na bagay sa bahay at hindi niya iniisip na magtipid at magtabi dahil parang hindi pa kinakailangan dahil madami pang hawak na pera.

Pag may hawak na pera kaagad naaalala ng tao na luma na pala ang kanyang sapatos at belt, na medyo matagal-tagal na siyang hindi nakapag-parlor at facial treatment, na kelangan nga pala niyang magpa-full body massage. O kaya naman naalala niya na medyo luma na ang kanyang TV set at LED na ang uso ngayon, o kaya ay kelangan na niyang mapalitan ang kanyang cellphone kasi touch screen na ang uso ngayon kahit kung tutuusin ay pareho namang gumagana pa ng maayos.

At may mga masasarap na pagkaing gusto pa niyang matikman sa mga kilalang restaurant kahit medyo may kamahalan, at least meron siyang maidagdag na mga photo sa Facebook.

Magsisimula lamang siyang mag-isip na magtipid kapag kakaunti na lamang ang natitirang hawak na pera. They will only start saving when there is almost nothing left to save. Majority of Filipinos follow this common money management formula:

INCOME - EXPENSES = SAVINGS

Common as it is but not necessarily ideal. The formula indicates that their priority is their expenses, not their savings - na sila ay makapagtatabi lamang kapag may natira pa sa budget pagkatapos ng mga gastusin. Medyo madami po kasing pinaggagastusan - load sa cellphone, online game ni Junior, at marami pang mga gastusin dahil pag may bagong electronic gadget ang anak ng kapitbahay ay gusto na rin makipantay ng mga anak kaya nagkakanda-kuba na ang mga magulang sa kaka-abroad masuportahan lamang ang luho ng mga bata, na para bang yun lamang ang natitirang paraan upang makabawi at mapunan nila ang pangungulila ng kanilang mga anak sa kanilang mga magulang.

THE COMMON ANTIDOTE

At ang nakikitang solusyon ay gumawa ng paraan upang tumaas ang kinikita o sahod para baka sakaling may matira at baka sakaling may maitabing halaga. But the problem is when their income goes up, their expenses also go up -- di na makatulog pag walang aircon pero dati solve na sa electric fan (naka number 2 o 3 nga lang); di na kontento sa free TV signal at gusto naka cable na kaya wala na tuloy panahon na mag-review ng lessons; ang mga anak ibang notebook na ang gusto at hindi na yung gawa sa papel, at nagagalit pa kapag di naka mobile broadband connection.

Ang anak na high school o kolehiyo ay ayaw nang mag-LRT dahil siksikan daw, gusto taxi na lang papunta sa school at pauwi. Sadyang mahirap nga makapag-ipon kapag ganoon ang kalagayan. That's why many OFWs cannot save much because even if they earn a lot, they and/or their family also spend a lot, that's why they end up with this sad situation.

Their money chain looks like this: BIG INCOME minus BIG EXPENSES euqals NOTHING LEFT (DEFICIT sometimes). The solution? Find another job with a higher salary, abroad. Where else? And it has become an endless cycle.

IS THERE ANY HOPE?

Some people have tried this formula: BIG INCOME minus REDUCED EXPENSES equals SMALL SAVINGS. At least this formula is better than the first, but they still work hard to earn bigger income and they try to reduce the expenses to manageable levels: Tuwing sabado at linggo na lang ang online game ni Junior sa computer shop; taxi papunta ng school pero MRT na pauwi; bawas-bawasan ang tawag para makatipid sa load, etc.

Pero hanggang kelan kakayanin ang pagbabawas ng gastos o cost cutting? Dahil kadalasan pag napansin na medyo malaki na ng konti ang naiipon ay humihirit na naman ang kagustuhang gumastos. Kaya ang nangyayari pag may ipon na nauuso na ang big family reunion, bakasyon sa Boracay for 7 days, o kaya pasyal sa Hongkong para naman maiba...at malaman-laman mo na lang paubos na rin pala ang perang naitabi.

Ngunit may nakahanda tayong linya para diyan, at ganito kadalasan ang sinasabi: "At least masaya naman ang mga bata, iba na rin kasi yung makapunta rin sila ng ibang bansa." Then you end up having good memories and nice pictures na pang Facebook, and leave your family and work abroad again.

May pagkakahawig ba ang kwento ng buhay mo sa mga inilarawan dito? Nais mo bang mabago ito? Do not get discouraged because you can change your current situation if you will just give some thought and some sense to the way you spend your money.

How? Well, watch for the next article. It might just help you. Suffice it to say that you can start saving money by watching out your spending habit first!

One might wonder why I am posting this article and if is has something to do with our effort for the establishment of an OFW BANK. It has some direct and indirect relation to that, because your future investments to that OFW BANK should come from your savings, and it is my great hope that this article and any other related succeeding articles might greatly help change our attitude and habits towards savings.

You may send your ideas, suggestions and reactions by clicking HERE.

An Emotional Blog From A Son Whose Dad Is An OFW

noreply@blogger.com (OFW Bank Incubator) — Mon, 31 Jan 2011 06:21:00 +0000

I am posting here an exact copy of an emotional blog from a son whose Dad is an OFW who works in Libya, and I have also posted my 1 kilometer comment, long as it is but please read on because it might also help you guide your kids.

The name of the blogger-child is Jeffrey Francis who is very appreciative of what his Dad is doing for their sake, and he has this big question: "How can we repay them for their hard work?". I have tried to give him my thoughts below, through this article. Quoting now from Jeffrey Francis' blog:

"Parents......Our Real Inspiration

It was July 5 at 7:30 in the evening we go to the airport.....Our father will go back to Libya for another one year contract. All of us were sad because we will be missing him again. Almost everyday we go to church to ask God for his safe flight and for his good health......Thanks God because of internet we survived.....We cried but we have to sacrifice because it is for our own good, especially for us, his children, in order for us to finish our studies....

Parents......They serve as the life and inspiration of the children like us, because they are the one who gives us tender love and care.. Not only that but they also give us enough protection. They comforts, gives advice and help us in times of problems and troubles. When you wake up in the morning the first person you can see is your parents... Your mother cooking your breakfast, and your father preparing his self for his work. How thankful we are in their industriousness,but how we can repay them for those hardworks? Like us in this kind of age we have our own simple and little way on how we can thank them. They pursue all they can, for us to achieve our dreams.. Even though it's hard for them to spend their whole time in their work, but still it's also for us to have a good and a beautiful future when we grow up. It's much harder to those children who have a parents who is working abroad, those persons are called OFW.... Like us our father is an OFW it's hard for us specially when he is about to leave us.... Our father, every time he come home here in the Philippines, my sister always cry,not of sadness but because of happiness because he will be with us in another 45 days.. They don't feel the presence of tiredness just for us to have a better life.... Even it's only few days to spend our whole time with him,we still appreciate it because it's also for us.

Few days After he will be coming back again....And we will spend our whole time together!!!!"

Posted by Jeffrey Francis

And this is my comment for Jeffrey Francis:

"How thankful we are in their industriousness, but how we can repay them for those hardworks?"

A nice and deep question esp. from a kid like you dear Jeffrey Francis. Just came across your blog through your Dad's link.

I can genuinely feel what you feel every time your Dad leaves to work abroad because I was once in that situation too. My father was a geodetic surveyor ("was" because he is with the Lord now) working for a big logging company here and he would come home on early Saturday evenings and would leave home early Sunday afternoons after attending Church and would ride his bike to take him back to the logging forests again. You are even lucky because you got 45 days with your Dad, while I only had a few hours.

I also know how your Dad feels every time he says goodbye and leave you for another year of absence because of the nature of his work. But he does it, painful and hard as it is for both of you, because he loves you and he wants to ensure a better future for you.

Given that situation, how can you repay your Dad? and your Mom? Let me share something from my heart:

My parents used to tell me since when I was a kid (I'm the eldest) that they would do their best "kahit na gagapang pa daw sila kung kinakailangan" to be able to give me a good education and they would support me all the way but until I reach 21 years old. Why 21 yrs old? Because engineering takes 5 years to finish.

Ngunit sabi nila, I should study and do my best to learn life because they would stop all the support right after my 21st birthday and from there I will have to live life by my own - meaning I had to find my own living to support myself and never expect for any centavo from my parents anymore because they would need to re-channel their resources to my other siblings doing school.

I do did my best in school and in life, all with the help of God who is alive in my heart. And my parents made good of their word too!

So the best way that you can repay your parents, if I may suggest, is to study hard and do the best that you can; never waste your time hanging out with some "friends" in the mall playing online games, or killing time somewhere and sharing dirty jokes or something; don't bother sticking it out with peers who do not help you become your best and who do not help you succeed in life.

And on top of that, learn how to handle money. Don't spend all your allowance, regardless of how small or big it is. Just remember that every time you buy something, say a sandwich for P10, you are making that store owner richer by another P10 every time and you are making yourself poorer by P10 every time you part with that money.

So how about reversing the trend? Make yourself the "store owner"! How? Well, try it this way: Prepare at least 2 sandwiches before leaving for school, just as tasty or even better than the one sold in the school cafe. You can have one for your snacks (that means you are no longer buying so you have already spared your P10 allowance as savings), and you can sell the other sandwich to your friend for P10 (just make sure na mas masarap kaysa canteen para mapabili mo siya).

So everyday, you saved your P10 allowance and earned another P10. Too small an amount for a kid whose Dad is an OFW! Yes, but actually no! Let me help you see what I see:

If everyday you get P20 more adding on to your pocket, that's P100 per week or P400 per month or P4,800 in a year! And with that amount you can already put up a mobile cart selling fried peanuts that can give you daily average net income of P150 - P300. You can hire one of your tito or neighbor who is out of a job to do the frying and selling of peanuts (anyway sa gabi lang yun, between 5:30p to around 9:30pm).

So while you are saving P10 and making another P10 daily, you will also be making another P150 daily from you fried peanuts business. That peanut business will give you P54,750 in a year! Who among your classmates can have that in a year? And remember, that P54,750 is already equivalent to another 10 more mobile peanut stand.

So you see, kahit nasa elementary or high school ka pa lang ngayon Jeffrey Francis, you can do it! Just imagine if you already have 11 mobile fried peanuts carts scattered in several places na madaming tao, the 11 mobile carts will give you roughly P602,250 net income every year! And you will become the boss of 11 people already.

Assuming hanggang 11 units lang ang gusto mo, but 11 units giving you a total of P602,250 each year, after 5 years you will already have something like P3,011,250. So assuming that you are 13 years old now in 1st year high school then you will be a millionaire (with P1.2M) at 15 years old or 3rd year high school. You will make your parents proud of you. And remember, success is contagious. You will never know how you will influence other kids to try putting up their own business too!

And I tell you Jeffrey Francis, pag natuwa sa iyo ang Dad mo baka bigyan ka niya ng reward. I mean I did that to my kids. Every new year's eve, we count our blessings and check how much money they saved or earned for the whole past year, and then I double them. Pag ang naitabi ng mga anak ko ay P5,000 then I give them another P5,000. If one got just P1,500 then he will have another P1,500 from me. But if one has nothing, then he will also have nothing from me except for my love, my prayers and my guiding words of advice and encouragement for him to do better next time.

To me that's how you can repay your parents, on top of being the good and godly child that you are. That will make them enjoy their lives when they retire because they know that they do not have to look after your welfare always because you know how to live your life the best way possible.

So go ahead my child and be a young entrepreneur. Share me something about your success not too distant from now. God bless you."

Could It Be That..?

noreply@blogger.com (OFW Bank Incubator) — Mon, 31 Jan 2011 06:21:00 +0000

For so many years, the Philippines has been sending out skilled, talented, excellent and well-experienced workers and professionals to work abroad. For a long time, our kababayang OFWs have worked in different corners of the earth to be able to send home financial support for their families. Pero ganito lang po ba talaga ang tunay na layunin at dahilan kung bakit mayroon tayong milyon-milyong OFWs ngayon.

I can sense that there is more to it. Could it be that the real and bigger purpose is to gather the dollars, the euros, the dirhams, the rials, the yens, etc. of other nations and put up a big bank owned by OFWs with big foreign currency deposits? So that this big bank will become the source of sustenance for the future generations - the sons and daughters of OFWs? And that will be used by God to end your sufferings of working away from home, and be finally united with their family and put up profitable businesses here thereby increasing the gross national product of the country, and providing more job opportunities to Filipinos here on top of making money through their dividends from this big OFW BANK?

Could the OFW BANK the best way for you to end the routine of waking up very early on Monday mornings (against your will and physical strength) to report to work making somebody else rich while you are forced to be content with what you receive every 15th and 30th?

Please take time to view the following videos and these might just help you redirect your lives, your purpose for living, and your visions for your life - as it did to me.

Please don't miss the powerful message these videos bring to you.

Please don't procrastinate. Don't keep postponing your destiny.

Let me know how God and what God has spoken to you lately through this video?

Starting 2011 Right!

noreply@blogger.com (OFW Bank Incubator) — Mon, 31 Jan 2011 06:20:00 +0000

Happy New Year! With an expectant heart, let us welcome the new year 2011 knowing and believing full well that God is with us, and He will never leave us nor forsake us, that He came to give us life and have it to the full.

Mga mahal kong kababayang OFWs baka hindi lang po ninyo alam na matagal na pong sinabi ng Panginoon ang plano Niya para sa atin, we may have become so busy working for a living and failed to get a life, but God said this to us, and I quote:

"¹¹ For I know the plans I have for you,” declares the LORD, “plans to prosper you and not to harm you, plans to give you hope and a future. ¹² Then you will call on me and come and pray to me, and I will listen to you. ¹³ You will seek me and find me when you seek me with all your heart. "

Talagang mayroong napakagandang plano ang Panginoon para po sa ating lahat - TO PROSPER YOU, TO GIVE YOU HOPE AN A FUTURE! If you want to check, go to Jeremiah 29:11-13 and see it for yourself.

There may be times in our lives that we are down and discouraged, and maybe a few of you are in that situation, pero huwag po kayong pumayag na panghinaan ng loob dahil dakila po sa lahat ang ating Panginoon. Let me quote here the strong encouraging words of the prophet Isaiah. He said in Isaiah 40:27-31:

"²⁷ Why do you complain, Jacob? Why do you say, Israel, “My way is hidden from the LORD; my cause is disregarded by my God”? ²⁸ Do you not know? Have you not heard? The LORD is the everlasting God, the Creator of the ends of the earth. He will not grow tired or weary, and his understanding no one can fathom. ²⁹ He gives strength to the weary and increases the power of the weak. ³⁰ Even youths grow tired and weary, and young men stumble and fall; ³¹ but those who hope in the LORD will renew their strength. They will soar on wings like eagles; they will run and not grow weary, they will walk and not be faint."

Get on with life! Get on with God! Remember that it is He, the LORD, who has given you the ability, the skill and the power to gather, produce and make wealth!

In order to make the season complete, and to help everyone who believes start the new year right, let me share to you this video below and it is up to you how to take advantage of it and how to maximize its benefits for your life today. You might just also see some of our kababayan OFWs working in Singapore right on this video.

May the good LORD bless us immeasureably more than all we ask or imagine, according to his power that is at work within us! That is what is told us in Ephesians 3:20, in case this is your first time to hear about it.

Every New Year, a lot of people watch on TV about these popular astrologers and feng shui experts say about their predictions for the new year round as if they really know what will happen and what's in store for everyone!

I have posted here another article which might just help you realize your unreleased potential and your valuable destiny as a person. Please don't miss it because it might just change your life as it did mine. I am blessed to have given the opportunity to meet the guy in that video personally here in the Philippines, face to face, some 3 years ago and he unlocked my creative thinking, I was never the same person since then, God had used him to make me realize my true potentials. Watch those videos here.

You may send your reactions HERE.

OFW BANK Related Exchange of Ideas By Email

noreply@blogger.com (OFW Bank Incubator) — Mon, 31 Jan 2011 06:19:00 +0000

In my desire to be transparent to our kababayang OFWs, I have posted below some excerpts of the email exchanges between some of us here in reference to the setting up of an OFW BANK, with the indulgence of our kababayans who sent them.

From Andy P. of New Zealand:

“Ako po ay nalulugod at humahanga sa inyong adhikain na makapaglunsad ng isang banko na makakatulong sa ating mga kababayang Pilipino. Nabasa ko po ang inyong website at nakita ko ang determinasyon ninyo na maisulong ang ideya ng OFW Bank. Tama po kayo na marami na ang nagtangka pero wala pang nagtagumpay na makapagtayo ng isang matatawag na OFW Bank. Hindi po ‘yun maaaring dahilan na dapat kayong umatras sa laban dahil lahat ng sumuong sa laban na ‘yan ay natatalo laman. Dapat din po nating suriin ang mga kadahilanan kung bakit hindi sila nagtagumpay at kung ano ang kanilang motibasyon sa pagtatayo ng banko. Sa kadahilanang marami ang kokontra o kaya e negatibo ang pananaw, doon mo makikita at makikilala na marami pa rin sa ating mga Pilipino ang hindi bukas sa mga ganyang ideya. Maaring sa kadahilanan na maaaring likas o kaya ay hinubog ng panahon sa pagka-sadlak sa pamamahalang bulok at puno ng korupsyon. Hindi natin maaalis sa kanila ‘yun. Subalit ako’y natutuwa sa kadahilanang maraming mga Pilipino ang nagbigay ng komento sa inyong website at sa gmanews.tv ang bukas sa ideyang eto. At ako ay kaisa ninyo sa adhikaing ito at handa po akong tumulong sa abot ng aking makakaya. Isa din eto sa aking pinangarap na makapag-ambag sa ikakasulong ng pamilyang Pilipino.

Ako ay lubos na natuwa ng mabasa ko ang inyong ideya para sa isang “Foreign Retirees in the Philippines” type of business sa kadahilanang ganitong konsepto din ang aking pinag-iisipan nung andyan pa ako sa Pilipinas. Nagsimula ang ideyang ‘yun ng makita ko ang nagdadamihang mga Koreano na nag-aaral diyan sa atin sa Pilipinas. Habang nag-aaral yung kanilang mga anak or kamag-anak ay kasama nila yung kanilang mga retirees na kamag-anak. Actually, marami na ding mga foreign nationals ang nakakita ng mga potentials na ‘yan at nagse-setup sila ng schools at mga communities as a business. Nakakatuwang isipin that I’ve met someone with the same wave length ika nga…

On your idea of the real estate business, I’m all sold out in that idea as I’ve done it several times already with all of them generating positive results (hindi naman po sa pagmamayabang). Ika nga, walang lugi sa real-estate basta tama ang iyong strategy at management.

Nabasa ko na kelangan nyo ng tulong sa inyong website. Maari ko po kayong tulungan sa aspetong ‘yan kahit sa konting paraan. Pwede po nating umpisahan sa content na muna then tsaka na lang po natin pagandahin yung design or aesthetics. May naiisip na po ba kayong domain name na gusto nyong ipangalan para po sarili nyo na yung domain?…. Pwede pong http://www.ofwbankincubator.com... Pwede ko na pong sagutin yung domain registration… J… Sabihin nyo lang po kung ano po ang requirement ninyo… Maari po akong makatulong sa inyo sa larangan ng IT at kahit konti sa banking industry.g

Siyanga po pala, ako po si Andy P. Kasalukuyan po akong nandito sa bansa ng New Zealand kasama ang aking buong pamilya (ang aking maybahay at apat na anak). Magda-dalawang taon na rin kami dito pero maalab pa rin ang aming pagmamahal sa bayan at patuloy sa panalangin na sana ay umusad na ng tuluyan ang ating kalagayan at kahit paano ay maibsan ang exodus ng mga Pilipino....Ipagpatuloy nyo ang simulating ito. Kaisa nyo po kami.. Mabuhay po kayo Makabayang Pilipino!”

My reply to Andy P. of New Zealand:

(Andy P. is working in a big bank in New Zealand)

“Finally I have company in you. Many liked this idea and it really went around so fast, a lot wants to see it done already but you are (one of) the first one who volunteered to help, and help big!…

And thank you for your offer to cover the cost of the domain. I will contact you when we get there, but at this point I want to make use of the free media po muna because people mostly are averse when you mention about (the cost of) operating a website domain. And I will be consulting you about IT concerns for the website later. You just don't know how much you have inspired me today to pursue this dream.
It's nice to know that you are a banker, because I'm not, I only have some limited understanding about banking and finance because I am a civil engineer by profession and I'm into real estate too.
Kaya kung pwede po sana makiusap po ako sa inyo to help me, if you can be the watchful eye over my shoulders, so that whenever you see something in the website that is not perfectly aligned with the actual banking practice and principles please correct me po kaagad so I can also make things right.

Please bear with me if one of these days you will receive emails from me pleading for some of your inputs.”

From Andy P. of New Zealand:

“Looking at your grand idea of an OFW bank, the capitalization strategy and the business plan are pretty much aligned to how it’s being done in the real world with just some refinements required along the process. Since this is more or less an initial draft or proto-type of the bigger things to come, refinements and changes will surely come its way. Kahit na nga naka-blueprint na ‘yung plano eh binabago pa din and that should be alright. I’ll be very glad to help in this refinement process and I don’t mind if you’ll be sending emails asking inputs on certain things where you think I could be of help.

I could relate well on what you’re trying to do maybe because we have the same academic orientation. I’m also an engineer (computer eng’g) pero nalinya sa information technology at banking industry. Medyo malawak ang banking business and most of them are covered under the commercial bank license; which is unlike thrift banks, rural banks or savings bank which had limited coverage. I always liked the idea of thinking big, as in BIG. Talagang mahirap kumawala sa “rat-race” kapag ang tao eh nandun pa din sa tinatawag nilang “scarcity mindset”. It’s never wrong to think ‘rich’ and to dream big, basta palagi pa rin tayong nakaapak sa lupa at tumitingin sa tinatawag nilang ‘reality-check’.

For example, even if there are 1.5M OFWs, sa marketing plan we would always consider the ‘take-up’ rate and acceleration. Ika nga eh, meron kang 1.5M na population, pero ilang porsyento diyan ang sa 1^st stage eh sasali na kaagad, then sa 2^nd stage, then 3^rd…. Then yung period between those stages eh kelangan nating i-compute kung ano yung acceleration rate ng mga nagre-respond… Acceleration, meaning gaano katagal at gaano kadami ang sumasali sa loob ng panahon na ‘yun… At sa business plan, are you considering all the 3 stages as part of the initial capitalization (capital build-up) or yun lang 1^st stage…

Medyo madaming detalye, pero tuloy lang tayo dahil dadaanan din naman ‘yan habang nere-refine yung business plan. Kasama ‘yan sa process. Para din ‘yang building na habang ginagawa mo ‘yung plano eh marami pa ring binabago hanggang makuha mo yung tamang design, tatag at ganda na gusto nyo…”

My reply to Andy P. of New Zealand:

“Thanks for the inputs especially about your ideas about the take-up rate and acceleration rate. I am still in the process of looking for some hard statistical data on which to base my estimates so that the assumptions that will be drawn up will approximate the general reality…
…I want to help them see the big picture first, and help them prepare…, meaning be ready with their savings because their real commitment to this vision is by way of how soon they start to save something monthly so that when the call time is up they are ready with the capital to invest.
Personally, I would rather that we start with a smaller number, say a mere 1% of the 1.5M OFWs, because if this initial group of 15,000 OFWs will save P16,700 every month that's P3B in a year which is enough to put up an OFW Commercial Bank. And once this is up and making money, I think it will be a lot easier to get the others to join and invest.
But the disadvantage for the late comers is the higher value per share because whatever retained income after every year of operation gets added to the equity side, so pag nahuling sumali ang mga OFWs working as househelps in Hongkong for example mas mahal na po ang bili nila ng shares of stocks nila kaya mas preferred ko po sana na we can get a wider investor base.
Putting up the blogsite is really my contribution to sell the OFW Bank idea first to as many OFWs as possible at pag madami na po ang nagkagusto at sumusuporta po dito then that's the time na we go to the second phase of formal registration process, etc.
I want po sana to do a survey where they can create their own personal service accounts and indicate their pseudonyms, email address and how much capital can they commit say by end of 2011 at mag-appear sa website how much total amount is pledged by how many OFWs.
Then they can visit their virtual account in the site monthly and update how much money they have actually saved in their real savings accounts at mag-appear din po doon sa website ang total amount actually saved.
This will encourage others when they see in graphical form how much money is being pledged as investments to the OFW Bank and how many OFWs have committed. And on top of that they should also see how much money is ACTUALLY saved with running total per month versus what was pledged and how many OFWs who pledged to invest are actually saving.
Because with that we can really see if majority of those who support the idea of an OFW Bank are really into it heart, body and soul dahil karamihan po kasi ay madaling ma-excite na mangarap lalo na po pag nakaamoy ng magandang idea tulad nito ngunit pagdating sa actual ay wala pala.
Baka may maitulong po kayo kung paano po yun ma-incorporate sa website. That data will also guide me when to formally present this to GMA Network to help us gain more ground globally and also bring this up to the possible personalities who might be willing and whom we see can really help us to be part of our Board of Trustees and possible bank executives.
I cannot just go to them and just talk about this dream, they will ask for some facts. Pag meron akong hawak na ganoong data, I think it will be easier for us to convince them to help and support us.

It's good to know that VP Binay is also espousing the same dream of having an OFW Bank pero allergic po ako pag may government presence dahil parang ang maging dulo kaagad noon ay malulugi lang dahil kelan ba naging magaling magpatakbo ang mga Board of Directors na political appointees, at ang plano pa nila ay bibilhin na lang ang Postal Bank at yun ang maging start ng OFW Bank, ibig sabihin po ay gagamitin lang nila ang pera ng OFWs to buyout that ailing bank from government control pero government appointees ang magpapatakbo, naku delikado po yun at doon ako takot dahil sayang lang ang pera ng OFWs. Okey lang po sana kung kumikita yung banko na yun and government participation will just be limited to organizing and collecting the investment through a trust fund and invest this fund in Treasury Bills while the SEC & BSP approvals are being worked out, but the owners should be 100% OFWs.”

From jappet21 of UK:

“Magandang araw po! Bumisita din ako kanina lang (8:30am UK…, as i have mentioned may mga naka-usap na ko na mga kasama dito at karamihan nga positibo sa ideya. Di ko pa nai-papasa yung web link ng blogspot mo dahil nasa night shifts ako for this week. Hopefully tonight will not be very busy so i can sit down and email a few friends.
Nai-mention mo si bro Eddie v sa 'about' section mo- just curious, are you a born again christian? Hope you don't mind me asking, as the name bro Eddie v was as synonymous with 'born again' or 'JIL'!
Well, christian, Muslims, Hindu, or whatever your belief brother as long as you love Filipinos and the filipino mother land and deeply desire its soon to be 'freedom' from moral and financial bankcruptcy i have no question about it.

One thing i know, your words of encouragements on the gma7 thread were like words of angels that i long to hear for a long time, (as many to whom i spoke to about doing things for the sake of the Philippines were all mere patronizing and discouragements - who can blame them!) your encouragements and ideas of possibilities to make a better Philippines were like a flickering light in a distance inside a cold, damp, dark tunnel!
Mabuhay ka sir, and God bless us all.”

From Daniel Dacillo of Qatar:

“…Kung anuman ang maitutulong ko upang magtagumpay ang balak na OFW Bank, maaasahan ninyo na handa akong sumuporta. Ang kahirapan nga lang sa kalagayan ko at iba pang mga naandito sa Qatar ay ang pag-uwi dahil usually yearly lang kami nakakauwi sa atin, merong iba na mas malimit at least twice a year na nakakatuwa din dahil siyempre mas malimit nilang makita ang mga pamilya nila kesa sa nakakarami dito sa amin.

Kayo higit sa lahat ang nakaaalam kung paano ang mga proseso ng ganitong bagay kaya siguro sa inyo mapupunta ang malaking kontribusyong pisikal at sakripisyo para matuloy ito…”

My reply to Andy P. of New Zealand:

“Salamat na nakatagpo po ako ng kapwa ko pong Pilipino na katulad ninyo na nangangarap at gumagawa ng mga paraan upang makatulong sa pag-unlad ng ating bayan.
Malaki ang tulong po ninyo sa pamamagitan ng inyong kasipagan sa paggawa dyan po sa ibang bansa, kahit na nga ang kapalit nito ay mabigat na sakripisyong mapalayo sa bayan at sa mga mahal sa buhay.

Ipagpatuloy po natin ang hangaring ito, at alam ko pong pagpapalain tayo ng Panginoon. Dama ko po ang kagandahang loob po ninyo at ang inyong pagiging makabayan. Nawa marami pa pong kababayan natin ang magkaroon ng ganito rin pong uri ng layunin.”

From Chriz Rimando of Abu Dhabi:

“I share the same interest with you… start the OFW Bank rolling and Count me in. mabuhay ka kabayan, I share the same visions with you, you have all my support in your undertaking… My suggestion is have a thread showing the intentions of every OFW who would like to join our cause.”…

“I’ve already collated feasibility studies for Tilapia Raising, Goat raising and Quail egg raising. A viable business right now is food production, working here in Abu Dhabi, UAE encouraged me to go into food business production.”

(Chriz Rimando also plans to avail of the government’s P1B Loan Facility for OFWs and use the proceeds for profitable ventures together with like-minded OFWs that he is inviting to join him. You can reach him at Chrizvoltaire in Facebook and Multiply.com for more info.)

My reply to Chriz Rimando of Abu Dhabi:

“I Thanks for the email, it's good that you have that vision to put up food production ventures in the province when you come home. I have posted an edited portion of your email in the free website including your facebook &multiply account to spread the word and encourage those who are into food production to also go with you on a joint venture or coop basis.

May you find great success in that endeavor at sana mas marami pang mga kababayan nating OFWs ang magka lakas loob na pasukin ang mundo ng negosyo.”

You can also participate by sending us your reactions and suggestions or any ideas that can help promote the establishment of the OFW BANK through email by clicking HERE.

Binay Wants Plans for 'OFW Bank' revived - GMA News

noreply@blogger.com (OFW Bank Incubator) — Mon, 31 Jan 2011 06:19:00 +0000

Again, with the indulgence of www.gmanews.tv may I post herein in toto the said news article and pilipino's initial reaction and reservations, as follows:

Binay wants plans for 'OFW Bank' revived

12/22/2010 | 02:59 PM

To bring down the cost of sending money to the Philippines, Vice President Jejomar Binay said Wednesday he is pushing for the creation of an “OFW Bank."

Binay — also the Presidential Adviser on OFWs’ Concerns — wrote to President Benigno Aquino III pushing for the proposed bank as an “alternative yet viable" remittance institution here and abroad.

“The bank will provide fair competition towards the reduction or lowering of remittance or transaction costs and provide a productive outlet for our overseas Filipinos’ savings as bank investors and shareholders," he said in the letter posted on the Office of the Vice President’s website.

Binay said the move was in response to OFWs’ (overseas Filipino workers) clamor for an OFW Bank, as financial intermediaries and money brokers are presently charging exorbitant fees for money transfers.

Government financial institutions will initially fund and underwrite the bank, according to the Vice President said.

Eventually, investors and stockholders will own and control the OFW Bank, Binay said.

Money sent home by OFWs rose to $15.46 billion in the first 10 months of the year, up 7.9 percent from $14.23 billion in the same period last year, central bank data showed.

A chunk of the remittances came from the US, Canada, Saudi Arabia, Japan, UK, United Arab Emirates, Singapore, Italy, Germany, and Norway.

The idea for an OFW Bank was raised in 2006 as a way of consolidating the financial assets and operational capabilities of government institutions, like Land Bank of the Philippines, Development Bank of the Philippines, Overseas Workers Welfare Administration, and Philippine Postal Corp.

The project was supposed to create a financial institution for OFWs, one that is inexpensive and more focused toward its OFW-oriented direction and services. Because of the global recession, it was shelved.

Instead, LandBank and DBP launched separate remittance programs for the lucrative OFW market estimated by the Philippine Overseas Employment Administration between eight million and 11.5 million land- and sea-based employees. — JE/VS, GMANews.TV

THE INITIAL REACTIONS AND APPREHENSIONS

The clamor for an OFW Bank is now gaining grounds though each proposal differ in their approaches but the common general idea really is to help the OFWs, in fact there is this discussion site about this OFW Bank in http://ofwbankincubator.blogsp... and it might just be worth your while to drop by that site and check out the ideas being espoused there, and pitch in your ideas there too.

I support the Vice President's move along this line and I appreciate him for writing the President about this clamor for an OFW Bank that will be sensitive to the needs of the OFWs.

But I have reservations though about government hands directly involved in its operations because governments are not known to be efficient in running businesses like that, I mean PNB was losing money when it was run by the government. Quedancor was another sad story. And that involves government money at under COA audit pa yan.

Can the government bureaucrats change skin overnight and become efficient? Remember this will involve OFW money, how can you pin down government-appointed bank directors, officers and managers if they mismanage the OFW Bank owned by the OFWs? The Philippine Postal Bank is a good example of bad government-appointed managers (please don't misunderstand me, I'm not hitting PNoy nor VP Binay here).

How can you pin down the people responsible for such mess? May nakasuhan at nakulong na ba na mga tao na naging dahilan ng pagkalugi at pagbagsak ng QUEDANCOR? Ang pagkalugi ng SSS at GSIS? May naipakulong na ba? Yung OWWA Fund anong nangyari? Yung RSBS at Veteran's money? And then we use the money to bail out an ailing Postal Bank and make it an OFW Bank, common.

I don't want to be pessimistic but is there no political color here especially if some people are known to be gunning for 2016 elective positions? I mean Sen. Manny Villar also sponsored a Senate Bill for an OFW Bank with that same line where the Postal bank is involved. That was when he was gunning for the Presidency but he was quite about it since then because it's not useful for him now.

Sana ay maling-mali po ako sa aking mga sapantaha. Baka ang mangyayari pa niyan dadagsain yan ng loans ng mga politico na nakatulong "kuno" sa pagtatayo ng OFW Bank tapos wala ng bayaran pag natalo sa election. Ganoon po kasi ang nangyari sa QUEDANCOR. It started as a noble program to provide farmers and small businesses wider and easier access to capital for their small scale businesses.

Ang ginawa po ng mga likong politico ay nagtayo po sila ng maraming mga cooperatives, farmers group, samahang nayon businesses that appeared to be viable that's why those loans were approved and released to them, but the money was never really used to put up those businesses but were diverted to political ends.

Sabi nila kunwari ay magtatayo ng babuyan sa ganitong nayon ngunit ang pera ay napunta sa baboy na politico and this evil practice was duplicated by other politicos nationwide, nagkokoyahan sila ng ganung paraan paano makahiram ng pera para panggastos sa politika. Noong di sila nanalo walang habol sa kanila ang gobyerno dahil hindi naman sila ang nakapirma doon kundi yung mga business fronts nila na ang nakasalang doon ay mga pangalan ng mga maliliit na mga taga-nayon na nagtiwala sa kanila na maiahon ang kanilang pamumuhay sa "kagandahang kalooban ni congressman, ni mayor at ni governor. Walang mahabol na tao ang Quedancor kasi alangan naman pong ipakulong nila yung mga maliliit na magsasakang nakapirma po doon e hindi naman sila nakatanggap ng pera, and the matter will become politicized so the solution was to close down Quedancor dahil lugi daw po.

I don't want that same fate to happen with the OFW Bank. Again I might be grossly misunderstood here as either to pessimistic or because I want to hit or discredit somebody which are totally far from my intentions here. I am just giving you cautions and trying also to help others see the other side of the coin. It is for you to weigh the ideas and apprehensions I raised here and see for yourselves if I am just babbling some nonsense here. You might want to compare it with the ideas raised in http://ofwbankincubator.blogsp..., just check because it might help everyone in coming up with the best thesis.

The idea as presented in the news article above is good, it just needs some fine-tuning to ensure efficiency, transparency, responsibility, accountability, professionalism and ethical practice in running that bank.

How To Make The OFWs An Economic Powerhouse?

noreply@blogger.com (OFW Bank Incubator) — Mon, 31 Jan 2011 06:18:00 +0000

With economic power comes respect. How can we make our OFWs an economic powerhouse? Are we already content that the OFW money sent home has become part of the financial statistics often bannered on news headlines? Can we do more than being a statistical number?

There is a pending Senate Bill aimed at establishing an OFW Bank by collecting money through compulsory contributions from the OFWs through OWWA and use that money to buy and salvage the old, badly managed and losing Postal Bank that has bad assets and bad loans and other questionable liabilities based on the way I understand their 2009 financial report.

And because it is through OWWA and a Senate Bill which becomes a Republic Act, then that implies that their proposed version of an OFW Bank will just be another government controlled and operated corporation run by government-appointed business managers who were not really known for efficient and profitable management of any government corporation! Tapos idadamay pa ang pera ng OFWs para pang-solve sa problema ng Postal Bank na owned, operated and managed ng government appointees din tapos pag nabili na ng OFWs government appointees din ulit ang magpapatakbo?

I don't subscribe to that idea. The senator may have the best intentions but I don't see the light there for the OFWs, masusunog lang ang pera nila. At ang delikado pa niyan, baka gawing bagsakan pa yan ng housing loans applications from low-cost housing na inaabunuhan ng developer ang pang-monthly amortization for the first year just to get off the 1-year buyback requirement and then no more payments for the succeeding years because di naman talaga pala totoong mga paying buyers yun in the first place, so the bank will be saddled with a huge non-performing loans just like what crippled the NHA program, the SSS/GSIS housing program and even PagIbig Fund housing program before.

And these non-performing loans and assets were sold palugi through the SPAV Law where these bad assets were sold at around 70% discount through SPAV. Ang nakinabang dito ay ang SPAV companies that were mostly owned by foreigners like Lehman Brothers noon, etc...nakinabang because after buying them at 70% discount they sell them back to the Filipinos at present market values!

Why buy an old bank with heavy liabilities (mostly non-performing) when in fact the OFWs can even put up an OFW Commercial Bank very easily in as far as
capitalization is concerned, if only the OFWs will realize that they are actually an economic powerhouse.

You see, based on recent OWWA figures, the documented OFWs in 2009 is already at 1.479M and that population is increasing at 14-15% a year so by simple extrapolation the 2010 figure is at least 1.686 million OFWs already and if everybody will just save P500 per month for just 4 months (say from January to April 2011) the OFWs can raise a total of P3.372 Billion capital which is much much more than enough to put up a big OFW COMMERCIAL BANK that is similar to these big commercial banks in the Philippines. The minimum cash capital requirement for a commercial bank per BSP rules is only P2.4B actually.

Ok I can almost hear people saying napakaliit naman noong P500, so let's make it P1,000 savings per month for 4 months that's P6.744B capitalization! And if that OFW Bank with that cash capital will just earn say 12% a year (which is napakaliit masyado if you compare that to industry average figures among commercial banks) then that gives you P809M more money every year.

What happens when the 1.686M OFWs save P1,000 per month from January to December 2011 that will raise some P20.232 Billion initial capitalization by December 2011, napakalaking bangko po ang kayang itayo ng OFWs with that money and that is a real threat to BPI, Metrobank, BDO, PNB, etc.

Why just P500 or P1,000 a month? Para kayang-kaya makasali ang mga maliliit na OFWs kahit yung pinakamababa ang sweldo para may pagkakataong lumaki ang bawat OFW. Of course I know the doctors and nurses and engineers and caregivers and physical therapists and scientists and field experts and other OFWs who receive bigger salaries will be content to save a mere P500 or P1,000 a month as their future investment to an OFW bank siyempre mas malaki yung kaya nilang itabi.

So assuming that 30% of our OFWs are in that category and they will save say P5,000 a month instead, that gives us an additional potential capitalization of P24.278B and add that up to your original P20.232B that brings us to P24.3B capitalization by end of December 2011!

Pag may ganun kalaking bangko pwede ka nang mamili ng mas maliliit na bangko na may maraming branch na kumikita ng maganda dahil pag ganun biglang dami na kaagad ng iyong branches na operational and making money na kaagad. Because it actually takes time to get the BSP approval for additional branches, di yan tulad ng sari-sari store na kung kelan at kung saan mo gustong magtayo ng branch ay pwede dahil sariling desisyon mo lang ang masusunod but with banking it's very different because it is a heavily regulated industry.

If you are interested with this idea it might be worth your while to invite other OFWs to also check what you have learned from here and encourage them to contribute their ideas here. Some have already contributed a lot of ideas here, and even their apprehensions and doubts.

Malay natin professional banking executive ka pala dyan sa ibang bansa at gusto mo na sanang umuwi, this might be the best opportunity for you. Or if not, at least you can give some inputs on how to put up that OFW Bank. Initial inputs are published and can be viewed here too. At least I was able to show here that capitalization is not an issue. Katumbas lang po yan ng isang araw nyong merienda yan dyan.

Let's go for that OFW Commercial Bank! Mabuhay!

Minimum Capital Requirements & Stockholdings Structure For An OFW Commercial Bank

noreply@blogger.com (OFW Bank Incubator) — Mon, 31 Jan 2011 06:17:00 +0000

In relation to our collective efforts to set up an OFW BANK, please check the following guidelines set by the Bangko Sentral ng Pilipinas (BSP) on establishing of new banks and its branches, there are certain minimum requirements that must be met. Listed below are the minimum requirements in summary form, these are copied from the BSP official website (www.bsp.gov.ph).

1. REQUIRED MINIMUM CAPITAL
TYPE OF BANK REQUIRED CAPITAL (In Pesos)

    a. UNIVERSAL BANKS                                                                                4.95 Billion
    b. COMMERCIAL BANKS                                                                              2.4 Billion
    c. THRIFT BANKS
        - With Head Office w/in Metro Manila                                                      325 Million
        - With Head Office outside Metro Manila                                                    52 Million
    d. RURAL BANKS
        - Within Metro Manila                                                                               26 Million
        - Within the cities of Cebu and Davao                                                       13 Million
        - Within 1st, 2nd & 3rd class cities and 1st class municipalities                  6.5 Million
        - Within 4th, 5th & 6th class cities & 2nd, 3rd, 4th class municipalities      3.9 Million
        - Within 5th & 6th class municipalities                                                     2.6 Million

The OFW Bank that we envision is a Full Commercial Bank which minimum required capitalization is 2.4 Billion Pesos.

2. MINIMUM STOCK SUBSCRIPTION REQUIREMENTS
At least 25% of the total authorized capital stock shall be subscribed by the subscribers or owners of the proposed bank, and at least 25% of the subscribed stocks shall be paid up, provided that in no case shall the paid-up capital be less than the minimum required capital stated above.

In our case the total amount of paid-up capital should not be less than P2.4B it being a full commercial bank. The P2.4B is just the minimum, we can increase that whenever we see it fit and attuned to the needs of the market.

This amount does not include yet all the other necessary capital expenses to cover the cost of putting up our Head Office and necessary branches including the office furnitures & equipments, office supplies, communication platform, security, insurance and the necessary operating costs, which based on early estimates may reach a minimum of P600 Million. That amount brings up to at least P3B as our total initial capitalization which already includes the estimated operating and capital expenses. You may refer to the other articles in this site where some suggestions on how to setup the OFW Bank were laid out.

We need more suggestions and reactions from you. Initially, some ideas on how we can put up the P3B Fund for an OFW Bank were volunteered and these are discussed in another article in this site.

3. STOCKHOLDING LIMITS AND RESTRICTIONS TO FOREIGN OWNERSHIP
The stockholdings of an individual, family, corporate or business group in any bank shall be subject to the following limits:

Foreign Individuals & Corporations - Foreign individuals and non-bank corporations may own or control up to forty percent (40%) of the voting stock of a domestic bank provided that the aggregate foreign-voting stocks owned by the foreign individuals and non-bank corporations in a domestic bank does not exceed forty percent (40%) of the outstanding voting stock of the bank. The percentage of the voting stock in a bank shall be determined by the citizenship of the individual stockholders in that bank.

Filipino Individuals & Corporations - There shall be no aggregate ceiling on the ownership of Filipino individuals and corporations owning voting stocks in a domestic bank, meaning, a domestic bank can be 100% Filipino owned. A Filipino individual and a domestic non-bank corporation may each own up to forty percent (40%) of the voting stock of a domestic bank.

Citizenship of a Stockholder-Corporation - The citizenship of the corporation which is a stockholder of a domestic bank shall follow the citizenship of the controlling stockholders of the corporation, irrespective of the place of incorporation. The term "controlling stockholders" refers to individuals holding more than fifty percent (50%) of the voting stock of the corporation.

We should have no problem with this requirement because anyway we do not intend to enter into any partnership with foreign investors since the idea really is to make it OFW owned.

4. ALLOWED OWNERSHIP STRUCTURE FOR DIFFERENT TYPES OF BANK

COMMERCIAL BANKS - At least sixty percent (60%) of the voting stock of any commercial bank must be owned by Filipino citizens and/or Filipino corporations.

THRIFT BANKS - For thrift banks, at least forty percent (40%) of its voting stocks should be owned by Filipino citizens and/or Filipino corporations. I do not totally get the idea of this provision as it seems to give some exception to the 60/40 ownership limit. Maybe this explains why thrift banks or savings banks which are foreign-owned and controlled are now mushrooming in Metro Manila like for example the Citi Savings Bank, HSBC Savings Bank, GE Savings Bank, etc.

RURAL BANKS - Subject to the provisions of Section 4 of R.A. No. 7353, an Act providing for the creation, organization and operation of Rural banks, and for other purposes, all of the capital stock of any rural bank should be fully owned and held, directly or indirectly, by Filipino citizens or corporations, associations or cooperatives qualified under Philippine Laws to own and hold such capital stock.

Please refer to www.cda.gov.ph for the rules and regulations implementing certain provisions of the new Philippine Cooperative Law of 2008 (R.A. No. 9520), including the special provisions of the new Cooperative Law.

Let us continue to enjoin others to know about where we are heading and help them be part of this dream of having our own OFW Bank.

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

noreply@blogger.com (OFW Bank Incubator) — Mon, 31 Jan 2011 06:17:00 +0000

In the previous post, we have already laid down the following facts:

THIS DREAM IS NOT A WALK IN THE PARK

Previously, we said that setting up an OFW Bank from start to finish is not as simple as opening your own savings account because it involves a long and circuitous process that requires our strong commitment to that vision, and much hard work and staying power if we are to see it happen in our lifetime or in a year or two, at best.

COLLECTIVELY, THE P3-B CASH CAPITAL IS NOT HARD TO RAISE

We have also established the fact that if we are to put up an OFW BANK as a commercial bank, we need to put up at least P3Billion (P2.4B minimum paid up cash capital + at least P600M for the operating and capital expenses based on rough estimates). Current statistics even show that as of 2009 alone, there are in fact 1.479M documented OFWs already, and that number increasing at around 14-15% per year. So if we are to extrapolate for the current year (2010), the documented OFW would number around 1.686M Filipinos and multiply that by P2,300 that's P3.88 Billion for an initial capitalization - in cash - an enormous amount that the other big guys in business cannot produce just easily as the OFWs collectively.

SMALL BANK IS NOT THE WAY TO GO

Others may say that why don't we start with just a THRIFT BANK, SAVINGS BANK or RURAL BANK muna at least pag nalugi maliit lang. Saka na lang mag Commercial Bank license pag napalaki na ito at baka mas marami na ang mas gustong makilahok. That's a wrong mentality, at least in our context. Some might argue with that. But that's like planning how not to fail, rather than planning to win!

I will never recommend putting up a small bank like that as an OFW-led bank. Not that I have anything against these types of banking because in fact most of these small banks also doing well, but the danger of a small bank is you have limited capital, limited leeway, and limited market, meaning, limited potential for growth. I mean isang malakas na bagyo lang o baha o atake ng peste o daga sa mga pananiman sa kananuyan kung saan nandoon ang mga hanapbuhay ng karamihan sa mga tumatangkilik sa mga maliliit na bangko, tapos na agad ang laban and these small banks are left with soured or non-performing loans which is detrimental to business. At lalong mas mawalan ng gana ang karamihan tuloy.

That's why, to me, putting up these small banks is not worth our time. And how can we attract the best minds in the banking industry to that small bank? Because these guys are also practical. And small banks are not allowed to participate actively and directly in the FOREX or PHISEX market where the big potential for growth lies, and they are not allowed to lend to a single borrower so much amount, and such other limiting factors. Small banks are intended for small markets and big banks are for big markets, that's the equation.

Lest I might be misunderstood here, let me stress that I am not totally averse at putting up a small bank, my point is that why don't we put up a mother bank muna, the OFW COMMERCIAL BANK, and then with the money that is made out of its commercial banking operations, we can diversify and create subsidiary or independent banking businesses like Savings Banks, Thrift Banks, Rural Banks, Micro-Finance, etc to widen the opportunity for growth just like what Citibank is doing here in the Philippines. They put up CITIBANK SAVINGS Bank. RCBC now has RCBC SAVINGS Bank. BDO might even follow suit with BDO Savings Bank.

PREVIOUS ATTEMPTS THAT FAILED

There had been several attempts in the past to put up an OFW BANK but these attempts have generally soured or failed not necessarily because of the people spearheading it but it failed more on the business concept and approach and operational deficiencies based on what I have gathered from the news and articles available online. These are just inferences, not conclusions, since I am in no position to check the veracity of the facts presented there.

There was a group before who also sincerely had the same dream that we have, but on hindsight, some important and crucial issues were not properly addressed from the very start. Issues such as how much will be the minimum investment involved, when to collect the investment, who will collect the investment, who will handle and manage the money, and many other issues.

THE ISSUE IS NEITHER "HOW MUCH?" NOR "WHEN?" BUT "WHO?"

There is no need to collect any amount yet, that should be the last activity, because we still have a lot of issues that need some inputs from you. Any attempt that focuses on collection of investment rather than focusing on coming up with the business plan is bound to fail because the business plan is the roadmap. Money should be the last of our concerns here because it has been established here that that is almost a non-issue. Remember the P2,300?

The idea here is there should be NO COLLECTION YET of any amount not until we are ready for take off. I would rather suggest that everybody who espouse this dream to start saving any amount, say P1,000 per month, in your separate personal savings account and never touch it.

When the time comes, what we will do is we will conduct a survey on our committed investment - NO MONEY INVOLVED YET - but just your name or nickname, your email address, and your committed amount to be invested - para po bang i-survey lang po muna natin kung mga magkano na po kaya ang naitabi nating lahat na pangpuhunan natin para sa OFW COMMERCIAL BANK. Pag ang total committed amount based on that online survey ay kulang pa e di patuloy po muna ulit tayong magtabi nang magtabi ng pangpuhunan hanggang sa next round of survey through email or by any other easy means that you can suggest.

At pag sa tingin po natin ay makakabuo na po tayo ng P3B o higit pa, at pag buo na po ang maging Board of Trustees natin who will be selected by popular choice through online voting, and the candidate bank executives are ready and with the entire business plan, the marketing plan and the entire Organizational Setup is finalized then that's the time that we ask the BOARD OF TRUSTEES to open a TRUST FUND ACCOUNT in Land Bank of the Philippines.

Why in Land Bank and not in BDO or BPI or METROBANK, etc? It is so that the Filipino people in general will benefit rather than the Sy's or Ayala's or Ty's while the Fund is there with them held in trust.

But for now, kanya-kanyang hawak lang po muna tayo ng ating mga savings for future investment in OFW Commercial Bank. This will also avoid anyone's apprehensions about how their money is doing because it is still with them habang binubuo and they will directly benefit from its interests. Habang binubuo yung whole contribution, they can individually decide either to put it in their regular savings deposit, personal time deposit (1 year term) or invest it in Treasury Bills (30 days, 60, 90 180 or 360 days maturity) or Government Bonds and Notes dahil siguradong walang lugi. Don't place them in mutual funds or corporate stocks just yet because if you are going to redeem them in a year or two lugi pa po kayo.

We will do this while our application for an OFW BANK is being processed in the BSP, remember Mr. Jaime C. Laya is our former Central Bank Governor and everyone should be comfortable because he is an acclaimed expert in that aspect, and I think he still commands some respect from BSP executives, that should make things easier for us. And besides, are you aware that Mr. Jaime C. Laya is currently an Independent Director of GMA Network? That even makes life easier for us here. Aren't you excited?

So you see, the "how much" issue is not the main concern I think. The biggest issue is the "who will.." because we cannot just easily put our trust with just anybody that we do not know or are not publicly known. They may have the best of sincerity and honesty as individuals but because most OFWs do not know them then there's the problem that results to lesser participation.

That is why below I presented an initial list of certain public figures of propriety and of good public record specially in terms of public service in their chosen fields of mastery. I have also included here their personal data and background though this may not contain their entire accomplishments and achievements but you can research for more about them.

SUGGESTED PERSONALITIES FOR CONSIDERATION

In the GMA7 online forum, I mentioned about some prominent individuals of great personal integrity and sterling records in public service, people like, but not limited to, Atty. Felipe L. Gozon, the Chairman of GMA Network; broadcasters Mike Enriquez of Imbestigador, Mel Tiangco, retired Chief Justice Artemio V. Panganiban, former Monetary Board Chairman and Central Bank Governor Jaime C. Laya, retired Chief Justice Reynato S. Puno are suggested to become our Board of Trustees to oversee the Fund. From this initial short list, you can vote who do you think should be part of our Board of Trustees by clicking on their names on the survey at the bottom of this page.

From what I gathered online, let me post here the photos and background of the above individuals for your scrutiny. These are copied from GMA Network website and Asianterminals website, and Center for Pacific Economies website. Again I plead for their indulgence here.

Felipe L. Gozon
Chairman, President & CEO of GMA Network

Atty. Felipe L. Gozon obtained a Bachelor of Laws degree from the University of the Philippines and a Masters of Laws degree from Yale University. He is a partner in the law firm of Belo Gozon Elma Parel Asuncion & Lucila. As a distinguished aviation lawyer, he was a member of the Philippine Air Negotiating Panel and is cited in the Asia Pacific Legal 500 as a leading expert in this field. His business experience includes acting as a director of the International Corporate Bank and as Chairman of Marcopper Mining Corporation. Atty. Gozon has been the Chairman of the Board of Directors of the Company since 1975. He currently holds the positions of Chairman, President and Chief Executive Officer. Since assuming leadership of the Company in October 2000, the Company’s ratings have improved greatly, surpassing its nearest competitor in 2003. Atty. Gozon was named CEO of the Year by UNO Magazine in 2004 and Master Entrepreneur of the Year (Philippines) 2004 by SGV/Ernst & Young in 2005. People Asia Magazine included him in the list of People of the Year 2005. He is also currently Chairman, Vice-Chairman or director of several other institutions such as the Malayan Bank Savings & Mortgage Bank, the Children’s Museum and Library, Inc., the Asian Institute of Journalism and Communication and the Nova Foundation for Differently Abled Persons, Inc. He is also a director and/or Chairman of some of the subsidiaries and affiliates of the Company, such as GMA New Media, GMA Films, Alta Productions, Citynet, GMA Marketing and Productions, Inc., Scenarios, Inc., EMC Network, Inc., GMA Kapuso Foundation, Inc., INQ7 Interactive, Inc., GMA Records and Mont-Aire.

Miguel C. Enriquez
SVP, Radio Operations Group, GMA Network

Mr. Enriquez earned a bachelor’s degree in liberal arts and commerce from De La Salle University. He began his broadcasting career in 1969 as a radio staff announcer for the Manila Broadcasting Company. Since then, he has occupied a wide range of positions from program director to general manager. His last position before joining the Company was as Vice President for FM operations and a member of the board of directors of Radio Mindanao Network, one of the country’s largest privately-owned radio networks. In addition to his executive functions, Mr. Enriquez also anchors 24 Oras, Channel 7’s flagship newscast and Imbestigador, a highly-rated prime time investigative program. He also hosts an early morning news and current affairs program on the Company’s flagship radio station, DZBB. He is the recipient of various broadcasting awards, both in the Philippines and abroad.

Artemio V. Panganiban
Independent Director, GMA Network

Chief Justice Panganiban obtained earned a bachelor’s degree from the Far Eastern University. He later obtained a degree in law from the same institution, with cum laude honors. He was admitted to the bar in 1960, placing sixth in the bar examinations. In 1995 he was appointed Justice of the Supreme Court and held the position of Chief Justice from 2005 until his retirement in 2006. Prior to entering public service, Chief Justice Panganiban practiced law from 1963-1995 with Panganiban Benitez Parlade Africa & Barinaga Law Office where he was a senior partner. He was President of several corporations, including Baron Travel Corporation from 1967 to 1993, Arpan Tourism Industries Corporation from 1974 to 1993 and the Philippine Daily Inquirer, Inc. from 1991 to 1992. Chief Justice Panganiban was President of the Tourism Organization of the Philippines from 1977 to 1986, the Philippine Society of Travel Agents from 1974 to 1976 and the Philippine Association of Tourist Transport Operators from 1979 to 1987 and Vice-President of the Philippine Chamber of Commerce and Industry from 1993 to 1995. Chief Justice Panganiban also acted as Director for certain corporations such as International Corporate Bank (then known as Continental Bank) which later merged with the Union Bank (1972-1974).

Jaime C. Laya
Independent Director, GMA Network

Laya is a recipient of the Association of Certified Public Accountants in Public Practice Lifetime Achievement Award for 2007. He is founder and chairman of the firm Laya Mananghaya & Co. (currently Manabat Sanagustin & Co.) until his retirement in 2004. Laya graduated magna cum laude from the University of the Philippines with a degree in Business Administration. At the age of 18, he placed 8th in the 1957 CPA examination and had to wait three years before taking his oath. He taught accounting, economics, and management courses at UP after graduation. While with the University of the Philippines, Laya studied at the United States for his masters and doctorate degrees. In 1974, Laya joined the government service and served in various capacities until 1986, including as minister of Education, Culture and Sports, minister of Budget, and as governor of the Central Bank of the Philippines. After retiring from government service in 1986, Laya founded J.C. Laya & Co., Ltd. and engaged in accounting and consulting work. The firm grew and was later renamed Laya Mananghaya & Co. Laya is chairman and president of the Association of Certified Public Accountants in Public Practice in 2003 and of the ACPAPP Foundation, Inc. in 2004.

Mel Tiangco

Popular Broadcaster & TV News Anchor, GMA Network

Carmela Tiangco Cornejo popularly known as 'Mel Tiangco' - a popular television newscaster and television host in the Philippines. Tiangco was a newscaster at ABS-CBN however after taking part in a Tide TV ad in mid-1995 she was suspended from the network as newscasters of ABS-CBN are prohibited to endorse a product. This led to her exile to GMA Network, joining Jay Sonza. She currently co-anchors GMA Network's evening newscast, 24 Oras with Mike Enriquez. She is also the host of the now-defunct weekly drama anthology Magpakailanman and now the Mel and Joey with comedian-TV host-writer and a co-host for Joey de Leon.

Off camera, she is the mother of Wency Cornejo, a musician best known as the lead vocalist of the now-defunct Philippine rock band After Image (active in the 90s). She is also involved in philanthropic work as the Executive Vice President of the GMA Kapuso Foundation, the network's socio-civic arm.

(As copied from WIKIPEDIA and PINOYPROFILE.COM, and the photo from PEP.PH)

Reynato S. Puno was the 22nd Chief Justice of the Supreme Court of the Philippines. Appointed on December 8, 2006 by President Gloria Macapagal-Arroyo, he was the 22nd person to serve as Chief Justice. Puno had initially been appointed to the Supreme Court as an Associate Justice on June 28, 1993.

Puno earned his law degree from the University of the Philippines. During his stay in the state university, he also served as editor of the Philippine Collegian. He would later finish post-graduate studies at the Southern Methodist University, Dallas, Texas (Master of Comparative Laws), University of California, Berkeley (Master of Laws), and University of Illinois (finished all academic requirements of the degree of Doctor of Judicial Science).
Puno began his legal career in private practice. In 1969, he joined the law practice of his elder brother Isaac, a future judge whose murder at age 39 remains unsolved to date. In 1971, he joined the Office of the Solicitor General, where he would serve for the next nine years.

In 1980, Puno was appointed by President Ferdinand Marcos as a Justice of the Court of Appeals. He rejoined the executive department in 1984, this time as a Deputy Minister of Justice. Upon the assumption into office of President Corazon Aquino in 1986, Puno was reappointed to the Court of Appeals.

Puno has been praised for his erudite and literary writing style. His predecessor as Chief Justice, Artemio Panganiban, once lauded Puno's writing in the following manner: "Like a trained surgeon, he uses his pen with razor-like precision to separate the excise fabrication from truth and pretension from reality. In the process, he gives life to populist causes and libertarian ideals. Darting, gutsy and erudite, he often wages lonely battles against conventional wisdom with his stirring dissents and insightful opinion." (Panganiban, Justice and Faith, p. 142).
(Personal Details copied from WIKIPEDIA.. photo was copied from a ROTARY website.)

I am quite sure though that you also have people in mind that has the same integrity and prominence. Please contribute your thoughts and suggestions below.

Note: If you find that I have inadvertently failed to properly acknowledge here some other source of information being used here, please help me by calling my attention to it so I can make the necessary apology, correction and attribute the same.

Suggestions On How To Setup The OFW BANK

noreply@blogger.com (OFW Bank Incubator) — Mon, 31 Jan 2011 06:16:00 +0000

Setting up an OFW Bank from start to finish is not just like opening your own savings account, opening a new bank is a long process that requires your strong commitment, hard work, patience and tenacity because there are many concerns to put your mind and heart on. It may not be an easy task but we can do it, more so if a great number of OFWs are committed to this dream. And once we have succeeded, the economic and financial benefits are endless.

THE P2.4B HURDLE

The first thing that we need to consider is do we really have that much money to put up an OFW Bank? The bank that we envision here is not just a rural bank which requires only around P30M cash capital to put up, but what we are looking at here is a commercial bank like BDO Private Bank, Bank of Commerce, Chinatrust, Citibank NA Phils., EastWest Bank, Asia United Bank, Robinsons Bank and many others.

The minimum capital requirement for this type of banking license is P2.4B in cash, on top of the required cash outlay for the capital assets like the main office and its branches, the office equipments and furniture, computers and licensed software, etc. and the necessary operating capital to cover salaries and wages, utilities, advertising, etc. Let’s just say we need another P600M for those things depending on the number of strategic branches that we plan to put up. If that’s the case, the total cash requirement will be P3B (P2.4B required by BSP + P600M for capex & opex - capital expenses and operating expenses). See the related article about the minimum capital requirements for banks.

IT'S ACTUALLY A P3B HURDLE...WHAT?!

Please don't get discouraged, just read on please. I understand how you feel. It might help if you can just get a sip of drinking water and make 5 deep sighs and you will be alright. And keep reading, it's not your time to quit.

I can imagine some folks wrenching already about the P3B amount, and I can almost already hear people reacting like “Naku ang laki pala” or “Naku mabigat pala” or the worst is “Naku ang hirap pala niyan”. These are the most common reactions of people, or I should say common initial reactions, to qualify that statement. Probably that was your reaction too when somebody invited you to work abroad, especially when the workload was being described to you, plus the thought of being alone and away from your family for years. Malamang sabi mo rin noon “Naku ang hirap pala!”. Oo mahirap talaga. But please read on. Don’t just give up yet, intro pa lang po ito mga mahal kong Kababayan. Read on….

But what made you decide to work overseas? What made you overcome the hardships? It’s not the financial hardships at home. What really made you decide to become an OFW is the dream for a better life and financial freedom! You are after of the rewards and financial returns in working overseas. Same with the OFW BANK. Once it is up and operating and raking in profits, you will just be waiting for your financial dividends being the co-owner of that big bank, while you are out there leisurely cultivating your orchid farm in the province or maybe checking with your forwarder if your orchids for export to Australia are shipped on time.

HOW DO WE RAISE THE P2.4B...or P3B

How do we overcome the first hurdle of P2.4B cash capital? Because we cannot get a commercial banking license without that minimum amount. That P2.4B is a whooping big amount and your old small house back home may not have enough room to contain that money, ganun po kalaki yung perang yan. How much more if it’s in P100 bills mas lalong di napo magkasya sa dating bahay nyo.

The P2.4B is big but when you adjust your perspective, that amount becomes small - very small. Let me help you see it the way I see it. Would you believe that the P2.4B amount can be raised in a month? “Owwws?!” “Hmmm…Yabang!” I can almost hear some of those comments. But are you ready for a surprise?

That P2.4B is no hurdle at all because we can raise the Fund in a month in just like a flick of a finger! If all OFWs who now number around 1.3M, whether poorly paid or well paid, well off or not, will invest just P1,850 to this Fund this January then we will have P2.405B already! You do not need to be a nurse or doctor or engineer working overseas to become co-owner of this Bank!
Now that makes you excited. If we include the opex and capex amount you just have to increase your single investment from P1,850 to P2,300. That’s just chicken! (Translation: “Barya lang po yan!”).

With that simple illustration, we can even put up one commercial bank with that big capitalization per month hahahaha. Anong sinabi ni Ayala, ni Sy, ni Cojuangco, ni Ty. They can’t compete with us because they can not raise fresh capital of P3B in just like that in a month! If they are reading this they must be shaking to their nerves because they know we are a formidable competitor, because they know our OFW Bank will siphon off almost all financial transactions of OFWs. Also check another article here for other creative ideas to raise the capitalization.

LET'S GET EXCITED

And how about the potential volume of our regular deposits. Let me help you see it. If all OFWs, around 1.3M of them and not counting yet their spouse, their sons and daughters, will patronize the services of this OFW BANK and let’s just assume they will save just P1,000 per month and deposit it in their regular savings account that translates to P1.3B new cash deposits per month or P15.6B deposits in a year!

That’s why I don’t feel bad about the paltry P1B Loan Facility offered by the Government because we really do not have to depend on government subsidy because we do not need that in the first place if only we know how to maximize our potential and economic influence. Let us move from the “mentality of the poor” mindset to the “mentality of the rich” mindset.

I think that’s enough for now and let us have time to digest that. At least what we have established today is that the capital requirement for setting up an OFW BANK is not an issue. That’s just the amount you spent in that nice restaurant where you dined last weekend with your family or friends.

Mabuhay Po Kayo. Kayang-kaya po natin yan!

Strong Reactions On The P1-billion Loan Program For Returning OFWs

noreply@blogger.com (OFW Bank Incubator) — Mon, 31 Jan 2011 06:16:00 +0000

That news article on www.gmanews.tv that appeared on December 6, 2010 entitled "Aquino Sets Up P1-Billion Loan Program For Returning OFWs" as posted in this site in toto from http://www.gmanews.tv/story/207642/aquino-sets-up-p1-billion-loan-program-for-returning-ofws draw mixed reactions from gmanews.tv's online readers, me included.

And again, with my courtesies to the GMA Network and with their indulgence, may I quote herein some of those varied reactions as follows, arranged chronologically from the earliest to the latest, just be patient to scroll down because this is kind of long. I intended not to indicate the virtual name of the person who made these comments to avoid imputing any unnecessary bias:

>>> patawa naman yang 15,000 pesos na loan. ano magagawa nyan??

>>> Anak ng Magsasaka, anu mangyayari dun sa 15,000 anung negosyo pwede dun, Haayysss,,, Stay na lang kami sa abroad at least sigurado kinabukasan ng family nmin...

>>> Ginoong pinoy ung pinapadala ko po dyan sa pilipinas 20k mahigit per month eh kinukulang pa rin poh... tapos gusto nyo pong hikayatin ung mga ofw na magstay dyan sa pilipinas sa halagang 15,000.... tsk tsk..di kaya mamatay sa gutom ung pamilya namin dyan?...Nakakatawa naman si Dimzon... 15,000 for ofw....it's really an incentive for them to stay.....hay naku!!!

>>> Where is the good mind of Carmelita Dimzon. Remember if not of OFW you will not be sitted in your office, receiving your monthly salary. If you are reasonably with sound mind, you should think twice to tell us of P15,000.00 loan. Ano ang magawa ng perang iyan.

>>> pwede na dyan an 1 kariton na fishball sa P15,00.00 na yan. kung ibang business papasukan ng P15k na yan, bka kulang pa yan pambayad sa mga documents + kikilan pa ng mga gov't officials...kawawa nman mga BAYAING OFW....hahaha

>>> mabuti pa an mga TONGRESSMAN, walang ginawa kundi mangurakot sa pera ng BAYAN... dinagdagan pa uli an kanilang FEEDS (PORK BARREL).

>>> Loan? 15000 pesos for a small business??? Kariton ng fishball magkano na, say 7000, puhunan mo magkano na lang. Bayad ka may tubo pa. Paki-explain naman...

>>> 15k? please. this 1B is bound to disappear in thin air if used this way.

>>> AY BARYA LA-ANG!!!??? Mr. President, thank you sa proposal mo na 1B pesos loan...pero parang napakaliit naman yan para sa mga OFWs... Lahat kami kung may pagkakataon makaavail ng loan ay gusto namin...Medyo mahiya naman kayo.. Ang ina ankat namin na $ para sa Pinas ay umaabot sa $ 21B kada taon ( 913B Pesos). Di ba parang barya lang yan? kahit sana mga 20% lang dyan allotted for loan sa OFWs total babayaran naman yan...Ano sa palagay nyo sa OFWs pulobi? Binibigyan nyo million million na pork barrel ang mga "Tongressman" kami na mga nagapakahirap sa abroad barya la-ang? Ano ba yan? Ano pang model OFW ang kailangan nyo, Lahat kami dito ay model..dapat ay bigyan pantay-pantay!!! Di namin kailangan ang pakulo na yan...Kailangan comprehensive benefits para makaahon ang mga OFW....Alam namin na ang nasa government takot na mawala ang OFWs sa abroad, para kahit palpak ang pamamalakad ng government meron pa rin "milking cows" na pagkukunan... KUNG MAGAPPLY NG LOAN LAHAT ANG MGA 1.3M NA OFWs...it means 1.0B divided by 1.3M...EQUALS 770 PESOS EACH...HAHAHA HOY PNOY, THINK BIG!!! ... NAKAKAHIYA ANG PROGRAMA MO SA MGA OFW!!!

>>> here we go again, another costly trial and error program and it is going to cost 1 billion pesos. when will this government ever learn on what should be really done. the government should look into improving the condition of those who are in the philippines. they should look into why filipinos are leaving the country to work outside. the value of the peso is appreciating but does the citizens of the country benefit from this - the answer is NO. as a matter a fact prices of commodities are just becoming higher and higher. basically citizens both in and out of the country are not benefiting from this. who is the beneficiary from this, the government and the businesses. the government should stop making all of this temporary solutions (such as giving this 1 billion pesos for the ofw) and come up with a much more long term solution so that ofw's will be encouraged to go home and live in the philippines. let us be more realistic, what is 15,000 pesos going to start with? whereas there are people who have even invested millions of pesos in business that later did not succeed because large businesses eat up their market. the government does not have programs that protect small entrepreneurs, as they say "the small fish will just be eaten up by the bigger fish".

>>> This is a risky business, before going any further, launch a massive training campaign for returning OFW's. Kahit wala pa itong program na ito marami ng OFW ang nag attempt to venture into business but end up in a failure. So eventually bumalik sa abroad si kawawang OFW to start all over again. sympre para maka hiram dyan sa program na yan kailangan ng collateral. I dont agree with this. Kung ako sa inyo open up opportunities for OFW's like franchising, UV express services, poultry and livestock and lots more. I monitor yung start up while teaching them to to become successful entrepreneurs. Pls keep in mind that OFW's are employee oriented and not business oriented. Kung business oriented yang mga yan dapat hindi na cla nag abroad.

>>> 1 billion!! BARYA!!!.. ibubulsa pa ng iba yan.

>>> lumang tugtugin na ang mga pautang na yan. ang makinabang na naman ang mga may kakilala sa owwa.

>>> Surely, this is another strategy by the concerned government organization such as OWWA/DOLE to justify any upcoming force contribution. I have been an OFW (OCW) for several years already since 1982. Let's be on guard for this new tactic especially this Administration which is questionable on its operation.

>>> hello!!! you think P15.000.00 is enough to put up a business? put your self to our position we want to go back to our own country to spent time to our family but since there is no good job in our country and if ever there is the salary is not enough for normal life. your in the government think of your proposal......

>>> Mr President don't just wait that investors will come to the Philippines and invest. The Gov't and LGU should invest more on infrastructures to create job and business opportunities; education and skills development to give opportunities for all Filipinos to get a descent job; and improved peace and order. Mr President planned beyond your 6 yr term. Think long term. You are just protecting your approval rating if that's the way you think. Now, i begin to doubt with your plans... here and there what I hear from you are short term plans - OFW LOANS, CCT. Are you kidding us Filipinos? Reach out to Visayas and Mindanao, just to remind you that they part of the Philippines. I hope this comment will have your attention.

>>> ... ha??? 15,000 pesos for an individual loan! saan iyang makakarating? anong klaseng negosyo ang pwede mong isabak sa puhunan na iyan - pagproprocess mo pa lang ng loan ay ubos na ang 15k na iyan! pagluwas mo pa lang sa Manila bawas na kaagad ang 15k!!! ... hey pnoy, be realistic naman!!!

>>> This article shows how out of touch Noynoy is with reality. The amount of 15k is too small for any business. A returning OFW already has more than that measly amount to star a business. 500k for a cooperative is unworkable since OFWs coming home are individuals looking for business ventures on their own. But what can you expect from Noynoy who has never held on to a job. Who has never been independent nor has left his mother's house. Most likely has never thought about paying any household bills since he was born as these were taken cared of by his mother. In short walang alam si Noynoy sa buhay.

>>> Ano 15K pag individual at 500K pag cooperative? Paglakad mo lang ng papeles mo ubos na iyang 15K. Huwag na kayong magpautang kung ganyan rin lang ang tingin nyo sa mga tao. Mga nasa posisyon sa govt. ang uutang nyan at gagamiten ang pangalan ng OFW, sino ngayon ang makikinabang? Puro pakitang tao talaga ang mga lider natin, mga hipokrito. Magsilbi kayo ng totoo hindi yung may lihim kayong plano. Never talagang aasenso ang Pinas sa ganitong kalakaran. Never in a million lifetime.

>>> If OFWs will unite their money to create businesses, that's far better than asking for loans. This happens in Taiwan, Korea, Japan, or China because they have foresights but never in PHL. Also their leaders will never offer loans like this 15K, they knew what's realistic & what's not. This loan program will only become a scheme to satisfy those who has an evil plan. Then why make programs like this when it's clear it will not really serve the OFWs? This clearly shows the kind of leaders we have so let's stop being proud of ourselves when comparing with others.

>>> Ang galing, abnoy na abnoy talaga ang thinking. Tinannggal ang mga importanteng subsidy, para may maipalmon sa tongresista at sa mga ampon ni porky at ngayon naman isang raket na naman pati mga OFW gagamitin. tsk tsk tsk

>>> Another CFC yan, di Couple for Christ ha, kungdi Center for Corruption. Tulad ng CCT ni porky dinky at pork barrel ng mga tongresista.

>>> maam carmelita Dimzon can you please tell me what kind of decent business the OFW can established with P15,000? maawa naman po kayo sa mga OFW natin you know and I P15,000 capital is not going anywhere for them to have a decent living....masabi lang na mayroong programa pero ang programa bulok... kung tutulong po kayo ilagay ninyo ang sarili ninyo sa kanilang kalagayan at para maramdaman ninyo na hindi sapat ang iniisip ninyo....

>>> sa mga OFW, ipunin na lang natin ng maayos ang ating pinag hirapan dito sa ibang bansa at gamitin sa tamang paraan, wag na tayong umasa sa gobyerno na wala namang naitutulong sa mga gaya natin. Magaling lang naman ang gobyerno pagdating sa remittance na pinadadala natin eh. Magaling lang naman sila sa usapin pagdating sa pera pero sa kapakanan ng mga OFW wala tayong maasahan. Kung gustong makatulong ng gobyerno sa taong bayan, create jobs so Filipinos won't leave the country (which is suntok sa buwan).

>>> This is no other than wasting the money and time only. For individual can borrow only P15,000? what is P15,000? ano sa palagay niyo klaseng business na pwede ipatayo sa 15,000? Payo ko sa mga kababayan kung Filipino, wag kayo umasa kahit kanino or sa gobyerno natin, "Mag ipon kayo!" "Magtago kayo ng sweldo nyo!" "Wag nyo padala lahat ang sweldo nyo sa pamilya!", isipin niyo ang buhay niyo pag bumalik na kayo ng pinas! Wag madala sa mga USO na cellphone, laptop or kung ano ano pang bagay, every sweldo may binibili, BILHIN NYO LANG KUNG ANO KELANGAN NYO! sabi pa ni Ophra Winfrey "BUY WHAT YOU NEED NOT WHAT YOU WANT". Difference of NEED and WANT: NEED = ung mga kelangan mo lang sa buhay, tulad ng pagkain or ano man bagay na kelangan mo sa trabaho. WANT = Ang dami natin gusto, hindi maubos ubos. lahat gusto natin. Salamat!

Now, after reading these comments what do you feel? What do you think? What is your reaction to the President's and his people's effort of coming up with this P1-B seed money for returning OFWs? You are free to post your comments below so your ideas can be "heared" too by others (maybe the appropriate word there is "read"). Or if you don't want your personal reaction be published here for everyone to see, you can send it privately to me by email HERE.

But on hindsight, I don't think the above comments are really intended to discredit the President nor to totally condemn the idea and the efforts of the Government.

The people in Government who are behind this idea should learn to read between the lines, because as I see it, the real and loud message here is not really of condemnation but our OFWs are just expressing their desperation for good leadership because they have been fed up by all those government programs in the past which initially looked like heavy with genuine intentions to address the needs of our OFWs and their longings to find favorable economic opportunities, sustainability and stability in the country but were later on shortchanged again and again because those government programs always ended up being used by those in government just to gain good points from people for their ambitious political ends.

The real message here is they appreciate the effort but they don't think that it is enough as it looks like just a paltry of what the OFWs have done to keep our economy afloat despite the lingering global financial crisis. So I hope that this P1-B Fund is just an initial seed money which can be increased accordingly as the demand comes in.

I believe the present Government can always do better because they are sensitive to public clamor, and I believe that the President is serious to fulfill his dreams and aspirations for a better Philippines, especially when he said: "Kayo ang Boss ko" and "Pag walang Corrupt, walang Mahirap!".

So Mr. President, take them as guiding comments and directives from your Boss. The Boss just want you to deliver, and they know you can do it and you will do it - it's just that the Boss wants you to do it and deliver now because they have been left desperate for the last 9 years! That is the real message here.

Postscript: The same online news article and the above online comments have at the same time generated some positive reactions and creative business ideas that will surely benefit our OFWs once these are in place. One of these ideas is to put up an OFW BANK. This idea is not totally new because as early as 2001, based from what I have gathered so far from online news archives, there had been attempts by some groups to put up an OFW BANK, but they have not totally succeeded because the contribution per individual is quite high (at $20,000!) and the original incorporators were not widely known individuals although I assume they might have strong personal integrity too, but the issues that worked against them was aside from being unknowns, they also already solicited and collected money from OFWs, which is totally opposite to the ideas being espoused here. More articles will be published here along that line.

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

noreply@blogger.com (OFW Bank Incubator) — Mon, 31 Jan 2011 06:14:00 +0000

That said news article entitled "Aquino Sets Up P1-Billion Loan Program For Returning OFWs" on www.gmanews.tv that appeared on December 6, 2010 as posted in this site in toto also encouraged and generated some creative ideas and encouraging comments from some of gmanews online readers including myself. And the idea of putting up an OFW BANK was raised by one patriotic OFW and it gained momentum. Even this OFW BANK Incubator site is one of the positive results of the collective creative juices of several individuals who initially participated in that online sharing of ideas.

With my courtesies to the GMA Network, I beg for their indulgence again as I quote herein some of those creative reactions as follows, arranged chronologically from the earliest to the latest, and I intend not to indicate the virtual name of the person who made the negative comments to avoid imputing any unnecessary bias. Should some of these pseudonyms appear, it will be because it was there as part of their comments. Here they are:

>>> The P15,000 is indeed funny. But OFWs can still make money out of it, let me illustrate it here, and this is from experience: A foreclosed single firewall house in Camella Homes that has a floor area of 40 square meters, with wooden partitions and doors and windows totally cannibalized is available for "hulugan" at BFS (Bahay Financial) at only P450,000. Check at http://www.bfs.com.ph/ If you don't trust Bahay Financial then you can check from Pag-Ibig Fund, SSS, GSIS, NHA or from the banks for any foreclosed units. Choose the dilapidated ones dahil talagang bagsak presyo, at pwede pang tawaran.

The first one that I got from BFS at P450,000 was actually P750,000 in their price list, namahalan ako so I went to the site again and took pictures of the house and showed them to the manager of BFS to complain that the P750T is too much for that garbage...and then offered to buy it at P300T in cash, sila naman ang tumawad hanggang P450T lang daw, so I took it.

To make that house decent and highly saleable you need to spend around P150,000 for the repairs and repainting. Once done, it will easily sell at P950,000 (that's a bargain). That means for a total of P600T investment you will make 58% or P350,000 more from that money. That P600T seed money can be raised by 40 OFWs borrowing P15,000 each from that P1B fund.

If the annual interest rate for that loan is say 8% per year, then you still get 50% return na wala naman talagang puhunan in the first place because you got it from the loan and what you paid for it is also a derivative of that loan. Once the refurbished house is sold, pay the loan in full (principal & interest) then borrow again, don't just revolve it. Do it twice in a year and you earn 100% at least of what you borrowed. It doesn't matter if it's small, it is just a numbers game.

>>> Ginoong Pilipino maraming salamat po sa encouragements nyo dito. So far your comments were the most practical and do-able....only if the general overseas filipino workers open their minds to business and leave/forsake their simple mindedness and unite for progress we will see a new Philippines....why can't we not? i have observed koreans in the '90s and the reasons why they have Hyundai's, Samsung's and LG's because back then they formed the then KFSB - korean federation of small businesses....which gave birth to now giant korean companies that competes teeth to teeth with japanese giants like Sony, mitsubishi, toyota's. I remember well how my amazement to learn when one old korean man told me how he sacrificed sending his money back to his country whilst working in 'the Philippines' (road construction project in mindanao) and investing part of it in small businesses that now forms the Hyundai group of companies....the koreans love their families but certainly expressing love for their country the most by contributing to its progress through hardship and investment. With your idea Ginoong filipino....i resolved not to buy anymore 32" plasma tv's, ipod's, bling-bling that turns my money to waste...but start using my brain to let my hard earned money to work for me and my family...

>>> Thanks for the compliments sir Aurelio Petrache, finally I found somebody who has the same wavelength as mine.

>>> How was the model OFW chosen? What were the basis? Lahat ng OFW ay dapat maging model...

>>> I totally agree with you. If your going to look at the list of past winners mostly are professionals who are earning big money And the story goes from rags to riches. Can they just give the award to less fortunate OFW's like the waiters, carpenters and cleaners. Theses guys have done their share of bring dollars to our country its time for the government to appreciate their efforts. I'm sure they have their own story of success from their humble beginnings.

>>> Good comment. Maybe it will be more beneficial and encouraging if our OFWs can take time to nominate those other OFWs whom they think also deserve to be cited for such honors, or even self-nominate.
How would anybody notice the good that others have achieved pag walang nagbigay ng info about such person.

>>> Mr_John_Jones. Tol, I'm totally with you with your views and opinions. Sampu ng mga kapatid nating OFW's. This program of the government is nothing but an insult added to injury to all the OFW's worldwide. Bakit pa kami mangungutang dyan? Eh barya at kakapiranggot lang iyan. At kung anu-anu pang requirements ang hihingiin niyo sa amin. Eh dito sa abroad ang daling mangutang at di hamak na malaki ang mauutang at mababa pa ang interes. Mr. PNOY and your GANG of advisers please stop this non-sense. Enough is enough. Address the real problems of the OFW's. Do I need to elaborate one by one? It's a known fact what,why,how we are suffering as an OFW. WAKE UP PNOY. Live up to your promise and the dreams of your parents for our beloved INANG BAYAN.

>>> you have a good point, but don't get discouraged, if I were you I will be the first one to avail from that P1B and make money out of it. Remember, not everyone knows how to make money out of the little that he has. So take advantage of it while it's there. Who knows that might be increased when they see that the fund utilization and the demand is high, much more if repayment rate is also high. These are good indicators that the program is effective to its targeted beneficiaries/borrowers.

>>> here we go again, another costly trial and error program and it is going to cost 1 billion pesos. when will this government ever learn on what should be really done. the government should look into improving the condition of those who are in the philippines. they should look into why filipinos are leaving the country to work outside. the value of the peso is appreciating but does the citizens of the country benefit from this - the answer is NO. as a matter a fact prices of commodities are just becoming higher and higher. basically citizens both in and out of the country are not benefiting from this. who is the beneficiary from this, the government and the businesses.

the government should stop making all of this temporary solutions (such as giving this 1 billion pesos for the ofw) and come up with a much more long term solution so that ofw's will be encouraged to go home and live in the philippines. let us be more realistic, what is 15,000 pesos going to start with? whereas there are people who have even invested millions of pesos in business that later did not succeed because large businesses eat up their market. the government does not have programs that protect small entrepreneurs, as they say "the small fish will just be eaten up by the bigger fish".

>>> the keyword in business is "competition", you need to be creative and be competitive in your chosen market or field. It doesn't matter if you are just a small fish, only those small fish who appear as a good meal to those big fish gets eaten alive! what I mean here is if Henry Sy's SM Mall is the big fish to you, don't become a sari-sari store beside the mall, but rather come up with very saleable products and become one of the suppliers to that one small outlet inside SM Mall that sells wares that carries similar product lines. That way the small fish never gets eaten, tendency is that small fish becomes big over time and becomes one of the tenants of SM. we Filipinos are survivors and we should start believing and behaving like so.

>>> This is true! and I DO AGREE!

>>> This is a good innovation and will be very helpful when put to good use, more so if the borrower-OFW knows how to make money out of it. But I have another suggestion for our OFW's: Why don't they group themselves as an association or cooperative and invest their money collectively into short-term but highly profitable ventures of some reputable companies, say in real estate.

You see this is what I do, and they can either copy it or invest in it. All it takes is P1.5M to build a townhouse (lot and permits included) which can easily sell at P1.95M under Bank or Pag-Ibig Financing which has become very affordable these days. BDO offers 7.75% rate per year. It's very easy to find a Buyer who is willing to start paying the 10% downpayment while the house is being constructed, agawan pa yan because this market segment is under-served.

Construction time takes around 4 months plus 1-2 months processing and delivery to the bank or Pag-Ibig. That means that the P1.5M will be spent over 4 months for the house construction, permits, etc. Assuming there are 20 OFWs who can agree to contribute to that Fund, it will only take P18,750 each per month or P75,000 total in 4 months from each and the house is done. Then you need another 1-2 months to process the buyer's housing loan with the bank or Pag-Ibig until the Letter of Guarantee and release of buyer's loans proceeds to the Seller.

That means that in 6 month's time their P75,000 seed money will earn another P22,500 that's around 30% gross earnings or P18,000 or 24% net income after taxes & fees. If it's a cooperative then they get to enjoy some tax exemptions. If they do it twice in a year their money can grow at a minimum of 40% to 50%, no wonder why real estate is the best investment. No time deposit rate or treasury bills or government notes or bonds can beat that, not even the stock market.

And this is not a make-believe tale because I am doing it for many years. Even if your house takes another 6 months to sell it won't hurt you because you will still make at least 24% more of your seed money. A big number of our people needs decent homes that are affordable and that's what we offer them. We make money by helping others fulfill their dreams. Our OFWs can do it too. That's the best way for them to get rich and gain financial freedom. The other choice is to doubt that this is a hoax and it's impossible...and then wonder how Senator Villar become a multi-billionaire (in pesos). Camella Homes (his low-cost housing business) did it for him.

>>> Your suggestion is good but I think it is not buy-able to general OFWs. No one can trust to anybody nowadays, esp. that we are abroad. That is why OFWs are very dependent to our government initiatives, because the government supposedly has the power to protect the interest of OFWs. OWWA supposed to be the one to implement these but how can we trust them. Every centavos that pass through them dissolved to their pockets... There must be a legislated body from our government to implement this, like establishing of OFW BANK thereby OFWs are the stock holders...

>>> That's understandable, but some have to start somewhere. The OFW bank is a very brilliant shot. But then again it has to be managed well so that the OFWs won't be at the losing end again. The key is good stewardship.

>>> Mr. President if you truly want to help OFWs please let your executive power to formulate and establish a OFW Bank where OFWs can be Stock holders...

>>> I like this comment mr john jones, a very brilliant one! That OFW bank can even be exempted by the Central Bank from putting upfront the required minimum capital to put up a bank, or if they can't be exempted they can be subsidized by the government then the OFW can buy shares of stocks ng subsidized OFW bank kahit paunti-unti until it becomes wholly owned by OFWs and government is out of the picture.Have it managed by professionals napakaganda. Banking is a very good business - you put up a branch, receive deposits and guarantee them to earn some 1.2% per annum but put these deposits in the money market the next day and earn at least 0.6% to 3% in a day! Do it 360 days in a year and that's a lot of money.

No wonder why most of the tall buildings along Ayala Avenue are owned by these banks! The answer is very easy - they guarantee 6.5% interest per year for 5-year time deposits but they don't tell you that they earned at least 300% every year from those deposits! Hehehe. This one is really really a brilliant idea. Bro. Eddie Villanueva advocated for it also. I hope your idea gets the ears of the President. Why not try to pitch it in at www.president.gov.ph, who knows?

>>> I support this idea.

>>> 1 billion!! BARYA!!!.. ibubulsa pa ng iba yan.

>>> relax lang po, instead of shooting down that idea, let's help them improve from there, and many will benefit. Because if they sense that the general reaction to this effort is negative baka di nila ituloy yan, sayang naman. Let's help.

>>> lumang tugtugin na ang mga pautang na yan. ang makinabang na naman ang mga may kakilala sa owwa.

>>> Sana naman hindi...

>>> it is a bit exaggerated to divide the 1b to the total number of OFW's abroad..first and foremost more than half of those in abroad or OFW's are not going to borrow from that scheme, they can afford not to..the good thing about it, is those unfortunate OFW's that despite the long tenures abroad is hindi maka-ipon dahil sa ang kinikita nila is kulang pa rin to provide for the needs of their families in the Philippines.

This schemes will help, the mechanics of this we'll probably get better as the process goes by. A group of friends can come up of some ideas to avail the 500k that they will start for something. We just only hope and pray that all those people that will run this project will give priority to the welfare of every OFW's that comes for their help and not on thier pockets.

Kudos to you Mr. Jones for the bright idea of banking..but I just notice that with all your multiple comments, you regarded to exaggerate the facts first before you come up with a good one...there's no problem on commenting but at least be realistic naman..you're an OFW I guess, so you know the facts about us better than they do... I still salute you for a bright idea!!!

>>> Sorry friend, I think I need some guidance sometimes, like you...Thank you...Yes, I think we will push for this idea of bank for OFWs.. I just do not know how this go through the knowledge of the President..I tried his contact website but I can not get through..

>>> i wish you started to become aware of all the government OFW projects ever since 1982 and not just started with this strategy as you called it. Why don't you guarded other OFW projects during Ramos, Estrada and Arroyo's administration? so that a guy like you did not work that long abroad and simply reaping the fruits of those past projects that has been all failed so far.

>>> I would like to avail of this loan when I go home in April 2011. My project would be Charcoal Briquetting-Conversion of Forest and Agricultural Waste Materials to Charcoal. This will benefit much the masses especially on the provision of cooking energy. I will create employment too for the mothers and youth. I will sell the product to the world market. Who is the contact person at OWWA for this loan? Hopefully they could grant me a loan for the provision of my operational needs!

>>> You are getting the message right, Dan Abj, while 95% of the comments here are all negative or pessimistic at the least. This is a good idea and it is very sustainable because your raw materials are readily available and your market is so huge. If the proceeds from that loan won't be enough, try making some arrangements for assistance from these groups:
1. CARD BANK
http://cardbankph.com
2. SMALL BUSINESS CORPORATION (a government corporation)
http://portal.sbgfc.org.ph/
3. CENTER FOR COMMUNITY TRANSFORMATION
http://www.cct.org.ph/
4. ICCP VENTURE PARTNERS
http://www.iccpventurepartners.../
5. AUREOS CAPITAL
http://www.aureos.com/region/a...
They will also provide you training on proper accounting and financial management, optimized processing, mechanization, even packaging and design. They do it because they want to ensure that you become successful especially because it is their money that is at stake. They will also help you expand your market and increase your production capacity because they know that they will earn more when you borrow more when you want to expand your business. They genuinely help. No politics involved. I have proven that especially with CCT and SBC. Take it away from there bro. And keep succeeding while others complain.

>>> I think that is a good project idea.

>>> This is good news. Finally, there's hope for OFWs. But I hope much more money can be alloted for microfinancing para sa mahihirap na di makaalis ng Pilipinas. Sila ang mas nangangailangan. At hindi lang dapat pera dahil masasayang lang. Instead of just handing out money, provide small baranggay seminars for maliit na negosyo, provide the tools and materials, and provide micro loans with very small interest. Make it tax-free. Make the application requirements not too difficult. Most importantly, make the application and approval process transparent and subject to random stringent audit para walang nabubulsa at walang ghost borrowers.

Microfinancing has been successful in impoverished countries like India. Even in some badly affected parts of the US, it is also established already. I'm sure it is already present in some areas of the Philippines. But I think the government has to be much much more aggressive para naman mas maraming makinabang.

But what can you expect from Noynoy who has never held on to a job. Who has never been independent nor has left his mother's house. Most likely has never thought about paying any household bills since he was born as these were taken cared of by his mother. In short walang alam si Noynoy sa buhay.

>>> then why do we Filipinos keep on voting people of the Philippine elite caste rather than those in the working caste?

>>> There's no such thing as caste here.. Communist propaganda is just imagined drawing a line between socio-economic level of people for it's means of infighting between them for their political benifit.. Here, caste are more of based in educational attainment and determination to reach a higher levels of income..

>>> That's a good resolve sir! Well-funded ads are good at convincing us that the 32" plasma tv's, ipod's and other electronic bling-blings will make you happy and fulfilled and ahead of the rest. But yes it's never true, it's 100% marketing to maximize their "share of your pocket". The truth is you need to continue to look for money to pay all your monthly power and telecom bills and they even penalize you if you don't pay on time - and that's hard-earned money down the drain...monthly!

I was also like that before when I was single. I spent a lot, it seemed like I was not comfortable to see some big amount was still in my pocket, my actions before were like I was always out to empty my pocket...and then I would start saving all over again when I would realize that my money was gone. And then did that crazy habit again. But it's good that I learned to make money and grow money before it's too late.

The Filipino race is not poor, we are rich! The only thing against us is majority of our people don't know how to be good stewards of what was given to them, however small the amount is. Having money, big or small, but not growing it is not stewardship. Remember that guy in the Bible who was given 1 talent who never multiplied it, he got punished, and whatever small thing he had was taken from him and was given to the other guy who multiplies money the most.

Case in point: the credit card. Credit cards are good, so long as you are only using it for convenience, never for credit. Once personal finance management is loose or absent, then somebody else will manage it for you - to their advantage. And you will end up working for them. Whatever you mismanage, you will lose.

>>> 'The Filipino race is not poor, we are rich! The only thing against us is majority of our people don't know how to be good stewards of what was given to them, however small the amount is' Good point Ginoong Pilipino....to follow that up, I would like to borrow a line from an old book The Richest Man in Babylon - that says 'Our prosperity as a nation depends upon the personal financial prosperity of each of us individuals' (authored by George S Clason, New York, 1926). I think...no, I believed the Philippines is poor because majority of the Filipinos are poor...and not because that the Philippines itself as a nation is poor - but as what you've said most of us were not good stewards.

But hey, the idea of creating/building a village for Foreign retirees struck a cord down my spine when you mentioned it as the same ideas touched my mind not long ago when me and my wife thinks of ways to scape the 'rat race'. I'm a British trained Radiographer and an Electrical Engineering Graduate in the Philippines same economic reasons majority of OFW's pushed me to work in Taiwan and South Korea and presently here in the United Kingdom. My wife has been a intensive care nurse since 90's and now holds a nursing senior position here in the UK.

The reason I mentioned this was not to brag our professional positions but to join you sir Pilipino to encourage many more kababayans to follow this tread and to sit down and discussed it with their peers and lets get this idea into reality...community for foreign elderly nationals and OFW BANK...
For start,we will held a small Filipino christmas party soon and I will personally make arrangement that this ideas be discussed in the event... Php 10,000/month? I think maybe more and still doable!!

>>> unfortunately, crab mentality is too ingrained in the Filipino mind that we can't get a decent cooperative going.

>>> Cooperatives are ineffective compared to corporations where there is order (not chaos), and it means all of the people who are best and diligent only can work here.. That's why lazy people are always protesting and demanding from labor unions.. Sowing chaos.

>>> It is better that OFWs will push the government for a dedicated OFW Bank and OFWs has a chance to become stock holders. In this way, it will be properly run and be protected by Philippines law. OFWs is sending $21B annually transactions with this money is enough to boost our shares and all the OFWs has a change to alleviate our financial securities.

>>> Another CFC yan, di Couple for Christ ha, kungdi Center for Corruption. Tulad ng CCT ni porky dinky at pork barrel ng mga tongresista.

>>> Some families in our Church are now earning P50,000 a month net of all expenses because of the help of Center For Community Transformation, and these folks used to live in the squatters colony not far from the Church building.

>>> Can one of us come up of a petition to NoyNoy to push through the idea of banking that Mr. Jones is proposing? I believed some guys here are banking expert..those who can formulate a banking schemes for OFW's that we can put our money with..a savings that will get an interest better than any banks in the Philippines can offer. I asked MetroBank for a time deposit and they offered only an interest of less than one percent per annum..that's too low...here in Qatar they are offering more than 3% on their esavings account...Maybe a better scheme that every OFW's deposit money could be use to a more profitable businesses and a good return for every depositors... Any banker here? please stand up! someone can come up for a petition and I for one will sign, am pretty sure more will do...

>>> It now seems like the OFW BANK IDEA is now gathering steam. I understand Banking & Finance, but I am no banker, but I can help pitch in some more ideas if others will volunteer. The government also has this idea but we need some push or even do it ourselves, collectively.
See these articles for reference:
1) Government Efforts along this line
http://globalnation.inquirer.n...
2) Private Efforts & Discussions on this move (I am not sue though if this is still moving, just check)
http://globalnation.inquirer.n...
3) More Discussions
http://cocoy826.wordpress.com/.../
To put up a decent bank, say a full commercial bank so that it can do business with OFWs, the required paid-up capital (cash capital) is P2.4B and it seems like a whooping huge amount, but it's not depending on one's perspective of things. It's just a number, and number problems can be solved by some analysis and playing with numbers - trust me because I'm a Civil Engineer. That P2.4B cash requirement can be had in 1-2 years and then you will have an OFW Commercial Bank, assuming that there are professionals who will handle this venture. How to do it? Here are some suggestions to consider:

1) If only there are 10,000 OFWs who will be willing to contribute to the Fund some P10,000 monthly for 2 consecutive years (that's 24 months) that OFW Commercial Bank should be up by 1st quarter of 2013.
2) We can put it up by 1st quarter of 2012 (or 1 year from now) if the 10,000 OFWs will be willing to increase the monthly contribution to P20,000 monthly for just 12 months; or get another 10,000 more OFWs (totalling 20,000 OFWs now) to contribute P10,000 monthly for 12 months and this Bank will be up by 2012. I am already assuming here that we can get fast approval from the Bangko Sentral through a Presidential directive or moral persuasion.

The big question is who will take care of the Funds? Do we have anybody whom we can trust with it? My answer is a big YES! Let's get people of propriety like Mike Enriquez, Mel Tiangco and other highly trusted public figures to head the Board of Trustees of this Fund which should be deposited in Land bank or other government owned bank so that the Filipino people will benefit from it. We can actually place the trust fund in any other prominent bank like BPI, BDO or Metrobank but it will be the Ayala's, the Sy's or the Ty's alone who will benefit from it while it is there held in trust.

Then when the Fund of P2.4B is made whole, we can now apply for a license from BSP with the assumption that there are able banking & finance professionals who are already hired as bank officers and executives to do the banking operations. The total amount you deposited under your name in the Fund shall be automatically converted into Common Shares of the Bank, and being the Bank owner now you will just need to wait for the annual dividend announcement and wait for your dividend check coming to you by secured mail.

And those who have no means yet to be part of the initial owners and original incorporators of the OFW Bank can actually join later by buying either the bank's common shares or preferred shares because the bank will still need more investments to be able to open more branches both locally and abroad. Some banking & finance professional may improve this idea from here. I have something here for your ready reference:
1. BASIC GUIDELINES FOR ESTABLISHING BANKS
http://cocoy826.wordpress.com/.../
2. BANGKO SENTRAL WEBSITE
http://www.bsp.gov.ph/
3. PHILIPPINE DEPOSIT INSURANCE CORPORATION
http://www.pdic.gov.ph/

>>> Sorry I pasted the wrong webpage address for BASIC GUIDELINES FOR ESTABLISHING BANKS, the right address should be http://www.bsp.gov.ph/download... I cannot edit the previous comment, nag error daw. Anyway... Sorry again for that wrong address pasted above.

>>> The article says the maximum loanable amount is P500,000 ($11,364) provided that the borrower is a group of OFWs, an association or a cooperative. Then here is my suggestion: There is this sunshine industry here in the Philippines on Foreign Retirees. Retirees in the US receive around $1200 monthly for their needs (retirement home fees, medicines, care giving fees, etc.), and the old folks in the UK are even required to sell their properties to fund their retirement otherwise they will be assessed with high property taxes.

What do I mean here? These retired folks have an average of $1000 to $1500 to spend monthly but that amount is never enough for them because of the high cost of retirement living in the US and UK, they are barely surviving with that amount. But if they come to the Philippines for their retirement they will be living like Kings and Queens and Princesses because that amount is P44,000 to P66,000 monthly here that can cover decent housing and nutritious meal, weekend tours, live theater shows and full spa massage in between. I have known some of them, Germans, Japanese, Koreans, Americans and 1 Briton. And they are all happy living here with that kind of lifestyle.

So my suggestion is, OFWs working as caregivers, nutritionists, physical therapists can organize themselves and decide to come home and put up a Retirement Facility either for active retirees or assisted retirees, offer the same full range of retirement services that they can get in their home countries or even better and charge the same fees in Dollars, same as what they pay in their home countries. You see these OFWs will still work as nutritionists, caregivers, physical therapists, cooks, laundry maids and continue to earn in US Dollars or Euro or Yen, and yet they can come home to their beloved families to retire at night and have time for their families on weekends while the old folks are on tour!

Just inform me if any OFW group will seriously consider pursuing this idea because I will be very willing to share my professional services with them. I will even invest some amount for it. You can reach me at makabayangpilipino143@yahoo.com. If you don't believe this is doable, check this government website http://www.pra.gov.ph/main/abo... and check what they do and how they can help you with this idea.

If the problem is the budget for building a retirement village, that should not be a burden. There are foreclosed residential subdivisions here, several blocks of them, just make an arrangement with Pag-IBIG for a joint venture scheme so you don't need to pay them upfront. Then renovate these units to conform to the needs and requirements of the retirees, put some nice landscaping to make the community conducive to them and that's it. The expertise of our OFWs are needed here, we can't hire newly grad caregivers from here.

The advantage of the OFWs are they are already well-versed with the language, and are well adjusted to the customs, tastes and preferences and even the habits (both good & bad) of their patients. This is an innovative way of making money in Dollars and Euros at home. The laundry contractors can be their own husbands actually - janitors, gardeners, maintenance crews and their salaries will be in Dollars and Euros too!

We can even apply for a PEZA accreditation so we can operate it tax-free because it is considered as an export industry just like the call centers or BPO industry because we will only accept foreign retirees with Foreign Retiree's Visa anyway. May nakumbinse na po kaya ako? Pag nabuo ito, the income stream is endless, it can only stop if we become inefficient or maging mas mura na tumira sa US or UK kaysa dito sa Pinas.

>>> thanks pilipino for the input... the main problem of that is how to find a dedicated professional that will handle the coordination of the more than 10,000 OFW individuals who are willing to contribute to the fund, surely there will be that much number who is willing to take the risk if only their money is guaranteed that it will be manage properly.

How about a certain investment firm? A group of professionals who will handle an investment with a fee..they could surely come up for a proposal on how to properly set-up this kind of scheme and coordinate things with all the individuals involve. They can open an account to any bank that majority of OFW who wants to contribute chooses, manage the fund properly and at the same time will lobby the President and the BSP for any approval needed on the process. As you said to have it more credible, we could ask the services of the certain individuals to assist OFW's on this scheme.

Where will be the fee to the firm coming from?..it could be arrange that a certain percent of the total fund should go to them as a fee once the fund is already completed (two years is not that long). In return the certain percentage also could be added to the dividend of each pioneer member to cope with the amount that goes to the firm. Once the bank is already established, this very firm could be the one to handle every investment portfolio that the hired managers of the bank could invest into... i guess you are right it is just a number..what we need is more input and ideas from everybody here...can we make a website that every willing OFW's with the idea could go into? It will be a start up and the next move will be more easier...we all just have to put our heart into it.

>>> To Pilipino, Bilber and Mr_john_jones and to many others who thinks positively for better Philippines: Mabuhay po kayo!! 'The Filipino race is not poor, we are rich! The only thing against us is majority of our people don't know how to be good stewards of what was given to them, however small the amount is'

Good point Ginoong Pilipino....to follow that up, I would like to borrow a line from an old book The Richest Man in Babylon - that says 'Our prosperity as a nation depends upon the personal financial prosperity of each of us individuals' (authored by George S Clason, New York, 1926).

I think...no, I believed the Philippines is poor because majority of the Filipinos are poor...and not because that the Philippines itself as a nation is poor - but as what you've said most of us were not good stewards. But hey, the idea of creating/building a village for Foreign retirees struck a cord down my spine when you mentioned it as the same ideas touched my mind not long ago when me and my wife thinks of ways to scape the 'rat race'. I'm a British trained Radiographer and an Electrical Engineering Graduate in the Philippines same economic reasons majority of OFW's pushed me to work in Taiwan and South Korea and presently here in the United Kingdom. My wife has been a intensive care nurse since 90's and now holds a nursing senior position here in the UK.

The reason I mentioned this was not to brag our professional positions but to join you sir Pilipino to encourage many more kababayans to follow this tread and to sit down and discussed it with their peers and lets get this idea into REALITY... a community for foreign elderly nationals and OFW BANK...For start, we will held a small Filipino christmas party soon and I will personally make arrangement that this ideas be discussed in the event...Php 10,000/month? I think maybe more and still doable!! Please those who are interested and will make a start do it for our children's sake and our beloved nation!!! keep me posted@ jappet21@aol.com; or
aurelio.petrache@suht.swest.nhs.uk

>>> Nice to know that you are an Engineer too! Engineers are known to be good at finding solutions. It's enough for engrs to know the desired outcome, and they will find solutions or ways to obtain that outcome. We call that in college days "problems" like finding the value of "X, Y and Z", but the fact is they were not really problems, they were just opportunities of arriving at precise solutions by juggling numbers in 10 x 12 or bigger number matrix and some analytical prowess and it's done! I enjoyed those things! And that training we can utilitize here.

Keep up gathering steam and continue to influence others to see that big picture. Kudos and Mabuhay mga kapwa kong magigiting na mga Pilipino. Thanks for the email address, I will keep in touch with you there but I will keep posting on this thread while the website is not yet up. Hope some will bookmark this page so they can come back here from time to time, natatabunan na rin po kasi ito ng ibang mas bagong balita.

>>> Theres no such thing as Filipino 'race', were heterogeneous country composed of different cultures, norms and sometimes bloodlines or we have the same blood as other 'races' such as Malaysians and Indonesians. Austronesian race is more applicable.. (I'm out of topic =))

>>> To be precise, there is really no single original race if we go by that definition because everybody, either white, brown, black, yellow, red and anybody in between, all came from Adam. Even Eve, the female man or female male, also came from Adam. Their immediate offsprings and grandchildren were the real original race.
Other "races" as we know them now are merely offshoots of that original one, implying therefore that all "races" aren't really pure, all are qualified to be heterogeneous too.

The American race? We know where they came from. The German race? We know who they were before, it starts with a big "B" and we often use that word when we describe some very negative acts. But the thing is, we are Filipinos. Mga Pilipinong mamamayan ng isang bayang magiliw at perlas ng silanganan, bayang duyan ng mga magigiting na lahing di nagpapasiil sa mga manlulupig!

Mga Pilipinong lahi ng isang bayan na kung saan ang bawat kislap ng kanyang watawat ay kislap ng bawat tagumpay na nagniningning, kung saan ni minsan ay hindi magdidilim ang pagningning ng kanyang araw at mga bituin. And I believe in that, it is actually a prophecy, a foretelling of the future that is ahead of us, done by José Palma in 1899. That great promise of the of the Filipinos is going to be realized. God intended us as a people to be one of the greatest in the world, not in terms of going to war and grabbing other nation's territories.

But God made us a friendly, happy and content people, He wants us to be a blessing to the world. In fact God invested so much for the Filipinos - He made sure we have over 1,700+ islands while others have none except being part of a big land mass shared by several nations. He made sure that our beaches are the longest in the world (country to country), and God hid so much precious metals and other minerals in our mountains and hills and valleys and plateaus and fertile plains for future use. And He made sure our seas and oceans and deep waters are filled with marine resources and He even deposited so much natural gas and petroleum beneath these deep waters.

See? We are a highly favored people. Tayo lang ang tanging lahi na pag nadulas at naputikan ay tahimik na tumatayo at pinupunasan ang putik sa ating damit. At pag napansin natin na meron palang nakakita sa ating pagkadulas, napapangiti tayo sa kanila, at napapangiti din sila. Di kaya ng ibang lahi yun, pag sa kanila nangyari yun nagmumura na sila ng katakot-takot. The word PILIPINO actually is PILIng-piling LIPI na PINOng-pino ang pagkalikha ng Diyos! Get that one? Mabuhay ang lahing Pilipino at ang ating bayang Pilipinas.

>>> i would like to follow up the idea of banking...maybe there are some guys here working in an investment firm and can formulate a mechanics on how to establish this OFW BANK ...this is gaining momentum and am fully sure if we will unite on this, lots of us will be happy to see that we have a bank fully dedicated to us OFW's..BDO is now the largest and richest bank in the Philippines because of us OFW's, due to our remittances that more than 50% pass thru them, they invested our money, they took the profit for themselves, they don't even formulate something in return to us even a raffle ticket... it's about time and what we only need is someone with a full knowledge of the banking system..an employee of an investment firm and others that have more knowle

The GMA News Online Article That Started It All!

noreply@blogger.com (OFW Bank Incubator) — Mon, 31 Jan 2011 06:13:00 +0000

With the indulgence of www.gmanews.tv and the entire GMA Network which article inspired the herein ideas and discussions about putting up an OFW BANK, may I herein post the said article here in OFW BANK INCUBATOR which is a direct offshoot of the long and encouraging online exchange of comments and ideas in that news article by GMA News.

I have no intention to infringe on the copyright and ownership of www.gmanews.tv on this news material, my only purpose here is to relay the same information to those who visit this page. And should my attention be called upon to defer from doing such as maybe demanded by the copyright owners of the said news article, I will immediately delete the same and offer the necessary public apology here.

Here now is the said article that inspired varied reactions on the news subject, herein quoted directly and in toto from www.gmanews.tv (http://www.gmanews.tv/story/207642/aquino-sets-up-p1-billion-loan-program-for-returning-ofws) You will also find my comments below:

Home > Business > Top Stories

Aquino sets up P1-billion loan program for returning OFWs

JAM SISANTE, GMANews.TV

12/06/2010 | 03:02 PM

To help create business and employment opportunities for returning Overseas Filipino Workers (OFWs), the Aquino administration will allot P1 billion to fund a loan assistance program for them.

President Benigno Aquino III ordered the Overseas Workers Welfare Administration (OWWA) to allocate a P1-billion “reintegration fund" from which OFWs may borrow to finance the start up of their own businesses.

“Gagamitin po natin ang pondong ito bilang isang epektibong loan program na may magaan na interes (We will use this fund as an effective loan program with a low interest rate)," Aquino said in a speech at the 2010 Model OFW Family of the Year Awards at Hotel Sofitel in Manila.

President Aquino confers with Vice President Binay during the 2010 Model OFW Family of the Year Awards rites in Manila on Monday. Ryan Lim

The Land Bank of the Philippines and Development Bank of the Philippines will implement the program and hold financial literacy and money management seminars for returning OFWs, Aquino said.

Even as he praised the contribution of OFWs to the country's growth — January-September OFW remittances totaled $13.78 billion — Aquino said the priority of his administration is to create job opportunities in the Philippines so that Filipinos need not leave the country to earn decent wages.

“Una pa rin po sa ating listahan ang paglikha ng disenteng trabaho at oportunidad dito sa sarili nating bayan (Still on top of our list is the creation of decent jobs and opportunities here in our own country)," said the president.

The P1-billion reintegration fund, to be sourced from OWWA’s capital fund, will be utilized starting next year, OWWA Administrator Carmelita Dimzon said.

P500,000 maximum loan for OFW groups

She said the OWWA board of trustees will meet “immediately" to brainstorm the program’s mechanics, the outcome of which will determine how many families may benefit from it.

For now, OFWs can borrow as much as P500,000 but that amount is available only to OFW groups or cooperatives, she said.

Dimzon said the ceiling for individual loans may increase in response to an OFW’s request for higher amounts.

In some cases, an individual venturing into micro-entrepreneurship may borrow up to
P15,000, the administrator said.

“It’s really an incentive for them to stay," she told reporters at the same event.

However, the OFW umbrella group Migrante International criticized the loan program as “mere tokenism and pure lip service."

In a statement, Migrante chairperson Garry Martinez urged President Aquino to investigate OWWA funds which have "perennially been placed under fire for numerous allegations of misuse and corruption." He said OWWA has reportedly collected an estimated P12 billion this year from the mandatory $25-contribution from members, but OFWs have complained that the money has not been properly used in providing much-needed services for them.

The group also asked Aquino to oppose the 50-percent budget cuts in the assistance fund for Filipinos abroad in the proposed Department of Foreign Affairs budget for next year.

Model OFWs

The Model OFW Family of the Year Awards is an annual event organized by OWWA to honor outstanding OFW families that have displayed “admirable efforts and determination to maintain their strong family ties despite parental distance, success in overseas work" and “for wisely managing and investing their incomes, and their productive contribution to their communities."

The national awardees for this year were engineer Ermie Lagman Garon and her family from Hacienda Luisita in Tarlac, Aquino's hometown, for the land-based category; and electrician Victor Dela Cruz of Puerto Princesa City, Palawan for the sea-based category.

More than 30 OFW families from various regions in the Philippines were also honored in Monday’s event.

In an interview, Department of Labor and Employment (DOLE) Secretary Rosalinda Baldoz said an “increasing trend" in the deployment of more OFWs is expected next year.

“It’s still the demand and the long history of our deployment in the different countries and then our migration management system," the labor chief said. She added that much of the demand comes from Middle Eastern countries seeking skilled and professional workers. — VS/OMG/YA, GMANews.TV (end of quote).

OWWA & POEA Boards Now Open For OFW Nominations

noreply@blogger.com (OFW Bank Incubator) — Mon, 31 Jan 2011 02:31:00 +0000

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

noreply@blogger.com (OFW Bank Incubator) — Mon, 31 Jan 2011 02:29:00 +0000

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).

Mabuhay po ang ating OFWs!

Recent Emails Received Through The OFW BANK Incubator Blog

noreply@blogger.com (OFW Bank Incubator) — Mon, 31 Jan 2011 02:27:00 +0000

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!

NOTE:

Mr. Andy P. has volunteered to help us in this effort by selflessly sharing us his expertise in banking and programming. Let’s keep him in our prayers.

All for the greater glory of God and the upliftment of the lives of our People! -- pilipino

From Chriz of Abu Dhabi, RE: http://www.aquaculture-israel.com/index.html...

1. Breeding

2. Food Production ( Fishball production – lobster as the main ingredient )

3. Carinderia which you can use the lobster as a special menu

4. Create employment

http://www.sulit.com.ph/index.php/view+classifieds/id/2435725/Australia+Red+Claw+Freshwater+Lobster

NOTE:

For those of you who are interested to keep in touch with Chriz about his business ideas, feel free to contact him thru his email (c.rimando@epiuae.ae) -- pilipino

Save Money By Watching Out Your Spending Habit First!

noreply@blogger.com (OFW Bank Incubator) — Mon, 31 Jan 2011 02:24:00 +0000

SAVING MONEY IS AN OLD IDEA

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?

WATCH YOUR SPENDING HABIT

Oo nga naman napakadaling ikaskas ang credit card sa payment counter sa mga mall, tinataon pa naman na may laging sale tuwing sahuran.

Those who are bent into doing this feel that they have the "right to spend" on anything that they like because anyway it is their money.

WHAT IS YOUR SAVINGS HABIT?

At may mga masasarap na pagkaing gusto pa niyang matikman sa mga kilalang restaurant kahit medyo may kamahalan, at least meron siyang maidagdag na mga photo sa Facebook.

INCOME - EXPENSES = SAVINGS

THE COMMON ANTIDOTE

IS THERE ANY HOPE?

How? Well, watch for the next article. It might just help you. Suffice it to say that you can start saving money by watching out your spending habit first!

You may send your ideas, suggestions and reactions by clicking HERE.

An Emotional Blog From A Son Whose Dad Is An OFW

noreply@blogger.com (OFW Bank Incubator) — Mon, 31 Jan 2011 02:23:00 +0000

I am posting here an exact copy of an emotional blog from a son whose Dad is an OFW who works in Libya, and I have also posted my 1 kilometer comment, long as it is but please read on because it might also help you guide your kids.

The name of the blogger-child is Jeffrey Francis who is very appreciative of what his Dad is doing for their sake, and he has this big question: "How can we repay them for their hard work?". I have tried to give him my thoughts below, through this article. Quoting now from Jeffrey Francis' blog:

"Parents......Our Real Inspiration

It was July 5 at 7:30 in the evening we go to the airport.....Our father will go back to Libya for another one year contract. All of us were sad because we will be missing him again. Almost everyday we go to church to ask God for his safe flight and for his good health......Thanks God because of internet we survived.....We cried but we have to sacrifice because it is for our own good, especially for us, his children, in order for us to finish our studies....

Few days After he will be coming back again....And we will spend our whole time together!!!!"

Posted by Jeffrey Francis

And this is my comment for Jeffrey Francis:

"How thankful we are in their industriousness, but how we can repay them for those hardworks?"

A nice and deep question esp. from a kid like you dear Jeffrey Francis. Just came across your blog through your Dad's link.

Given that situation, how can you repay your Dad? and your Mom? Let me share something from my heart:

I do did my best in school and in life, all with the help of God who is alive in my heart. And my parents made good of their word too!

So everyday, you saved your P10 allowance and earned another P10. Too small an amount for a kid whose Dad is an OFW! Yes, but actually no! Let me help you see what I see:

So go ahead my child and be a young entrepreneur. Share me something about your success not too distant from now. God bless you."

Could It Be That..?

noreply@blogger.com (OFW Bank Incubator) — Mon, 31 Jan 2011 02:22:00 +0000

Please take time to view the following videos and these might just help you redirect your lives, your purpose for living, and your visions for your life - as it did to me.

Please don't miss the powerful message these videos bring to you.

Please don't procrastinate. Don't keep postponing your destiny.

Let me know how God and what God has spoken to you lately through this video?