Month: May 2018

Good news to everyone who live in Cebu and nearby provinces. Balikbayad Cebu branch is now officially open and ready to serve OFWs and OFW families.

But first, who is Balikbayad? 

Balikbayad is under First Digital Finance Corporation, a fin-tech company based in Manila composed of team of professionals with experience in banking, consulting, and technology both in the Philippines and overseas.

The aim of Balikbayad is simple: to help address the financing needs of OFWs. 

Balikbayad understands that securing a job overseas entails costs. This is why Balikbayad was established in 2015 to help OFWs who are in need of financial assistance.

Balikbayad – Cebu, Now Open Of course, OFWs are not just limited to those who came from Metro Manila. There are many of you who came from provinces and Balikbayad recognized that. In fact, Balikbayad saw an increasing demand from Visayas region, which is why they decided to open a branch, particularly in Cebu. This way, they can easily and more effectively offer its services to our modern day heroes in Visayas region.

The application process is still the same. OFW applicants must fill out the online application form for pre-processing. If approved, you will be contacted by Balikbayad representative to sign loan documents and submit additional requirements, which are easy to comply. The good news is there is no need to go to Ermita, especially if you’re from Cebu or in nearby provinces because Balikbayad can offer their services from there.

Headed by BM Dominador Ferrer, Balikbayad – Cebu is located at Room 351, Colon Development Corporation Building, Osmeña Boulevard, Barangay Sto. Nino, Cebu City. For inquiries and other concerns, you can call them at 032-888-7818.

One of the reasons why you decided to work overseas is to give your family a better life. By better life, this includes having a place you can call not just your home but also your own. Apparently, buying your dream house is not as easy as it seems. You have to consider the location, neighborhood, and proximity to hospital, school, and malls among others.

More importantly, you need to consider the cost because owning a house is not going to be easy on your pocket.

Buying a house definitely entails cost, but this doesn’t mean you have grab every sideline you can find just to pay for it. Believe it or not, there are many ways you can still save without compromising your dream home.

1) Be realistic with your choice of home. 

There’s nothing wrong with aiming for that three-bedroom home with two-car garage and a backyard located inside a gated subdivision. While it is an epitome of your dream house, your budget cannot afford it even if you work three jobs.

Therefore, be realistic with your choices. Keep in mind that aside from buying the house, you need to spend few more thousands for renovation in order to suit your needs. Stick to a budget plan and look for options according to that plan.

2) Canvassing is key. 

There are tons of properties offered by a lot of developers in the market. Now that you established a budget, explore your options by looking into what a particular developer can offer based on that budget. Compare and contrast the facilities and amenities to help you decide which one will give you more value for money. Some developers offer similar home characteristics but sell it at different prices – and surely you want to go with a home that helps you save more.

This leads you to this next tip.

3) Don’t rush into buying a new home. 

We understand that you want your family to move out so they can finally settle in the new house. Sadly, that’s not how it works, especially if you want to be able to save. This is why it is important to explore your options first before you say yes to a specific home. Once you say yes, you can never go back and leave the original one behind.

4) Consider foreclosed properties. 

A house developed by DMCI or Ayala might be the perfect one, but can your pocket afford it? If you want to be able to save more, try looking at listings for foreclosed properties. Lenders sell it at more affordable prices with more flexible monthly installments because they simply want to dispose the property and turn it into cash.

Is this safe? Well, this leads us to the next tip.

5) Inspect the house. 

Home inspection is a must when buying a property. You need to personally see the condition of your “future home” and make an estimate on how much money you still need for the repairs and renovation. You can also haggle the price based on this estimate. You also need to personally see the property to give you a “feel” of the surroundings of your possible future home.

Trust your gut on this because if you feel that the house doesn’t feel right, then move on to the next option.

6) Establish your credit standing. 

Remember this: when dealing with lenders, your credit score is among the biggest considerations. If you plan to finance your future home, then make sure that you are in good credit standing. This way, you can negotiate with the rates, thereby helping you save few hundreds or thousands.

READ: 6 Tips to Boost Credit Standing

Buying a home is among the biggest purchases you will make in your life – and you want to make it worth it. Keep these things in mind because these will surely help you when you’re ready to go house hunting.

Sometime in November 2017, the Philippine Overseas Employment Administration or POEA received several complaints from job applicants about a job they applied to online. It turns out that they applied for an overseas work online, particularly through Facebook, which was posted by a Turkish national and his Filipina wife.

According to the complainants, they were required to send USD 120 to 320 through Western Union in exchange for a job in several hotels. The said amount will be used for the processing of work permit and visa. After sending the money, the complainants did not receive a positive feedback on the supposed job overseas.

This is just one of the many stories that show how Filipinos can be “overwhelmed” with a promised job overseas. In fact, there are many aspiring OFWs who become victims for this type of scheme.

Here comes the dangerous part: scammers lure their victims online, specifically through Facebook.

This is how it works:

• They post ads about job vacancies abroad and include a POEA license in the post to make it look legitimate. Some illegal recruiters will indicate the number of slots left to make the “job” look more in demand.
• Once you apply by submitting your application and other documents, the “recruiter” will require you to pay a certain amount to “cover the expenses associated with work permit and visa processing.” You will be given a bank account, Western Union, or Paypal address where you can make payment.
• After you deposited the said amount, the recruiter will give you updates on the status of your job application until you will never hear from him/her again.

“The job ad looks legitimate,” you might say. Unfortunately, scammers will do whatever it takes just to make someone fall in their trap. This is why you need to watch out for the following red flags or warning signs:

• Recruitment websites and Facebook accounts with “POEA” in it such as POEA Jobs in Dubai (FB), jobspoea.com, and poeajobsabroad.org. Scammers use “POEA” in their domain name to make them look more legitimate. Keep in mind that there is only ONE POEA and the official website is http://www.poea.gov.ph
• You are being recruited by a foreign placement agency. This is illegal because both the recruiter and employer have no license to recruit Filipino workers.
• Unrealistic promises and work conditions like higher salary, free food and transportation throughout the duration of the contract, non-payment of processing and placement fees, and other too good to be true conditions. Some recruiters also promise free accommodation and food plus reimbursement of travel expenses for provincial applicants.
• You are requested to make upfront payment through a remittance company. This payment will cover the processing of work visa and other travel documents. Consequently, the recruiter asks you to pay other fees to attend “mandatory” seminars and other documentation-related expenses.
• You are advised to wait for a “very important” email that contains “very important information.”
• There was never a personal encounter and the recruiter insists that the transaction only happens online for “your own personal convenience.”

How can you avoid this?

• Check the recruitment agency if it is registered and licensed by the POEA. Use the license number the agency disclosed and check the status here.
• Verify the job with POEA through its Verification System.
• Do not pay any fees unless you sign an Employment Contract. Consequently, the fees paid must have a corresponding BIR-issued receipt.
• Check the address of the recruitment agency. Simply type the address on Google Maps page to verify if a certain establishment does exist.

Still, this doesn’t mean that recruitment agencies who post job vacancies online are not legitimate. There are those who use social media as a platform to inform the people about job openings in certain countries yet the entire application process happens on a personal, face-to-face level.

The point is be more careful and vigilant. Don’t get too excited with too good to be true promises and work conditions. Remember the red flags and tips on how to avoid being scammed and eventually, you will be able to start your journey overseas.