Posts Tagged ‘Investment’

OFWs demanding more auto loans

May 30, 2008

The overseas Filipino workers’ (OFWs) demand for auto loans is growing at an unprecedented rate. This in turn is grabbing the eyeballs of the banks which are keen on cashing in on this trend. Banks have seen a rise in demand for vans, Asian utility vehicles and sports utility vehicles. This is clearly evident in the statistics which show that about 22-23 per cent of new auto loans are being released by the Philippine National Bank.

 

Today the OFWs are no longer themselves to buying houses and housing appliances but also vehicles which are as good as any other asset. This is accounted to the fact that more OFWs are employed as highly skilled professionals in the developed countries which gives them the financial power to purchase more. Most of these OFWs take up an average loan of about P700,000 with a tenor of three years. These clients usually pay 20 per cent in upfront equity and amortise the rest.

 

It would not be easy to say whether this trend of buying cars and other vehicles is a good idea or not simply because it depends on a number of things like, the capacity to pay, benefits of getting a vehicle, costs of getting a car and other associated risks. In a nutshell, the OFWs should take into account all the features of risks involved before thinking of making an investment like this.

Investment worries for the OFWs

May 12, 2008

The Overseas Filipino Workers (OFWs) have often found themselves supporting their families by saving some money and planning for a better future. In the present day however the OFWs are concentrating on finding ways that would help them to utilise their hard earned money properly. Most OFWs are now trying to explore ways by which their money can be invested in their own country where they would return once they have the means to support their families. But the lack of awareness on the subject has left them clueless. The OFWs are unsure about the future of their savings and investments. They often find themselves wondering whether investing in a particular sector would reap more benefits or whether saving their money would be the right decision.

 

Experts believe buying a residential property is the best that the OFWs can do to save their money and acquire an asset that would benefit them in the long run. Property, they say could be a hedge against inflation. Considering the rise in the demand for better investment solutions several property development companies and consultants are now venturing into the arena and catering to the demands of OFWs living in countries like the UAE, US and Japan. The OFWs too have been taking full advantage of the situation and are availing the facilities provided by them.