Work abroad is probably one of the most common advantages of globalization. It has benefited a huge number of families who were unable to take proper care of their loved ones. Foreign countries offer a huge array of workplaces that pay relatively well and give the benefit of “no-doubt” for the future. As a financial institution with years of expertise working with expats and foreign workers, we have noticed one strange correlation between working abroad and actual poverty. Why is it so? Isn’t...
2:59 AM
3 Tips to Manage Your Finances from WorldCom Finance
As a company that has worked in the niche of finances for over a decade, we have seen a lot of examples of how the inability to build a budget and stick to it has played a bad joke with a big number of people. Therefore, we always encourage every foreign worker to keep track of their budget. Let’s look at three simple tips that will shed some light on how to stay financially secure all the way! Start with budgeting What do you need to do? Simply keep track of all...
1:06 PM
Why Have a Savings Account?
With most people having a steady job, you may sometimes wonder if you need to have a savings account. To understand this, let’s look at a couple of points. The most probable scenario of you working abroad is this: you work for one full month, you get your salary at the end of the month, and you start the expenses: sending some money home to loved ones, and saving some for your own needs. Usually, by the time the month ends either you or someone from your family may end up in need for more money....
12:20 PM
The Light of Opportunities: How Can OFWs Avoid the Deadly Route to Debt?
Despite the fact that OFWs earn a higher income than most of the locals who stay in the Philippines, many of them still fail to manage their finances well, or manage them in any way at all. As a result they may go home without any income and even having mounted piles of debt. Why does it happen like this? The first and most common reason is that there is a "culture" of borrowing among Filipinos. Actually, 8 in 10 Filipinos have borrowed money for expenses like food, utilities or education. OFWs...
10:22 AM
WorldCom Finance against OFW poverty
Being an overseas Filipino abroad isn’t an easy task. People leave behind their families, friends, acquaintances, and entire careers to move to another country on their own and make a better living for their loved ones. It’s here that the path to a better future lies, but it is often associated with hard work, low pay, and seeing professors in the Philippines work as nannies in this new location. It’s only logical that this kind of sacrifice should result in exceptional income that would ensure...
