An Overseas Filipino Worker or OFW is a person from the Philippines who are living and working in another country, typically temporarily. This includes land-based OFWs and seafarers/sea-based OFWs.
Based on the results of the 2019 survey conducted by the Philippines Statistics Authority (PSA) on Overseas Filipinos, the number of OFWs who worked abroad was estimated at 2.2 million of which Overseas Contract Workers (OCWs) or those with existing work contracts comprised 96.8 percent.
OFWs have long been known as the country’s modern-day heroes. Since 1980, OFWs have helped a lot in keeping the economy afloat with their significant contribution through personal remittances which hit an all-time high of $33.5B in 2019 and accounted for 9.3 percent of our GDP. But how exactly do OFW’s help the country’s economy?
1. Household Income
OFW remittances whether it be as single source income or as a supplement to existing domestic incomes form a large portion of the fixed monthly income of many Filipino families;
2. Standard of Living
OFW remittances are being used mainly to improve their and their family’s standard of living. The higher the remittance, the more impact it has on household consumption;
3. Purchasing Power
Purchasing power is the set of goods and services that can be purchased with a unit of currency. And with OFWs cash remittances help increase the purchasing power of its recipients allowing them to maximize domestic consumption.
4. Multiplier Effect
Cash remittances sent by OFWs to their families in the Philippines are being used mainly to buy goods and services, go directly to businesses, simultaneously increase income in related sectors of the economy;
5. Exchange rates
Higher remittances from our OFWs enable the Philippine peso to be a stronger currency and it helps in more ways than one: i.) decrease the cost of imported goods which means that consumers can avail them at a lower price; ii.) supports the country’s debt payments; iii.) makes the Philippine peso worth more versus other currencies;
6. Balance of payments
Surpluses on BoP can only be achieved if a country can earn more dollars than it has spent on the same period. Cash remittances from OFWs pose a significant help in sustaining surpluses on BoP.;
7. Foreign Reserves
OFW remittances are the second-largest source of foreign reserves which play a vital role in managing the country’s foreign exchange rate against volatilities;
Given their financial capacity, OFWs have considerable spending power and are known to be good investors. Many of them are now seeking wise and stable investments that can support them moving forward. Some have put their money in stocks, insurances, invest in mutual funds, put up their businesses, but their most prized investment has always been real estate. Having their own home has long been seen as an OFW’s ultimate definition of success.
Aside from being able to secure a long-term, stable investment which ensures a promising return due to consistent capital appreciation, OFW’s who are more financially savvy sees a constant source of passive income by leasing out their units or selling them at a much higher price.
Bria Homes, Inc – one of the national players in housing developments offer various selections of affordable house and lot through Pag-IBIG loan. Bria’s modern-designed and well-built houses and lots are worthy investments for any OFW. The House and lot for sale usually range from P450,000 to P2,000,000 pesos. Among which are the products to choose from: row house, townhouse, duplex, single firewalls, and even vertical villages through its newest product line – ASTRA.
Coming home to familiar surroundings, in a comfortable house within or near their provincial hometown, appeals a great deal to our kababayan OFWs who have been longing to be home after being away for so long. Bria projects are strategically located in developing areas near PEZA’s, government infrastructure developments, transportation, and tourism hubs. Homeowners have easy access to supermarkets, shopping malls, schools, churches, and hospitals. If you’re looking for an affordable house and lot in these locations, Bria Homes is present in the following areas:
Pangasinan – Alaminos and Urdaneta
Tarlac – Paniqui
Bataan – Hermosa and Mariveles
Pampanga – Magalang and San Fernando
Bulacan – San Jose Del Monte, Norzagaray, Sta. Maria, and Plaridel
Rizal – Baras, Teresa, and Pililla
Cavite – Trece Martires and General Trias
Laguna – Calamba, Bay, Sta. Cruz, Alaminos, San Pablo, and Calauan
Batangas – Lipa, Balayan, and Nasugbu
Bicol – Iriga, Naga, and Pili
Negros Oriental – Dumaguete
Cebu – Danao
Leyte – Ormoc
Samar – Calbayog
Misamis Oriental – Cagayan De Oro, Balingasag, and Gingoog
Bukidnon – Manolo Fortich and Valencia
Davao De Oro – Maco
Davao Del Norte – Tagum, Carmen, and Panabo
Davao Del Sur – Calinand and Digos
South Cotabato – General Santos
North Cotabato – Kidapawan
Bria homes not only offers affordable house and lots to its buyers, but it also establishes township projects that enable communities to thrive. One of Bria’s innovative development to offer quality living to its homeowner is SENTRO – the first branded open space of Bria Homes Inc. It houses a one-stop community center that contains facilities catering to the essential needs of our homeowners. It also offers free Wi-Fi access for all BRIA homeowners and 24-hours CCTV Cameras for security.
BRIA Homes currently have more than 50 projects across progressive towns and cities nationwide, empowering Filipinos to live in a high-quality affordable house and lot through its effective formula: Affordability (Mura) + Quality (Dekalidad) = A Beautiful BRIA Home for Every Filipino.
BRIA Homes is a subsidiary of GOLDEN MV Holdings, Inc., .one of the largest real estate companies in the country. BRIA Homes is primed to bring quality and affordable house and lot packages and condominium units closer to ordinary Filipino families. This is the goal that drives every single employee in the company, for which the ultimate fulfillment is seeing a client happily moving into BRIA’s homes.
To know more, visit their website at www.bria.com.ph, like and follow “Bria Homes, Inc.” on Facebook, Twitter, Instagram, YouTube, Pinterest, Spotify, Viber Community, Telegram Channel, Kakao Talk, LINE, and WhatsApp, or call 0939-887-9637.