10 Tips for OFWs Returning to the Philippines

It is always joyful for OFWs to feel the airplane wheels gently hit the ground, indicating that they have finally reached home after working abroad for what seems like an eternity. Those who intend to make their life back home or look for investments to grow should know the guidelines to protect their hard-earned money and health.

When buying property

Buying a real estate property fulfills an OFW’s life-long dream of owning a home, or starting a new investment vehicle that can either yield recurring income (rental property) or huge profit at a later time (farmland or house and lot).

Determine if you wish to get a house, an apartment, a condominium, or a farm. This can be factored in by buying power, availability of properties for acquisition, or business opportunities.

There are several properties for sale listed on the internet. It is also ideal to visit a number of reliable real estate companies and firms who can guide you on the best neighborhoods and property prices that best suit your budget and income. Look for certified real estate brokers who can give you full information on the property’s value, risk assessment, and location.

When opening a bank account.

Being away from home for a long time may deactivate an inactive bank account in the Philippines. So when an OFW returns home, he or she may need to open a new local account so foreign savings can be saved there.

Different banks will have different requirements. Prepare your TIN or Tax Identification Number, a couple of government IDs, passport, and billing statement for the past three months.

Sometimes, banks will require your spouse who lives in the Philippines to fill in the details or proof that you’re a student abroad.

When buying healthy food.

OFWs might realize there are healthier food options than they’ve been accustomed to consuming in the Philippines. When they return to the Philippines for good, OFWs have become more health-conscious as they age.

Several local sellers of fruits, vegetables, eggs, fresh meat, fish, and chicken are at markets. You can also contact online sellers who deliver the goods straight to your location.

There are bigger establishments and mall-based suppliers, although these are generally pricier than local sources. Former OFWs with a more stable income are willing to pay a premium for the best available healthy food.

When signing up for utilities.

When settling in a house built just before their return to the Philippines, OFWs might not be aware of the latest technology back home. This refers to the mobile network, broadband technology, and other utilities. As they will become a recurring expense moving forward, choosing the best option based on need and cost can come a long way.

Determine if you need a prepaid or postpaid plan. The prepaid plan will be ideal if you’re simply concerned with sending occasional text messages and making a few calls. Those more concerned about features and other capabilities like the internet, GPS, email, and nonstop calls and texts can get a postpaid plan.

Postpaid plans will require two government IDs and proof of billing for three months at least. There are different mobile cellular phone networks to choose from. Many places offer free wi-fi internet connection or your mobile phone may also have 3G or 4G capabilities for fast internet access.

When buying a new vehicle.

As an OFW returning home, you must decide whether to purchase a brand-new or second-hand vehicle or commute. Many OFWs with families in the Philippines opt to buy their family car.

Considerations are not just limited to capacity and fuel type. Road conditions and extended applications such as business (say, choosing a pickup rather than sedan or SUV) or additional income (Uber driving or delivery) should also be considered.

Single people may prefer taking public transportation like the LRT, MRT, bus, jeepney, and taxi especially if they are widely available and car ownership doesn’t look practical.

When planning for leisure travel.

OFWs would like to visit places they dream of going to while young. Now that they have the financial ability to do so, it’s time to make that dream come true.

Ask your family and friends about transportation, hotel accommodations, and other travel packages. You can also call a travel agency for details.

When managing properties and business

You can purchase a franchise with a prepared guidebook on how to operate and get returns on your investment. Some OFWs start their own small businesses like a sari-sari store, a small eatery, or boutique shop. One of the benefits OFWs can get is livelihood training and new loans from OWWA’s OFW Reintegration program.

When investing in stocks.

Many OFWs also invest in mutual funds, bonds, and stocks out of their savings. If this is your first time trying stock trading, read the stock trading guidelines, call your bank, or look for licensed reputable stockbrokers online.

When looking for entertainment options.

There are several new parks, malls, and restaurants nationwide. Use a search engine online to find these tourist attractions and must-visit places.

When buying health insurance.

Find a reliable and reputable physician and hospital that can assess and care for all your health needs. You can also consider getting an insurance policy. Talk to an agent then compare the different available plans. You must keep track of your Philhealth contributions.