GMA Brandtalk
Tracking
Archives
Millennial OFWs come home amid pandemic, enjoy property investments
DUBAI, United Arab Emirates — While most of the older overseas Filipino workers (OFWs) are coming home amid the COVID-19 pandemic due to job loss with nary enough savings to start over, many millennials are getting cozy with real property they have invested in through the years.
Property experts say today’s batch of mostly-millennial OFWs are more wont to invest their earnings, taking lessons from the experience of those who have worked abroad before them and returned with little or no savings at all for retirement – the reason mainly being that they lacked financial literacy and have acquired the “savior” mentality where money is sent to almost everyone back home at the slightest request.
Most were also raising families and sending children to college.
Moreover, experts also say that today’s batch of OFWs were mostly children of OFWs themselves who have been sent to good schools to be better educated and more financially adept.
Among them were 36-year-old Janice Ponce de Leon-Francisco, a media practitioner in Dubai for nine years, and husband Albert, also 36 and a civil engineer, both of whom returned to Puerto Princesa City, Palawan on March 14, 2020 eager to get their real property investment rolling.
“My husband had wanted to go home for good since 2014, but we weren’t ready to yet back then. It took me months to finally decide to go home,” recalls Janice, who arrived in Dubai on a visit visa in June of 2011.
She quit her job in October of 2019 after struggling with burnout “so I could live a grace-paced, simplified life.”
Being a civil engineer, Albert manages the ongoing construction of their property.
“We’ve been praying for this since last year. We got all the plans and designs ready then. It’s a residential property. But in the future, Lord willing, we might offer some rooms for AirBnB or short-term rentals after the world heals from the pandemic and once tourism in Palawan is back to normal,” said Janice, adding that they were building the house as their first project with plans to start their own construction company.
Janice said they managed to save by being diligent with their finances. “We saved my husband’s income and we lived on mine.
“By God’s grace, we were able to invest in real estate. We bought two pieces of land – both prime property – built a five-door apartment, invested in a food kiosk business, in stocks and mutual funds. We were also able to pay off my sister’s college plan and she’s now studying in the UK,” Janice said.
The couple quarantined in one of their apartment units upon arrival.
Another Dubai OFW millennial couple who likewise did their self-isolation in their real property was Arvin and Riza Papalid, both 38, who went through a period of long distance relationship for over a year, got reunited in the city, married, worked and saved hard, then just recently returned home to their lovely house in Tagum, Davao del Norte after arriving on Aug. 11 at Clark International Airport.
“Bago pa ako mag-decide magsapalaran sa abroad (Dubai) lagi ko po iniisip na dapat may bahay muna ako bago umalis para may mauuwian ako na akin talaga,” said Arvin, an insurance administrator.
“Alam ko na di po habangbuhay na andiyan sa abroad. Marami na rin akong nakikita na mga OFWs na pag-uwi wala pong bahay na tutuluyan. Ayaw ko po yun mangyari sa akin,” he added.
Arvin acquired his P1.2 million Tagum City house and lot through a Pag-IBIG housing loan in July 2009, around three months before he flew to Dubai on a visit visa sponsored by a cousin.
Riza, a receptionist and assistant hair stylist, arrived in Dubai earlier in July 2008 also on a visit visa.
Having spent six years in a relationship back in the Philippines, the two got married in a civil wedding at the Philippine Consulate General on May 27, 2010. They returned home because the pandemic has affected their jobs in Dubai.
“Financially, we were not making big money but we managed to invest and at the same time help our families while also enjoying some travels. We don’t dine out a lot because we realize we’d be overspending if we do so – and we use discount coupons if ever we do eat out,” said Arvin in a mix of English and vernacular.
“On day-offs we’d eat at home first before we go out to save money,” he added.
The couple has also invested in a Quezon City condominium unit near the metro’s Kamuning Station and a commercial lot in Panabo City, Davao del Norte. —KBK, GMA News
