Mike Bolos: Showing the way to use OFW earnings

Smacked in the middle of a bustling town plaza in Guagua, Pampanga lies the crowning glory of Miguel "Mike" Bolos Jr, a Filipino professional who toiled for 25 years in Saudi Arabia. The P60-million three-storey shopping mall took Mike half of his life crunching numbers, managing portfolios and handling accounts in the Middle East to realize. It might also be worth noting that 30 percent of this multi-million investment came from his own pocket. The One Crowne Plaza mall along Plaza Burgos stands as a firm testament that decades of working overseas can pay off if only “you don’t squander your earnings." “Sabihin nating maka-ipon ka ng $20,000, anong gagawin mo doon sari-sari store? (Bibili ng) Jeep? Dalawa o tatlong taon lang mauubos din 'yun (Let’s say you were able to save $20,000, will you invest it in a neighborhood store? [Acquire a] Jeep? In just two to three years, it will be gone)," Mike told GMANews.TV in an interview. “Instead of investing in a house and lot, why not on an entire subdivision? That way, your investment becomes an income-producing property," he said, adding that a venture such as franchising is “a fool-proof investment for dummies." As a corporate assistant comptroller in Saudi Arabia, Mike knows how to put his money where his mouth is. He invested part of his earnings in the US stock market, bought a property in the United States that is now valued at $400,000, and acquired a spa at the Blue Wave complex along Diosdado Macapagal Avenue in Pasay City. Know your priorities Like the river, where his hometown got its name (“Guagua" from “wawa" meaning mouth of river), Mike is unrelenting as a social entrepreneur, mentoring retiring OFWs and their families to invest their savings wisely to keep them from leaving the country. Mike knows the social cost of migration as he himself got separated from his wife while his children grew distant towards him. So now, he is actively involved in guiding OFWs to improve their lives through proper investment and hopefully stay in the country for good. “They [OFWs] should try their best to shorten their trip abroad, know their priorities," he advised. For Mike, the formula to succeed is simple: always step up to the plate and work hard on it. “If you are an engineer, pursue to become a contractor. If you’re a computer engineer, pursue to become a software developer." With just that in mind, Mike turned from a simple accountant to become one of the highest paid professionals in Saudi Arabia. “Do or die" Born to a working class family, Mike juggled the obligations of school and a string of temp jobs to realize his dreams. It was his mother, a fish distributor from Navotas, who influenced him to dip his hand in business while his father, a carpenter, instilled the virtue of patience. This potent mix became his formula for success, as Mike recalled, when he graduated as an accounting major from the University of the East in the late '70s. However, at the age of 21, Mike found himself with a wife and two children to feed. “It was a do or die situation for me," he recalled. Undeterred and armed by his CPA, Mike immediately grabbed the first opportunity to work in Riyadh as a travel agency accountant in 1980. After two years, he moved to a small healthcare management company, Gama-Services Limited. Just one year after working in the company, he was promoted as a senior accountant and became a manager the following year. However, it was in 1987 when their small company was challenged to handle a big account where Mike managed to prove his mettle. Mike recalled his first obstacle: hiring 30 licensed nurses in less than a month. To solve this problem, he flew back to the Philippines and recruited registered Filipino nurses. “I devised an effective system to speed up the processing of their application," he narrated. "I even experienced not sleeping for 48 hours just to see to it that the project goes smoothly." It wasn’t hard for him to recommend skilled Filipino workers in Saudi Arabia because Filipinos are known for their unparalleled service. “Filipinos are hardworking by nature. We are good with our hands and put our hearts into our work," Mike said. In his early years in the company, he was even given a house and a service car. He saved 100 percent of his salary by sending home the earnings he received from his assets in the US stock market. Aside from the values his parents have imparted on him, Mike owes his success to love for reading. “Pare-pareho lang kami ng pinag-aralan sa college (We all learned the same things in college), Mike answered when asked what made him different from his contemporaries. "But I pursued additional knowledge through reading. I learned the [ropes] of the US stock market on my own." Twenty-three years after, he retired from his job as the trusted corporate assistant comptroller to stay in the country for good in 2005. “I would like to retire in the Philippines, do something meaningful with my life," Mike said. Katas ng Saudi Despite having no vices, Mike admitted that he frequents spas to unwind and enjoy. “Wala akong bisyo, magpa-spa lang, “ he said. When he found out that the spa which he used to patronize on his trips to Manila was up for sale, he lost no time acquiring it. Now, the Bay Spa located near the SM Mall of Asia, employs almost 20 masseuses who might have otherwise landed in Saudi Arabia as domestic helpers. “They now earn up to P20,000 monthly from tips and commissions," Mike beamed. Regaining Guagua's glory But perhaps his greatest undertaking by far is his very own One Crowne Plaza mall which started operations last year in the town of Guagua, Pampanga. According to Mike, his hometown has a high disposable income fueled mostly by families of migrant workers. However, instead of basking in wealth, it has fallen victim to its own success. Mike explained that the descendants of old rich families, who acquired the prime lots in the area, were not business-minded. “Since they are rich, they have no reason to sell," he said. So instead of turning the properties into worthwhile investments, many of the owners left these lands idle. “The town of Guagua decayed," Mike said. When the owner of a prime lot he has long been eyeing decided to accept his offer to buy the property, he set off on an advocacy to improve his hometown. Sharing his blessings Despite the busy cityscape of Guagua, one key establishment was noticeably missing. “Residents went all the way to San Fernando to go malling, “he said. Now fully operational, stalls in his mall are being filled not just by big and known establishments but, most importantly, by local businesses. Mike stressed that he puts premium on enterprises from his own hometown or by families of OFWs to invest in his venture. He admitted that he did not immediately approach the “big names" in the business and instead urged other small businesses to grow with his company. “I want the lokals to invest. My vision is to realize the economic potential of Guagua," said Mike. - Mark Joseph Ubalde, GMANews.TV