DUBAI: Most overseas Filipino workers in the UAE have become more prudent with their resources and mindful about their future, a survey conducted by The Filipino Times has revealed.
“Encouraging signs indeed for overseas Filipinos as they think twice or thrice about how to spend their hard-earned money,” said Consul General Paul Raymund Cortes about the findings, which showed that up to 7 out of 10 OFWs have drawn up plans to save money and open start-ups here in the UAE or back home as part of their 2019 New Year’s resolution.
Another five of 10 will start investing in real estate, with some saying they were convinced to do so after attending the annual Philippine Property and Investment Exhibition (PPIE), the seventh edition of which has been slated for April 2019.
“For many, homes are the most expensive items one could afford and so real estate would be an easy and perhaps first choice. Entering the commercial enterprise is also another option that many people are beginning to think off and hopefully more Filipinos would be more entrepreneurial in mindset,” Cortes said.
The survey included an enumeration of 10 choices from which respondents were asked to select which would be their New Year’s resolution – multiple choices was allowed.
Among the choices were: diet and stay healthy, which got up to 95% of the 2,000 OFWs surveyed across UAE; save money, which garnered 90%; invest in a small business back home, also around 90%; invest in a condominium unit, which had 50%; open business in the UAE, which got 65%; undergo skills upgrade which had 80%; and travel, 40%.
Entrepreneur OFWs
Among those promising themselves to open start-ups is Romeo III Tumayaw Puncia, emergency medical technician who advocates for the cause of tribal Filipinos in Palawan by participating in triathlons and plans to open a farm on the island this year.
Another is Louie Mel Maliksi, CNN international field engineer and 2017 TFT Engineer of the Year, who intends to open a restaurant in Abu Dhabi; Mazzy Calderon, a public relations executive, who is seriously planning to open a restaurant, and so is Paula Lim, an accountant.
Also, Vince Lubrin, a licensed real estate broker for a Philippine-based company, is looking at investing in an additional condominium unit this year.
Fifty percent for a cause
Puncia regularly joins triathlons and turns over whatever prize money he wins to a group of likeminded Pinoys working for the cause of Palawan’s vanishing tribes. He said half of the revenue from the fam he will open will go to them. “Yung 50% ng kikitain mapupunta sa mga tribes at pagsuport sa program,” Puncia said. (Fifty percent of the revenues will go to the tribes and support for the program.)
He said his project involves a 2.6-hectare plot for rice, cashew nuts and coconut; there will also be livestock.
“We are supporting communities of the Tagnipa, Tagnaya, Timboan, Malabusog and Batak tribes. We also support other communities like the Nanabu and Maringit tribes at the West Coast and the Kalakwasan tribe,” Puncia said.
Maliksi meantime expressed hopes that his restaurant project would finally come into fruition this year. “I have been planning this for long while,” he said.
Restaurant
Calderon for her part, said the restaurant project will involve the Alpha Phi Omega international fraternity and sorority to which she is a member of.
“It will be run through shares, and dividends will be released regularly. Inasal ang plano. Marketing people will also shareholders so they have a stake. Siyempre, they would not want their business to go broke,” she said. (Inasal, a popular Filipino-style grilled chicken that originated in Central Philippines– is the plan.)
Also looking at opening a business in the line of food and beverage (F&B), albeit in the Philipines, is Paula Lim, an accountant. “Nagbu-boom ang food industry dun sa amin sa Montalban. Nagdedevelop ang lugar. I am planning a small café or restaurant whatever is feasible,” she said. (The food industry is having a boom back in our place in Montalban.)
Condos for rent
Meantime, Vince Lubrin, a licensed real estate broker for a Philippine-based company, is looking at investing in an additional condominium unit this year.
“Tatlo na condo ko. Isa tinitirhan ko, yung dalawa for rental na. I’m aiming for at least two more this 2019, depende sa opportunity at budget,” Lubrin said. (I already have three condo units. I’m staying at one and renting out the other two. I’m aiming for at least two more this 2019, depending on the opportunity and budget.)
There have in recent years been several OFWs who have ventured into opening businesses of their own in the UAE, which mostly are in the F&B; or back home in the Philippines, in the likes of condos for rent.
The annual TFT Awards, too have been giving recognitions to enterprising Filipinos under a category dubbed, Entrepreneur of the Year of which recipient for this year was Michelle Guinto, who runs a cargo forwarding company; Jun Cabarles, who operates a flower shop was last year’s recipient; the late Ed Nicdao in 2016, who owned a restaurant chain; and Jennette Maderazo Al Alami in 2015, owner of a nursery and day care center.
