Investing in the Philippines for OFWs is not as easy as it could be, but it’s definitely doable, says renowned financial literacy advocate, Randell Tiongson.
Citing a MoneyMax.ph article about the best investments for OFWs, Tiongson said most OFWs prefer to invest in real estate rather than other vehicles, one reason being that owning a home is tangible and concrete compared to stocks and mutual funds.
“But buying property from abroad isn’t as straightforward as the other methods of investing,” he cautioned.
“You need to entrust the process to someone physically present in the Philippines, such as a relative. You will have to give them Special Power of Attorney (SPA) to act on your behalf, a form that needs to be notarized by the Philippine consulate,” Tiongson explained.
He said OFWs’ relatives can also apply for housing loans on their behalf, but they will need to provide supporting documents, which vary from bank to bank.
“The property developer will assist you in the process of purchasing from them as well, but it’s your representative that will be handling everything so it’s very important that you pick someone you trust,” Tiongson said.
Investing in the Philippines for OFWs is not as easy as it could be, but it’s definitely doable.
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