As the yuletide season begins, Overseas Filipino Workers (OFWs) are encouraged to approach it with careful consideration for their financial well-being. In an exclusive interview with Jay Tolentino, an independent Financial Advisor and creator of the ‘Pera and Purpose’ podcast, the emphasis is on avoiding overspending, which can often lead to stress and financial difficulties in the new year.
“While it’s natural to want to share your blessings with loved ones back home,” Tolentino states, “the true spirit of giving doesn’t have to mean overspending. While overspending may provide momentary joy, it often results in financial strain and debt.”
He expresses concern about the financial hardships many OFWs face due to the pressure of meeting the demands and expectations of others, particularly during the holiday season.
This pressure is one of the reasons why some OFWs opt to stay in Dubai instead of going back home this festive season.
Michael Yap Perocho, based in Dubai and having missed Christmas celebrations in the Philippines for the past eight years, discussed with The Filipino Times the challenges he faces concerning the expectation of providing cash or gifts to family members and relatives, along with covering their expenses.
“It’s expensive to celebrate Christmas in the Philippines because there are numerous gatherings with family, relatives, friends, former classmates, and acquaintances. In their minds, being abroad means you have a lot of saved money because, in their perception, you earn a substantial income abroad. They tend to rely on you for all expenses,” he explains.
Tolentino advises OFWs to opt for thoughtful and meaningful gifts that don’t strain their budgets. He highlights that staying true to financial goals and avoiding unnecessary debt doesn’t imply a lack of generosity. Instead, it reflects a commitment to giving wisely and sustainably.
“The best gift you can give your family is the promise of a stable future,” Tolentino reminds OFWs.
Coincidentally, a poll by The Filipino Times, asking OFWs what they want as gifts for Christmas, revealed that the majority of Pinoys abroad are longing for intangible gifts, such as quality time with family and loved ones.
One TFT commenter named Maria de Leon states that she doesn’t care about any material things or food but wishes to celebrate Christmas with her child. “If it’s about food, I’ve almost tried everything. What I crave is to be with my 4-year-old child,” comments de Leon.
In the spirit of giving, Tolentino encourages OFWs to focus on creating lasting memories with loved ones and to consider alternative ways of celebrating that don’t compromise their financial health. By doing so, OFWs can ensure that their generosity extends beyond the holidays, providing a more sustainable and secure future for themselves and their families.
