I think most of us would agree that Pag-IBIG MP2 is a great investment. It is one of the most popular investment instruments for both OFWs and workers based in the Philippines. Its popularity is due to the fact that Pag-IBIG MP2 is guaranteed by the Philippine government and has a higher dividend rate compared to other safe investments like time deposits, retail treasury bonds, and money market funds The MP2 is a boon to Filipinos who want their money to grow but are afraid to put their money in other, riskier investments. If you’re one of these people, this
Congratulations! You just got confirmation that your contract has been finalized and you will now get to work overseas! After months, even years of job search and interviewing, not to mention researching and planning, you finally got an offer lucrative enough to entice you to leave the Philippines for greener pastures. Your and your family’s minds are now filled with visions of a better life. The future looks so much brighter. Somehow, the sun is so much sunnier. You are full of optimism and magnanimity, saying yes to a parent’s request for new home appliances and agreeing to finance your
In the Philippines, we have separate retirement schemes for those who are employed in the private sector and those in government. Private sector employees are covered by the Social Security System (SSS), while its counterpart is the Government Service Insurance System (GSIS). Both are mandatory, which means that employees and employers alike cannot opt out of paying premiums, even if they think they can get better returns by investing somewhere else. As long as you’re employed, the government requires that your HR department deduct the right amount from your salary every month and remit it to SSS or GSIS. Both
Personally, I don’t want to grow old poor. I’m sure you don’t want to be poor when you grow old either. And I bet that nobody in the world ever wants to be old and poor. So in order to help Pinoys prepare to be not poor when they’re old, I will discuss PERA in depth, and why you need one right now. [bctt tweet=”Retirement planning is a crucial yet regretfully neglected part of financial planning in the Philippines. People usually put off saving for retirement in the last 5 to 10 years of their working lives. #PHretirement #retirement #FIRE”
Many Pinoy expats, including myself, often fail to maximize government benefits when we start working abroad. We often discount programs in the Philippines thinking that: Since we’re no longer in the Philippines, the benefits will not help us in our new country The benefits are too small compared to our new increased income The benefits are not worth the bother Nothing can be further from the truth. [bctt tweet=”The way I see it, many Philippine government benefits designed for OFWs, when taken all together and with proper planning, can help us achieve our financial goals faster. ” username=”MeKatieScarlett”] Yes, not one
Join hundreds of readers who receive weekly updates on the latest tea on escaping poverty and achieving FIRE (financial independence and early retirement) in the Philippines.
Most Popular Posts
Let’s make this Facebook official!
Join me on Twitter!