So, you’ve hit your remittance goals as an OFW? Congratulations! Sending money home to support your family is a huge accomplishment. Now that you’ve reached this milestone, it’s time to think about you and your long-term future back in the Philippines. This guide is designed to help you make the most of your hard-earned savings and transition successfully into a fulfilling career back home.
Assessing Your Skills and Interests
Before diving into job hunting or starting a business, take some time to really understand what you’re good at and what you enjoy doing. Think about your experiences as an OFW. Even if your job abroad wasn’t exactly your dream, you likely developed valuable skills. Did you work in customer service? You probably honed your communication and problem-solving abilities. Were you a caregiver? You undoubtedly became patient, compassionate, and highly organized. These skills are transferable to many different roles. Also, critically think about your past experiences in the Middle East. Are there skills that you could offer as a consultant?
Consider taking a skills assessment test. There are many free or low-cost online resources that can help you identify your strengths and weaknesses. Websites like Coursera and edX also offer short courses that can help you brush up on your existing skills or learn something new. Remember, your skills will be crucial for your next goals.
Exploring Potential Career Paths
The Philippines offers a wide range of career options for returning OFWs. Your work experience abroad, combined with your savings, can open doors to opportunities you might not have considered before. Let’s look at a few possibilities:
1. Starting Your Own Business
This is a popular choice for many returning OFWs. You’ve saved money, you have work experience, and you’re ready to be your own boss! But starting a business isn’t easy. It requires careful planning, research, and a solid understanding of the market. First, identify your customer. It’s a mistake to think you can sell to everyone. For example, a small store targeted at middle class women is fundamentally different than a tire shop looking to sell to Jeepney drivers. So start there!
Here are some business ideas that are often a good fit for returning OFWs:
- Food Business: Filipinos love to eat! Starting a small restaurant, food stall, or catering service can be a great way to generate income. Think about what kind of food is popular in your area and what your unique offering could be. Maybe you learned a special recipe while you were working abroad? Maybe you will take a Philippine recipe and add a twist!
- Retail Store: A small convenience store or sari-sari store can be a reliable source of income, especially in residential areas. Make sure you have a good location and offer products that people need on a daily basis. Make sure that you are offering compelling discounts relative to the larger supermarket.
- Online Business: With the rise of e-commerce, starting an online business is easier than ever. You can sell products online through platforms like Shopee and Lazada, or you can offer your services as a freelancer or consultant.
- Franchise Opportunities: Franchising can provide a proven business model and brand recognition. However, it also requires a significant investment. Research different franchise options carefully and choose one that aligns with your interests and skills.
Before you launch your business, develop a solid business plan. This plan should outline your business goals, target market, marketing strategy, financial projections, and operational plan. Consider seeking advice from business mentors or attending seminars on entrepreneurship.
2. Returning to Your Previous Profession
If you enjoyed your previous job before working abroad, consider returning to it. Your overseas experience might have made you a more valuable candidate. You could have picked up new skills or gained a fresh perspective. Contact your former employer or look for similar positions in your field. While this path may seem comfortable, be prepared for potential changes in the industry and be willing to update your skills as needed.
3. Exploring Employment Opportunities
The Philippine job market is constantly evolving. There are many industries that are experiencing growth, such as:
- Information Technology (IT): The IT sector is booming in the Philippines, with high demand for software developers, web developers, data analysts, and IT support specialists. If you have IT skills or are willing to learn, this could be a lucrative career path.
- Business Process Outsourcing (BPO): The Philippines is a major BPO hub, offering numerous opportunities in customer service, call centers, and back-office operations. Your customer service skills and foreign language proficiency (if any) can be a major advantage.
- Healthcare: The healthcare industry is always in demand for nurses, caregivers, medical assistants, and other healthcare professionals. Your experience as a caregiver abroad can be highly valuable in this field.
- Tourism: With its beautiful beaches and tourist attractions, the Philippines offers many opportunities in the tourism industry. You can work in hotels, resorts, travel agencies, or tour operations.
Update your resume and tailor it to the specific jobs you are applying for. Highlight your skills and experience that are relevant to the position. Prepare for interviews by researching the company and practicing common interview questions. Consider attending job fairs and networking events to meet potential employers. Furthermore, remember that depending on your location and target industry there may be government initiatives that could help you.
4. Investing in Real Estate
Real estate is a popular investment option for returning OFWs. You can buy a house or condominium to live in or rent out. Real estate can provide a steady stream of income and increase in value over time. However, it also requires a significant investment and comes with risks. For example, there can be significant capital tied up in the investment. It is often hard to sell property for a good price quickly, especially without using a broker.
Do your research before investing in real estate. Consider factors such as location, property value, potential rental income, and property taxes. Get advice from real estate professionals and consider consulting with a financial advisor before making any decisions. Also, you should be mindful of the legal requirements to own property. While your balikbayan status gives you many of the rights of a Filipino citizen, it is important to stay on top of any potential legal issues.
5. Pursuing Further Education or Training
Investing in your education is always a good idea. Consider taking courses or pursuing a degree that can enhance your skills and qualifications. This is especially useful if you’re looking to change careers or advance in your current field. State universities and colleges often offer affordable courses and training programs. You may also qualify for scholarships or grants. For example, the government provides the Skills for Prosperity Program, offering short courses to adults. Check the requirements.
Managing Your Finances Wisely
One of the biggest challenges for returning OFWs is managing their finances wisely. It’s easy to spend your hard-earned savings on unnecessary things, especially after being away from your family for so long. Here are some tips to help you make your money last:
1. Create a Budget
Develop a budget that outlines your income and expenses. This will help you track where your money is going and identify areas where you can cut back. Prioritize essential expenses such as housing, food, transportation, and healthcare. Then, allocate a portion of your budget for savings and investments. There are many budgeting apps that can help you track this.
2. Avoid Debt
Avoid taking on unnecessary debt. High-interest loans and credit card debt can quickly eat into your savings. If you need to borrow money, shop around for the best interest rates and terms. Consider using a secured credit card at your initial period to build your credit worthiness.
3. Invest Wisely
Invest your savings in assets that have the potential to grow over time. Consider diversifying your investments to reduce risk. You can invest in stocks, bonds, mutual funds, or real estate. Get advice from a financial advisor to help you make informed investment decisions. Remember, there are all sorts of different financial instruments available, and professional help understanding them can be extremely useful.
4. Save for Retirement
It’s never too early to start saving for retirement. Take advantage of government-sponsored retirement programs like the Social Security System (SSS) and the Pag-IBIG Fund. You can also set up a private retirement account. The earlier you start saving, the more time your money has to grow.
5. Have an Emergency Fund
Build an emergency fund to cover unexpected expenses such as medical bills, car repairs, or job loss. Aim to save at least three to six months’ worth of living expenses in your emergency fund. Consider putting the fund in a high yield savings account.
Dealing with the Emotional Challenges of Returning Home
Returning home after working abroad can be both exciting and challenging. You’re reunited with your family and friends, but you may also experience culture shock, homesickness for your life abroad, and difficulty adjusting to the slower pace of life in the Philippines. Furthermore, old family issues sometimes resurface, now potentially coupled with financial pressures. It’s important to be aware of these emotional challenges and take steps to address them.
1. Manage Expectations
Don’t expect everything to be perfect when you return home. Your family may have changed, your friends may have moved on, and the Philippines may not be exactly as you remember it. Be patient and give yourself time to adjust.
2. Stay Connected
Maintain connections with your friends and colleagues abroad. Staying in touch with people who understand your experiences can help you feel less isolated. Talk with your family and friends at home and share your experiences abroad. Let them know how you’re feeling and ask for their support.
3. Find Meaningful Activities
Engage in activities that you enjoy and that give you a sense of purpose. Join a club, volunteer for a cause, or pursue a hobby. Staying active and engaged can help you feel more connected to your community.
4. Seek Professional Help
If you’re struggling to adjust to life back home, don’t hesitate to seek professional help. A therapist or counselor can help you process your emotions and develop coping strategies. Numerous psychologists in the Philippines offer consultations and support.
Leveraging Government Programs and Support
The Philippine government offers various programs and services to support returning OFWs. These programs can provide financial assistance, training, job placement, and business development support. Some of the key government agencies that offer assistance to OFWs include the Overseas Workers Welfare Administration (OWWA), the Department of Labor and Employment (DOLE), and the Technical Education and Skills Development Authority (TESDA). Consider checking out the programs available on the OWWA website.
Take advantage of these programs to help you transition back to life in the Philippines and achieve your career goals. Research the different programs available and find the ones that are best suited to your needs.
Networking and Building Connections
Building a strong network of contacts can be extremely valuable for your career. Attend industry events, join professional organizations, and connect with people on social media. Networking can help you find job opportunities, learn about new trends, and gain valuable insights from other professionals. Consider specifically connecting with other OFWs. They understand the challenges you face and can offer potentially useful advice.
FAQ (Frequently Asked Questions)
Here are some common questions that returning OFWs often have:
What are some of the most in-demand skills in the Philippines right now?
The IT sector is booming, so tech skills are highly valued. There’s also strong demand for professionals in healthcare, customer service (especially those with foreign language skills), and skilled trades like electricians, plumbers, and welders.
How can I get my foreign credentials recognized in the Philippines?
The process varies depending on your profession. Contact the relevant professional regulatory board in the Philippines (e.g., the Professional Regulation Commission, or PRC) to inquire about accreditation requirements. They will give you guidance on the required documents and procedures.
What are some common mistakes that returning OFWs make?
Failing to plan before returning, spending savings too quickly, not updating their skills, and underestimating the emotional challenges of transitioning back to life in the Philippines are some of the most common mistakes.
Where can I find resources for starting a business in the Philippines?
The Department of Trade and Industry (DTI) offers a wide range of programs and resources for entrepreneurs, including business training, mentoring, and financial assistance. Other organizations like the Philippine Chamber of Commerce and Industry (PCCI) can also provide support and guidance. Seek out local entrepreneurship workshops that are sponsored by larger NGOs.
How can I protect myself from scams targeting returning OFWs?
Be wary of investment opportunities that seem too good to be true. Do your research before investing any money and get advice from a trusted financial advisor. Never give personal information or money to strangers online or over the phone. It is important to consult with a trusted broker or third party before committing to any investment or financial transaction.
References
Department of Trade and Industry (DTI)
Overseas Workers Welfare Administration (OWWA)
Technical Education and Skills Development Authority (TESDA)
Ready to take the next step? Don’t let your dreams sit on the shelf. Start planning your career today! Research your options, update your skills, and network with professionals in your field. Remember, your experience as an OFW has prepared you for this new chapter. You have the resilience, determination, and skills to succeed. Embrace the opportunities that await you and build a fulfilling career back in the Philippines. Consider speaking to a career counselor to get started. Good luck!
