If you’re a Filipino, chances are, you have at least one relative working overseas, as a contract worker, an expat, or an immigrant. I have a brother, maybe a dozen cousins, and several uncles and aunts in the US. If I count distant relatives, friends, and former classmates and colleagues, I probably personally know a hundred or so individuals living abroad.
Have I ever thought of migrating? It’s a common question among Filipinos “stuck” here. Sure, I have. But my wife and I felt it wasn’t our leading. Our green pasture happens to be (well at least so far) right here. But I don’t blame the hundreds of thousands of Filipinos for wanting to work – or live – abroad.
There are more than 10 million overseas Filipinos, both short-term workers and long-term immigrants. They’re an economic force to reckon with.
As for the rest of us, believe it or not, this politically-noisy, calamity-friendly, crime-ridden, and poverty-stricken country of ours can be our green pasture. Do you think I sound crazy? Consider these:
1. Our low cost of living
The Philippines ranks low in many surveys. This is one instance where it’s actually good news. Granted, we do pay a lot for electricity, gasoline, mortgages, consumer electronics, etc., but compared to our richer Asian and Western counterparts, many of other goods and services are cheaper. Labor is cheap, which is why even some low-income families can afford to pay house help.
You may earn a lot abroad but you’ll spend a lot as well. By buying cheaper goods and services here and at the same time maximizing your earning potential over time, it is possible to live a very comfortable life.
2. Opportunities in any market
Did you know that the hottest markets for investors are emerging ones such as ours? People panic when a recession and inflation strike. Of course, there’s a reason to worry when the economy tanks. But investing for the long haul means hanging on when times are tough. More importantly, successful investors are those who like cheap deals and great bargains, which often show up when markets are down.
Investing in the stock market and real estate seems like a scary thing to do. But there’s good evidence peso (or dollar) cost averaging to take advantage of dips is a solid stock market investment strategy over the long run. And finding distressed properties below market value is the real secret to real estate investing. Buy low, sell high works every time.
The wealthiest Filipino entrepreneurs invested in their business even during an economic crisis, and almost always, they point to this experience as the pivotal point of their company’s fortune. Opportunities abound – we just have to know how to spot them and take the risk to ride them.
And if all else fails, you’ll always have your rich US immigrant brother to bail you out. Just kidding.
Photo by Martin Bisof on Unsplash
