Work Abroad Pinoy

OVERSEAS AND AUSTRALIAN EMPLOYMENT FACTORS

The awarding of points for skilled employment factors recognises the benefits of extensive work experience in a nominated skilled occupation or a closely related skilled occupation in providing for successful labour market outcomes. Relevant Australian and overseas skilled employment in the 10 year period immediately before the date the applicant was invited to apply for this visa can be considered for the purpose of awarding points.

The higher weighting of points able to be awarded for Australian skilled employment recognises the value that firsthand experience and understanding of the Australian work environment can have in assisting migrants to establish themselves in the Australian labour market and settle into life in Australia.

Periods of employment do not have to be continuous as it is the aggregated period of relevant employment experience that will be considered. Therefore, applicants can be eligible for points if their relevant skilled employment is interspersed by periods of non-related employment or other activities such as study.

For example,
if prior to applying for their points tested skilled migration visa an applicant whose nominated skilled occupation is Accountant works for 2 years as an Accountant, then undertakes postgraduate studies for 2 years, then works as an IT consultant for 2 years, then works as an Accountant for a further 3 years, the applicant would be eligible for points based on their 5 years employment experience as an Accountant (if the applicant’s relevant employment took place in the 10 years immediately before the time when the applicant was invited to apply for the visa).

Applicants may also be eligible for points for the employment factor if they have both Australian and overseas skilled employment experience.

For example, 
if prior to applying for their points tested skilled migration visa an applicant whose nominated occupation is assessed as a registered nurse works overseas for 5 years as a registered nurse then works in Australia on a temporary employment visa for 3 years as a registered nurse, the applicant would be eligible for points based on their 5 years’ overseas employment as well as their 3 years’ Australian employment experience.

However, it is not possible for applicants to combine shorter periods of skilled employment gained while working in and outside Australia in order to meet one of the Australian or overseas skilled employment experience factors. For example, an applicant cannot claim 3 years’ Australian employment by adding together 6 months’ overseas employment experience and 30 months’ Australian employment experience.

The meaning of ‘employed’

Employed is defined to mean ‘engaged in an occupation for remuneration for at least 20 hours a week.’

Remuneration

For ‘remuneration’, the intention is that applicants have been engaged in the occupation on a paid basis. Mere emotional or psychological satisfaction or the acquisition of useful, but unpaid, professional experience is not considered ‘remuneration’ for points tested skilled migration purposes. A person receiving minimal living allowances or scholarships designed to cover expenses would not be considered to be remunerated.

Remunerated at least 20 hours a week

Working for at least 20 hours a week means 20 hours each week generally. However, where employment contracts provide for variable distribution of hours of work that extend beyond a week such as some shift workers, “fly in fly out” workers and seafarers, this can be taken into consideration in determining whether a person has worked ‘at least 20 hours per week.’
To evidence claims, applicants may be asked to provide detailed evidence of their terms of employment and salary payments.

Leave periods

As employment must be for remuneration, only periods of leave on full pay may be counted as time during which an applicant was employed. That means those periods of extended leave without pay (for example, maternity or paternity leave) might not be counted as a period of employment.

When can employment be considered skilled

For employment to be awarded points, it should meet the following standards:

• had been undertaken at the required standard after the applicant met the entry level requirements as set by the relevant assessing authority for that occupation (that is, completed a sufficient level of study and or amount of on-the-job training and or post-qualification work experience and or registration requirement) and
• involve duties at the level of depth and complexity expected in Australia.

If the relevant assessing authority has not provided an opinion on skilled employment and there are no standards set by the relevant assessing authority available in the public domain, the department would refer to guidance in the Australian and New Zealand Standard Classification of Occupations (ANZSCO) when assessing the applicants’ skilled employment claims.

When is an applicant skilled

An applicant is considered skilled for the purpose of obtaining skilled employment points from the date the relevant assessing authority assessed them as suitable in their nominated skilled occupation:

• If a skills assessment provides a date at which the assessing authority is of the view that the applicant became suitably skilled for awarding employment points, the department will consider only employment undertaken from that date as meeting the skilled employment experience criteria. For example, if an applicant has obtained a skilled employment opinion from Australian Computing Society (ACS), they should record in SkillSelect the periods of employment the ACS has determined are at the skilled level and eligible for being awarded points.
• The date on which an applicant becomes suitably skilled for employment experience points may be different from the date on which a relevant assessing authority assesses the person as suitable. For example, a relevant assessing authority may issue a suitable skills assessment on the basis of attainment of a tertiary qualification but may require a period of post qualification work experience before considering an applicant as suitably skilled for the purpose of employment points.
• If the applicant has made claims of skilled employment periods that are not considered by the assessing authority on the skills assessment, the department may refer to publicly available information set by the relevant assessing authority or ANZSCO in order to make a full assessment of the claims. This situation might arise if an applicant is claiming skills over a ten year period but the skills assessment states that it only assesses claims of work experience undertaken in the 5 years immediately prior to skills assessment.

The post Points for Work Experience (Skilled Visas) appeared first on Australian Migration Agents and Immigration Lawyers Melbourne | SeekVisa.

WORK RIGHTS ON A STUDENT VISA 8105

(1A)  The holder must not engage in any work in Australia before the holder’s course of study commences.
(1)  Subject to subclause (2), the holder must not engage in work in Australia for more than 40 hours a fortnight during any fortnight when the holder’s course of study or training is in
session.
(2)  Subclause (1) does not apply:
(a)  to work that was specified as a requirement of the course when the course particulars were entered in the Commonwealth Register of Institutions and Courses for Overseas Students; and
(b)  in relation to a student visa granted in relation to a masters degree by research or doctoral degree if the holder has commenced the masters degree by research or doctoral degree.
(3)  In this clause:
fortnight means the period of 14 days commencing on a Monday.’

STUDENT WORK HOUR RESTRICTIONS

Student type	When course is in session	When course isn’t in session
Coursework students who have started their degree	40 hours per fortnight	Unlimited hours
Research students who have started their degree	Unlimited hours	N/A
AusAwards or Defence students	40 hours per fortnight	Unlimited hours

SECONDARY APPLICANT’S ON STUDENT VISAS

Your partner can work full time as condition 8104 covers both master by research and coursework even though 8105 which is for the MAIN applicant ONLY allows only full time work for master by research or doctoral students.

8104 (all family members)

Condition number	Who this applies to	Description
8104	All family member visa holders	You cannot work more than 40 hours per fortnight. A fortnight means the period of 14 days starting on a Monday. You must not start work until the primary student visa holder has started their course. Exceptions – family members of the following students can work unlimited hours once the primary student visa holder has started their course: students studying a master’s by coursework or research degree students studying doctorate degree.

The post Work Rights on Student Visa appeared first on Australian Migration Agents and Immigration Lawyers Melbourne | SeekVisa.

Aspiring OFWs now have access to free online training courses that will help them acquire the right skill set for thousands of overseas jobs. This is made possible through the E-Learning Program of the Technical Education and Skills Development Authority (TESDA) that is free for all interested learners including high school graduates and college undergrads.

To help aspiring OFWs pursue their overseas career, WorkAbroadToday prepared a list of available jobs along with the necessary TESDA online training courses:

IT/Computer and Arts/Creative/Graphics
These two job specializations in WorkAbroadToday cover the latest overseas opportunities for IT/computer professionals like graphic artists with knowledge in 3D design, web designers, computer programmers and system administrators. These skills are mostly needed in the countries of Saudi Arabia, Qatar and Malaysia.

To increase the chances in landing a job in this line of work, applicants may take any of the TESDA Online Courses related to this craft like Basic Computer Operation, Web Development, Software Development Fundamentals, and Animation to name a few.

Hotel and Restaurant/Food
Careers under this WorkAbroadToday listing consist of housekeeping attendants, sea salad makers, service crews, and cooks. Different countries like Oman, United Arab Emirates, Macau and Maldives constantly require workers to keep their Hotel and Restaurant industry running.
Aspiring OFWs who finished any of the TESDA online courses under Tourism, Housekeeping and Cookery can apply for the overseas jobs under this industry.

Agriculture
Individuals who are into cultivating farms can apply for agriculture jobs available in New Zealand and Japan. To date, WorkAbroadToday.ph has opportunities for farm workers, agriculture field officers and agriculturist gardeners.

Applicants may take the Fruit Grower Online Course from TESDA to enhance their qualifications.

Engineering/Electronics/Communication and Maintenance/Electronics
Skilled workers whose capabilities fall under the Engineering/Electronics/Communication and Maintenance/Electronics specializations can immediately switch on their career abroad by applying for jobs for cellphone and solar technicians. These services are in-demand in Saudi Arabia and Kuwait.

To secure a post, acquire the necessary knowledge and skills by taking the Cellphone Servicing or Solar Night Light Assembly TESDA Online Course.

Maintenance/Automotive and Maintenance/Facilities
Successfully land a job in the maintenance sector abroad by applying for any of the job openings for auto denters, car mechanics, auto aircon technicians, and diesel engine mechanics in Oman, Qatar or Australia.
    
The TESDA online courses that may be taken related to these jobs are Diesel Engine Tune Up, Automotive Battery Servicing and Heating, Ventilation and Air Condition.

Health/Beauty/Personal Care
Massage therapists are needed in the countries of Bahrain, Singapore, and Kuwait. Various licensed agencies need massage therapists, nail artists, and spa therapists.

To qualify for these market demands, increase your knowledge by taking any of the modules under the Health, Social, and other Community Development Services.

Take advantage of the free online training programs and obtain the necessary National Certificate from a TESDA-accredited center to outperform other candidates and catch your future foreign employer’s attention. While developing your qualifications, start building your WorkAbroadToday profile and discover thousands of in-demand jobs fast and easy.

As you probably know already, a Pag-IBIG Housing Loan can be used to finance for the following projects:

• House and Lot Purchase
• Purchase of Lot-Only Property
• Purchase of a Condominium Unit
• Refinancing an Existing Mortgage
• Home Improvement, Renovation, Construction Loan

The first three items listed above are easy to understand and they are the most common types of housing loans that members of Pag-IBIG avail.

The focus of this article is in the last item, which we can simply refer to as Home Construction Loan, but bear in mind the same concepts also apply to Home Improvement or the so called Renovation Loan.

A Tricky Loan?
This type of loan is a bit tricky as you will see later. It’s also something you need to understand very well before even attempting to submit an application. Like the other type of housing loan under the Pag-IBIG Fund, you still need to undergo the same pre-qualification criteria when you apply for such loan. But it is quite different that getting a Housing Loan for the purpose of buying a house, a condo or a vacant lot in. For the Home Construction Loan, you need some more additional documents:

• Building Plans
• Specifications and Bill of Materials duly signed by the Licensed Civil Engineer or Architect
• Real Estate Tax Receipt
• Building, Electrical, and Sanitary Permits
• Occupancy Permit

For a review on the complete list of document required when applying for a Pag-IBIG Housing Loan, please refer to this link: Pag-IBIG Housing Loan Document Requirements.
Home Construction Loan From Pag-IBIG Fund

Should you get a Home Construction Loan from Pag-IBIG?
Why did I say in a prior paragraph that Home Construction Loan is a bit tricky? Well, consider these words submitted to use by one Pag-IBIG Fund Member who availed of this loan. There are a lot of lessons to be learned here and we will discuss some of them after.

Learning From Experience

    "Good day! I am in a dilemma right now and i hope you could answer my query. I applied for a housing loan some 3 years ago for lot purchase thru pag ibig. Early this year we decided to apply for house construction loan as an additional loan to pag ibig. We decided to use our personal money at first and while construction is on going, we processed the loan. It took a while to process our documents and when assessment time came, the assessor informed us that his assessment for our structure would reach 1.9M, while we applied for 1.1M loan only.

    However, i was informed that our approved loan amount is only around 600,000 since pag ibig’s basis in on the itr submitted, to be deducted with the existing loan so we will only be able to receive less than 300,000.

    Our house is completed this time using our personal money and we spent around 1.5M already. I find it quite unfair that the loan that will be released is only that much while the value of the property would reach around 2.5M including the lot. In case of default of our payment, the value of our property is too big in consideration for the loan that we will get. Is there any way we can ask for reconsideration on this?"

Think of the following as Tips and Traps of Pag-IBIG Home Construction Loan

1. Prepare some money to fund the construction.
You will be needing that money for funding the initial and the succeeding phases of the construction project. It is also important to note that:

• Pag-IBIG wants to see that the construction project has been started before releasing some money.
• Pag-IBIG will release money on staggered basis, depending on the progress of the project.
• Pag-IBIG wants to make sure you don’t use the money for something else.

But come to think of it. The reason why you are getting a loan is so that you won’t have to use your own money, right?

2. Get pre-approved before jumping in.
The amount of loan you will get is not necessarily equal to the estimated cost of the project. Most of the time, far lower than that amount.

Some factors that affect your approved loan include:

• Your Salary / Income
• You Age
• The nature of your job or business
• The value of the collateral

Knowing how much you loan money you will be granted definitely equips you from future surprises.

3. Think of the collateral and how much is at stake.
Here comes the part that you should think about very carefully. When you purchase a house and lot package, you will be shelling out for the down payment which is roughly 20% of the total selling price and you use a loan to finance the 80% balance. Normally, the purchase price is also the current market value of the property. Thus, you are essentially just using 20% money to take possession of 100% value. This is called leverage.

On the flip-side, when you get a Home Construction Loan, you only get a small fraction of the total cost of the construction project in exchange of a much bigger collateral value – the land where the house stand plus the new and improved house on top of it. Not only that, you don’t even get the loan money up-front.

Questions is, does it make sense to you?
In conclusion, as a Pag-IBIG Member, getting a housing loan is one of the best things you can do about your membership. But getting a Home Construction Loan is something you should really spend time thinking through. The whole point of buying a house and perhaps using a mortgage loan to finance the purchase is to enjoy the property. If the type of loan you are getting will only cause some headaches, it’s best to avoid it in the first place.

If you are to look at your current status in life, masasabi mo bang you are successful or not? Sa tingin mo ba there are factors that distinguish a person as successful or unsuccessful? Meron bang secret formula book or movie to read or see in order to become a successful person? Quite simply, the answer is a big NO. The key differences between successful or unsuccessful people are down to habits and our attitude to accept change.

In general, these conventional characteristics form and shape our thoughts and attitudes and define us in how we approach problems or challenges at work and at home.

Successful people evolve their behavior to achieve excellence, sila yung mga malakas ang loob at di basta magpapatalo while unsuccessful people do not change or learn from their terrible habits and struggle to manage in their day to day lives. Sila naman yung matitigas ang ulo or mga pasaway sa buhay.

To give you a better understanding, here are the key differences in practices between these two types of people:

1. Ability to delay gratification
   Unsuccessful people tend to waste their time and are easily distracted everyday which looses huge amounts of time. They for the most part, are too involved in the particular details of a problem to be able to look at it as a whole or in any perspective.
   
   Successful people possess higher patience, an aptitude to postpone or delay the enjoyment of their work. They have the ability to work hard to reach a goal which is not achieved for a long time. True to the saying “Kapag may tiyaga, may nilaga.”
   
   
2. A desire to improve
   Unsuccessful people generally give up easily, act before they think and don’t take risks. They feel comfortable by staying on the “safe” side. They won’t feel happy taking on any situation where they don’t feel safe or at ease. Wala talagang mararating ang taong duwag or takot.
   
   Successful people in contrast, look forward to new challenges and learn from them in order to make positive changes in their professional or personal lives -- irrespective of the desire of the attempt to improve, and regardless of the actual outcomes. Sabi nga nila, try and try until you succeed.
    
3. Sense of ownership
   Successful people look forward to learning from their faults. They identify and accept their failures but then take responsibility to make sure, not to repeat the same mistake twice. Kahit anong kapalpakan pa yan, successful people accepts and learns from them.
   
   On the other hand, unsuccessful people are often set in their ways and stubborn. These people tend to talk more than listen, have stopped learning from their mistakes and generally fear change of any kind. Sila yung hindi nakikita ang mali at matitigas ang ulo, kapag nagtagal ay wala na talagang pag-asa.
   
   
4. Target and goal-oriented
   Successful people have short-term and long-term goals which give them a clear plan on how to achieve their target. This serves as a guideline or road map and helps keep them motivated and on track. They set achievable goals they can accomplish. In short, sila yung mga taong may plano at pangarap sa buhay na gagawin ang lahat ma-achieve lang nila.
   
   Kapag wala naman direksyon sa buhay, these are the unsuccessful people who struggle to work out what to do next, don’t know what they want to achieve or how to do it and quite often secretly hope others fail, rather than help them succeed.
    
5. Big-picture thinking
   Successful people have a maturity to face problems head on which broadens their experience. This big picture thinking gives them clear direction on what to do next. Sabi nga nila, always look at the bright side and the bigger picture at lahat ng bagay ay pagsubok lamang.
   
   However, the small or narrow minded thinking of unsuccessful people shortens or limits their vision and leads them to become a follower, rather than a leader. These people easily criticize without ever putting forward an alternative idea or opinion and in the most part, tend to be always angry towards others who are able to achieve their goals.
    
6. Problem solving and value of time
   A truly successful person is never defeated and puts up a fight no matter how bad the situation. Successful people’s ability to overcome adversity is so strong, that when they fall down, they simply get back up again. You can never knock them out, lalaban at lalaban talaga sila.
   
   Unsuccessful people on the other hand, cannot get ahead in life and simply give up at the first hurdle; they lack drive, fight and determination. These people look for any excuse to take a break from what they are doing. They don’t complete work, responsibilities or projects on time and often blame others for their mistakes, rather than take responsibility themselves. These type of people ay yung mabilis sumuko sa laban at maghahanap na lang ng easy way out pag naiipit na.
    
7. Strong sense of belief
   Successful people have an inner belief or self-awareness and are recognized as unique individuals. Kelangan ipakita mo na iba ka at malayo ang mararating mo sa buhay.
   
   In total contract, unsuccessful people have a narrow-minded vision of themselves and their character in the world. Their effort is self-oriented and personally driven. In many cases, these people try to bring others down to their level and think, say and do negative things which only ever achieves poor or average results.

Question: I have been an OFW for almost 10 years now and I think I am now ready to invest. There have been offers for me to invest in the country where I work but I prefer investing back home. Can you suggest investment options that are good for an OFW like me?— David S. via Facebook

Answer: OFWs are generally the kind of people who leave home because they want to provide for their respective families.  Others are looking to broaden their life experiences by working abroad.  With their time working abroad comes the idea of putting the money they’ve worked hard for to good use.

Most will find themselves putting their money in small businesses that their families can run in their stead; others will start savings accounts and allow the money they deposit to earn interest. There are other ways to grow one’s hard-earned money, such as investing.



Some people find the idea of investing daunting. The most common reaction is:  “Don’t you have to study the stock market to get anything done?” There is a certain degree of studying that comes with investing, but there are a number of investment platforms available to the average OFW that are tailored fit to one’s risk profile.

A risk profile determines how aggressive someone is in making an investment, or one’s risk appetite. The first thing anyone wanting to start an investment portfolio should do is to answer a suitability assessment questionnaire. This will determine what kind of investment vehicle best applies to him.
The kind of investment vehicle you choose depends on the amount of money you are willing to risk.
There are several ways to start your investment portfolio, and here’s five:

Mutual funds
Investing in a mutual fund appears to be the simplest of the options. This type of investment takes most of the work out of your hands and places it in the very capable hands of fund managers. Their job will be to grow the money you invested, without you having to monitor it constantly.
Here’s a list of mutual fund investments that you can try: ATRKE Alpha Opportunity Fund, ATRKE Equity Opportunity Fund, First Metro Save and Learn Equity Fund, Philam Strategic Growth Fund, Sun Life Prosperity Philippine Equity Fund, Soldivo Funds, ALFM.

Stock investments
Investing in publicly traded stocks requires a certain kind of aggression and some research. Buying stocks basically means becoming a shareholder in a publicly traded company. Being a shareholder means you own part of the company, but only so far as much stock that you own in said company. The bigger your stock, the more you can participate and the more you earn, depending on the company’s performance.

Getting started requires opening an account with a broker, and here’s a list of online stockbrokers accredited by the Philippine Stock Exchange: AB Capital Securities Inc., Abacus Securities Corp., Accord Capital Equities Corp., Angping & Associates Securities Inc., BPI Securities Corp., COL Financial Group Inc.,Yap Securities Inc., First Metro Securities Brokerage Corporation, RCBC Securities Inc. and Wealth Securities Inc.

Unit Investment Trust Fund (UITF)
This form of investment involves holding a certain amount of money in trust as part of the investment made. It shares a similar structure as that of mutual funds in the aspect that your money will be managed by fund managers. This is usually offered by banks and differs from mutual funds in the sense that it involves per unit investment, as opposed to shares in a mutual fund.
Here’s a partial list of banks that offer UITFs: Metrobank, BDO, Union Bank, BPI, PNB, Chinabank, Security Bank, EastWest Bank.

Bonds
Given the propensity of OFWs to save their money in bank accounts, an investment vehicle that may also be available to them comes in the form of bonds. This form of investment is generally offered by large corporations and government offices (retail treasury bonds) as a means of raising funds by borrowing from the public. They have fixed maturity dates.
Here’s a few banks that also sell bonds: PNB, BDO, BPI, Metrobank

Real estate
This type of investment isn’t necessarily unusual, but leans more toward preparing for a future home, or a place where to put up a business. This form of investment requires a higher amount of money to start with as opposed to say, mutual funds. The money invested in real estate generally means having enough to make the payments for the land that you have purchased, and the lower the interest rate, the better.

What may eventually earn money from investing in real estate is the way land use changes over the years. One can acquire property through the Register of Deeds, but make sure to check the land title for encumbrances (mortgage, debts, and the like).

These are just some of the ways that OFWs can invest in the Philippines. They take a certain amount of patience and research before picking your investment vehicle.

Just remember to always invest according to your investment objectives, time frame and risk tolerance. Make sure that you also diversify your investments.

It’s easy for OFWs to invest in the Philippine stock market, even if you’re outside the Philippines. You don’t need to wait until you fly back home, because you can start right now. Here’s how…


Step 1: Open an account at CitisecOnline (now called COL Financial).

COL Starter – Minimum investment of P5,000
COL Plus – Minimum investment of P25,000
COL Premium – Minimum investment of P1.0 million

Please note that if you start with P5,000 and then your total funds in COL Financial grows to at least P25,000 then you may contact COL Financial and ask them to upgrade your COL Start account to a COL Plus account.

Step 2: Fill out the COL Financial Application Forms

You may download the COL Application Forms here:
https://www.colfinancial.com/ape/Final2/home/open_an_account.asp#fill_out_our_application_forms
If you are unable to view the PDF file, then your computer needs the Adobe PDF Reader, which you can get from http://get.adobe.com/reader
After you open the PDF file, please PRINT the file and fill it up using a ballpen or ink-pen.

WATCH THIS VIDEO: How To Fill Up the COL Financial Application Forms

Step 3: Prepare the Additional Documents

For Filipino OFWs, since you are Filipino citizens:
• Photocopy of one (1) valid government issued ID
  IMPORTANT: Photo and signature must be clear
• Billing Statement – Recent, no later than 3 months past

We will discuss the other types (e.g., Resident Foreigners, Non-Resident Foreigners, In-Trust-For Accounts) in a separate blog post.
 
Step 4: Submit the Forms and Required Documents

COL BUSINESS CENTER
2403-B East Tower, PSE Centre
Exchange Road, Ortigas Center,
Pasig City, Philippines 1605
*Once all requirements are received a COL Financial sales officer will contact you via call or email to inform you of your COL Account No. and status of your application.

Step 5: Please WAIT for the go-signal from COL Financial informing you of the approval of your application.

Step 6: Fund Your Account
 After COL Financial informs you that your application was approved, and after they let you know what your COL Account Number is, you can fund your account via online banking (BPI, BDO, Metrobank).
For OFWs, you can also do Overseas Remittance via BDO:

OVERSEAS REMITTANCE INSTRUCTIONS
Overseas remittance is a wire transfer from your foreign remitting bank/center to our local bank. Charges and transaction days vary per remitting bank/center. You may print this instruction out to present to your remitting bank/center as it contains all of the information they need for the transaction.

Bank Name: Banco de Oro
Address:
Ortigas Exchange Branch G/F East Tower Philippine Stock Exchange Centre, Exchange Road Ortigas Center, Pasig City, Philippines

Swift code: BNORPHMM

Account Number: 343-016190-2

In favor of: COL Financial Group, Inc. (formerly CitisecOnline.com Inc.)

Address: 2401B East Tower PSE Centre, East Tower, Exchange Road, Ortigas Center, Pasig City, Philippines

For further credit to: [Indicate your name, COL Account No. and Address] 

IMPORTANT NOTE: Kindly email COL Financial (helpdesk@colfinancial.com) your confirmation slip for verification and easier tracking for your credit.

Here is the Contact Info of COL Financial:
+63 (02) 6-515-888
or +63 (02) 6-333-777
Fax: +63 (02) 6363512

Email: helpdesk@colfinancial.com

So remember, you do not need to physically be in the Philippines to start applying for your COL Financial (formerly known as CitisecOnline) account.

Kung may mga tanong po kayo, please leave a comment below. Thanks!

I have been working as an Overseas Filipino Worker (OFW) for the last 15 years. Am I required to file income tax return?

No. An OFW or OFW’s income is exempted from income tax. Thus, OFWs are not required to file income tax return.

OFWs are Filipino citizens who are working and deriving income from abroad.

Section 23 of the National Internal Revenue Code of 1997 states that an OFW’s income from abroad or income arising out of his overseas employment is exempt from income tax.

My wife is employed in a local company in the Philippines. Their accountant told her that we should consolidate our income and file a single return even if I am working abroad. Is that correct?
No. Both individuals are exempted from filing income tax return.

Our son works in a BPO but not as an employee. He earns monthly income as a consultant and the company withholds 10% from his income. Should he file a tax return even if taxes were withheld at source?

Yes. Consultants are classified as self-employed professionals (SEPs). SEPs are required to register with the Bureau of Internal Revenue (BIR) and consequently, to file and pay both business and income taxes. As regards the 10% withheld taxes, SEPs may claim it as creditable withholding tax (BIR Form 2307), which is a deduction from its quarterly and annual income tax due.

Is everyone required to file income tax return? What’s the use of filing income tax return?

No. Everyone except the following:

• An individual whose gross compensation income does not exceed his total personal and additional exemptions;
• An individual with respect to pure compensation income;
• An individual whose income has been subjected to final withholding tax e.g., interest income and dividends;
• A minimum wage earner or an individual who is exempt from income tax like OFW.

MANILA, Philippines - Over 35,000 overseas Filipino workers registered with the Social Security System (SSS) earned a total P16.4 million as income on their savings under the SSS Flexi-Fund Program in 2013.

Flexi-Fund accounts earned P7.24 million in annual incentive benefits (AIBs) on top of the P9.16 million credited as guaranteed earnings, SSS Senior Vice President and International Operations Division Head Judy Frances A. See said.

This brought the fund's effective rate of return to 4.2 percent for 2013.

The total AIB was distributed to accounts of qualified members last July 31, 2014.

"The Flexi-Fund program remains to be a profitable investment instrument available for OFWs wanting to increase their private savings and retirement income."

Flexi-Fund savings are invested in fixed-income government securities and earn interest based on the average rates of SSS' short-term placements or 91-day treasury bills, whichever is higher.

See noted that in 2012, the SSS revised the program's policies to help OFW members earn more from their Flexi-Fund savings. "Prior to that, there were no AIBs and the 91-day treasury bill rate was the sole basis for determining Flexi-Fund's guaranteed earnings," she said.

AIBs may be declared depending on the Flexi-Fund's actual year-end income.

As of 2013, members' equity stood at P391.86 million with the maximum AIB amount of P57,098 credited to a member's account.

"We encourage our OFW Flexi-Fund members to keep their savings intact to maximize the returns on their investments. They will get higher earnings in interest and AIB amount if they save more," See said.

Launched in 2001, the Flexi-Fund program is a voluntary provident fund and pension-plan scheme offered exclusively to OFW members. It allows OFW members to build up additional funds, which they may use upon retirement or to supplement their benefits under the regular SSS program.

OFW members paying the maximum contribution amount, which is currently P1,760, are qualified to join the program. Any amount, not less than P200, paid in excess of the required P1,760 is automatically credited as Flexi-Fund savings. Source: abs-cbnnews.com/global-filipino

• budget of S$1,500 is good enough to get you around looking for a job for a month (maximum stay would be 3 months so you must have S$4,500 to survive.. P35.00 = S$1 forex,

• daily allowance to get around cities ~ S$50 (depends on where you are going),

• mcDo meals ~ S$7 to S$15,

• cheapest meal (1 rice + chicken) S$3.50 to S$5.00,

• MRT ~ S$1.5 shortest, S$5 farthest.. up to airport.. one way...(yes, MRT lang hanggang airport, comfortable unlike in Metro Manila)

• taxi ~ S$10 to S$30 (depends on distance and time of the day)

• bus ~ a few times lang, but not recommended kasi me route na sinusunod, minsan kung saan pa iikot, eh kabilang kalye lang pala, bilis pa lakad, so kami, lakad kung malapit, taxi kung mejo malayo, mrt kung ibang city or province na... anywhere there parang walking around ortigas center, and around greenbelt, pinoys are usually identified with indonesians... (mas disente naman tayo manamit kesa sa kanila..)