FINANCIAL WELFARE of OFWs
Research paper presented to:
Ms. Jobelle Marra Garcia General Matheatic !eacher !eacher
b":
Lalaine #$%%ane C$e John &a'e C$stodio Monica An(ela Estabillo Gl"del Espara(o%a Anal"n &enie(a Aira &e G$ia Nathaniel &eleon John Cristian &i%on CAR!)*)+
October ,*)-
CHAPTER 1
INTRODUCTION
!his st$d" iplies and deterine the iportance and ri(hts of O'erseas Filipino Worers. In this st$d"/ the researchers 0ill identif" on 0hich Lendin( Copanies do the OFWs deser'e and 0hich is ore reliable to $se. !his st$d" 0ill deterine the ri(hts/ iportance/ and the ri(ht treatent for the 0orers. !his st$d" 0ill also help $s to identif" and $nderstand the ad'anta(es and disad'anta(es of the Lendin( Copanies bein( copared. !he researchers 0ill able to see 0hich one can 0e endorse and 0hich one deser'es the best lendin( copan" for a recoendation. !his st$d" sipl" states that OFWs has their o0n ri(hts to choose on 0hich Lendin( Copan" is reliable for the to loan. OFWs are the person of Filipino ori(in 0ho li'es o$tside of the +hilippines. !his ter applies to Filipinos 0ho are abroad indefinitel" as citi%ens or as peranent residents of a different co$ntr" and to those Filipino citi%ens abroad for a liited/ definite period/ s$ch as on a 0or contract or as st$dents. Most of the are doestic helper/ constr$ction 0orer/ seaan/ edical 0orer/ en(ineer/ factor" 0orer and entertainer. +recisel"/ the" are the one 0ho sacrifice their tie and happiness 0ith their failies to 0or in forei(n co$ntries. Instead of spendin( their tie for their lo'ed ones the"1re still 0orin( for the 2$st to li'e the life the" need. 3$t that1s not the onl" proble the" are facin(. Financial proble/ is one of the proble that OFWs are coonl" facin(. One of the reasons the" 0anted to 0or abroad is that other co$ntries offers hi(her ao$nt of one"/ b$t soe of the still e4perience financial probles despite "ears of hard 0or d$e to inefficient one" ana(eent b$t/ there are lendin( copanies that are 0illin( to help the OFWs.
CHAPTER 2 DATA GATHERING INSTRUMENT
!he researchers $sed a s$ar" 5$estionnaire to (ather responses fro the different lendin( copanies.
3elo0 are the follo0in( 5$estions bein( ased to the respondents: ). Wh" do "o$ choose to 0or abroad6 ,. Wh" do "o$ choose to 0or in other co$ntr" instead of 0orin( here in the +hilippines6 7. What t"pe of lendin( copan" do "o$ prefer in loanin(6 8. In 0orin( abroad/ are "o$ satisfied on the salar" "o$ recei'e6 9. What inspires and oti'ates "o$ to 0or in abroad6 -. What are the probles that OFWs are coonl" facin(6
And also/ here are soe 5$estions for the lendin( copanies: ). ,. 7. 8. 9.
What are the ad'anta(es and disad'anta(es on choosin( this lendin( copan"6 Is this a sec$red lendin( copan"6 o0 lon( is the pa"ent period6 What is the lo0est interest rate and fee cobination that "o$ offer6 o0 lon( 0ill I be repa"in( the loan6 Is there an" penalt" for pa"in( off the loan earl"6 -. Will there be fees in application or processin(6 ;. Will " loan be appro'ed e'en 0ith bad credit records in the past6 <. Is there a penalt" for pre=pa"ent6 >. Can I borro0 an" ao$nt of one"6 )*. o0 can I appl"6 !hese are the 5$estionnaire that the researchers $sed to (ather the data fro the respondents.
CHAPTER 3 DATA GATHERED FROM THE RESPONDENTS
IN!ER?IEW OF 7 +ER#ON# FOR EAC LEN&ING COM+AN@ First +erson Nae: Nathalie #abiniano A(e: 7< &a"s of 0orin( abroad: 8 "ears Co$ntr": &$bai Wor: Factor" Worer ). What ind of loan do "o$ prefer0ant6 I prefer a loan that is a hi(h sec$red. ,.
What lendin( copan" do "o$ loan6 +a(asa lendin( copan".
7. o0 $ch is the interest rate of this copan"6 )9B 8. o0 lon( is the pa"ent period6 ), onths 9. o0 $ch do "o$ loan in e'er" onth6 ₱)9***
-. Wh" do "o$ choose to 0or abroad6 I chose to 0or to raise " o0n fail". ;. Wh" do "o$ choose to 0or in other co$ntr" instead of 0orin( here in the +hilippines6 It is better to 0or in other co$ntr" beca$se there are lots of opport$nities. <. In 0orin( abroad/ are "o$ satisfied on the salar" "o$ recei'e6 @es I a satisfied on the salar" that I recei'e onthl". In fact I can still sa'e one" for " f$t$re needs. >. What inspires and oti'ates "o$ to 0or in abroad6 M" h$sband and " children inspires and oti'ate e to 0or here in abroad/ the" (i'e e stren(th and co$ra(e. )*. What are the probles that OFWs are coonl" facin(6
3ased on " e4perience one of the probles that OFWs are coonl" facin( is the lac of one" to send to their failies in the +hilippines.
#econd +erson Nae: Rafael +ere% A(e: 7, &a"s of 0orin( abroad: > onths Wor: #eaan ). What ind of loan do "o$ prefer0ant6 I 0ant a loan that offers lo0 interest rate. ,. What lendin( copan" do "o$ loan6 ),7 Lendin( copan" 7. o0 $ch is the interest rate of this copan"6 7.; B 8. o0 lon( is the pa"ent period6 ), onths 9. o0 $ch do "o$ loan in e'er" onth6 ₱ 9****
-. Wh" do "o$ choose to 0or abroad6 I 0or abroad for " other that is s$fferin( fro cancer. ;. Wh" do "o$ choose to 0or in other co$ntr" instead of 0orin( here in the +hilippines6 I 0o$ld rather choose to 0or here than in the +hilippines beca$se I no0 that 0orin( in here is $ch better. <. In 0orin( abroad/ are "o$ satisfied on the salar" "o$ recei'e6 Not reall"/ the ao$nt of one" that I1'e been recei'in( is not "et eno$(h to help " other. >.What inspires and oti'ates "o$ to 0or in a broad6 M" other and other relati'es 0ho enco$ra(e e and oti'ates e all the tie. )*.What are the probles that OFWs are coonl" facin(6 Lac of one".
!hird +erson
Nae: An(ela !ian(co A(e: ,< &a"s of 0orin( abroad: ) and a half "ear Wor: Entertainer ). What ind of loan do "o$ prefer0ant6 I 0ant a loan that easier and reliable to $se and has lo0 interest rate. ,. What lendin( copan" do "o$ loan6 ?idalia lendin( corporation 7. o0 $ch is the interest rate of this copan"6 9B 8. o0 lon( is the pa"ent period6 ), onths 9. o0 $ch do "o$ loan in e'er" onth6 ₱ )7***
-. Wh" do "o$ choose to 0or abroad6 I 0ant to 0or here for "self. ;. Wh" do "o$ choose to 0or in other co$ntr" instead of 0orin( here in the +hilippines6 It is ore better to 0or here/ the foods are (ood and the places are clean $nlie in the +hilippines. <. In 0orin( abroad/ are "o$ satisfied on the salar" "o$ recei'e6 I a not satisfied on the salar" that I1'e been recei'in(. >. What inspires and oti'ates "o$ to 0or in abroad6
M" fail" and "self. )*. What are the probles that OFWs are coonl" facin(6 Most of the tie the proble is the lac of one" to sa'e.
INFORMA!ION# OF !E LEN&ING COM+ANIE# !he researchers chose 7 different lendin( copan" 0hich can satisf" the needs and deand of the OFWs in loanin(. !he researchers chose +AGA#A lendin( copan"/ ),7 lendin( copan" and lastl"/ ?idalia lendin( copan". And here are soe inforation abo$t the follo0in( lendin( copanies. PAGASA PHILIPPINES LENDING COMPANY INCORPORATION
+AGA#A lendin( copan" has its o0n ission/ 'ision/ and (oals. Its ission and 'ision is to establish a po'ert"=free societ" and to pro'ide an a'en$e and opport$nit" for the entreprene$rial poor ha'in( an access to financial ser'ices to ipro'e their econoic and social condition. While +AGA#A lendin( copan"1s (oal is to pro'ide s$stainable financial ser'ices to the entreprene$rial poor/ to enhance their enterprises/ thereb"/ to ae the econoicall" self= reliant. ++LCI offers t0o credit pro(ras sall (eneral loan and sall b$siness loan and both loans ha'e )9B interest for ), onth ters.
123 LENDING COMPANY
),7 lendin( copan" has its o0n ission 0hich is to pro'ide a 5$ic eas" friendl" loan ser'ice for their clients. !he" assist the to eet lendin( re5$ireents/ the" also collect loan obli(ations in a professional s$pporti'e en'ironent and the" achie'e a 0in0in for their client and copan". In appl"in( this copan"/ loaners sho$ld pass the re5$ireents needed. !he c$rrent interest rate of this lendin( copan" 'ar" fro ,. >B = 7.;B for abo$t -=), onths.
VIDALIA LENDING CORPORATION
This lending company ofer diferent types o loans to meet lenders diferent monetary needs. Now, they are also ofering other kinds o loans to accommodate the nancial needs o proessionals based in the Philippines. You can get the loan you need at low lending rates around 2 to ! and "e#ible payment terms o $ months% & months% ' months% (2 months.
!hose are the inforation 0e (athered fro the follo0in( lendin( copan".
!A3DLAR COM+ARI#ON
123 Lending Company
Pagaa Lending Company
!ida"ia Co#po#a$ion
Loanable Ao$nt
2% Sa"a#y
2% Sa"a#y
2% Sa"a#y
Interest Rate
3.7%
1&'
&'
&$ration
12 mon$(
12 mon$(
3-12 months
Nae of Copan"
!able no. )
!his table of coparison sho0s the inforation abo$t the lendin( copan" 0hich incl$des the loanable ao$nt/ interest rate and the ter or d$ration.
COM+D!A!ION !his part 0ill sho0 the cop$tation of each lendin( copan" to find the Interest Rate and F$t$re Ao$nt that "o$1ll (et after the onth "ear of ters. !he follo0in( cop$tation $sed ad Ordinar" Interest for$la in (ettin( the Io and FA.
Pagaa )PPLCI*
!ida"ia Lending Co#po#a$ion
P )9/***
P+ )7/***
# )9B or *.)9
#+ 9B or *.*9
$ ), onths or 7-9 da"s
$+ ), onths or 7-9 da"s
I )9*** 4 *.)9
7-9
7-*
I+ )7/*** 4 *.*9
7-9
Io+ 2,2-1.2&
Io+ /&0.3
FA+ 1&, 2,2-1.2&
FA+ 13, /&0.3
+1,2-1.2&
+ 13,/&0.3
123 Company P9*/*** #+ 7.; or *.*7; $+ ) "ear or 7-9 da"s
I+ 9*/*** 4 *.*7; Io+ 1,-&./0
7-9
7-*
7-*
FA+&, 1,-&./0 + &1,-&./0
COM+ARING LEN&ING COM+ANIE#
We/ as a researcher 0as (i'en an opport$nit" to copare 7 lendin( copanies to (ain soe inforation that is needed for $s/ to no0. Each of the three 7 lendin( copanies has different (oals to ai/ ission and 'ision/ philosoph"/ ser'ice/ prod$ct/ r$les/ rates and different ana(in( s"ste and processes. ),7 Lendin( Corporation/ +a(asa Lendin( Copan"/ and ?idalia Lendin( Corporation= these are the lendin( copanies that 0e chose to differentiate. And based on o$r st$dies/ 0e ha'e concl$ded that ?idalia Lendin( Corporation has better ser'ice and benefits for OFW1s. 3ased on o$r research/ ?idalia Lendin( Corporation offers an eas" 0a" or ore effecti'e 0a" to loan. One of the ad'anta(es of (ettin( a loan 0ith their copan" is the application for a 5$ic and eas" cash loan. Most OFWHs need to ac5$ire one" fast and eas" to be able to (o directl" abroad and s$ppleent their financial instabilit". ?idalia Lendin( Copan" pro'ides an iediate loanin( facilit" 0here an application is practicall" appro'ed and be (i'en 2$st 0ithin the da" or ni(ht. !heir cash loans for OFWs placeent fees to help "o$ 0or abroad is relati'el" speed" to obtain. #econdl"/ siple re5$ireents to s$bit in appl"in( for a ?idalia loan is 2$st 'er" siple and strai(htfor0ard. !he" do not re5$ire their clients to fill= o$t $nnecessar" fors nor s$bit dispensable re5$ireents beca$se their cons$ers are their n$ber one priorit". Copare their rates and offerin(s/ and see for "o$rself. !he ad'anta(es "o$ can (et are n$ero$s. !hirdl"/ ?idalia is e4cellent in its c$stoer ser'ice and is proficient to handle the Filipino i(rantHs financin( needs. !heir loan a(ents 0ill (o an e4tra ile to help "o$ 0ith client1s options. Also/ not to be bothered pa"in( for a hi(h interest rate/ cons$ers are ass$red that no f$rther dileas can arise as the" ha'e a 'ision of 0hat 0e can f$ll" (i'e for their c$stoerHs satisfaction. !heir interest rates are lo0 eno$(h for "o$ to sec$re a loan 0ith the. Last b$t not the least/ a ?idalia loan has 'er" fle4ible ters of pa"ent -/ >/ ), onths. !his copan" 0ill allo0 client1s to loan an ao$nt that 0ill be sanctioned and appro'ed for "o$ based on "o$r repa"ent capabilit". @o$ (et the ad'anta(e of the speed 0ith 0hich one can (et appro'ed online especiall" on eer(enc" sit$ations that can be handled easil" thro$(h "o$r online application of loan 0ith this Lendin( Copan". And as a cons$ltant/ 0e endorse this copan" for OFW1s that are plannin( and startin( to loan.
CHAPTER 4
RECOMMEN&A!ION
We/ as a researcher/ based on o$r st$d"/ 0e ha'e concl$ded that ?idalia Lendin( Corporation has better ser'ice and benefits for OFW1s. 3ased on o$r research/ ?idalia Lendin( Corporation offers an eas" 0a" or ore effecti'e 0a" to loan that 0ill reall" help the OFWs. We hi(hl" recoend this lendin( copan"/ ca$se as a cons$ltant 0e no0 the benefits that this lendin( copan" can (i'e for the OFWs. CONCLD#ION
We ha'e a lot of lendin( copanies in the +hilippines that are 0illin( to help OFWs. #$ch as +AGA#A Lendin( Copan"/ ),7 Lendin( Copan"/ and ?idalia Lendin( Copan". For OFWs/ to start loanin( to f$lfill their financial needs. Loanin( is the best 0a" to pre'ent their financial needs beca$se in case of eer(enc" the" don1t need to $se their personal sa'in(s instead the" can $se their loan. One of the ad'anta(es of (ettin( a loan 0ith lendin( copanies are the application for a 5$ic and eas" cash loan. Most OFWs need to ac5$ire one" fast and eas" to be able to (o directl" abroad and s$ppleent their financial instabilit". Lendin( copanies pro'ides an iediate loanin( facilit" 0here an application is practicall" appro'ed and be (i'en 2$st 0ithin the da" or ni(ht. Lendin( copanies cash loans for "o$r placeent fees to help "o$ 0or abroad is relati'el" speed" to obtain. #econdl"/ appl"in( for a lendin( loan is 2$st 'er" siple and strai(htfor0ard. !hirdl"/ Lendin( copanies are e4cellent in its c$stoer ser'ice and is proficient to handle the Filipino i(rantHs financin( needs. lendin( copanies loan a(ents 0ill (o an e4tra ile to help "o$ 0ith "o$r options. 3efore "o$ start a loan the" sho$ld passed the re5$ireents needed. !he" $st be )< to 9> "ears old. Filipino citi%ens/ ha'e so$rce of incoe/ the" sho$ld ha'e landline or contact n$ber to contact/ eplo"ed b" at least ) "ear. @o$ can choose "o$r lender that "o$ 0ant to lend "o$r one" b" 'isitin( their 0ebsite online. !he t"pe of loan "o$ sho$ld (et is b$siness loan and #ME loan to sec$re "o$r one"/ "o$ can also no0 ho0 $ch "o$ can borro0 b" online loan calc$lator it 0ill calc$late the one" of the lender and it1ll also tell "o$ ho0 $ch "o$ can borro0. If "o$ ha'e soe bad credit records in
the past "o$ can pro'e "o$rself b" fi4in( "o$r probles. !his is ho0 lendin( copanies can help $s 0ith o$r o0n loans.
Reference
http:ticas.or(contentposd5$estions=st$dents=sho$ld=as=abo$t=pri'ate=loans https:enli(htene.cotop=)*=5$estions=before=(ettin(=a=loan http:000.(etsarterabo$tone".caenana(in(="o$r=one"plannin(ana(in(= debt+a(es#i4=5$estions=to=as=before="o$=borro0.asp4.?;nF8>OLJ http:000.dole.(o'.phpa(es'ie0)> http:),7lendin(corp.coof0=loan.htl http:asa=international.co.ph http:000.dela0arepersonnel.cotrainin(specialhrcdocssaple=letters.pdf http:els.sti.ed$files798;7;>iL#KG$ideKforK#t$dents,Klsa$thKedbaf)-f;d9,efb->8e;b< >>aad8d;;>cfcc>7>9.pdf https:000.(oo(le.co.phsearch65lendin(B,*copaniesieoe http:ne0s.abs=cbn.co(lobal=filipino*>,*)90h"=soe=of0s=reain=poor=despite=0orin(= abroad http:000.eirates,8;.cone0seiratesfilipino=financial=probles=here=are=e"=reasons= 0h"=,*)9=*8=)*=).9<->;8 https:000.sec$rit"ban.copersonalloanspersonal=loan
