As the Philippines celebrates National Heroes Day, we pay tribute not only to the heroes of our country’s past, but also to today’s modern-day heroes: overseas Filipino workers (OFWs).
In a report shared by the Philippine Statistics Authority, there are over 2 million OFWs with an estimated remittance of around PHP 238 billion in 2023. If you are one of the millions of Filipinos working abroad, be proud as your hard work and sacrifices go beyond just providing for your family – you also contribute to strengthening the nation’s economy and demonstrate Pinoy resilience in every community.
To honor selfless Filipinos like you, CIMB Bank Philippines, the country’s Best Digital Bank according to The Asian Banker, would like to share some practical money habits that you can adopt to maximize the value of your hard work abroad:
Build and expand your emergency fund
The usual rule of thumb for emergency funds is to have at least three to six months’ worth of expenses saved up. If you are currently building your own fund, keep in mind that more than just your family’s daily expenses, it would be best to have extra funds saved up for your own expenses as well. Some examples include having money in case of repatriation due to sudden job loss, urgent health-related expenses while in a foreign country, or funds for family emergencies that would entail immediately booking a flight back home.
Track your money together as a family
Despite the distance, open communication between family members is important especially when dealing with finances. Schedule regular money talks with your family to review expenses, savings, and priorities. Adjust them as needed to align with everyone’s goals. This helps make sure that all needs and wants are planned and provided for while also saving up for the future.
Balance giving with self-care
Many OFWs prioritize their family’s needs but may forget to secure their own future. More than just filling up balikbayan boxes with pasalubong and remitting money back home, you also need to invest in yourself. Whether it’s setting aside additional savings for your personal use, purchasing insurance, or planning for your eventual retirement, these efforts can help ensure that your hard-earned income lasts for years to come.
When it comes to remittances, CIMB Bank PH strives to make this process more convenient for OFWs and their families. This is part of the award-winning Bank’s mission to support the underserved overseas Filipino market and empower them to live their purpose wherever they may be.
Sending money to a CIMB Bank PH account is now easier, faster, and more secure, as direct crediting of remittances to CIMB bank accounts is now possible from over 170 countries with no hidden fees from CIMB. You can opt to send money through direct bank transfers from partner provider apps such as Revolut, Western Union, WISE, and WorldRemit, or use a remittance transaction reference number using Ria or Remitly.
This National Heroes Day, CIMB Bank PH recognizes that heroism lives in the everyday choices of OFWs like you – especially when those choices create a brighter future for your family and the nation.
To learn how to send and receive money from abroad through CIMB Bank PH, you can view the step-by-step guide via cimbbank.com.ph/remittance.
