How Many Years Should You Work Abroad? Financial Expert Answers That Question Here!

There are approximately 8 to 10 million Filipinos all across the world. With that huge number of OFWs, how many of them go back home to the Philippines with savings and investments? How long should you really need to work abroad?

Every Overseas Filipino Worker should have this time frame and a target as to when they should go back to the Philippines.

Migration process refers to the economic migrants or people who chose to work abroad. The maximum number of years for economic migration is ten years.

There are three stages of Migration Process which includes the Beginning (1-2 Years), Medium Term (2-3 Years) and Long Term (3-5 Years).

The first stage which is referred to as the Beginning Stage which can last from 1 to 2 years. During this period, migrants are still paying off their debts that they have used to go abroad. This debts include placement fees, plane tickets and others.

Medium Term, on the other hand, can last for about 2 to 3 years. During this period, the main concern of migrants is to provide for the basic needs of the family.

Lastly, Long Term or End Term lasts for 3 to 5 years. During this period, migrants start to save for their financial goals.

Tips On How Migrants Can Stay In The Philippines For Good

1. Establish a financial goal

When you go abroad, it is very important to talk to your family about certain reasons why you preferred to work abroad. Once your financial goal is clear to all, it will pave way for migrant workers to stay for good in the Philippines.

2. Local expenses should be paid by locally acquired money

Electric bills, water bills, internet bills and others should be paid by the income in the Philippines. Meaning to say, family members left in the Philippines should also take part in paying local bills and expenses and not relying solely to migrant workers.

For other expenses such as children’s tuition fees, building a house, buying a car, establishing a business, and everything that involves such dreams to success should come from the remittances from OFWs. This way, the lifestyle of the ones left in the Philippines will not soar high. Instead, they will help you in managing your finances so you can stay in the Philippines for good.

Who is Vince Rapisura?

Vince Rapisura has been teaching microfinance and social entrepreneurship at the Ateneo de Manila University for the past 13 years. He established SEDPI, a social enterprise that provides financial literacy trainings to low-income OFWs in 15 countries worldwide. Since 2004, SEDPI has trained more than 30,000 individuals and has managed social investments close to PhP325 million. SEDPI’s experience has been shared in various international conferences held in India, Israel, Italy, Myanmar, Luxembourg, the Netherlands, Thailand, Spain and Vietnam. For his work, Vince received awards from Ernst and Young in 2012 and from Price WaterhouseCoopers in 2015. He holds a Bachelor’s Degree in Management from the Ateneo de Manila and a Master’s Degree in Entrepreneurship from the Asian Institute of Management.

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