Editor's Note |
20 years of service to the community
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Time flies.
Exactly 20 years ago this month, The SUN shone for the Filipinos in Hong Kong. It was
the fulfillment of a dream that took shape years earlier, or shortly after I arrived here in 1987 and
realized there was no reliable information channel serving the community.
But turning that dream into reality proved to be difficult. Several people offered to fund
the publication of a news-paper, but everyone wanted a business model different from what we had
in mind.
Details...
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Anak Araw |
Pagpapabaya
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Nitong nakaraang buwan ay naging saksi tayo sa nangyari kay Manang Gloria Ortinez,
ang OFW na biktima ng tanim-bala sa Manila airport. Halos buong araw kasi ay naglagi siya sa
opisina ng The SUN, kasama ang mga naghatid sa kanya na sina Susan "Toots" Ople na tagataguyod ng
mga OFW, at ang abogado niyang si Atty Spocky Farolan, kaya nasaksihan namin siya nang malapitan.
Details...
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Migrant's Forum |
Nanay Gloria's journey to HK
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President Benigno Simeon Aquino III recently told the media that cases of tanim-bala
were sensationalized, citing figures to prove his point. As an OFW advocate, I respectfully
disagree. Looking at this from a purely numbers perspective could lead one to overlook the deep trauma
that such incidents have caused its innocent victims.
Had he met and spoken to 56-year old OFW Gloria Ortinez, our President would have
learned the following:
Details...
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Know Your Rights |
The Mission
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This was the speech delivered by the Mission for Migrant Workers' general manager,
Cynthia Tellez, at the launch of the 10-year Impact Evaluation Report of the Mission's work held on
December 5, 2015 at the Li Hall of St. John's Cathedral.
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With at least one -- and possibly two disqualification cases in the presidential race --
the Supreme Court has assured the nation politics will not dictate its decisions.
See this month's stories...
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Staff and volunteers at the Mission for Migrant Workers had reason to celebrate when
they launched the non-government organization's 10-year Impact Evaluation Report at Li Hall of St
John's Cathedral on Dec. 4. Nearly all, or 97% of migrants who sought assistance said that they were
helped by the Mission, and more than half of them (57%) said they would recommend the NGO to others.
See this month's stories...
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June 2015
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Features Gallery
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How does one become rich?
This was the context of Mariel Vincent Rapisura's day-long lecture at Bayanihan Center
in Kennedy Town on May 24.
Rapisura is the president and CEO of Social Enterprise Development Partnerships, Inc. or
Sedpi and one of the mentors of Ateneo University's leadership and social entrepreneurship (LSE)
program for OFWs.
According to Rapisura, change of perspective is needed to achieve financial freedom. It is
a financial life stage in which some people may choose to quit a job because they have already
built enough passive income to cover all expenses for the rest of their lives.
"Don't make financial decisions based on your emotions," he said.
To effectively manage personal finance, he introduced the 5-15-20-60 budgeting rule
which means that the first 5% of the gross income should be spent in insurance, 15% should go to
savings, 20% for loan payment or investments, and the remaining 60% for all expenses including tax.
Rapisura quoted a recent survey that showed only 1.1% of Filipinos have some form of
life insurance. He said this is not acceptable, as having a form of insurance is important, especially
for breadwinners.
Among the three forms of traditional life insurance policies, namely term, whole life and
endowment, Rapisura strongly advised OFWs to purchase the most basic and affordable, which is
the term insurance.He said the benefit of having term insurance is enough to serve its purpose, which
is to protect the insured and his/her beneficiaries during the time when it is most necessary. As
for whole life and endowment, he said the benefits are attractive but buying either one is not
economically sound.
There is also an investmentlinked insurance, a policy that provides a combination of
protection and investment.
Policy holders may choose any of the investment funds offered by the insurer. The value
of policy defends on the performance of the market so the policy holder also bears the risk.
He said he does not recommend buying investment-linked policy as it defies the cardinal
principle of insurance which is risk transfer.
As for monthly savings, he said 15% of the monthly income is a decent and workable amount
to begin with. This means setting aside for the regular savings and another account for
emergency savings.
In creatinga savings plan, always review the financial goals and keep track of its progress.
According to Rapisura, OFWs have a high propensity to save but this does not translate
to adequate emergency savings.
To take advantage of the power of interest rate, it is vital to start saving early especially
in strong cooperative banks because members' earnings are tax free.
Rural banks also offer attractive interest rate but one should make sure to choose banks
with strong track records, and maintain savings of up to Php500,000 only to be assured of PDIC
insurance protection.
The next 20% of the income may be allotted for loan repayments. He said getting a loan is
not bad if it is used for a productive purpose but make sure that payment should not exceed 20% of
the monthly income.
If there is no debt to be paid off, he suggested that the 20% could be diverted to
investment. However, one should look for economically sound investments that provide realistic but
attractive passive income like rent, interest, dividend, capital gains or royalties.
"The fastest way to get rich is to do it slowly," he said.
The remaining 60 % is for expenses including tax.
To manage spending, he said it is important to inform family members about financial plans
and budget.
Also, as OFWs do not need to pay tax, he suggested adding the tax money to the
monthly savings.
"Sanayin niyo ang sarili na parang nagbabayad ng tax para pag-uwi sa Pilipinas ay hindi
kayo manibago," he said.
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