Beware of fake overseas jobs posted on Facebook The Philippine Overseas Employment Administration (POEA) warned jobseekers about scammers advertising fake overseas job vacancies on Facebook and other online job sites.

Fake Overseas Job Openings Advertised Online

The POEA reported that many job applicants recently inquired about a public Facebook group “Now Hiring Work Abroad 2018” that advertised job offers for various positions in the United States, Canada, United Kingdom, Japan, New Zealand, , and other countries. Readers of the Facebook ads were asked to email their resume to an online job site.

The job offer included attractive benefits such as high salary, high overtime pay rate, paid vacation leave, free transportation, free food and accommodation, and more. But then applicants were also required to pay for processing fees for their visa or work permit.

An applicant reportedly received an email informing him that his job application for the United Kingdom had been approved. But he was also asked to deposit the visa fee of Php9,800.00 to a Philippine bank account within 48 hours.

The POEA cautions the public against accepting a job offers that ask for payment of fees for seminars and document processing. This is one sign that a job offer is a scam.

Warning Signs of Fake Overseas Jobs Overseas job applicants need to be careful when dealing with recruiters. Aside from recruiters demanding payment of fees, here are other warning signs of job scams that applicants should be aware of: 1. Vague job details

Scammers list vague job descriptions and job requirements. Usually, real job listings have clear job descriptions and exact job requirements.

2. Unprofessional emails

Beware of emails containing glaring errors in spelling and grammar. Real companies will be represented by professionals who write well.

3. No company name and address, or emails sent using a personal account ​

See if the email has the company address and phone number shown in the contact details. And also if the email address used is the official company email. Scammers sometimes use an email address that looks like real companies. To verify, copy and paste the email address into the search box and see what comes up.

How to Avoid Fake Overseas Jobs

Here are tips on how to avoid being scammed when looking for an overseas job.

1. Do your research

Before even replying to any job ad, research details about the job, the company you’re applying for, and also the recruiter that you’ll be directly dealing with.

Find out how long the company and recruiter have been in business, and if there are any violations that they’ve been involved in.

2. Ask for references

Ask recruiters for names and contact numbers of companies that they’re working with and persons that they have recruited. A trusted recruiter should be able to give out these details without hesitation.

3. Use trusted job sites

Take note that there are scammers in job boards too. To avoid or at least reduce your chances of getting scammed, be selective in using job sites. Use trusted job sites, preferably those with privacy policies and allow verified job seekers and employers only to view job listings.

4. Get work permits Beware of job offers using tourists or visit visas. Make sure that you have the proper work permit or visa for the job you’re applying for.

Verify with POEA

Job seekers are advised to apply only with POEA-licensed recruitment agencies. Check the validity of job offers with the POEA through its verification system at ● poea.gov.ph ● hotlines 722-1144 and 722-1155, and ● the POEA mobile phone application (downloadable via Google Play or Apple’s App Store).

Lawmakers Push for Lower Fees on OFW Remittances

During last month’s celebration of Migrant Workers' Day, ACTS-OFW Partylist Representative ​ ​ Aniceto Bertiz III pleaded to banks to lower transfer fees imposed on OFW remittances.

On average, overseas Filipino workers (OFWs) are charged 10.57% for every $100 that they remit. Bertiz wants this lowered to 5%. He argued that banks can still reduce remittance charges, noting that non-bank remittance centers are charging as low as 3% in fees.

"Reducing the cost of bank remittance services to 5% would mean some $1.5 billion or P80.1 billion in cost-savings and extra money in the pockets of our migrant workers and their families every year," he stated.

Slashing remittance fees would help ease OFWs’ financial struggles brought about by rising prices at home.

The country’s inflation rate shot up to 5.2% while the peso hit the P53-to-$1 level in June. The latest inflation rate beat both government and market forecasts. The government’s inflation forecast was earlier set at 2% to 4% for 2018 to 2022. The inflation outlook for 2018 was later adjusted to 4% to 4.5%.

The higher prices of goods offset OFWs’ gains from the increasing peso value of their foreign currency earnings.

Remittance Numbers

2017 data from the Bangko Sentral ng Pilipinas (BSP) show that cash remittances coursed ​ through banks amounted to $28.1 billion while $4.9 billion was coursed through non-bank remittance centers.

This shows that Filipinos still choose to remit money through banks. This despite the growing number of non-bank remittance centers, and the latter with fees as low as 3%.

Cash remittances increased by 4.3%, while personal remittances grew by 5.3% to $31.29 billion, exceeding the government target of 4%.

Remittance from OFWs is the country’s 2nd most significant source of foreign exchange. This is topped only by revenues from the business process outsourcing (BPO) industry.

Last year’s personal remittances accounted for 10% of the country’s gross domestic product (GDP) and 8.3% of gross national income (GNI).

Most of the cash remittances for 2017 came from the US, UAE, , , Japan, the UK, Qatar, , Germany, and . Combined remittances from these countries amounted to almost 80% of total cash remittances for the year.

The ranks as the world’s 3rd largest recipient of personal cash remittances, behind India and China.

Bill to Protect OFW Remittances

Meanwhile, Rep. Aurelio Gonzales Jr. of the 3rd District of Pampanga filed a bill to protect OFW remittances.

House Bill 4740 recognizes the vital contribution of OFWs to the economy through their foreign ​ exchange remittances. It also notes that beneficiaries receive reduced amounts of remittances because of steep fees.

Given these realities, the bill seeks to end the imposition of high remittance fees by limiting the amount charged to OFWs. It provides for discounts on remittance fees and gives tax incentives to establishments giving discounts to OFWs. The bill encourages establishments to grant loans to OFWs and directs government agencies to provide financial education to OFWs and their families.

Franchising Opportunities in the Philippines

Image source: Entrepreneur PH ​

Are you thinking of quitting your job to start your entrepreneurial journey? Consider opening a franchise business instead of starting a new business of your own.

The Franchise Advantage

Why a franchise? There are a lot of advantages to starting a franchise business. The best one is that it is generally accepted that franchises have a higher rate of success compared to startup ​ ​ businesses.

Another is that you won’t be starting from scratch. A big chunk of the work of starting a business has already been done by the franchisor. You’ll be benefiting from the franchisor’s previous experience in running a business, and from a proven business system.

Also, the franchisor will be your business partner. He will provide you with everything you need to start a business. This includes a complete business plan, franchise operations manual, site selection and evaluation, marketing assistance, research and development on new products and services, training support and continuing franchise advice.

Here in the Philippines, there are plenty of franchise success stories. We are familiar with local companies like Jollibee, Mang Inasal, Greenwich, Potato Corner, Max’s Fried Chicken, as well as international franchises like McDonald's, KFC, Krispy Kreme, 7-11, etc.

Finding Franchise Opportunities

If you’re interested in finding out about the different franchise opportunities in the country, the websites of franchise associations are good starting points.

Philippine Franchise Association

The Philippine Franchise Association or PFA is the franchising sector’s governing body. It counts among its members small to large size businesses, and both local and international companies. The website has a members’ database listing each company’s contact information, total capital investment and fran​ chise fee requireme​ nts. Companies can be conveniently searched by sector (Food, Retail, and Service) or by investment level.

Association of Filipino Franchisers Inc

Another organization of franchisors is the Association of Filipino Franchisers Inc or AFFI. It’s composed of Filipino businesses pushing the local franchising industry in the global market. On its website is a Franchise Finder. There you can search by choosing your preferred industry: Food, Services,​ Retail, Health an​ d Beauty, Education, Automotive, Refilling, and Others.

Franchise Expos

Attending franchise expos is a great way to learn about different companies offering franchising opportunities. As an expo visitor, you get to talk to many company representatives in one place and time. You can personally ask about different franchise concepts. Visiting different booths lets you evaluate and compare the franchise offers.

Franchise Asia Expo, the biggest franchise show in Asia, features local and international ​ franchise brands, with conferences and seminars presided by global industry experts. This year’s edition will be held on July 20-22 at the SMX Convention Center in Pasay City.

The Entrepreneur and Franchise Expo (EFE) is a trade and consumer exhibition and netw​orking Event featuring networking ​ opportunities, product launches, contests and company presentations, and showcasing franchise businesses and small and medium enterprises (SMEs). The next staging of the expo will be held in July next year at the Megatrade Hall in SM Megamall, Mandaluyong City.

Franchising Seminars

The PFA also has its Franchising Negosyo roadshows held in major cities nationwide. A regio​ nal f​ ranchise show, it is a business matching session, expo and seminar rolled into one event.

U-Franchise, the Philippines’ biggest franchise sales company, regularly holds How to Invest in ​ the Right Franchise seminars. Would-be franchisees learn from franchise experts about the ​ latest franchise opportunities. Its website has its own list of top franchise opportunities. ​ ​

As you can see, there are a lot of franchise opportunities in the country today, covering a wide range of industries, and catering to every level of budget.

As long as you choose a franchise business with a proven track record, and you follow the proven business system developed by the franchisor, you can expect a good return from your investment.

BSP survey shows the majority of Filipinos do not have bank accounts

The Banko Sentral ng Pilipinas or BSP recently released the latest results of its Financial ​ Inclusion Survey (FIS). The survey covered 1,200 Filipinos aged at least 15 years old from ​ December 2017 to February 2018, and is done every two years.

Financial inclusion, as defined by the BSP, is “a state wherein there is effective access to a wide range of financial services for all.” Wide range of financial services” refers to “a full set of basic services for different market segments, particularly those that are traditionally unserved/underserved.”

Account Ownership and Savings

According to the latest FIS, only 15.8 million Filipino adults, or 22.6% of the total adult population, have formal accounts. This is a slight increase from 22% recorded in 2016.

A formal account refers to a savings, current/checking account at formal financial institutions such as banks, cooperatives, Non-Stock Savings and Loan Associations (NSSLAs), and microfinance non-government organizations (MF NGOs) or a transactional account such as an electronic money (e-money) wallet or card provided by E-Money Issuers (EMIs).

The survey also reveals that Filipino adults with savings increased to 48% in 2017 from 43% in 2015.

Those with a formal account use it: ● for emergencies ● for education ● for business ● for safekeeping ● as an investment

Most Filipinos are not yet using their bank accounts for payments and remittances, with only 18% receiving salary, 12% sending or receiving money, and 6% receiving pension through their account.

For those who do not have an account, the following reasons were cited: ● not enough money ● no need ● no documentary requirements ● high cost ● lack of knowledge in account opening ● lack of work/employment ● lack of awareness

It appears that income and education levels are directly related to financial inclusion. Half of adults in class ABC have an account. This is 2x higher than class D, and almost 4x times higher than class E. College graduates are more than 2x likely to have an account than high school graduates, and more than 3x likely to own an account than elementary graduates.

Account Access

Automated teller machines (ATMs) are the preferred access points for bank and e-money accounts, while other types of accounts are usually accessed over the counter (OTC).

Following are the reasons why people do not use ATMs: ● lack of awareness ● unavailability ● lack of trust ● long distance ● limited connectivity

Those who do not do OTC transactions cite long lines as the main reason.

Payments and Remittances

People still favor cash as mode of payment. Close to 9 out of 10 adults have payment transactions of which 60% pay in cash.

18% of Filipino adults with an account use their account for payments. 64% of those who did not use their accounts for payments mentioned that they still prefer cash in paying while 20% said that they did not know that they could pay electronically using their account. 46% of account holders with internet access are hesitant about e-payments due to concerns on hacking, personal security breaches, and unsafe access.

Over the counter remittance transactions are very common among senders and receivers of money, with a wide majority using remittance agents in sending and receiving money. Convenience is the main deciding factor in choosing where to make payments and remittance transactions. Others are affordable fees, and reliability of remittance centers.

Technology and Financial Inclusion

With 38% of Filipino adults owning a smartphone and 86% able to go online using mobile data connections, the BSP points to opportunities for greater financial inclusion using digital technology.

“Digitizing these payment and remittance transactions is a crucial step towards digital financial inclusion,” the BSP said. “The country’s young population, high smartphone penetration, and high Internet adoption can be significantly leveraged for electronic payments and fund transfers.” To increase the public’s trust in digital financial services, promoting financial literacy and ensuring good market conduct are both crucial.

Through the National Retail Payment System (NRPS), its flagship program for digital finance, the BSP plans to develop an ecosystem that provides for the varying needs of all users, one that is secure, sustainable, convenient, and affordable.

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What to Consider When Buying A Condo

Condo living is becoming more popular in the country, especially in the urban areas. For some people, a condo is a better alternative to a traditional house, and a more affordable option.

With the ever-changing Philippine property market, it’s too easy for a first-time homeowner to be overwhelmed with the many available options.

Keep in mind that if you’re looking to buy a condo unit, you shouldn’t look at price alone.

To help you in deciding which property to buy, here are some things to consider when purchasing a condo unit in the Philippines:

1. Location

This would be your primary consideration since the condo’s location affects its price (both the purchase price and likely price appreciation) and your access to conveniences.

While condos in the central business districts (CBDs) like Makati, Bonifacio Global City (BGC) and Ortigas can be expensive, it is expected that their value will quickly appreciate in the future. Condos in the CBDs are generally considered to be good investments.

For more affordable choices, check out the areas near the CBDs, where the value may appreciate in the years ahead.

Regarding accessibility, the best option would be a condominium within walking distance to, or a short ride away from your place of work. Or one that’s near bus stops, train stations and other transport terminals. You’ll also want a location with easy access to convenience stores, banks, restaurants, schools, and hospitals.

Also, take a look at the neighborhood. Do you feel safe in that area? Do you know if it gets flooded during the rainy season?

2. Amenities and Population Density

Check if the price you will be paying is comparable to the value of the amenities offered. Nowadays, the usual amenities include a swimming pool, children’s playground, fitness center, and function room.

Related to the amenities is the condo’s population density. How many residents are sharing the public facilities? The more residents a condo has, the more inconvenient it becomes because you’ll be sharing the same amenities with more people.

3. Developer’s Track Record

Do a background check on the property developer. Do they deliver on time? What’s their record when it comes to quality of property, property maintenance and preventive maintenance? Do they work with the condominium owners’ association to help manage the condo? Managing the condo also includes implementing adequate security measures and strictly enforcing condo rules.

Big property developers like Ayala Land, Megaworld, Robinsons Land, DMCI and Century Properties, among others, have an edge and have proven themselves to be reliable in turning over condominium projects to homeowners within predetermined dates.

4. Association Dues, Parking Space Fee

When you live in a condo, you also need to pay for the association dues. The amount covers your contribution to the shared costs incurred by all condo owners. That includes electricity in common areas, water for the swimming pools and the greenery, wages of security and maintenance personnel, and others.

Get a breakdown of the monthly dues. Carefully consider if you can afford this extra payment.

And what about the parking space? Yes, you have to pay extra for your parking space. And it doesn’t come cheap.

5. Rules and Regulations

What are the rules and regulations imposed on all residents and tenants of the condo? Do they allow pets? Do they have a time restriction for visitors? Do they allow parties inside residents’ units? Can you rent out your unit?

Know the condo rules before you buy so there won’t be unnecessary headaches once you have moved in.

Buying a condo is a major commitment. Don’t rely on just what the sales agents tell you. Do your own research. You want to make sure that you’re buying the right type of property for your needs for the price that you can afford. xxx