Why these People are Aggressively Chasing OFWs

11/27/2014 | 11:10 0 Posted in Employment

Read this article if you are concerned with your money, family, and future as an OFW.

Most people think that OFWs have lots of money to spend. Some think an OFW is like a walking bank, a bank in the neighborhood where you can borrow any small to medium amount anytime.

The origin of this OFW stereotype is no other than the earlier batches OFWs. If you are living in provinces outside Manila, especially in rural areas, having a family member who is working abroad during 80’s is like having a gold mine, regardless of his/her work.

Most of the time, when an OFW return home, a fiesta-like celebration is normal. Thus people thought OFWs are really earning that much and this belief is being carried until today, in most rural areas in countryside.

Today’s OFWs have different thinking. OFWs want to earn more during their free time or when they return home, because they know that their salary is still not enough.

People around them changes as well. Although many still think that returning OFWs have money to spend, the purpose is different than decades ago. Aside from family members or close friends who want to borrow money, these people are chasing OFWs and here’s why. Of course if you are an OFW you must avoid them at all cost.

MLM Members / Recruiters

The most aggressive people on earth with the most convincing power are network marketing recruiters. OFWs are always the target because they know that OFWs have money to use to join the program. The sky is the limit when talking about how motivated these people are in chasing prospects (target victims). Whether there is a legit MLM or not, our advice is to avoid them. You have no time to do it and you have no money to waste.

Non-Bank Associated Investors / Recruiters

Here is another type of scam business that is circulating around the Philippines. Any bogus investment opportunity that is not associated with a major investment company must be avoided. For the same reason, these people are chasing OFWs as well because they know that you have an instant money to burn. If you want to invest, go to the bank and open a time deposit account. An expat friend who is living in Bacolod City told me that the interest of his P2M time deposit is enough to feed his luxury life every month. Not bad huh!

Paluwagan with Non-Acquaintances Members

Paluwagan is very popular in Philippines but beware. There is a syndicate associated with Bodul-Bodul targeting OFWs. Paluwagan or “money lending scheme” is a good way to save money but make sure to do it only with your friends or family members who have the capacity to share. Syndicates are creating a group of at least 10 members (at least 5 associates) and the other 5 are victims. You’ll be unlucky if you become one of them.

Bogus Franchise Businesses

Here is another scam business experienced by my neighbors. A certain Alex introduced himself as a franchise agent of a known frozen food company. He then conducted a day seminar for free (about how to be a franchise holder) and after several days, he returned only to take down-payments of 10 people who were interested to buy a franchise.

Each of my neighbor gave him P12,000. That was an easy P120,000 as payment for his 6-hour seminar for nothing. You know what? Eight of ten victims were OFWs. We suspected that one of our neighbors who knew that people in our area have money, was an accomplish.

High Yield Investments with Friends

This type of scam business has been witnessed by this writer several times already. Not only with OFWs but also inside companies and the victims are always the people who are in middle to higher management.

The perpetrator is always someone who is from outside, have friend inside, and that friend will be a victim as well later, and will be the one to blame.

Again, do not invest in any investment opportunity that is not associated with a real investment company like banks. Regardless whether the promoter is your friend or family, avoid them, as you and your friend will be both victims later.

The dream of every OFW who is retiring and returning back to Philippines is to have a good and reliable business. As an experienced businessman, I can suggest only one thing for you to do to start everything, and that is not by listening to any of the above scams.

I am not an affiliate of Businesscoach but I really suggest you attend some business seminars in order to build your business career. Visit their site and pick a business that suits you: http://www.businesscoachphil.com/

Contributed by Joy Magalona, Silay City, Philippines