Recently, the Philippine Embassy in Kuwait in cooperation with Metrobank Philippines, held a successful Banking and Investment Free Seminar for OFWs.
The seminar was headed by Mr. Carroll D. Ong Jr. and was supported by His Excellency Ambassador Renato P.O. Villa and Vice Consul Charleson Hermosura. Award-winning OFW advocacy blogger Ms. Gracia Amor was another speaker of the event.
“Investment is part of a process of allocating resource (cash or a valuable) placed in a risk venture with the expectation of a gained return at some point in the future”. – Carroll D. Ong, Jr.
Mr. Ong shared his knowledge, expertise and comprehensively stated points related to us OFWs like the following;
1. Salary – compensation received in exchange for a provided service
2. Rent or Commission – payment received in exchange for a consumed portion of an owned property or a represented entity
3. Loan – sum of cash or value received in exchange for a promise to return its equivalent or greater value to the lender at some time in the future.
4. Gift – sum of cash or value received in exchange for nothing; or without any obligation in return to anyone.
5. Consumption – household expenses from basic to extended wants and needs.
6. Loan Obligations – financial dues for a principal amount and relative interest (if any).
7. Savings – excess cash in addition to what’s already been accumulated (cash) from the past.
8. Investments – portion of savings or the whole of excess cash placed into a risk venture.
Registered Financial Planner and OFW Advocacy blogger Ms. Gracia Amor, shared about the Basic Concepts of the Stock Market. Different terms relevant to OFWs like us, were given explanation throughout her talk.
1. Financial Market – is where buyers and sellers come together.
2. Debt – one party borrows funds from another and agrees to pay the borrowings at a maturity date with one or more interest payments.
3. Foreign Exchange – currency exchange
4. Insurance – protection from financial loss
There were other categories given emphasis by Ms. Amor during the free seminar by Metrobank at The Philippine Embassy in Kuwait.
A Question and Answer segment was able to clear inquiries from OFWs regarding Banking and Investment.
In partnership with Shakey’s Kuwait, snacks were served to the seminar participants. Indeed, it was a fruitful day to top it all.