It was in 1973 when the first batch of Filipino engineers were deployed to Saudi Arabia for employment. Since that time, millions of Filipino lives have been transformed by their Saudi experience.
There are many glorious rags to riches stories; unfortunately, others have only sad stories to recall. I believe that with better education and coaching from veteran OFWs, the current breed of a million overseas Filipinos in KSA have a much better chance of improving their lives.
Unlike Filipinos residing in other Gulf countries, Pinoys in KSA have got a more conducive environment to save their hard earned riyals. With zero night life and limited shopping and leisure opportunities, one would think that more Saudi OFWs are doing better financially than their counterparts in say, Dubai or Doha. Sadly, no. Without ideas where to invest their savings, many Pinoys remit most of their savings to stay in the bank or to be enjoyed by their family members.
While building a provincial home is almost the default goal for many Filipinos abroad, learning about other forms of investment is necessary. It would be good if someone can share investment knowledge with Saudi Filipinos.
I wonder how many OFWs know about Pag-ibig MP2, bank bonds, or condo business. These are investments that Filipinos in Saudi can get into easily considering the disposable income they have.
Pag-ibig MP2 and bank banks are just wiser forms of savings where money actually grows. Condo investment sounds out of reach at first but with affordable payment plans such as that offered by SMDC, buying a condo is a doable ambition.
Being an OFW of 20 years, I regard my first condo investment in 2007 as the turning point in my retirement preparation. The goal was to have a condo rental business. In 2012, I got an SMDC condo in Makati for only a small amount of monthly downpayment. 8 years later, I’ve gained more than P3 million in value appreciation besides the condo rental income I have earned. I could only commend SMDC condo investment as a very wise opportunity for Filipinos abroad.
I suspect that the inaccessibility of Saudi Arabia deters many agents from reaching out to KSA Filipinos. However, with businesses adopting online transactions, I believe that more OFWs in Saudi will be open to meeting up with SMDC agents over zoom and other forms of social media.
For those interested to know more about this affordable condo business with SMDC, just click on the link or call this Saudi mobile number, 059 924 6120.