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When you’re working abroad, you tend to soak in the culture of the country. You also tend to absorb a lot of habits that are endemic to your native colleagues, which is awesome. The inhabitants of more developed countries often plan their retirement and savings really well and know how to diversify as needed.

For a lot of Filipinos, the thought of investing your hard-earned money in something that does not immediately provide returns can be difficult. This kind of avoidance comes from the fact that you hear about all sorts of scams that happen when someone does attempt to invest.

For a lot of Filipinos working overseas, the focus is more on saving than investing, according to a Consumer Expectations Survey for the Third Quarter conducted by the Bangko Sentral ng Pilipinas. OFW remittances towards investing have dropped 6.2% from the previous quarter. However, while OFW households may not be investing, OFWs can take it upon themselves to put more of their income towards investments by investing online.

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Luckily, there are many online brokers that can help the OFW investor along. If you’ve ever wondered how OFWs can invest online, here’s where you can get started.

Research and Assessment

Ask yourself what kind of investment you want to make, or how much are you willing to set aside as your very first investment.

One of the choices available to you as an online investor is the fact that you don’t have to visit a bank to take a risk assessment, as these can be done online. It measures the kind of investor you may want to be, and your willingness to invest. The products that become available to you are generally based on the results of this. (However, you may still need to send some documents to the bank.)

The Right Product

You may feel the urgency to grow your money in time to ensure that your eventual retirement is a comfortable one. Don’t let it overtake you. Online brokers like COL Financial have a wealth of information on investment products, allowing you to take advantage of the kind of investor you are after the assessment.

You’ll have plenty of products to choose from, like individual security, mutual funds, or exchange-traded funds (ETF). Having a grasp of investing concepts will prepare you for when you finally choose to open an account with an online broker.

Open an Account with a Brokerage House

When you’ve gotten a grasp of your plans as an investor, it’s time to register with a brokerage house. There are more than a few who do business exclusively online, and you’ll be looking through a lot of online brokers before you open your account.

You can also choose to expand your local bank account towards your investment plans, as some Philippine banks (like BDO and BPI) have investment options ready for their clients. The Bureau of Treasury also allows OFWs to purchase bonds, and nominate a bank for settlement.

Picking the right online broker needs the same kind of research you put into finding your preferred investment vehicle. Many brokers are specific to the Philippine market, like COL Financial and Philstocks.PH, and most of letting you open an account with them for Php 5,000 minimum.

Getting Started

Now that you’ve got an idea of how investing online works, you can start investing in your leisure. As you may already be aware, there are always a few risks when you invest your money.

The great thing about online investing is that you never actually have to be physically present to buy, sell, or observe your investment. It takes all of a few clicks on your laptop or smartphone to check its current state, or look at trends.

The investments you make are part of your path to eventual financial freedom. Why not start now, and prepare for your financial future even before you end your stint abroad?


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