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For inquiries, email gilbert@lumantao.com.

One more way for OFWs to save money

This one is for our overseas Filipino workers. For as little as US$5 a month, they can get into a government guaranteed savings program which entitles them to dividends and the opportunity to apply for a housing loan of P500,000 or more. I am talking of course of the Pag-IBIG's Overseas Program.

The program is a voluntary savings program which aims to provide Filipino overseas contract workers, immigrants, permanent residents and seafarers the opportunity to save for their future and avail of a housing loan of as much as P2,000,000.

To register, they only need to accomplish and submit the Member's Data Form (MDF) together with the required membership contributions. Also required to be attached is their passports or contracts, and a 1" x 1' ID photo.

The program is a good deal for OFWs because the required monthly contribution is very very small, probably even less than what they pay for a bottle of mineral water abroad, compared to the benefits, like the opportunity to apply for a housing loan at as low as 6 percent interest.

The loan can be pretty handy for those who plan to build their dream homes and retire in the Philippines. In addition, their total contributions plus all dividends earned will be returned to them in due time as their savings. That's another way for them to hide away money for the future.

For inquiries, contact the Pag-IBIG International Operations Group (PIOG) at 6th Floor Justine Building, No. 317 Sen. Gil Puyat Avenue, Makati City 1200 Philippines, with telephone nos. 8938874, 8178524, 8920643 and 8924382, and the email address pagibigoverseas@gmail.com. They may also inquire at Pag-IBIG Overseas Program offices/desks in various Philippine posts abroad.

Stop renting, start investing

A few months back, I read an article about buying your second home first. The idea was that, it is not advisable to invest all your savings, or borrow unthinkable amounts of money, just to buy or build your dream house immediately.

It is more advisable to invest in a reasonably priced “second home” first which you may amortize using the money you are now spending monthly for rent. Of course, there are lots of low-cost housing subdivision around, but one option you may want to consider is Eastwood Residences in Rodriguez (formerly Montalban), a municipality which is just beside Quezon City.

Eastwood Residences is a development project of Verdantpoint Development Corporation and is only 30 to 40 minute-ride away from the Quezon Memorial Circle. I have been there several times and I can assure you, that 30 to 40 minutes is not an exaggeration.

The project offers a full-set of amenities like a multi-purpose hall, basketball court, landscaped playground, a nearby swimming pool, 24-hour security, provision for commercial areas, among others.

There are various house models available but for starters, you may consider Bianca with a floor area of 25 sqm, lot area of 63 sqm, provision for 2 bedrooms, 1 toilet and bathroom, living room, dining room, kitchen and carpark.

With Pag-ibig Fund financing, initial cash outlay for Bianca will just be around P4,300 a month for 7 months, and the succeeding amortization only around P3,600 per month. Very affordable even to government employees like me.

Another option is Tifanny, with a floor area of 44 sqm (two storey) and lot area of 36 sqm. It has provision for 3 bedrooms, 1 toilet and bathroom, living room, dining room and kitchen. With Pag-ibig Fund financing, initial cash outlay will be around P7,700 for 6 months and succeeding amortization at only around P6,300 per month.

Open house and free tripping on Sundays. For further inquiries, please email me at lumantao@gmail.com or call/text me at 09189387793. I will be very glad to help you get your own home!

Negosyo seminars at P99 only

Here's another bargain I found in another station of the MRT. On a wall at the MRT Station at Shaw Boulevard, there's a poster which announces courses on meat processing, fish processing, chocolate moulding, flavored juices, candle-making, balloon arrangement, perfume and cologne-making, flower arrangements, and many more, for only P99.

The seminars will be conducted at Richville Hotel located at 286 Edsa, Mandaluyong City, walking distance from the southbound side of the Shaw Boulevard station of the MRT.

For further inquiries, call 5331608 and look for Mr. Elvin Viola. I understand that this Saturday, their seminars will be on candle-making moulding, chicken tocino and hamburger patties. There are limited slots. To attend, you have to pay ahead of the event at the Richville Hotel's cashier. See you there?

Low Cost Housing in and around Metro Manila

We are presently renting a place with floor area of maybe more than a hundred square meters, with garage-like space in front (though we do not have a car), sala/kitchen, two bedrooms, one toilet/bathroom, and very strong 24-hours of tap water, for only P4,500. Quite a good deal really compared to the up-and-down apartment we previously rented for P7,500. Still, when you start thinking of how much you've paid for rent through all these years, you begin to think of getting our own house.

Of course, getting a house is not really a "good" investment. I remember that in his book Rich Dad Poor Dad, Mr. Kiyosaki insisted that your residential house is not really an asset. According to him, your house brings money out of your pocket and thus should be considered a liability rather than an asset. Perhaps the same reason why Money Smarts of Inquirer.net advises us to buy our second house first, instead of buying our dream house and giving up all our savings in return.

Sound advise except that buying a low-cost house on installment with the amortization equal to or less than your monthly rentals now would be a better option. If you can find such a house, of course, which you can transfer to immediately, or within a bearable length of time from your first payment. You wouldn't want to be caught still renting your old house while at the same time already paying for the amortization of the new one.

After having gone to many of those free subdivision "open houses" and "trippings", I have decided to research and post here all information I can find on low cost houses. The goal of course is to find a nice but cheap residential property for my family as well as help others find their own. Any tips/information on the topic will of course be greatly appreciated.