Filipino educates on investment amid virus
SHARJAH: Firming a purpose for a possible investment or business venture is one way of pursuing this ambition. Yet, other aspects have to be thoroughly considered before making the leap and whether the timing is the here and now.
“My advice, is, first check if your income is being disrupted (whether by this pandemic or any other) and if you were struggling to make ends meet. If so, do not invest for now and continuously build your emergency fund,” long-time entrepreneur in the Philippines Francis Errol Medina said on Sunday.
Seven years as a financial/business coach of Filipinos and other nationalities in the UAE, Medina was enquired of his take on entrepreneurship and investments for two reasons. One, financial literacy and livelihood reintegrated programmes were among the concerns raised several times, at the April 22 (Thursday) worldwide ‘Public Consultation with Overseas Filipinos on the Proposed Department of Overseas Filipinos,’ organised by the Office of Philippine Senator Emmanuel Joel Jose Villanueva, by the 800 online participants across Asia, Australia, the Americas, and Europe.
Medina was also consulted regarding his take on the new series of financial literacy webinars called ‘Trabaho, Negosyo at Kabuhayan (Employment, Entrepreneurship and Livelihood Series’ from April 30 (Friday) to November 2021, part of the TNK Programme of Manila’s Department of Trade and Industry. These would be carried out by the Philippine Trade and Investment Centres in the UAE, Saudi Arabia, Thailand, Indonesia, Malaysia, Singapore, India, and Australia, in collaboration with the concerned Philippine diplomatic and consular missions. Incidentally, all 80 Philippine embassies and consulates general alongside the 34 Philippine Overseas Labour Offices and Overseas Workers Welfare Administrations across the globe have been mandated in the past several years to advocate financial literacy among the OFS, currently approximated at 11.3 million, due to the Novel Corinavirus surge and many had returned to the Philippines. On the government financial literacy advocacy, Medina said: “It is never too late to educate, change the mindset and the way of living of every Filipino with regard to becoming investors and entrepreneurs. For the past years, this has been our advocacy; to help uplit and help unleash opportunities for every Filipino when it comes to investing and entrepreneurship.”
On his advice on investment and entrepreneurship pursuits, Medina further explained: “Unless your replacement income, whether investment or entrepreneurship, could already replace your regular income, able to bring food on the table and answer all your basic needs, strong enough to be your source of income, then, stay put on your job and do not quit.”