OFWs go online shopping
However, due to an upsurge of criticisms from OFWs, then BoC Commissioner Isidro Lapeña temporarily suspended the order until March 31, 2018. “Although it is our duty to facilitate Customs clearance of balikbayan boxes, we cannot set aside the sentiments of our fellow Filipinos abroad,” he said.
Still there is a lingering fear among OFWs about their gift- boxes having to go through Customs, prompting a shift to online shopping over the past two Christmases. They would buy the stuff through the Internet without themselves having to send the goods overseas, since the online stores handle the procurement and delivery processes.
A recent survey conducted by BayanMall, an online grocery store, showed the following items as the top favorites of Pinoy recipients: chocolates, candies, clothing, shoes, toys, electronic gadgets, canned goods (with the special mention of Spam) and other food products.
BayanMall claims to offer a wide selection of quality products at prices that are “cheaper than sending a balikbayan box.” For some OFWs, this is their way of making up for the years when they were not physically around with their families.
Back home, more and more urban Filipinos are doing their shopping electronically because of the convenience it provides, and to avoid the worsening traffic in areas where malls are located.
For instance, my wife and her friends have stopped their erstwhile practice of going to Christmas bazaars in favor of buying gifts online via Lazada, Shopee or Zalora. All three have their headquarters in Singapore and are reportedly the most popular online retailers in Southeast Asia.
German e- commerce firm Rocket Internet, which specializes in building online start- ups and owns shares in various Web- based retail businesses, founded both Zalora and Lazada. Recently, China’s Alibaba Group acquired a controlling stake in Lazada, while Zalora Philippines is now partly owned by Ayala Corp.
On the other hand, Shopee is owned by Sea Ltd., a New York Stock Exchange- listed company. Its main growth driver is the millennial generation of Southeast Asia, according to Erin Tagudin of Shopee Philippines.
She said the growth of e-commerce in the country could be attributed to the introduction of digital wallets and the emergence of new payment methods, as well as the increasing smartphone penetration “enabling consumers to make purchases and transactions through technology.”
With a growing middle class, the Philippines has become a promising market for e- commerce due to a rise in consumer purchasing power and a higher demand for novel products to keep up with the latest trends among a younger demographic.
A BANK FOR FILIPINO EXPATS
More than 10 million Filipinos based abroad would now be able to join the financial mainstream of the surging Philippine economy through the firstever bank dedicated to their needs.
Overseas Filipino Bank ( OFB) was launched last week by President Rodrigo R. Duterte at the Liwasang Bonifacio in Manila to provide a wide array of financial services to OFWs so they would no longer be vulnerable to expensive remittance services and investment scams.
According to Department of Finance (DoF) Secretary Carlos Dominguez III, “the OFB is another step towards reshaping our economic progress to make it more inclusive. It will help fulfill our goal of shifting to an investment-driven economy.”
OFB was formerly known as the Philippine Postal Savings Bank, which was acquired in 2017 by the Land Bank of the Philippines ( LandBank). All obstacles to its opening have been removed after the acquisition was approved by the Philippine Competition Commission.
Mr. Dominguez said “our overseas workers would be able to invest in their country which they have helped transform into one of the fastestgrowing economies in the region.” He also disclosed that the DoF and LandBank are planning to secure licenses in countries with large concentrations of overseas Filipinos so the latter can provide financial advisory services to expatriate Filipino communities.
As a LandBank subsidiary, OFB can be assured of exemplary financial expertise and sufficient capital to ensure its success, while unlocking investment opportunities for overseas Filipinos.