09 August 2020, Dubai, UAE—The Philippine Consulate General in Dubai and Northern Emirates organized a webinar on financial literacy for Filipinos based in Dubai and the Northern Emirates on 07 August 2020. The webinar, which is part of the Consulate’s Parola Series, focused on discussion on investments in real property.
The webinar’s resource persons, Mr. Maynard Portugal and Mr. Sherwin Chua, who are both seasoned real estate consultants in the UAE, noted that owning a home is one of the dreams that every Filipino overseas worker hopes to fulfill.
The resource persons highlighted the differences between purchasing a home for personal use and enjoyment, and acquiring a property to generate income.
Mr. Portugal advised participants to ensure that the property they are planning to buy has proper documentation. When buying from developers, he said it is safer to buy with reputable companies. He also advised them to study the contract to sell very carefully before signing it.
Mr. Chua meanwhile discussed the risks involved in buying property, especially in the midst of an economic uncertainty caused by the pandemic. He underscored the need for buyers to undertake due diligence in buying a property in order and know how to manage and mitigate risks before embarking on a major acquisition. The key factors are the stability of the buyer’s source of income and liquidity, prevailing market condition and interest rates.
PAGIBIG Representative in Dubai Ms. Lowella Recto, the third resource person, discussed the loan options available for PAG-IBIG members, and the requirements in availing home loan from PAG-IBIG.
Consul General Paul Cortes thanked those who participated in the webinar and invited them to join the 5th module on entrepreneurship scheduled on 14 August 2020, which will also be the last and final module in the Consulate’s year-long financial literacy program.
The Consulate General has been conducting its financial literacy program since 2017 to promote personal financial management among the members of the Filipino community. In efforts to come up with a program that is appropriate to the needs and requirements of Filipinos in Dubai and Northern Emirates, the Consulate General taps Filipino practitioners in the banking and insurance sectors, investment management companies, real estate firms, and professional organizations to develop training modules aimed at building the capacity of participants on various financial issues to allow them to make informed, sound, and effective financial decisions.
The seminars that the Consulate conducts yearly, free of charge, cover a wide range of topics from savings and budgeting, debt management, investment and insurance, to entrepreneurship and re-integration. END
