ERCOF.org Economic Resource Center For Overseas Filipinos Services

Related Information

ERCOF provides various services to assist primarily Overseas Filipinos and basically anyone wishing to reside, do business or engage in some form of livelihood or enterprise in the Philippines, in obtaining basic and practical information that may aid in the proper management of their financial and economic resources. Although ERCOF provides assistance and links as may be appropriate, final decisions regarding investments, business choices or other undertakings, including the choice of consultants, are entirely made by the person availing of these services.

To facilitate evaluation of your legal or business inquiry, or request for a particular assistance or service, we have asked some detailed information to which you may or may not supply an answer. ERCOF wishes to make the assurance that any information we receive or you may furnish us, will be treated with utmost confidentiality and privacy.

These services are as follows:

1. Legal Services

ONLINE
   Legal Assistance.
     Questions may be asked either by email, during an online discussion, or by post. Those without access to a computer may seek the assistance of any of ERCOF's focal or participating organizations in the different countries listed in our links page.

Check Frequently Asked Questions (FAQs).
      The website contains a discussion on specific Philippine legal issues that surveys have indicated to be the most frequently asked or encountered by overseas Filipinos. This section also includes questions or cases actually brought up in counseling sessions or asked online, and the responses or opinions offered by ERCOF legal pool who are specialists in various legal fields. Go To FAQ page.

ONSITE
Check the schedule of workshops.
     ERCOF legal staff may be requested to conduct seminars and counseling sessions before overseas Filipino communities in groups or on an individual basis. If interested, please contact the legal team.

2. Business Services

ONLINE

Inquire about linking to community-based financial services and programs

Check Frequently Asked Questions (FAQs).

ONSITE (To be updated soon.)

Rationale for Business Services

Reintegration.   Many Overseas Filipino workers (OFWs) dream about investing part of their earnings or savings, in a business venture that could be their main, if not the only, source of income when they return to the Philippines after a long absence. There are also many, who while still working or living abroad, send money to the Philippines as starting capital for a small business venture that they expect would be a source of income for their dependents or relatives, who are expected to manage the business and in the process become self-reliant and less dependent on them for support.

Problems.   Some surveys have shown however that a high percentage of these business ventures have failed due to the lack of planning, knowledge or discipline on the part of the OFW or their relatives in running a business. Preferences are usually in the area of public utilities such as tricycles, taxicabs or jeepneys, small neighborhood retail stores, swine and poultry raising, small scale trading, and other areas that may already be overcrowded or are already adequately serviced. This pattern may be an indication that economic conditions and lack of facilities or access to knowledge and existing service providers might have limited the choices or discouraged them in trying new areas of investment or exploring processes that may improve on traditional means or searching new markets for their products. OFWs who send money to be invested in small enterprises and run by relatives or friends remain to be "absentee investors" and are therefore unable to personally monitor or oversee their investments.

Responses/Strategies.    Not all OFWs have the intention to go into business. But it has been said that their resiliency, capacity for hard work, exposure and adaptability to new ideas and technology in foreign countries, make them ideal candidates for starting a business. Hence, for those who decide to do so, or may not have any other choice, it is still imperative that they go through some kind of orientation, training or updating with present regulations and procedures. There are already several private, government banking or financial, and school-based institutions in the Philippines that offer not only the basic business training but also access to markets, business assistance, microfinance, and particularly in the case of NGOs, social and other related services that facilitate the OFW's reintegration process. These facilities must be fully utilized through: (1) public awareness campaigns and (2) introducing a system for integrating these existing facilities and linking the public, particularly OFWs to these services.

ERCOF does not intend to duplicate these resources. Instead it works to fill these gaps by providing the initial business, legal and practical orientation to OFWs on site (overseas) and online through its website, with the help of its partners and links in the Philippines, provide overseas Filipinos with the linkages to all these institutions who would provide the hands-on business training and orientation, and then monitor results, and provide other necessary support to ensure the success of the partnerships thus created.

3. Financial Planning Services

Get personal financial planning information and assistance. Check Frequently Asked Questions (FAQs).

Rationale for Personal Financial Planning Services
     Many Filipinos have resorted to overseas employment as a solution to the survival of their families in the Philippines. Thus, promoting the idea of savings may be quite difficult, especially when a substantial portion of the earnings of many OFWs are already allocated for basic needs such as food, shelter, clothing and education. Whatever may remain goes to the OFWs own needs, or may be saved for emergencies, and ironically, luxury items.

On the other hand, there are also a good number of OFWs whose families' needs are relatively well cared for, and therefore, have more disposable income, and are more susceptible to the idea of savings, investment and Financial and Estate planning.

At any rate, ERCOF believes that financial planning is still possible regardless of one's level of income or need, through the promotion of a Culture of Resource Management or Personal Financial Literacy, which basically means planning for one's future and maximizing one's resources. In that way, the end result is not only saving, but also a productive change in attitude in the way Overseas Filipinos and their families manage and spend hard earned income. ERCOF provides linkages to institutions that will assist them to adapt faster to this culture

Capital Buildup.    Links to community-based financial services and programs, can help OFWs, who may wish to purchase agricultural or residential property, improve existing homes, or start a rural-based enterprise. This facility would also be beneficial to OFW organizations or OFWs belonging to the same community, who may wish to invest in post harvest facilities, mechanized farm implements, or other means that will improve farm productivity.

Health Coverage.   Enrollment of relatives in health maintenance organizations means that our relatives' medical needs are addressed at the time they need it, or minimize medical emergencies because of preventive treatment. This also spares the extra remittance charges each time money is sent, let alone needless worry because our loved one could not be attended to until the money arrives. There are now Philippine companies and institutions that make available to the public, products and services that are inexpensive but have value-for-money. ERCOF provides the linkages between the OFWs and these institutions. (These are in the links section.)

Legal Counseling on Property Acquisition.   This represents one of the frequent uses of remittances. However, there are many cases of failed or defective purchases and waste of hard earned money, because of faulty titles, improper documentation, and other problems that have resulted from unfamiliarity with laws. ERCOF's legal counseling, legal referral service and FAQs are designed to give basic helpful directions to inform or warn OFWs of potential dangers to ensure that the OFW buyer makes informed choices and decisions. ERCOF also has links with the proper government agencies to monitor whether properties offered abroad by property developers are not suffering from legal or financial impediments that may affect their ability to provide title or completion of facilities.

Property reacquisition.   In many rural areas, people are frequently constrained to mortgage land or other property at unusually high interest rates or other oppressive conditions, in order to defray the recruitment and travel expenses of a relative going on overseas employment. ERCOF may provide not only legal counseling in the event this may be necessary to prevent foreclosures of property, but also linkages to rural-based financial services which could assist in restructuring such loans, or even taking out loans, at more reasonable rates, prior to the departure of an overseas worker.