ABU DHABI // Like many expatriates, one of the main aims of the 600,000 Filipinos living in the UAE is to save money.
The Philippine Embassy is now pushing to increase the financially literacy of Filipinos and prepare them to reintegrate with their communities upon their return.
"Sixty per cent of the Filipino expatriate population are professionals," said the ambassador, Grace Princesa. "If there is interest, understanding and commitment among them, anything is possible."
Ernesto Refugio, 57, a civil engineer who has lived in Abu Dhabi for 19 years, plans to set up a business in his hometown of Antique when he retires in three years.
"Filipinos in the UAE should learn how to save and invest their hard-earned money," he said. "Many are in jail because of credit-card debts and some decide to flee the country without paying their outstanding banks loans."
Atikha, a non-governmental organisation (NGO) that provides economic and social services to overseas Filipino workers and their families, is targeting people like Mr Refugio to help train others to save and invest.
In January last year, the Ministry of Labour ran a financial literacy "training of trainers" event in Dubai for migrants from the Philippines, Bangladesh, India, Pakistan and Sri Lanka.
"Atikha's module was chosen because it also addressed family issues," said Estrella Dizon-Anonuevo, the NGO's executive director. "Those back home are draining the family's resources, so we introduced strategies to address these issues."
Since then, Filipino community leaders in the UAE who attended the seminars have run sessions discussing the basic concepts of saving, investing and borrowing.
"Our challenge was where and how we can reach out to a large audience," said Ms Dizon-Anonuevo. "So migrant leaders are being trained and they echo what they have learned to others."
Atikha's Pinoy Wise Movement, a campaign to encourage Filipinos and their families to save and invest, will officially launch in the UAE in November.
"We have chosen to pilot the project in the UAE this year because the host government has been supportive of our programme," said Ms Dizon-Anonuevo. "The Ministry of Labour invited us last year to come here, and to be able to launch it requires a lot of resources."
Referring to the tendency of some families to rely on remittances for their month-to-month spending, Ms Dizon-Anonuevo said: "The family left behind in the Philippines should understand that the migrant also needs to save.
"We're saddened that after all the hard work and sacrifices abroad, the migrants aren't successful and return home without any savings."
A series of seminars on how to wisely use cash earned in the UAE will be held from 8.30am to 6pm this Friday, and on July 27, at the Philippine Embassy in Abu Dhabi.
rruiz@thenational.ae
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The Saudi Cup race card
1 The Jockey Club Local Handicap (TB) 1,800m (Dirt) $500,000
2 The Riyadh Dirt Sprint (TB) 1,200m (D) $1.500,000
3 The 1351 Turf Sprint 1,351m (Turf) $1,000,000
4 The Saudi Derby (TB) 1600m (D) $800,000
5 The Neom Turf Cup (TB) 2,100m (T) $1,000,000
6 The Obaiya Arabian Classic (PB) 2,000m (D) $1,900,000
7 The Red Sea Turf Handicap (TB) 3,000m (T) $2,500,000
8 The Saudi Cup (TB) 1,800m (D) $20,000,000
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'Outclassed in Kuwait'
Taleb Alrefai,
HBKU Press
What is Bitcoin?
Bitcoin is the most popular virtual currency in the world. It was created in 2009 as a new way of paying for things that would not be subject to central banks that are capable of devaluing currency. A Bitcoin itself is essentially a line of computer code. It's signed digitally when it goes from one owner to another. There are sustainability concerns around the cryptocurrency, which stem from the process of "mining" that is central to its existence.
The "miners" use computers to make complex calculations that verify transactions in Bitcoin. This uses a tremendous amount of energy via computers and server farms all over the world, which has given rise to concerns about the amount of fossil fuel-dependent electricity used to power the computers.
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
Tips for taking the metro
- set out well ahead of time
- make sure you have at least Dh15 on you Nol card, as there could be big queues for top-up machines
- enter the right cabin. The train may be too busy to move between carriages once you're on
- don't carry too much luggage and tuck it under a seat to make room for fellow passengers
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
Company%20Profile
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UAE currency: the story behind the money in your pockets
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
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Cracks in the Wall
Ben White, Pluto Press
Match info
Manchester United 0-0 Crystal Palace
Man of the match: Cheikhou Kouyate (Crystal Palace)
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
MATCH INFO
Who: UAE v USA
What: first T20 international
When: Friday, 2pm
Where: ICC Academy in Dubai
The%20specs
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The specs
Engine: 77.4kW all-wheel-drive dual motor
Power: 320bhp
Torque: 605Nm
Transmission: Single-speed automatic
Price: From Dh219,000
On sale: Now
If you go
Where to stay: Courtyard by Marriott Titusville Kennedy Space Centre has unparalleled views of the Indian River. Alligators can be spotted from hotel room balconies, as can several rocket launch sites. The hotel also boasts cool space-themed decor.
When to go: Florida is best experienced during the winter months, from November to May, before the humidity kicks in.
How to get there: Emirates currently flies from Dubai to Orlando five times a week.
Haircare resolutions 2021
From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.
1. 'I will seek consultation from professionals'
You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.
2. 'I will tell my hairdresser when I’m not happy'
Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.
3. ‘I will treat my hair better out of the chair’
Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers