Remittances grew double digit in peso terms
Remittances from overseas Filipinos (OFs) amounted to US$1.369 billion in August 2009
This is a a year-on-year expansion of 2.8 percent from US$1.332.
Year-to-date remittances thus reached US$11.343 billion from the comparable figure of US$10.94 bn
This representsa year-on-year growth of 3.7 percent.
COMMENT: The flat growth (monthly and TYD) remains welcome compared to earlier exectations of zero growth.
Translated to peso, the figures indicate higher growth rates  of +10% (monthly) and +11% (YTD)
Government officials have revised their estimates to a +4% change in remittances from 2008 levels.
Remittances from sea-based and land-based workers grew by 4.7 percent and 3.5 percent, respectively.
Major sources of remittances were the U.S., Canada, Saudi Arabia, U.K., Japan, Singapore, United Arab Emirates, Italy, and Germany.

Figures will support that our OFW’s are really bringing home the bacon. Without their remittances, one can just shudder about the state of the Philippine Economy today. Marketing people are now calling the OFW sector as the new middle class with their increasing wallet sizes. Every industry are trying to find ways on how to get a share of the OFW’s wallet and many of them have been successful.

Will the OFW’s sustain their new lifestyle upgrade? At what cost? Another question is about how the OFW manages their new wealth. Do they properly manage their monies? We know they have improved their lifestyles, that’s a given but they issue is about their long term situation. When we continue to spend the money we earn and do not learn how to save and invest them, all our hard work and sacrifices will be for nothing. OFW or not, we all try to work hard and sacrifice a lot.. let’s just make sure they count.  A little financial education will go along way for our OFWs (and the rest of our citizens) and more importantly, stewardship.

Not only so, but we also rejoice in our sufferings, because we know that suffering produces perseverance; perseverance, character; and character, hope. And hope does not disappoint us, because God has poured out his love into our hearts by the Holy Spirit, whom he has given us.

(Romans 5:3-5, NIV)

Many parents are thinking about giving their children credit cards either as an extension of their credit cards or arranging for a bank to give them one with their guarantee.  Is this a good idea? Well, not really.

Parents often think that by giving their children credit cards, they can help them become financially responsible… uhmmm, I don’t think so!

Having credit cards are often associated as a passage into adulthood, like a driver’s license, drinking alcohol legally, watching an R rated movie, etc. Sadly, none of them are in anyway related to adulthood. Credit cards, without the discipline is potentially dangerous. By giving your child a credit card, you are exposing your child into the temptation of spending money he does not have. As parents, we do not give our teenaged children alcohol so that he will learn how to control his liquor… that’s really dumb. Many ‘macho’ fathers feel that if they teach their children to drink alcohol early, their children will not feel deprived and will not go on a drinking spree. Toink! Parents who expose their children to alcohol end up having a liking to alcohol at a very early age. I should know, I was one of them. A father who introduces pornography to his teenager is a guarantee that his son will have a pornography addiction. To think that many fathers do that makes me wonder.

I believe that getting your teenager a credit card is teaching him to be financially irresponsible. Dave Ramsey (my favorite Personal Finance Coach) says “By giving a teenager a credit card, the parent, the one with supposed credibility, introduces a financially harmful substance and endorses its use, which is dumb but unfortunately normal in today’s families.” Makes perfect sense, doesn’t it?

Some parents will claim that credit cards are just for their child’s ‘emergencies’. Here’s a thought: with a credit card, they will define many things as an emergency (shopping, trips, parties, etc.). An ATM card now doubles as a debit card with the same convenience as a credit card – without the danger of getting into debt.

We all know that credit cards are dangerous. Exposing young people to a potentially dangerous thing is very unwise.  Instead of giving our kids a credit card, why don’t we teach them about budgeting and the power of delayed gratification?  If we really want our teenagers become financially responsible, let us spend ample time in educating them about the intricacies of personal finance. Let’s teach them about the value of savings and introduce them to the idea of investing.

Here’s a better idea, introduce the principles of biblical finance to your children – then, and only then can you assure that your kids will be very responsible adults, financially and in all the facets of their lives. “Only be careful, and watch yourselves closely so that you do not forget the things your eyes have seen or let them slip from your heart as long as you live. Teach them to your children and to their children after them.” (Deuteronomy 4:9, NIV).

Tired of money seminars that promises prosperity but fails to deliver practical, sensible and real financial knowledge? Attend a real money seminar, the No Nonsense Seminar on Finance on Sept. 25 at the Victory Center, Upper Level, Promenade, Greenhills. This is a program presented by the Registered Financial Planner Institute and V Cargo.

Here is the continuation of the excerpt of my sister’s book. Her book will be out soon and published by OMF Literature.

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Getting out of debt often appears to be a stepping stone
toward financial blessings. When my bead jewelry business
was at its peak, my priority was to pay my credit card bills.
By the time I was ready to close my store, I was debt-free
and had enough savings to get by. I did not want to become
a burden to my husband or to any member of my family —
it was my responsibility to be a faithful steward of what God
had entrusted to me. I had to use His resources wisely.
As we learned Bible principles for practical living God
taught us to set aside a substantial amount for Clarissa’s future.
Claro always make it a point to save for our daughter.
Saving for our child’s future should be the concern of every
parent of a special child. Who would want to burden their
siblings or their relatives, should their special child outlive
them? Claro has already assigned both Clarissa’s brothers,
Carlo and Paulo, as the legal guardians and administrators
of Clarissa’s savings.

We may ask, “How can we possibly save with this economic
crisis? I can’t even make both ends meet!” We found
that once we had intentionally and deliberately made that
commitment to save, we were able to leave the rest to God.
Miracles can happen. Provision will come. Sickness can be
healed. But all this will not fall into our laps automatically.
It all somehow seems to require an element of faith. And
obedience. God’s part is to provide and our job is to trust
and work.

I believe it is also a wise principle to get a medical insurance
card and life insurance for our special children. Some
companies provide this specialized insurance. My brother
Randell, a financial analyst, advised us to get a life insurance
with Clarissa as the sole beneficiary.

The fear of not having enough money to raise a special
child can be crippling. When I ask my son Carlo when he
intends to marry, he always tells me, “Not until I’m 30 years
old. I’m not financially ready yet.” I honestly think that
nobody ever feels “ready” to get married, just as we are also
never “ready” to take care of a special child. God purposely
allows us to feel inadequate to be married, or to parent a
special child, so we will learn to depend on Him for provisions.
I trust that the Lord will not put us in a situation that
we cannot handle, with His help. Jesus said,
“Therefore I tell you, do not worry about your
life, what you will eat or drink; or about your
body, what you will wear. Is not life more
important than food, and the body more
important that clothes? Look at the birds of
the air; they do not sow or reap or store
away in barns, and yet your heavenly Father
feeds them. Are you not much more valuable
than they? Who of you by worrying can add
a single hour to his life?”
Matthew 6:25–27

What encouraging words!
The key is prayer. I have learned to get on my knees day
and night to pray for God’s daily provisions. Claro, being
the head of the family, is at the top of my prayer list. I pray
that the Lord will bless his hands as he toils to meet the
needs of our family. Whatever we have saved from homeschooling
and from not hiring a yaya is set aside for our
daughter’s future. There are many ways to get by. It is
through prayer that the Lord has given me and my husband
the wisdom on how to manage our finances. But all of it has
involved faith.

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Below is a sample of my niece’s creative talent, a self-portrait!