A couple of days ago, a forum member based in Jeddah, Saudi Arabia forwarded me via email his application forms for his first stock investment account with COL Financial so that I could help him in reviewing the completeness and accuracy of data that he wrote down. I have been doing this for the past several months in order to assist OFW’s comply with the requirements of COL before sending the actual documents to their office by courier.
What struck me most was his determination to complete everything despite his limited resources and time to go to a computer shop in order to have his documents printed and scanned. Unfortunately, this is the 3rd time (and the 3rd month since he first submitted the draft forms) that I asked him to revise and complete the information in his application.
When I told him to provide a copy of his proof of billing address or a bank statement, he said he does not have a bank account in Saudi Arabia. He just opened a bank account with BPI recently which I also advised him to do by visiting an affiliate Saudi bank in Jeddah.
And then I asked him if there is a way for him to secure a copy of an electricity or water bill from his family in the Philippines, he said,
“Wala po kaming billing ng kuryente at ng tubig sa Pilipinas, sir, kasi gas lang po ang gamit namin dun at saka yung tubig ay balon at poso lang po.”
(We do not have any eletricity or water consumption bill in the Philippines, sir, as we are only using kerosene and the water is fetched only from a well and a pump.)
After hearing this heartrending situation of our OFW friend, I remember the grievance of one my friends about their worker that she accompanied in the bank to open his first savings account. The bank refused the worker to open an account as he only had one ID to start with. The nearest bank available in their area requires at least two government-issued ID’s.
It’s very sad to know that sometimes it is the society itself that prevents the less-fortunate and the poor from making that one big first step towards financial freedom.
I’m really hoping that banks and financial institutions become more lax in their requirements on opening new accounts especially for ordinary citizens that neither have time or extra money to secure an ID from SSS or any government institution.
Good thing stockbrokers like COL Financial have been very flexible and accommodating to applicants by requiring them to submit one ID only and one proof of billing. But in the case of our OFW friend, the absence of a proof of billing poses another problem for his stock investment application.
What To Do In Case You Do Not Have a Proof of Billing?
I approached our friends from COL Financial and they suggested a work around to our OFW friend.
1) Ask a colleague or a housemate who has a billing statement.
2) Make a copy of a colleague or housemate’s latest billing statement.
3) Fill out a Letter from the Lessor that certifies that the applicant resides in the address indicated in the housemate’s latest billing statement.
The Letter from the Lessor contains the following:
Date
To Whom It May Concern:
This is to certify that (Applicant Name) is currently residing at (Address of housemate indicated in the billing/bank statement).
Regards,
Signature over Printed Name of Lessor (Housemate)
4) Make a photocopy of the lessor’s (housemate’s) ID.
5) Together will all the COL application forms, submit the photocopies of the lessor’s (housemate’s) ID and billing statement via email and then by courier once pre-approved via email.
I hope that through this eased requirement of COL Financial, our OFW friend will be able to complete his application and finally buy the shares of some of the biggest companies in the Philippines.
Our OFW friend exemplifies that if there is a will, there will always be a way. People like him will slowly but surely achieve financial independence by making that firm decision and commitment to invest long term in the Philippine stock market.
Have you tried extending a helping hand to someone with strong determination to win (and become rich!) but without enough resources, time, and capabilities? Share them in the comments section below and inspire others even more to pay the wisdom forward.
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P.S. 1. Bro. Bo Sanchez has appointed me as a coach for our young and new investors at the TrulyRichClub social site. It’s a fun, learning family with the purpose of “helping good people become rich”. I’m inviting you to join the TrulyRichClub too and email me at burngutierrezblog@gmail.com if you have any questions. Click here to join!
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P.S. 2. The 1st Angat Pilipinas Personal Finance Awards has opened the voting phase for the Blogger of the Year, Author of the Year awards, Advocacy Group of the Year, and the Institution of the Year Awards. Got someone or a group in mind deserving recognition? CLICK HERE TO VOTE NOW!
P.S. 3 The Angat Pilipinas Coalition for Financial Literacy and OFW UsapangPiso Forum will be conducting its first ever PAID webinar in 2013 entitled “Multiplying Wealth – A Comprehensive Webinar on Investing” on March 8 and 22, 2013 (both Fridays) at 9pm (Philippine time). The webinar will feature my fellow blogger and personal finance advocate Fitz Villafuerte and he will discuss about investment preparation requirements for beginners, analysis for spotting good investments, types of investments that will make you a millionaire, investment portfolio creation and management, and an easy and simple strategy that will help you retire rich. And by the way, the webinar is also open to non-OFW’s. Register here now!
P.S. 4. The OFW UsapangPiso KSA Chapter will be conducting a series of financial literacy seminars to OFW’s in the Eastern Province and in Bahrain on May 23, 2014 (Al Ahsa), May 30 and June 13 (International Philippine School of Al Khobar or IPSA), and June 20 (JCSGO Manama, Bahrain). Keep on visiting our Facebook group and website for updates on these events.
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Photo credit: 401(K) 2013
Sad to hear that.. But I salute HIM…for having determination and eager to start his investing journey… You are in the right path…
For this man, the only thing that’s important is achieving his goals. So I’m pretty sure he wouldn’t mind the struggles.
san kayang province siya? sabagay, marami pa nga sa pinas ang di inaabot ng tubig at kuryente. samantalang andaming billions of projects na ginagastos kung sansan ng gobyernong ito. like condoms and contraceptives. try nila ilawan muna yung mga ibang lugar para naman hindi laging madilim at hindi na masyado dumami ang mga tao doon, in a natural way.
Rogie you are correct. I feel our government officials are burning our hard-earned money. Just imagine , because election is near, there are so many road projects in Manila, even if the road does need repair…Our money is being used for showmanship instead of putting it ti REALLY WORK for our fellow Pinoys.
.
correction pala… even if the road does NOT need repair
Naku, sinabi mo pa. Kaliwa’t kanan ang mga inaayos na kalsada ngayon kaya matindi ang traffic. Kahit di naman sira, hinuhukay.
the more we should focus on our personal finance because we can not depend on the government to help us, for how can they help when they are spending our money like crazy? Mabuti pa Hong Kong and Singapore, whenever I return there, I see changes
He’s from ond of the smallest island provinces in the Visayas. Sana mga ma-refocus ang attention ng government sa mga infrastractures sa malalayong probinsya.
Let this OFW be an example to the rest of Pinoys who always say “I have no money to invest”…
Burn I salute you for your passion to help our fellow Filipinos achieve financial freedom
You nailed it right, sir Mon! Thank you for the encouragement.
Good day Sir,,,, share ko lang po,dahil recently lang din po ako nag open ng account sa COL -Financial,,,,,,bec. wala po akong bank statement na gagamitin ko sana as proof of billing,, ang ginamit ko po is yon aunthenticated na work contract sa Philippine embassy saka work permit po and in less than a week, pagka tanggap nila ng nga papers ko, naapprovahan po agad,,,,,
na – authenticate po heheheheh
Hi Lorena, salamat sa pag-share mo. Pwede nga yata ang work contract basta authenticated ng Embassy. Kausapin ko ulit sya baka sakaling makahanap sya ng pagkakataon na makapunta sa Consulada. Happy investing sa yo!
ay salamat pwede pala work contract, antagal ko ng gusto mag open ng account sa COL kaya lang hirap ako kumuha ng bank statement dito sa korea, maraming salamat sister Lorena, at syempre kay boss Burn, exited na ako!!!
If there’s a WILL, there’s a way! I admire his desire and determination to change the course of his life. I admire also how you’ve (Burn) help him with his Stock Application problems. Kudos!
Hi Mark! Thanks for your spirited words. We’re only paying forward what we have learned. Cheers! 🙂
Great read, Burn! Very inspiring. As an OFW as well, I take off my hat to you, and to that winner. I’m from the province, too. No elec. no water, no basics. But it’s where I got my start. Guess we’ll see him as a millionaire someday.
Thank you for the kinds words and for visiting my blog, @DC. You are truly a hero as well for being an OFI (overseas Filipino investor).
sir ayos yan ah Overseas Filipino Investor, sana makasali na rin ako diyan,thank you talaga sir Burn,
Let me know kung kailangan mo ng tulong sa pag-open ng application. Pwede din tayo organize ng isang seminar dyan para sa mga Pinoys dyan. Mayroon akong friend at former classmate dyan. Nakakapunta din ako dati sa Seoul. Maganda dyan. Hirap lang makahanap ng mga kainan. 😛
I wanted to cry after reading your blog about our fellow OFW. I mean such determination to invest! Guess I am really too emotional:( its already midnight here, I am very tired from work and like my brain is shouting hey go to sleep!!! but when I saw your blog about this OFW, I was stunned, and can’t help but read…I mean we are also very poor, so I can relate to that , thumbs up for you sir Burn for helping him. Finding a lot of courage and determination to rise from poverty is not that easy.. still having faith in God and believing in yourself that you can surpass and conquer all this goliath in life(courtesy of Bro. Bo book- just finished reading a sec ago) matters most.
Hi Maricel! I guess we all have our own sets of stories to tell. I am a believer of the saying that “being poor is only in the mind.” Our OFW friend believes that whatever he’s going through right now is just one step in his journey towards financial independence. Hardships will come but they shall also pass. I wish you good luck in your journey.
I had the same problem before (with proof of billing), good thing COL always help, I just emailed them and told me what to do, then in just 2 weeks they sent me my account. Now I’m reaping the fruits, around 7% gain on my portfolio. To GOD be the glory! /)
Congrats to you Vhoy! Keep on inspiring your friends!
I feel sad reading this. Where’s fair justice? How can people below the poverty lines alleviate their living condition if the society itself doesn’t give a fair chance?
But enough for the chicken hearted – I mean – I really feel about this OFW but I laud his strong will to push through. And I am sure his sincerity of intention and his determination will pay off in the long run. God won’t allow someone who has a genuine intention to just be swayed away. He is doing his best and God will surely do the rest. I’ll pray for him 🙂
Amen to that Bro. Jay. Indeed, our OFW figure in this article is now investing for over a year now and is enjoying his portfolio today. Thanks to our friends from COL for giving him a chance and other means to comply with the requirements.
mabuhay ka Sir Burn! Let me help you with our advocacy 🙂
Let’s do this! 🙂
Ang galing naman nya. I salute him. Inspiring!
This article is very helpful not only to the ofw’s but to the general public that wants to start investing. And i agree, there are banks that look at ordinary citizens as an errand and not as a client.
Hindi ba pwede billing statements from the country where you reside? It’s for proof of address, so in essence pwede yung billing statements na natatanggap mo from phone, electricity, cable/internet, water, house rent, etc. I remember my friend who’s working here in Singapore submitted his post-paid phone bill from a Singaporean company. I think as long as match yung address na nilagay mo sa application form and yung address ng billing statement, okay yun. Just my 2 cents; might be wrong.
Yes, pwede ang billing statement from the country where you work in/reside. In this guy’s case, wala din syang mga billing statement sa trabaho nya abroad during that time.
Ah okay bro. Kaya pala… Good job para sa kanya at nakahanap ng paraan. Galing din po ninyo!
I had encounter thesame problem, as an OFW I cannot provide billing statement as one of COL requirements but fortunately they allow me to open an account submitting only the other requirements.
May I know if the lack to provide billing statement will have bad effect in future,say,widrawal,.
Though,my account application is already approved and currently enjoying peso cost averaging investing. I am still quite worry for the effect of not submitting billing statement requirement
please advise