(Last week, I emailed Filipinos working all over the world to find out how the US global financial crunch is affecting one of the major sources of the country’s liquidity—the so called OFWs. Some are regular readers of MoneySmarts, while some are friends of another blogger Reyna Elena. They were kind enough to reply and a short version of their emails (in the interest of space) were included in a feature I wrote for the Philippine Daily Inquirer. I am publishing this week in installments the full version of their emails. I hope the series will help us understand how Filipinos all over the world are affected and are responding to the crisis.)
I have just recently quit my job as director of finance in one of the largest housing authorities in the United States with over 3,000 employees. I’ve been unemployed since July 2008; however, I have just accepted a job in Chicago as director for one of the largest development corporation dealing with housing tax credits, asset management and property investments. I expect to start very soon.
My parents, very religious, took the church’s “go and multiply” advice by heart and made parenting an algorithmic Fibonachi, that’s why there’s 11 of us in the family. We lived in the barrio and could not find opportunities in the Philippines because at that time, they’re all reserved for the rich, the powerful and the conios. So, I paddled my boat to the land of apples and honey. I’ve been working in the United States for over 21 years now.
Growing up in the Philippines, I really thought that we have perfected corruption. To my surprise, corrupt officials are populating Wall Street and beyond as well. They could literally bring down a world financial system! That worries the heck out of me because I can’t seem to believe that these crooks could actually shake the entire financial system and make our lives miserable. When I say “our”, I just don’t refer to Americans, rather, world citizens as well. For if America sneezes, the world catches cold.
Given that I worked in the financial, real estate, investment and asset management side, I had the privilege of understanding the complexity of what’s behind the current financial turmoil and so I could fully and truly appreciate its implication on me personally, my family and my fellow overseas Pinoy friends.
My 401-k (read: retirement) is now down 15 percent. Two weeks ago, I felt comfortable because my retirement money is with Wachovia, where it sits at the moment. Suddenly, Wachovia is in the news. It’s bad enough that I have increased my monthly remittance to the Philippines because of certain fixed expenses back home.
As you can see, Filipinos here in the States took a direct hit from the subprime crisis, from our retirement investments to our mortgage that can’t be refinanced, to our rising credit card interest. Loans are now difficult to find. Worse, applying for one is even more difficult. So, we’ve cut down on a lot of unnecessary expenses and travels.
Thing is, I don’t invest in Manila because I am not very familiar about the local investments procedures and I have had lousy experiences as a bank customer there. Since I don’t want to surrender the decision making to investment administrators in Manila, and they have not won my confidence as of yet, I continue to be on the sidelines.
However, I will never let those sick Wall Street people dictate my life. I am being prudent in all of my expenditures and wiser in spending money. My strategies are to stay put, cut down on expenses, find more extra income, and continue to be cute and happy. I was planning to go home and find a job in Manila. When all of these investment houses started tumbling down, I asked myself if it would be better for me to stay here. I’m still thinking. I can’t decide. Help me 
64 Responses to “A Pinoy in the US hit by the credit crisis”
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Pages: « 13 [12] 11 10 9 8 7 6 5 4 3 … 1 » Show All
October 18th, 2008 at 3:36 pm
@Ito_Pinoy
alam mo baliw lang ang makikinig sa yo. anong computation ang pinagsasabi mo? kung ang ordinaryong janitor eh nakakabili ng kotse ng cash dito sa amerika ke second hand, brand new, or slightly used, ang issue eh nakakabili sila at nakakapagdrive sila, gets mo? kaya tumahimik ka na lang at itigil mo na yang computation mo. yung mismong mga beterano na dito sa amerika ang nagpaliwanag sa iyo eh hindi ka pa tumigil. para kang bata.
sa ibang nag-ko comment huwag nyo na lang po pansinin tong si Ito_Pinoy at puro inggit lang ang taong ito at kulang talaga sa pansin.
one tract pa takbo ng utak nito, kulang sa objectiveness sabi nga ng iba kaya walang sense ang kanyang point of argument. puro sariling haka-haka lang.
once and for all Ito_Pinoy, kung hindi ka pa nakakarating ng amerika at hindi mo pa naranasan ang maghirap, magsumikap at magtagumpay dito, tumahimik ka na lang okey? pinalalabas mo makabayan ka pero panay naman ang ingles mo…plastic!
October 18th, 2008 at 3:11 pm
@Ito_Pinoy,
may impostor dito at hindi ko comment ang # 50. yung # 49 ang basahin mo para matauhan ka.
kahit matigok ka pa sa ka-ka research eh talo ka talaga sa issue na pinagtatalunan. isang tanong lang yan…nakarating ka na ba ng amerika? kung hindi pa tumahimik ka na lang at mukhang hanggang korea lang yata ang narating mo. yung mga sources mo sa research eh isa lang sa mga libo-libong resources na may iba ibang interpretation ng tunay na nangyayari. sino paniniwalaan namin? aber…kami dito sa amerika nararanasan namin ang hirap at sarap at hindi na namin kailangan mag-kunwari o mag-research dahil kung ano yung naranasan namin, yung ang totoo. maaring may iba na kahambugan lang ang kinukuwento pero ako hindi. parehas ito. sa totoo lang masarap buhay ng nakararami. uulitin ko nakararami pero hindi lahat. pag tamad ka sa amerika eh talagang magugutom ka. pag masipag ka naman, eh okay ka. uulitin ko sa yo ang naging pagkakamali mo, mahilig kang mag-generalize mula sa perception mo at research na nakuha mo lang sa internet at hinaluan mo pa ng inggit kaya sumasablay ka. maging objective ka lang para irespeto ka. buti kung i-recognize ng mga eksperto yang research mo…. at reliable sources ba yan? para paniwalaan kita sa research mo gumamit ka ng APA manual (alam mo ba yun?)
baka kay christy fermin lang nanggaling yan tsismis mo?
October 18th, 2008 at 1:15 pm
The Working Poor Families Project presents an important new report examining the state of America’s working families: “Still Working Hard, Still Falling Short: New Findings on the Challenges Confronting America’s Working Families.”
The new report finds that more than one in four working families - a total of 42 million adults and children - are low-income.
To learn more:
Visit the “Still Working Hard, Still Falling Short” web site
October 17th, 2008 at 10:25 pm
Response to #50:
I’m doing my research. How about you?
http://www.washingtonpost.com/wp-dyn/content/article/2008/10/15/AR2008101503233.html
Defaults on auto loans are also rising fast. “Even somebody with great credit is going to have an extremely difficult time getting a loan if they don’t have a down payment,” said Greg McBride, senior financial analyst at Bankrate.com.
October 17th, 2008 at 9:37 pm
Banks Hoard Cash as Credit Card Defaults Rise. By Zachary A. Goldfarb
Washington Post Staff Writer
Thursday, October 16, 2008; Page D01
Consumers are increasingly unable to pay off their credit cards, forcing banks to hoard cash to protect against future losses and lend to fewer people, according to reports yesterday from several of the nation’s largest banks.