Jittery and scared in Brunei

(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 very kind and replied 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.)

Marikit Diwa, from Brunei

I’m 37, working in Brunei. I went overseas for work early last year. Money was too good to pass up despite the fears about leaving the comfort zone. I agonized over the decision for weeks though, but in the end, money was too tempting–some three times over my pay in my old job. Plus, free housing, even utilities water, power and best of all, it’s tax free!

I work for a newspaper so I get to hear all the horror stories about the credit crunch, high food prices, oil, the Wall St. mess like I have a front-row seat. I have money in a unit investment trust fund (pure equity, so tough luck). So, that’s on top of my worries every time markets fall because of all those things. I checked an online site daily on how I much I gained when the market was really doing well. But when stocks started falling for a time, I didn’t check daily anymore because it just worries me. Now that stocks are really down, I can’t help but check. It’s like a road accident. You can’t look away.

On the flipside, when the peso weakens, I can’t help feeling thrilled (more money for my mommy) although I know it’s not really good news :). What can I say, for the OFW, more peso is the motto

Do I worry whether the financial crisis will affect my future? I’m too myopic to do that. Although I do think about whether it’s possible to invest in an ultra-safe, zero-risk product, so I can go home and just live off from the interests and not need to work ever. (Is there such a thing? What product? And how much money do I have to invest so I can count on monthly interest earnings of some P40,000. Too good to be true, right? ).

Right now, my immediate worry is really my UITF. And whether or when I should invest again now that stocks are down. I’m also thinking of investing in trust fund products (I think they’re similar to UITFs) here. A knowledgeable friend told me it’s not a bad idea just to diversify, but I’m just too scared to make a move now because the market is too unpredictable.

I’m staying put here for the meantime. I need the money. Brother’s drowning in credit card debt; sister is hurting from ballooning mortgage payments. I’m not entirely sure, but I think they’re one of those who resorted to the balloon payment mortgage in the US. At least she said their mortgage has been rising. Of course, I’m saving. And I want to save more. But like they say, the road to hell is paved with good intentions.

I’m not really the planning type. I have a dream, sure…a house by the beach. But in terms of planning how to get that, nada. Is that scary or what, considering I’m 37? Right now, my only concrete plan is to save. I don’t even have a target amount. Nor do I know what to do with the money. Even scarier, right now, everything is in the bank. So I hope in hell my bank doesn’t go the way of those US banks. Otherwise, I’m screwed.

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