DAMMAM, 2 November 2007 — Overseas Filipino Workers (OFW) still prefer to invest in the Philippines despite political uncertainties rocking the Arroyo administration following the pardon granted to former President Joseph Estrada.

While some fear that President Gloria Macapagal Arroyo might be forced out from her office for prematurely pardoning her predecessor convicted of massive plunder, some OFWs think this might be the right time to invest in the Philippines.

“We are used to these political issues. Everywhere there are uncertainties, economic turndown, and change of leadership. But, these will not stop me on investing my money in the Philippines,” Ma. Victoria Lizarondo, a nurse from Riyadh, said.

Lizarondo prefers to put her earnings in a real estate investment as she feels acquiring a house and lot is more important and safe than going into business. “As long as you are hardworking, I am sure you will succeed in any business you want to invest into,” she said.

Lito Mullon, an accountant in Alkhobar, also believes that a real estate investment is safe. “In T-bills, the rate fluctuates. It goes up and down, whereas in real estate, the tendency of its value is to go up,” he said.

Many Filipinos based in the Eastern Province got inspired with the success story of Romy Novelles, who once worked as an accountant in Dammam.

Novalles now owns a plush beach resort in the northern province of Pangasinan and a low-cost housing project in San Fernando, Pampanga, which he is promoting for OFWs to invest in.

“While you have some doubts on trying out any business opportunities, why not secure your money in real estate for the return will be hundreds fold in the future,” Novelles told those who attended the investment seminar sponsored by the group called Kasangga ng OFW.

Others said they prefer to go into business, believing they could make more money with the peso continuing to rebound against the US dollar.

Filipinos were already hurt in the past four months when the dollar weakened against the peso, from P50 down to P44. They said the take-home remittance to their families is getting smaller, while the prices of commodities in the Philippines continues to rise.

Jovino Emejas, a technician in Dammam, said he found the broadband business being promoted by Smart-Bro appealing since his province still does not have such connection.

Bing Aguilar, a beautician in Alkhobar, said she was also interested in the broadband business, while Conrado Tolentino, a plant operator in Dammam, said he wanted to invest in insurance and pre-need for his family. “You only have to manage your money in the right way. We should be self-reliant and change our attitude to save for the future,” Tolentino said.

Labor Attaché David Des Dicang said it is safe to invest in the Philippines, but warned against people who promise high returns in a short span of time.

Kasangga president Albert Guanzon, meanwhile, reminded members of his group to make the most of their time and resources and to keep saving while they are still working in the Kingdom. He urged them to learn from the sad experience of many OFWs, who spent their earnings as if there’s no tomorrow, and later found themselves penniless when it was time to go home “for good.”