GENERAL MATHEMATICS
INTRODUCTION
GROUP 5
MEMBERS:
MICHAEL ZOLETA
RANNIE DE LEON
RAYMARK RELANO
According to the Securities and Exchange Commission of the Philippines,
they defined lending companies as a corporation engaged in granting loans
from its own capital funds or from funds sourced from not more than
nineteen (19) persons.
Through the years, Overseas Filipino Workers’ remittances contributed to
the economic growth and development of the Philippines. According to
International Monetary Fund (2013), remittances have increased rapidly to
become a significant source of national income, making the country, third,
in Asia. On 2012, personal remittances continued to grow in U.S. dollar
terms, reaching US$23.8 billion. Philippines also topped as a remittance
receiving country among ASEAN. In addition, 10 percent of the country’s
GDP is made up of the increasing incoming remittances (Bayangos &
Jansen, 2009). This is due to the fact that majority of the remittances
received were utilized for household consumption and it impacted the GDP
growth rate, positively.
It shall not be deemed to include banking institutions, investment houses,
savings and loan associations, financing companies, pawnshops,
insurance companies, cooperatives and other credit institutions already
regulated by law. The term shall be synonymous with lending investors.
The researchers interviewed relatives that work as an OFW in various parts
of the world about the lending company that they have tried. Manuel Sean,
an OFW Civil Engineer in BLNG Brunei Darussalam for over 30 years said
that he has various companies where he invested and lent to provide for
himself and his family it is BPI-Philam Life Insurance and Sun Life
Investment Company
Overseas Filipino Workers (OFWs) play a vital role in the Philippine
economy, contributing significantly to the country’s GDP through
remittances. However, their financial well-being is often compromised by
limited access to formal financial services, leading them to rely on informal
lending channels. This study investigates the financial practices of OFWs
and the lending companies that cater to them.
This study implies and determine the importance and rights of Overseas
Filipino Workers. In this study, the researchers will identify on which
Lending Companies do the OFWs deserve and which is more reliable to
use. This study will determine the rights, importance, and the right
treatment for the workers. This study will also help us to identify and
understand the advantages and disadvantages of the Lending Companies
being compared. The researchers will able to see which one can we
endorse and which one deserves the best lending company for a
recommendation. This study simply states that OFWs has their own rights
to choose on which Lending Company Is reliable for them to loan. OFWs
are the person of Filipino origin who lives outside of the Philippines.
The researchers will be conducting the research at the school of Systems
Technology Institute College (STI College Sta Mesa). The research will
overlook the STI College on finance relating to investments and insurance.
This research’s respondents will be some parents and relatives of the
researchers that have experience in making loans and investment in a
certain company
