Dream Home in the Philippines by Working as an OFW in Hong Kong
For countless overseas Filipino workers (OFWs), purchasing a home in the Philippines is the ultimate dream and a primary motivation for working abroad. Hong Kong is an appealing destination for OFWs looking to save money more quickly for buying their ideal house back home. With higher salaries than the Philippines and ample opportunities to save, working in Hong Kong can accelerate your timeline for achieving your home-ownership goals. Here’s how Hong Kong can help you buy your perfect Philippine home faster:
Earn More with Abundant Job Opportunities for Filipinos in Hong Kong
Hong Kong is a popular destination for OFWs due to its proximity to the Philippines, straightforward visa process, and numerous job opportunities. Some of the most common roles for Filipinos in Hong Kong include:
- Domestic Helpers: Hong Kong employs over 180,000 Filipino domestic helpers who earn a minimum wage of HKD $4,630 per month (PHP 30,400). With low living costs, domestic helpers can often save over 50% of their income.
- Service Industry: Many OFWs find work in Hong Kong’s vibrant service sector in roles like waiters, bartenders, cooks, and hotel staff. Service workers typically earn between HKD $10,000 to $20,000 per month (PHP 66,000 to 132,000).
- Healthcare: Filipino healthcare professionals like nurses and care workers are in strong demand in Hong Kong’s hospitals and clinics. Nurses earn an average monthly salary of HKD $40,000 (PHP 264,000).
- Skilled Professionals: Hong Kong also welcomes skilled Filipino talent in fields like accounting, IT, engineering, and finance. An accountant in Hong Kong earns around HKD $360,000 (PHP 2,376,000) per year on average.
While Hong Kong salaries may not be as high as some Western countries, OFWs still earn substantially more compared to similar jobs in the Philippines. This increase in income allows them to grow their savings more rapidly to put towards a down payment on their dream Philippine home.
Save a Large Portion of Your Income Living in Hong Kong
In addition to higher salaries, Hong Kong offers OFWs several opportunities to save a significant chunk of their earnings. While Hong Kong is often thought of as an expensive city, OFWs can keep their expenses low in a few key ways:
- Subsidized Housing: Many OFW jobs, particularly for domestic helpers, come with low-cost or free housing. This allows workers to save the large portion of income that would otherwise go to rent.
- Everyday Savings: Hong Kong offers budget-friendly options for food, transportation, shopping and entertainment. Cooking your own meals, using public transport, and seeking out free leisure activities can keep your daily living costs low.
- Favorable Exchange Rates: The Hong Kong dollar is pegged to the US dollar, giving it a strong, stable exchange rate against the Philippine peso. This helps maximize the value of the money you send home.
Consider an OFW working as a domestic helper and earning the minimum wage of HKD $4,630. With housing provided by their employer and frugal spending, they could potentially save around HKD $3,000 (PHP 20,000) per month. In one year, their savings could reach HKD $36,000 (PHP 240,000) – substantial progress towards a house down payment.
By prioritizing saving and taking advantage of Hong Kong’s cost-effective living options, you can set aside more money to invest in your future as a homeowner.
Leverage Your Hong Kong Income to Access Housing Loans
When you’ve built up a solid base of savings for a down payment, your next step will be applying for a home loan in the Philippines. Your steady income and savings from working in Hong Kong can improve your chances of qualifying for the housing loan you need. To access the most favorable loan terms:
- Establish a long employment history and consistent income stream in Hong Kong
- Maintain a strong record of saving and sending money to the Philippines
- Compare home loan rates and terms from multiple Philippine banks and lenders
- Consider Pag-IBIG housing loans which offer special benefits to OFWs
- Choose a loan with manageable monthly payments that fit your budget
Thanks to your financial stability from working in Hong Kong, you’ll be well-positioned to secure an affordable mortgage and make your Philippine home ownership dreams a reality.
Start Your Hong Kong Journey Towards Buying Your Dream Home
Working as an OFW in Hong Kong is a smart strategy to save money faster to purchase your ideal home in the Philippines. By combining higher salaries with opportunities for lower living costs, you can grow your savings steadily to put towards your down payment. Stay focused on your financial goals and let your Hong Kong earnings build the foundation for investing in your future as a homeowner in the Philippines.
Take the First Step to Owning Your Home in the Philippines
Ready to accelerate your path to buying your dream Philippine home? Working in Hong Kong could help you achieve your home-ownership goals faster than you imagined.
Download our free guide to learn the steps to finding a job and moving to Hong Kong as an OFW. With the right plan and persistence, your Hong Kong income could soon have you unlocking the door to the home of your dreams in the Philippines!
