Few months ago, I'd been contemplating with the idea of contributing to SSS Flexi Fund For OFW's. But the problem is...I haven't reactivated my contributions yet with SSS since I started working overseas. I'm planning to work on it when I go back to Philippines to take my vacation.
I came across this SSS Flexi Fund when I still have the Filipino channel here in my work place which is NBN 4 from which I always had the chance to watch "Bantay OCW" by Susan K. There is a segment there wherein the Chairman of SSS will be interviewed by Susan K to give updates on the latest projects and developments at SSS. This is where I first encountered about the SSS Flexi Fund for OFW's.
The way I look at it, it is an investment opportunity created by SSS for overseas Filipino contract workers to encourage them to save for the future. It is a provident fund and all accumulated amounts of contributions plus interests will be accrued solely to the OFW member. The funds pooled from the members contributions are then invested in government treasury bills that are risk free and yields high interest rate.
To join, you should be an active SSS member and must be an OFW. Any amount remitted to SSS on top of the regular monthly contributions will automatically be placed on the member's Flexi Fund. As a Flexi Fund member, you may choose to withdraw your contributions together with the interest anytime.
I'm actually thinking that this would be a better option than resorting to savings accounts and time deposits. The interest is higher, tax free and you can choose to withdraw anytime. You may also continue with your monthly contributions even if you have already decided to go back to the country for good. There's no fixed monthly contribution set for Flexi Fund. It provides you with flexible modes of paying your contributions and the amount may vary each month depending on your own personal preference. It is just like a pension plan and a savings plan rolled into one.
I post this topic as I wish to get feedback from those who had already started with the Flexi Fund and as a general information for those who may possibly get interested to join, just like me.
For the complete details of this program, you can log on the SSS website.