I started sailing when I was 19. Since then, I seriously provide for my family’s home expenses and has committed to send my four (4) younger siblings in school ( 3 in college, and 1 in high school ), all at once.
At this point, you may have a clue of my role in our family. Ohrayt, I am the eldest child. Eventually, the first child to get a job and became my family’s breadwinner.
Well, I’m not alone. Speaking with a fellow seafarer who also became a breadwinner even though he’s the third child of his family, Leo claimed that kapag seaman ka, ikaw ang instant breadwinner ng pamilya.
If you can relate to Leo’s statement. C’mmon, give me high five!? ✋
On the breadline
I was Able Bodied (AB) seaman twice before I became a Third Officer. On my last contract as AB, I worked over 9 months at sea, while the succeeding 3 months were spent on some personal matters and competency trainings ashore.
It’s clear to me that whenever my employment contract ends, the earnings stops too. Therefore, prior ship disembarkation, I allot money covering at least three months of home, personal and emergency expenses.
However, no matter how you painstakingly plan, some unexpected events knock you out. I remember having a MMK moment one early morning. I was holding a receipt that time of my previous withdrawal made from a nearby ATM machine. On that small piece of paper, the balance of my account reads Php 2,000.00 only. It was twenty (20) times lower than the amount I supposed to maintain.
My Php 80,000.00+ savings shrunk to Php 2,000.00 during my vacation last quarter of 2014. Imagine, it took me 9 months to accumulate 80k but in a short span of merely 4 weeks, almost everything was gone.
Well, Maala-ala Mo Kaya (MMK) mag-deadma lang sa mga gastusin if your loved one is sick?
My mother was hospitalized due to hypertension. Consequently, the medical bill was expensive. It hit me like a wrecking ball!
Highly hoping to survive such financial difficulty, I considered borrowing money from trusted lenders. I had to apply for a personal loan to buy my mother’s medicine, give allowance to my siblings, pay utilities and the likes.
Among other loan programs offered by select banks to Filipino seafarers, the BPI Seafarer Personal Loan is the best to avail, particularly if you are a breadwinner, and a millennial seafarer like me.
Here are my reasons why:
1.It has minimal requirements
– Submit the Application Form, two (2) valid photo ID’s, and your POEA signed employment contract (with assumed ship’s embarkation date) only.
2. A non-collateral loan
– Most young seafarers who shoulder their families’ living expenses are having a hard time investing on real estate. Some were even practical to avoid premature acquisition of a lot, house or both due to unstable earnings. For these reasons, we likely consider applying for a non-collateral loan like this BPI Seafarer Loan.
3.Fast application and approval
– You may submit your loan application to any BPI Bank or via online. Upon submission, sit back and wait for 5-7 banking days. BPI sends the applicant a text message of his loan status.
4.Easy to pay
– Before you join your ship, you can set an auto-debit mode of loan payment. Yes, no need of post-dated checks!
On the other hand, if your allotment is not with BPI (like mine), don’t worry. You may just deposit/transfer online your payment before the due date. And to countercheck if BPI has deducted the right amount, log-in to your BPI account online and carefully review the transaction history.
5.You may turn down an approved loan
– Believe me or not but I turned down a Php 300,000 approved loan. I applied last year to help my sister pay her visa but for some reasons, I decided not to sign the papers for the bank to release my loan. Doing it is not a hassle. In fact, you don’t have to contact the bank and explain why.
I also have tried applying for a personal loan in other banks (Metrobank, BDO, EastWest and Sterling) but as per experience, the BPI Seafarer Personal Loan was the most millennial seafarer- friendly of them all.
Disclaimer: This is not a sponsored product review.
BPI Seafarer Loan Image screengrabbed from bpiexpressonline.com
What can you say about the BPI Seafarer Loan Program?
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