Restaurant supervisor Ralph Joseph Cruz is quick to admit that he wasn’t always as smart with money as he is now.
The Filipino father of one was meeting his remittance obligations to his family, sending cash to cover their living expenses while he worked in Dubai.
“But I didn’t know how to manage money properly,” says Mr Cruz, 37.
He devoted much of what was left of his salary to going out.
“I was thinking, as long as I send money to my wife, that’s OK.”
But his attitude changed when he started working for seafood restaurant chain Off The Hook in 2017. Mr Cruz realised he could do more, including saving for his 12-year-old son’s future.
With nine branches across the UAE, the company provides financial literacy mentoring to its 90 staff to help them better manage their earnings.
Mr Cruz, who is based at the restaurant's Port Saeed branch in Deira, first arrived in Abu Dhabi from his country in 2014.
“In the Philippines, you cannot earn as much, but I have to think about my son's future, so that is why I am here,” Mr Cruz says.
“Before, I was sending money to my wife and my son; just giving them enough for basic needs.
“Once I sent it, I would do whatever I wanted; [I thought] I had done my duty … now it's not like that.”
I didn’t know how to manage money properly. I was thinking, as long as I send money to my wife, that’s okay
Ralph Joseph Cruz,
restaurant supervisor, Off The Hook
Along with his colleagues, Mr Cruz has been encouraged to review his spending habits and financial options by his boss Rolly Brucales, the restaurant chain’s managing director.
Mr Brucales, who is also from the Philippines, wants his employees to feel like part of a family and to be empowered with better money management skills.
An accountant by profession, Mr Brucales, 46, has made it his mission to provide financial literacy skills to the restaurant chain's staff.
During the Covid-19 pandemic, the company has invited motivational speakers to inspire staff.
None of the restaurant's employees have been laid off despite the global health crisis. Instead, Off The Hook has added four branches.
The financial literacy process for the restaurant's employees usually begins with an Excel sheet to illustrate expenditure and potential improvements or cost savings, Mr Brucales says.
Lessons include insights into investing in the stock market and mutual funds, with advice from Mr Brucales, friends and associates through group presentations, over a coffee or Zoom chats.
Mr Brucales, a father of three who is based in Abu Dhabi, says there is a tendency for some of his countrymen to spend on “food and glam” while they are in the UAE.
In some cases, they return to the Philippines with little to show for their time abroad, he adds.
He wanted to “change their direction” and how they were using their earnings – and he realised he could do that through his organisation as it grew.
“It was my goal and that of the partners, so that once the employees go back, if they leave the company, they are educated on how to handle money,” he says.
“In our community, many are living like millionaires here, buying stuff they don’t need," says Mr Brucales.
But they go back to the Philippines without having acquired any property or investments and end up working again, he says.
“We need to remind them, what is the big ‘why’ you are here … for your family. They can then educate their family members [who are receiving remittances] as well.”
It is easy to earn money, but keeping hold of and growing it can be challenging for some
Rolly Brucales,
managing director, Off The Hook
Mr Brucales, who hosts monthly meetings at each branch, says it is “easy to earn the money”, but keeping hold of and growing it is challenging for some.
Among his tips is retaining 30 per cent for investing, with the rest of the salary earmarked for living expenses and remittances. It is also important to identify the investment purpose – such as funding retirement or education costs – alongside investment risks.
“The secret is to list expenses on a monthly basis; based on that, you know where your money goes,” Mr Brucales says.
“You have to study what you are going into with any investment. The analysis is very important and part of our learning … what is a mutual fund, the stock market.”
Initially, however, the task might be as simple as helping an employee open the right type of account in the Philippines, through which they can then feed their investment vehicles.
Mary Ann Capistrano, a recently promoted branch manager after almost four years with Off The Hook, admits she wasn’t a “good saver” before leaving the Philippines, where she worked as a cashier and server.
“My family didn’t obligate me to give them money,” says Ms Capistrano, who is single.
“But my aunty who asked me to come here has gone back to the Philippines for good, so I’m [now] the breadwinner.”
Financial mentoring taught her how to do more with her dirhams, and helped her to focus on achieving her goals, she says.
“I got to understand why I should save for myself and why I need to invest,” says Ms Capistrano, who previously sent her entire salary to the Philippines for her mother and grandmother, who requires medication.
Now, she budgets more effectively and is saving towards renovating the family home, as well as buying her own place for when she starts a family.
Ms Capistrano says Mr Brucales enabled her to have greater financial discipline and strategy, although she was already frugal with her personal spending to the extent she didn’t host a party for her recent 30th birthday.
She now feels more confident about her future.
“My focus before was my family, but since the literacy [lessons] I got to save for myself, while sending money for my family,” she says.
Ms Capistrano is also planning to invest in Off The Hook through the company's incentive programme that enables staff to become shareholders.
Employees are regularly designated an incentive amount when their branch meets targets – they have the opportunity to take that as cash or invest into the business, for which they receive dividends.
I got to understand why I should save for myself and why I need to invest
Mary Ann Capistrano,
branch manager, Off The Hook
“It’s like they own it,” says Mr Brucales, who sees the scheme as a great way to reward employees while galvanising loyalty with a tangible investment.
“We set a target at every branch. Most of the time, they hit the target and they get a percentage out of it,” he explains.
“We want to innovate the way we are managing and the people behind that success [with] the same vision.”
The brand, which is popular among Emiratis as well as Filipinos and other nationalities, has three branches in Dubai, five in Abu Dhabi and one in Al Ain. Franchised outlets are set to follow in Sharjah, Ras Al Khaimah and other GCC countries.
Mr Brucales, the son of merchant parents who operate a meat stall, moved to the UAE in 2004.
Initially trading supplies for an Abu Dhabi medical company, Mr Brucales began selling Philippine real estate to GCC-based Filipinos seeking long-term investments, and opened a tailoring shop to feed his entrepreneurial appetite.
He and six business partners, including his wife Angie, opened their first Off The Hook restaurant in 2016 in Abu Dhabi.
Mr Brucales cites his successful business journey from “humble beginnings” as inspiration for mentoring employees.
“I’ve taken a mission in life to empower not just my staff, but everyone about financial literacy so they can consciously achieve financial freedom,” he says.
“I walk the talk. I want everyone to go home with money and investments.”
That includes Mr Cruz, who has set funding his son's education as his financial target.
Having reduced personal spending, including nightlife outgoings, he is saving more for his family’s future beyond their everyday needs.
He has created an account to fund a college education and is also investing in Off The Hook.
“With financial literacy, I started thinking more long term … I have to have a target [and] I now have a goal,” Mr Cruz adds.
Providing financial literacy support to staff is becoming more common among companies, Carol Glynn, founder of Conscious Finance Coaching, says.
“Improved employee financial literary is beneficial to employers as studies show finance-related stress causes reduced productivity and increased absenteeism,” Ms Glynn says.
“According to USA Today, companies that invest in financial literacy or wellness programmes for their employees achieve on average a 300 per cent return on their investment through a happier, more present and productive workforce.
“And this applies to individuals of all salary levels … the lack of money management skills or education is a problem across all income levels and industries.”
However, it is important to ensure employees understand the risk and conditions of buying shares specifically in the company they work for, Ms Glynn says.
The pandemic was a wake-up call for all to save money and a child’s college graduation or an apartment can be the tangible result of an employee's UAE labour, Mr Brucales says.
“It’s a success story for the brand as well, seeing your organisation and staff financially stable,” Mr Brucales adds.
“We’ll make sure they take home more of their money, because the success of the brand is coming from them as well.
“Sometimes, other employers forget that.”
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
THE POPE'S ITINERARY
Sunday, February 3, 2019 - Rome to Abu Dhabi
1pm: departure by plane from Rome / Fiumicino to Abu Dhabi
10pm: arrival at Abu Dhabi Presidential Airport
Monday, February 4
12pm: welcome ceremony at the main entrance of the Presidential Palace
12.20pm: visit Abu Dhabi Crown Prince at Presidential Palace
5pm: private meeting with Muslim Council of Elders at Sheikh Zayed Grand Mosque
6.10pm: Inter-religious in the Founder's Memorial
Tuesday, February 5 - Abu Dhabi to Rome
9.15am: private visit to undisclosed cathedral
10.30am: public mass at Zayed Sports City – with a homily by Pope Francis
12.40pm: farewell at Abu Dhabi Presidential Airport
1pm: departure by plane to Rome
5pm: arrival at the Rome / Ciampino International Airport
The years Ramadan fell in May
Company%20profile
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The specs
Engine: Turbocharged four-cylinder 2.7-litre
Power: 325hp
Torque: 500Nm
Transmission: 10-speed automatic
Price: From Dh189,700
On sale: now
The biog
Year of birth: 1988
Place of birth: Baghdad
Education: PhD student and co-researcher at Greifswald University, Germany
Hobbies: Ping Pong, swimming, reading
The Two Popes
Director: Fernando Meirelles
Stars: Anthony Hopkins, Jonathan Pryce
Four out of five stars
LIVERPOOL SQUAD
Alisson Becker, Virgil van Dijk, Georginio Wijnaldum, James Milner, Naby Keita, Roberto Firmino, Sadio Mane, Mohamed Salah, Joe Gomez, Adrian, Jordan Henderson, Alex Oxlade-Chamberlain, Adam Lallana, Andy Lonergan, Xherdan Shaqiri, Andy Robertson, Divock Origi, Curtis Jones, Trent Alexander-Arnold, Neco Williams
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The alternatives
• Founded in 2014, Telr is a payment aggregator and gateway with an office in Silicon Oasis. It’s e-commerce entry plan costs Dh349 monthly (plus VAT). QR codes direct customers to an online payment page and merchants can generate payments through messaging apps.
• Business Bay’s Pallapay claims 40,000-plus active merchants who can invoice customers and receive payment by card. Fees range from 1.99 per cent plus Dh1 per transaction depending on payment method and location, such as online or via UAE mobile.
• Tap started in May 2013 in Kuwait, allowing Middle East businesses to bill, accept, receive and make payments online “easier, faster and smoother” via goSell and goCollect. It supports more than 10,000 merchants. Monthly fees range from US$65-100, plus card charges of 2.75-3.75 per cent and Dh1.2 per sale.
• 2checkout’s “all-in-one payment gateway and merchant account” accepts payments in 200-plus markets for 2.4-3.9 per cent, plus a Dh1.2-Dh1.8 currency conversion charge. The US provider processes online shop and mobile transactions and has 17,000-plus active digital commerce users.
• PayPal is probably the best-known online goods payment method - usually used for eBay purchases - but can be used to receive funds, providing everyone’s signed up. Costs from 2.9 per cent plus Dh1.2 per transaction.
MATCH INFO
Maratha Arabians 107-8 (10 ovs)
Lyth 21, Lynn 20, McClenaghan 20 no
Qalandars 60-4 (10 ovs)
Malan 32 no, McClenaghan 2-9
Maratha Arabians win by 47 runs
Indika
%3Cp%3E%3Cstrong%3EDeveloper%3A%3C%2Fstrong%3E%2011%20Bit%20Studios%3Cbr%3E%3Cstrong%3EPublisher%3A%3C%2Fstrong%3E%20Odd%20Meter%3Cbr%3E%3Cstrong%3EConsole%3A%3C%2Fstrong%3E%20PlayStation%205%2C%20PC%20and%20Xbox%20series%20X%2FS%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%204%2F5%3C%2Fp%3E%0A
How The Debt Panel's advice helped readers in 2019
December 11: 'My husband died, so what happens to the Dh240,000 he owes in the UAE?'
JL, a housewife from India, wrote to us about her husband, who died earlier this month. He left behind an outstanding loan of Dh240,000 and she was hoping to pay it off with an insurance policy he had taken out. She also wanted to recover some of her husband’s end-of-service liabilities to help support her and her son.
“I have no words to thank you for helping me out,” she wrote to The Debt Panel after receiving the panellists' comments. “The advice has given me an idea of the present status of the loan and how to take it up further. I will draft a letter and send it to the email ID on the bank’s website along with the death certificate. I hope and pray to find a way out of this.”
November 26: ‘I owe Dh100,000 because my employer has not paid me for a year’
SL, a financial services employee from India, left the UAE in June after quitting his job because his employer had not paid him since November 2018. He owes Dh103,800 on four debts and was told by the panellists he may be able to use the insolvency law to solve his issue.
SL thanked the panellists for their efforts. "Indeed, I have some clarity on the consequence of the case and the next steps to take regarding my situation," he says. "Hopefully, I will be able to provide a positive testimony soon."
October 15: 'I lost my job and left the UAE owing Dh71,000. Can I return?'
MS, an energy sector employee from South Africa, left the UAE in August after losing his Dh12,000 job. He was struggling to meet the repayments while securing a new position in the UAE and feared he would be detained if he returned. He has now secured a new job and will return to the Emirates this month.
“The insolvency law is indeed a relief to hear,” he says. "I will not apply for insolvency at this stage. I have been able to pay something towards my loan and credit card. As it stands, I only have a one-month deficit, which I will be able to recover by the end of December."
Company%20Profile
%3Cp%3E%3Cstrong%3ECompany%20name%3A%20%3C%2Fstrong%3ENamara%0D%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJune%202022%0D%3Cbr%3E%3Cstrong%3EFounder%3A%20%3C%2Fstrong%3EMohammed%20Alnamara%0D%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EDubai%20%0D%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EMicrofinance%0D%3Cbr%3E%3Cstrong%3ECurrent%20number%20of%20staff%3A%20%3C%2Fstrong%3E16%0D%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3ESeries%20A%0D%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EFamily%20offices%0D%3Cbr%3E%3C%2Fp%3E%0A
Yuki Means Happiness
Alison Jean Lester
John Murray
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Sav%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EFounder%3A%3C%2Fstrong%3E%20Purvi%20Munot%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%24750%2C000%20as%20of%20March%202023%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Angel%20investors%3C%2Fp%3E%0A
Results
Men's finals
45kg:Duc Le Hoang (VIE) beat Zolfi Amirhossein (IRI) points 29-28. 48kg: Naruephon Chittra (THA) beat Joseph Vanlalhruaia (IND) TKO round 2.
51kg: Sakchai Chamchit (THA) beat Salam Al Suwaid (IRQ) TKO round 1. 54kg: Veerasak Senanue (THA) beat Huynh Hoang Phi (VIE) 30-25.
57kg: Almaz Sarsembekov (KAZ) beat Tak Chuen Suen (MAC) RSC round 3. 60kg: Yerkanat Ospan (KAZ) beat Ibrahim Bilal (UAE) 30-27.
63.5kg: Abil Galiyev (KAZ) beat Nouredine Samir (UAE) 29-28. 67kg: Narin Wonglakhon (THA) beat Mohammed Mardi (UAE) 29-28.
71kg: Amine El Moatassime (UAE) w/o Shaker Al Tekreeti (IRQ). 75kg: Youssef Abboud (LBN) w/o Ayoob Saki (IRI).
81kg: Ilyass Habibali (UAE) beat Khaled Tarraf (LBN) 29-28. 86kg: Ali Takaloo (IRI) beat Emil Umayev (KAZ) 30-27.
91kg: Hamid Reza Kordabadi (IRI) beat Mohamad Osaily (LBN) RSC round 1. 91-plus kg: Mohammadrezapoor Shirmohammad (IRI) beat Abdulla Hasan (IRQ) 30-27.
Women's finals
45kg: Somruethai Siripathum (THA) beat Ha Huu Huynh (VIE) 30-27. 48kg: Thanawan Thongduang (THA) beat Colleen Saddi (PHI) 30-27.
51kg: Wansawang Srila Or (THA) beat Thuy Phuong Trieu (VIE) 29-28. 54kg: Ruchira Wongsriwo (THA) beat Zeinab Khatoun (LBN) 30-26.
57kg: Sara Idriss (LBN) beat Zahra Nasiri Bargh (IRI) 30-27. 60kg: Kaewrudee Kamtakrapoom (THA) beat Sedigheh Hajivand (IRI) TKO round 2.
63.5kg: Nadiya Moghaddam (IRI) w/o Reem Al Issa (JOR).
'C'mon C'mon'
Director:Mike Mills
Stars:Joaquin Phoenix, Gaby Hoffmann, Woody Norman
Rating: 4/5
The%20trailblazers
%3Cp%3ESixteen%20boys%20and%2015%20girls%20have%20gone%20on%20from%20Go-Pro%20Academy%20in%20Dubai%20to%20either%20professional%20contracts%20abroad%20or%20scholarships%20in%20the%20United%20States.%20Here%20are%20two%20of%20the%20most%20prominent.%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EGeorgia%20Gibson%20(Newcastle%20United)%3C%2Fstrong%3E%0D%3Cbr%3EThe%20reason%20the%20academy%20in%20Dubai%20first%20set%20up%20a%20girls%E2%80%99%20programme%20was%20to%20help%20Gibson%20reach%20her%20potential.%20Now%20she%20plays%20professionally%20for%20Newcastle%20United%20in%20the%20UK.%0D%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMackenzie%20Hunt%20(Everton)%3C%2Fstrong%3E%0D%3Cbr%3EAttended%20DESS%20in%20Dubai%2C%20before%20heading%20to%20the%20UK%20to%20join%20Everton%20full%20time%20as%20a%20teenager.%20He%20was%20on%20the%20bench%20for%20the%20first%20team%20as%20recently%20as%20their%20fixture%20against%20Brighton%20on%20February%2024.%0D%3C%2Fp%3E%0A
ABU DHABI T10: DAY TWO
Bangla Tigers v Deccan Gladiators (3.30pm)
Delhi Bulls v Karnataka Tuskers (5.45pm)
Northern Warriors v Qalandars (8.00pm)
The winners
Fiction
- ‘Amreekiya’ by Lena Mahmoud
- ‘As Good As True’ by Cheryl Reid
The Evelyn Shakir Non-Fiction Award
- ‘Syrian and Lebanese Patricios in Sao Paulo’ by Oswaldo Truzzi; translated by Ramon J Stern
- ‘The Sound of Listening’ by Philip Metres
The George Ellenbogen Poetry Award
- ‘Footnotes in the Order of Disappearance’ by Fady Joudah
Children/Young Adult
- ‘I’ve Loved You Since Forever’ by Hoda Kotb
Greatest Royal Rumble results
John Cena pinned Triple H in a singles match
Cedric Alexander retained the WWE Cruiserweight title against Kalisto
Matt Hardy and Bray Wyatt win the Raw Tag Team titles against Cesaro and Sheamus
Jeff Hardy retained the United States title against Jinder Mahal
Bludgeon Brothers retain the SmackDown Tag Team titles against the Usos
Seth Rollins retains the Intercontinental title against The Miz, Finn Balor and Samoa Joe
AJ Styles remains WWE World Heavyweight champion after he and Shinsuke Nakamura are both counted out
The Undertaker beats Rusev in a casket match
Brock Lesnar retains the WWE Universal title against Roman Reigns in a steel cage match
Braun Strowman won the 50-man Royal Rumble by eliminating Big Cass last
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
