Spending Habits of College Students in Lorma Colleges with Overseas

Filipino Worker Parents

A
Business
Research Presented
To LORMA COLLEGES
Center for Learning and Innovation Building, San Juan, La Union

In Partial Fulfillment
Of the Requirements for the Degree
Bachelor of Science in Business Administration
Major in Financial Management

By
Domagas, John Marsky M.
Pimentel, Kenneth Adrian A
Rivera, Ralpph Rigel G.
Vino, John Marc E.

January 2023
 ENDORSEMENT

This Business Research Study entitled "Spending Habits of Lorma Colleges Students with

Overseas Filipino Worker Parents", prepared and submitted by John Marsky M. Domagas,

Kenneth Adrian A. Pimentel, Ralpph Rigel G. Rivera, John Marc E. Vino in partial fulfillment for

the requirements of the degree Bachelor of Science in Business Administration Major in

Financial Management, has been examined and is recommended for acceptance and approval

for oral presentation.

___________________________
GRACE G. NABANALAN, MD, LPT
Instructor/ Adviser
PROOFREAD BY:

____________________________
ROGER ANTHONY A. INES
English Critic
This is to certify that the Tourism Research Study entitled "Spending Habits of Lorma Colleges

Students with Overseas Filipino Worker Parents” prepared and submitted by John Marsky M.

Domagas, Kenneth Adrian A. Pimentel, Ralpph Rigel G. Rivera, John Marc E. Vino is

recommended for oral presentation.

___________________________________
DIADEMA FRANCISCA B. LA MADRID, Ph. D.
Chairperson

_________________________ ________________________________
Mr. JOHN CARLO S. SEJALVO, LPT Ms. MARIA LOUISA O. SANJOSE M.BA
Member Member

_________________________
Mr. EMIL ADLAI S.P. DE GUZMAN M.BA
Member
2
 APPROVAL SHEET

Approved by the Committee on Oral Examination as _Passed_ on _December 21, 2022_

___________________________________
DIADEMA FRANCISCA B. LA MADRID, Ph. D.
Chairperson

__________________________ _______________________________
Mr. JOHN CARLO S. SEJALVO, LPT Ms. MARIA LOUISA O. SANJOSE M.BA
Member Member

_________________________
Mr. EMIL ADLAI S.P. DE GUZMAN M.BA
Member

This is to certify that John Marsky M. Domagas, Kenneth Adrian A. Pimentel, Ralpph Rigel G.

Rivera, John Marc E. Vino have completed all requirements and passed the oral examination for

the degree Bachelor of Science in Business Administration Major in Financial Management.

___________________________________
DIADEMA FRANCISCA B. LA MADRID, Ph. D.

January 2023

3
 ACKNOWLEDGEMENT

The researchers would like to take this opportunity to express their sincerest gratitude and

appreciation to all the individuals who helped, encouraged, supported, and shared their

knowledge with them throughout their journey as they pursued with determination,

perseverance, patience, and passion to complete this study to help Students of Lorma Colleges

with Overseas Filipino Worker Parents. The researchers would like to extend their heartfelt

gratitude to the following: First and foremost, praises and thanks to our Almighty God. The

conduction of this study became possible and successful thanks to his guidance and wisdom.

Thanks to his support, the researchers had the strength to surpass all the hardships and

challenges that they encountered in this journey. Without his grace and blessings, the

researchers would not have been able to complete this study.

The researchers would like to express their heartfelt gratitude to the oic of our department, the

College of Business Dr. Diadema Francisca B. La Madrid, for her support in conducting the

study. Without her support, the researchers would not have been able to complete the study.

The success of this study required a lot of guidance, assistance, and support from many people

and the researchers feel extremely grateful to have been able to receive all these throughout

their journey to completing the project. With sincerest gratitude, the researchers would like to

express their appreciation to their research instructor and advisor, Mrs. Grace G. Nabanalan, for

giving us the opportunity to do this research and providing invaluable guidance and for the

constant support, encouragement, and guidance throughout this research. Without her

guidance and expertise in the subject, the completion of the study would have been difficult.

The researchers also extend their gratitude to their respected panelists, whose comments,

suggestions, and support helped in the improvement and completion of this study.

4
To Ms. Maria Louisa O. San Jose, Mr. John Carlo S. Sejalvo and Ms. Juvy Ann Solis for their

unwavering support, expertise, and time in checking and validating parts of the study and for

their comments and suggestions that helped improve the content of the research.

To Mr. Emil Adlai S.P. De Guzman, Our Financial Controllership Teacher, for his time, expertise,

and knowledge. the researchers also give thanks to the people who allowed them to conduct

and complete this study, and they would like to express their sincerest gratitude to

Ms. Gryn T. Salagma, the Chairman of Lorma Colleges' Research Ethics Committee, for her

suggestions, reviewing and approving the researchers' application to conduct their study.

And also, to Mrs. Guerly Acosta for guiding us in processing our research in the Research Ethics

Committee.

The researchers would also like to convey their warmest gratitude and appreciation to

all the participants of the study for their patience, time, and interest in answering their

questionnaire.

Last but not the least, the researchers would like to acknowledge their biggest source of

strength, their parents and families, for their constant and unwavering support, their financial

assistance, and their love. Without their encouragement and presence, the completion of this

study would have not been possible.

The Researchers

5
 DEDICATION

This Research is dedicated to our Parents. Words can’t hardly describe our thanks and

appreciation to you. You have been our source of inspiration, support, and guidance. You have

taught us to be unique and determined, to believe in ourselves, and to always persevere. We

are truly thankful and honored to have you as our parents

To our Dean, Instructors, and Advisers whose encouragement and guidance from the beginning

to the end of this journey helped us grow and achieve our goals in life. To our Friends and

Classmates who served as our support system and shared this journey with. For their

unwavering support and for inspiring us to do better. Lastly to our God Almighty, thank you for

the guidance, strength, power of the mind, protection, and skills for giving us a healthy life. All

of these, we offer to you.

The Researchers

6
 TABLE OF CONTENTS

Pages

Title Page……………………………………………………………………………………………………………. 1

Endorsement………………………………………………………………………………………………………. 2

Approval Sheet……………………………………………………………………………………………………. 3

Acknowledgement ……………………………………………………………………………………………. 4

Dedication …………………………………………………………………………………………………………. 6

Table of Contents ………………………………………………………………………………………………. 7

List of tables and figures …………………………………………………………………………………… 8

List of Appendices………………………………………………………………………………………………. 9

Abstract……………………………………………………………………………………………………………… 10

Chapter

I. Introduction

Background of the study ………………………………………………………………………. 11

Theoretical Framework.…………………………………………….…………………………. 14

Conceptual Framework ……………………………………………………………………….. 16

Statement of the Problem ……………………………………………………………………. 18

Assumption……………………………………………………………………………………………. 20

II.Research Method

Research design……………………………………………………………………………………. 21

Population and locale ………………….……………………………………………………….

Data Gathering tool……………………………………………………………………………… 22

Data Gathering Procedure….………………………………………………………………….

Treatment of data ……..…………………………………………………………………………. 23

7
III.Results and Discussions

Pages

Table 1 Type of Spenders that are present in Lorma Colleges with Overseas

…………..Filipino Worker Parents……………….………………………………………………….24

Table 2 Type of Savers that are present in Lorma Colleges with Overseas

…………..Filipino Worker Parents…………………………………….…..………………………. 25

Table 3 Frequency of how often the students of Lorma Colleges Student

…………..receive money from their Overseas Filipino Worker Parents..…….….. 26

Table 4 Scale of How much do the College students of Lorma Colleges

…………..receive from their Overseas Filipino Worker parents……..…….………… 27

Table 5 Range according to Monthly Expenditures of Lorma Colleges

…………..Students with Overseas Filipino Worker Parents……………………………. 27

Table 6 Frequency of Lorma Colleges Students with Overseas Filipino

………….Worker Parents Who Engage in Investments….…..……………………..….. 28

Table 7 Summary of all the tables……………………………………………………………….. 29

IV.Conclusions and Recommendation

Findings …..…………………………………………………………………………………………………. 31

Concusions …………………………………………………………………………………………………. 32

Recommendations ………………………………………………………………………………….. 33

References……………………………………………………………………………………………….. 34
 List of Tables and Figures

Pages

Table 1 Type of Spenders that are present in Lorma Colleges with Overseas

…………..Filipino Worker Parents……………….………………………………………………… 24

Table 2 Type of Savers that are present in Lorma Colleges with Overseas

…………..Filipino Worker Parents……………..………………….….…..………………………. 25

Table 3 Frequency of how often the students of Lorma Colleges Student

…………..receive money from their Overseas Filipino Worker Parents..…….….. 26

Table 4 Scale of How much do the College students of Lorma Colleges

…………..receive from their Overseas Filipino Worker parents……..…….………… 27

Table 5 Range according to Monthly Expenditures of Lorma Colleges

…………..Students with Overseas Filipino Worker Parents.…………………………….

Table 6 Frequency of Lorma Colleges Students with Overseas Filipino

…………..Worker Parents Who Engage in Investments……………….……………..….. 28

Table 7 Summary of all the tables……………………………………………………………….. 29

8
 List of Appendices

Pages

A. Endorsement Letter 35

B. Letter to Research Ethics Committee 36

C. Letter of Approval of Research Ethics Committee 37

D. Letter to Respondents 38

E. Questionnaire 39

F. Informed Consent Form 44

G. Certificate of Consent 48

H. Reliability of Questionnaire for Ms. Juvy Ann Solis 49

I. Validity Questionnaire for Ms. Juvy Ann Solis 50

J. Reliability of Questionnaire for Ms. John Carlo S. Sejalvo 52

K. Validity Questionnaire for Mr. John Carlo S. Sejalvo 53

L. Reliability of Questionnaire for Ms. Maria Louisa O. San Jose 55

M. Validity Questionnaire for Ms. Maria Louisa O. San Jose 56

N. Letter of request of the Dean of College of Business for the

floating of questionnaire 58

O. English Critic’s Certificate 59

P. Photo Documentation 60

Q. Resume 66

9
 ABSTRACT

Title: Spending Habits of College Students in

Lorma Colleges with Overseas Filipino
Worker Parents

Total Text No. 8667

Total No. Of Pages: 70

Authors: Domagas, John Marsky M., Pimentel,

Kenneth Adrian A., Rivera, Ralpph Rigel G.
And Vino, John Marc E.

Type of Document: Unpublished

Institution: Lorma Colleges, College of Business

Urbiztondo, San Juan, La Union

Keywords: Overseas Filipino Worker, Habits,

Spending, College, Students

Research Adviser: Mrs. Grace G. Nabanalan, MBA, LPT

Abstract: This study aimed to determine the Spending Habits of College Students in
Lorma
Colleges with Overseas Filipino Worker parents. It aimed to help college students to be
financially literate.

The research used quantitative research that used a descriptive research design. The
research used a quantitative research design to get a large amount of data from Lorma
College Students to study whether there are particular and re-occurring spending habits
among the College Students at Lorma Colleges. The researchers used a close-ended
survey questionnaire through Google forms and the link was given to the college
students with OFW parents to gather the data needed for this study. The study aimed to
explore the concepts and spending habits of college students with OFW parents. The
research concluded that teenagers have a negative financial pattern based on the
findings. The research formulated an advocacy to provide attention to the Spendthrifts
type of spenders where significantly most of the population of the respondents through
financial literacy programs and the use of the brochure which indicates habits to start
saving. The recommendations of the research include Financial literacy lectures which
can be held in the whole higher education per year level through the help of conducting
seminars and workshops for Spendthrifts in order for the students to be financially
literate not just with the mind but also with the act.

10
 Chapter I

INTRODUCTION

Background of the Study

College students are becoming more inclined to manage their finances independently

since they are more satisfied to do so. One of the biggest types of college students who practice

this kind of activity are those students with Overseas Filipino Worker parents. With the goal of

their parents to provide them with all the things they need and want, they sacrifice to go far

away from their homes which leaves their children to independently live without their personal

guidance. However, many problems arise as these students independently manage their money.

The Philippines has remained the top four (4) receivers of remittances from other countries

which amount to an overall total of $34.9 billion and that is because of a huge number of

Overseas Filipino Workers (OFW) from other countries (Ichimura, 2021). Regardless of the hit of

the pandemic during the year 2021, the Philippines has still been receiving a huge number of

remittances from Filipinos working abroad, according to the Philippines Statistics Authority

(2022), the recorded number of Overseas Filipino Workers in 2019 shows a strong number of

2.18 million and in 2020 a 1.77 million OFW has still been working despite the rage of the

pandemic across the globe. These are solid proof that OFWs in other countries have shown a

great number of OFWs throughout the years. The effect of the OFW phenomenon is when

absent parenting is being replaced by material wealth and gadgets to affirm the affection of an

absent parent, and this could result in material expectation rather than affection (Reyes,

Melanie, 2013). Based on several studies done by government and non-government

organizations, about nine (9) million Filipino children under the age of 18 are left behind by one

or both parents to work attentively or live permanently abroad (Hugo, Graeme, 2005). However,

the major reason for working abroad among OFWs is to send their children to good, preferably
exclusive schools from primary up to college because they acknowledge that the best thing, they

can give their children is the right education. According to Business Mirror 2017, teenagers who

have OFW parents do not have savings, but prioritize their immediate wants and choose to pay

for materials and experiences that will enhance their present, rather than focusing on their

future. According to Synergy Business Consultancy, 2009, the families of OFWs have more

leisure activities, own more gadgets such as computers and laptops, and are more inclined to

eat out, socialize, travel, and go to the mall. Despite the negative financing practices that

students show when having an OFW parent/s, Manzoni found that the more direct financial

support young people received from their parents, the higher their occupational status. This

was particularly true for college graduates who got direct support from their parents. In other

words, college grads who got money from their parents did especially well professionally, while

college grads who lived at home did especially poorly. The researchers would like to explore

what are the financial patterns of teenagers with OFW parents along with their saving, spending,

and budgeting practices. Moreover, in accordance with the report of the Philippine Statistics

Authority (2022), in terms of sexualities, there has been a significant number of female OFWs

than that male OFWs. In terms of age group, a larger number of OFWs are between the ages of

30-34 years old for females and 45 years old and over for male OFWs. This also represents and

supports the idea that it is common for OFWs to have a family in the Philippines that is normally

left behind for them to work and seek greater and better opportunities in different countries

across the globe.

Moving forward, these Filipinos working abroad such as fathers, mothers, or

even sisters are the ones who are mostly giving allowances to their sons, daughters, or

siblings who are still studying in the Philippines.

According to Canlas (2014)

 12

The average daily allowance of college students ranges around ₱150 -₱250 per day which will

amount to ₱3,300-₱5,500 per month when their school days are 22 days per month. These

allowances listed above are only for their school allowances excluding the transportation

allowances, project allowances, and other expenses that they might incur during their schooling

days.

This research will broadly study the average amount of allowances for college students

whose parents are Overseas Filipino Workers as well as how these students can apply financial

literacy in budgeting their finances.

 13

Theoretical Framework

The study was anchored on the following theory: The theory of Impulse Buying

(Hawkins Stern, 1962). Stern argues that the impulse to purchase was only one-half of average

consumer behavior, fitting neatly beside tendencies toward more rational purchasing decisions.

These impulse decisions are influenced mostly by external stimuli like walking past a convincing

advertisement and possess very little relationship to traditional decision-making habits. Impulse

buying exists on four levels of the Stern philosophy. The first level is the quick, pure impulse

purchase, like making a last-minute purchase on the way out of a grocery or hardware store.

The second level is known as the “reminded” impulse purchase, which makes associations

between one product and another. For example, placing chips and salsa in the same aisle, so if

you’re planning to buy one, you’re reminded you may want the other. The third level is the

suggested impulse purchase, such as tacking on a warranty offer as you purchase electronics or

power tools. The fourth level is the planned impulse decision, which is deliberate in that

consumers know they want to buy a type of product, but just aren’t sure of the specifics.

Marketers have spent years trying to master the power of impulse purchases. From the art of

packaging to the arrangement of a product on store shelves, everything has an impact on the

target audience’s impulse control. The theory helped the study because it showed that the

results of the students with Overseas Filipino Worker Parents have the consumer behavior of

Impulse Buying that shows that they are influenced by pure impulse buying which leads them to

spend most of their money rather than to save or to invest it.

 The second theory the theory of Reasoned Action by Martin Fishbein and Icek Ajzen

(1975), originally conceived the theory of reasoned action: a consumer behavior theory that

focuses on

the relationship between marketing and the 14

preexisting attitudes consumers bring to their

purchasing decisions. According to the theory of reasoned action, consumers act on behaviors

that they believe will create or receive a particular outcome, familiar or otherwise. As such,

rational decision-making is the chief element that drives consumers to make purchases. This

consumer behavior concept leans on the significance of specificity over obtuseness. In other

words, a consumer may only take a specific action when given a reason to believe there’ll be a

specific desired result. From the time the consumer decides to move forward with a decision to

the moment the action is finished, the consumer can change their mind or select a different

course of action. This has led marketers to several insights, the first being how they must

associate a purchase with a specific positive result. For example, AXE markets its body spray

products in such a way that all who use them might believe they have improved desirability with

women. The theory then emphasizes the importance of moving consumers through the sales

pipeline, rather than keeping them idle, where they might have an opportunity to talk

themselves out of a purchase or decide to spend their money on a competing brand. The theory

of Reasoned Action has helped in this study, especially on the respondents where most of the

Spendthrifts answered “ If the item is important enough to me, I'll figure out how to adjust my

budget to buy it. If it isn't that important, I'll forget about it” this shows that making reasonable

decisions is the main motivator for people to buy things.

 15

Conceptual Framework

INPUT PROCESS OUTPUT

1. The type of spenders 1. Classify the students
that are present in Lorma of Lorma Colleges
Colleges who have OFW according to the type of
parent/s. spenders they are
Input Process Output
2. The Type of Savers 2. Classify the students
that are present in Lorma of Lorma Colleges
Colleges who have OFW according to the type of
parent/s. savers they are

3. Frequency of how 3. Analysis of the

often the college frequency of how often Proposal of
students of Lorma the students receive Financial Literacy
Colleges receive money their money program for Lorma
from their OFW parent/s. Colleges Students
4. Analysis of the with OFW parent/s
4. Range of how much frequency of how much
the students of Lorma money received from
Colleges receive from OFW parent/s
their OFW parent/s.
5. Analysis of the
5. Frequency of the spending habits of the
monthly expenditures of students with OFW
the students in Lorma parent/s monthly
Colleges with OFW expenditures.
parent/s.
6. Classify if Students
6. Determine if the from Lorma Colleges
students of Lorma with Overseas Filipino
Colleges with OFW Worker parents who
parent/s engage in any engage in investments.
investments. 7. Formulation of a
proposed financial
literacy program for
Lorma Colleges students.
 Feedback
Figure 1. Research Paradigm

The conceptual framework uses an input, process, and output framework where the
16
Input includes the subject or participant in the research which are the Lorma Colleges students

who have OFW parents, and the process of studying and investigating the problem is through

using a survey questionnaire with the use of google forms and the use of secondary materials

which has similar subject in particular, under the output is the proposed financial literacy

program for Lorma Colleges with Overseas Filipino Worker Parents.

 17

Statement of the Problem

They determined the spending habits of the college students at Lorma Colleges with

Overseas Filipino Worker Parents. It sought to answer the following sub-problems;

The proceeding statements are the following key problems.

1. What type of spenders are college students who are enrolled at Lorma Colleges with

Overseas Filipino Worker Parents;

A. Frugalist B. Spendthrifts

C. “Treat Yourself” Spenders D. Self-Esteem Spenders

E. “Fear of Missing Out” Spenders F. Smart Spenders?

2. What type of savers present in college students who are enrolled at Lorma Colleges;

A. Occasional Savers

B. Investment Savers

C. Save and Spend?

3. How frequent do they receive money from your parent/s abroad;

A. Weekly basis (Once a Week)
B. Weekly basis( Twice a Week)
C. Monthly basis (Once a Month)
D. Monthly basis (Twice a Month)?

4. How much do they receive from their parents abroad;

 A. Below PHP 3,000.00
B. PHP 3,001.00 – PHP 5,000.00
C. PHP 5,001.00 – PHP 7,000.00
D. PHP 7,001.00 Above?
5. How much do Lorma College Students frequently
18 spend in a monthly basis?
A. Below PHP 3,000.00
B. PHP 3,001.00 – PHP 5,000.00
C. PHP 5,001.00 – PHP 7,000.00
D. PHP 7,001.00 Above?
6. How frequently are the students of Lorma Colleges engage in investments;
A. Regularly
B. Often
C. Sometimes
D. Occasionally
E. Never?
7. What output can be created from the results of this study?
 19

Assumptions

1. The College students of Lorma Colleges whose parents are overseas Filipino Workers are

classified as Self-Esteem Spenders.

2. The College students of Lorma Colleges whose parents are overseas Filipino Workers are

classified as Investment Savers.

3. The College students of Lorma Colleges whose parents are overseas Filipino Workers are

receiving money on a monthly basis (once a month).

4. The College students of Lorma Colleges whose parents are overseas Filipino Workers are

receiving money in a range of Php5001.00- Php 7001.00.

5. The College students of Lorma Colleges whose parents are overseas Filipino Workers

spend in about Php 3000.00 and below monthly.

6. The College students of Lorma Colleges whose parents are overseas Filipino Workers

only engage in investments monthly.

7. The output that can be created from the results of this study is a Financial Literacy

Program for College students of Lorma Colleges.

 20

CHAPTER II

This chapter includes the research design, the procedure for data collection, and the data

analysis procedures.

Research Design

This study was a quantitative research descriptive research design to explain the

financial spending of College Students with OFW parents to get a large amount of data from

Lorma College Students to study whether there are particular and re-occurring spending habits

among the College Students at Lorma Colleges According to Traci Williams (2021) Quantitative

research produces objective data that can be clearly communicated through statistics and

numbers. The research used quantitative methods to observe situations or events that affect

people.

  A descriptive research design is also used in this study to gather a larger amount of data

that comes from both the survey and the secondary data to support the information presented

in this research. According to Ritchie et al. (2013) by using the descriptive method the

researcher will be able to observe a large mass of the target population and make required

conclusions about the variables.

Population and Locale of the Study

The setting of research was in Lorma Colleges, located in Urbiztondo, San Juan, La Union. The

researchers gathered a total of 118 respondents coming from the 2 campuses whose parent/s is

currently working as an Overseas Filipino Worker and with an age range of 18 and above who

are enrolled in the school year 2022-2023 to answer the prepared survey as the data basis to
answer the problem statement. Students that are excluded from this study are students that are

ages 18 and below, and whose Guardians other than their biological parents are Overseas

Filipino Workers. The researchers used sample size, the researchers understand a group of

subjects that are selected from the general population and are considered a representative of

the real population for that specific study. Moreover, the researchers then explained the

consent form and the confidentiality form to the respondents to ensure them that any of their

personal information is protected with utmost confidentiality to avoid experiencing any data

leakages.

Data Gathering Tool

The researchers used a close-ended survey questionnaire through Google forms that

only includes a list of possible answers to avoid consuming too much time from the respondents

as well as to allow the researchers to gather all the needed answers in a short amount of time.

Data Gathering Procedure

In gathering the data for this research, the researchers prepared the survey

questionnaire by brainstorming and screening applicable questions. The researchers

also drafted a consent form and confidentiality form at the beginning of the survey

questionnaire to inform the participants regarding the confidentiality of their personal

information. After the survey questionnaires have been prepared, the researchers

gathered 118 willing and qualified to answer the survey. The qualified respondents were

given a link to the survey form that they will answer. Upon looking at the survey form,

the first page of the form includes the consent form that entails that these respondents

do have the right to refuse to give their consent to the researchers from collecting any
of their personal information and they also have the right to give the researchers their

consent to use their information as primary data of the research.

22

Other than that, the first page of the survey form also includes the

confidentiality form of the respondents that ensure them that all the given and shared

data from the survey form is protected with the highest potential confidentiality to take

full responsibility for the entrusted personal information and to also avoid the use of

their personal information outside the research purposes. From that, the researchers

gathered a total of 118 respondents that have willingly given their consent and those

that are qualified to take the survey. After the survey process, the researchers

proceeded to interpret and analyze the data.

Treatment of Data

The researchers made use of frequency count. According to Manikandan S.(2011);

It allows the researcher to have a glance at the entire data conveniently. The researchers also

computed the Percentage of the frequency of each table in order to efficiently describe and

discuss the results of the study. Results were also ranked accordingly.
 23

CHAPTER III

This chapter summarizes the data collected and presents its analysis. It includes the

explanations, implications, and applications of the results of the collected data from the

Researchers.

RESULTS AND DISCUSSIONS

Table 1 Type of Spenders that are present in Lorma Colleges with Overseas Filipino
Worker Parent
Type of Spenders Frequency Percentage Rank

1. Frugalist 36 30.51% 3

2. Spendthrifts 42 35.59% 1

3. Treat Yourself 40 33.90% 2

Spenders
Total 118 100%

Table 1.1 shows the frequency of the type of spenders that college students with OFW parents

that are present in Lorma Colleges. Most of them answered “Spendthrifts” with a frequency of

42 and a percentage of 35.59% of the total population. A study under the University of Michigan

co-authored by Michigan Ross Professor Scott Rick found that the majority of college students

enrolled in their schools were Spendthrifts, In addition, Tightwads experience emotional pain
connected to spending, where spendthrifts lack that emotional brake system, tending to

overspend and carry more debt as a result, he stated.

This implies that most of the respondents are Spendthrifts who are prone to blowing

large sums of money with little regard for the repercussions for their future.

Table 2 Type of Savers that are present in Lorma Colleges with Overseas Filipino
Worker Parents
Type of Savers Frequency Percentage Rank

1. Occasional Saver 42 35.59% 2

2. Save and Spend 50 42.37% 1

3. Investment 26 22.03% 3
Saver
Total 118 100%

Table 2 shows the frequency of the type of savers that college students with OFW parents that

are present in Lorma Colleges. Amongst the 118 respondents that answered the survey most of

them were categorized as “Save and Spend” type of Saver with a frequency of 50 and a

percentage of 42.37% of the whole population, this means that this set of college students are

less likely to achieve their saving goals. They are spontaneous spenders and buy anything they

want as far as the money is available. According to David Doe Fierborg he sought to examine the

habit of savings among the college students enrolled In Jiangsu University, the result indicated

that the majority of the college students do not save as a result of certain contributory factors

such as meager salaries and economic hardships. Also, the majority of college students do not

have definite financial management plans such as savings as a result of inadequate financial
literacy and are categorized as the Save and Spend type of savers. That shows a similar result in

the researcher’s study.

This implies that most of the respondents are Save and spend type of savers They are

usually quick to save 80% of their money but end up withdrawing almost all of it because they

do not have enough money to take care of their needs

25

Table 3 Frequency of money received by students with Overseas Filipino Worker

Parents
Indicators Frequency Percentage Description Rank

1. Weekly Basis, 30 25.42% The Students of Lorma 3

(Once a week) Colleges with OFW
Parents Receive their
money on a Weekly
Basis Usually Once a
week
2. Weekly Basis, 8 6.78% The Students of Lorma 4
(Twice a week) Colleges with OFW
Parents Receive their
money on a Weekly
Basis Usually Twice a
week
3. Monthly Basis 37 31.36% The Students of Lorma 2
( Once a month) Colleges with OFW
Parents Receive their
money on a Monthly
Basis Usually Once a
Month
4. Monthly basis 43 36.44% The Students of Lorma 1
(Twice a month) Colleges with OFW
Parents Receive their
money on a Weekly
Basis Usually Twice a
Month
Total: 118 100%
Table 3 includes how frequent do students of Lorma Colleges receive money from their

Overseas Filipino Worker Parents. The indicator which has the highest average weighted mean is

“Monthly Basis (Twice a month)” and this earned a Frequency of 43 and a total of 36.44% of the

entire Respondents.

This implies the students receive money on a monthly basis usually twice a month it

shows that they tend to spend more because they receive their money frequently supposed to

students who receive weekly or once a month.

26

Table 4 Scale of How much do the College students of Lorma Colleges receive from
their Overseas Filipino Worker Parents
Indicators Frequency Percentag Description Rank

1. ₱00.00 - ₱3,001.00 27 22.88% Tight Budget 2

2. ₱3,001.00 -₱5000.00 20 16.95% On- Budget 3

3. ₱5001.00- ₱7,000.00 9 7.63% Average 4

4. ₱7,001.00 and above 62 52.54% Upper class 1

Total 118 100%

Table 4 includes the amounts received by the students of Lorma Colleges from their Overseas

Filipino Worker Parents. The indicator which has the highest frequency is the range of ₱7,001.00

and above which is a total of 52.54% of the total Respondents Answered. Which the researchers

can average that most of the college students of Lorma Colleges with Overseas Filipino Worker

parents are categorized as “Upper Class Students”

This implies that students of Lorma Colleges with Overseas Filipino Worker parents who

received a range of Php 7001.00 and above tend to spend more because they have the freedom

to spend more because they expect to receive again.

 Table 5 Range according to Monthly Expenditures of College students of Lorma
Colleges with Overseas Filipino Worker Parents
Indicators Frequency Percentage Description Rank

1.₱00.00- ₱3,000.00 19 16.10% Tight Budget 3

2. ₱3,001.00 - 15 12.71% On- Budget 4

₱5000.00
3. ₱5,001.00 - 24 20.34% Average 2
₱7,000.00

4. ₱7,001.00 above 60 50.85% Above Average 1

Total 118 100%

Table 5 includes the monthly expenditures of the students from Lorma. The table above shows
27
the monthly allowances of the students from Lorma. The highest allowances that Lorma college

student has is at ₱7,0001 above with a frequency of 60 and a percentage of 50.85%, According

to Business Mirror 2017, Students who have OFW parents do not have savings, but prioritizes

their immediate wants and choose to pay for materials and experiences that will enhance their

present, rather than focusing on their future. This further shows that every allowance received

by college students with overseas Overseas Filipino Worker Parent/s tend to spend all of their

given allowances

This implies that the money received from the Overseas Filipino Worker Parents are

spent accordingly so they tend to spend most of their money leading to no savings and

investments.

Table 6 Frequency of Lorma Colleges Students with Overseas Filipino Worker Parents
who Engage in Investments
Indicators Frequency Percentage Description Rank

1. Regularly 8 6.78% Daily 5

2. Often 24 20.34% Weekly 3

 3. Sometimes 39 33.05% Monthly 1

4. Occasionally 29 24.58% Anytime when I just feel it 2

5. Never 18 15.25% No engagement in 4

Investments
Total 118 100%

Table 6 includes the Frequency of students from Lorma Colleges who engage in investments.

The indicator which has the highest Frequency is “Sometimes” which is monthly and this earned

a percentage of 33.05% of the total population through these results we can see that Students

really don’t engage in investments that much relating it to the results for their savings they only

investment when they have the means too.

28
According to Yang and Lester (2016) also found a relationship between savings and

investment behavior and student perceptions. The older their expected retirement age, the less

likely students were to be saving and investing their money.

This implies that the college students with Overseas Filipino Workers parents engage in

investments sometimes they are considered to invest In a monthly basis where they have a little

to none background of investing.

Table 7 Summary table

1. Type of Spenders
2. Type of Savers
3. Frequency of money
received by students with
Spendthrifts Spendthrifts are prone to blowing large
sums of money with little regard for the
repercussions for their future and Lorma
colleges also categorized as Save and
Spend type of savers This set of people
are less likely to achieve their saving
goals.
Save and Spend Save and Spend type of savers This set of
people are less likely to achieve their
saving goals. They are not disciplined
and committed to a savings goal.
Monthly Basis twice a Most of the students of Lorma Colleges
week receive money from their OFW parents
OFW parent
4. Scale of How much do
the students receive from
their OFW parents
5. Range according to
Monthly Expenditures
6. Frequency of Students
who Engage in Investments
Table 1.7 is the whole summary of the answers from the respondent it has been
Monthly twice a week
7,001 and above Most of the students range of how much
do they receive from their parents are
PHP7,001.00 and above
7,001 and above Most of the students range of how much
do they spend monthly are PHP7,001.00
and above
Sometimes Most of the students answered
sometimes so they are considered to
invest in a Monthly basis

simplified and categorized Lorma Colleges students with OFW Parents are Spendthrifts

as spenders. This means that the college students of Lorma Colleges with Overseas

Filipino Workers are Spendthrifts who are prone to blowing large sums of money with

little regard for the 29

repercussions for their future and they are also categorized as Save and Spend type of

savers. This set of people are less likely to achieve their saving goals. They are not

disciplined and committed to a savings goal.

They are usually quick to save 80% of their money but end up withdrawing

almost all of it because they do not have enough money to take care of their needs in

addition to the range of monthly expenditures and the range of money received from

their OFW parents has the same range of PHP7,001.00 above, and the students of

Lorma Colleges with Overseas Filipino Worker parents who engage in Investments

choose that they only engage “Sometimes”

30
 CHAPTER IV

This chapter of the research includes an overview of the research. It consists of the findings,

conclusions and the findings.

FINDINGS

1. The students of Lorma Colleges with OFW parents, the result shows that most of them are

categorized as "Spendthrifts"

2. The result shows that the lorma colleges students with Overseas Filipino Worker Parents are

categorized as "Save and Spend type of Savers"

3. The researchers found that college students at Lorma Colleges frequently receive their

money/Allowances twice a month.

4. The researchers found that most of the Lorma college students are frequently receiving

P7001.00 and above, concluding that they are categorized as Upper-class students.

5. The researchers found that the average expenditures of students from Lorma colleges range

from Php7,001.00 and above monthly.

6. The Researchers found that college students of Lorma Colleges with Overseas Filipino Worker

parents “sometimes” engage in Investing the students usually invest once a month.

31
CONCLUSIONS

In conclusion, based from the findings of the research, it revealed that college students of Lorma Colleges

with OFW parents:

1. The college student's spending habits are negative since first when it comes to spending, they are

considered as spendthrifts, the results show that they are prone to blowing large sums of money

with little regard for the repercussions or their future.

2. The college students of Lorma Colleges with Overseas Filipino Worker parents, when it comes to

saving, they are categorized as the “Save and Spend” They don’t have a set-out plan, so they end up

spending more than they need. They are spontaneous spenders and buy anything they want as

far as the money is available (including their savings). They see their savings as a monthly

reserve that they can spend at will.

3. The less frequently the college students receive money from their OFW parents the more

they tend to spend because they think that they would still receive money over a period of

fifteen days specially applied for wage payments of their parents abroad.

4. The college students of Lorma Colleges with Overseas Filipino Worker parents received in a

range of Php7001.00 and above this shows that they are categorized as in the upper class which

shows that they don’t feel the need of saving or investing because they receive a lot from their

parents

5. The monthly expenditures of the college students match the money received from their

parents it shows that the students totally spend all the money they receive and they don’t

prioritize saving or investing.

6. The college students of Lorma Colleges with Overseas Filipino Worker parents engage in

investments monthly

32
Recommendations

The researchers came up with the following recommendations to the students and the student's

parents to alleviate the possible conflicts:

1.) It is recommended that gender would be considered as a variable for the inclusion of

respondents

2.) Financial literacy lectures which can be held in the whole higher education per year level

through the help of conducting seminars and workshops for Spendthrifts in order for them to be

financially literate not just with the mind but also with the act.

3.) The Financial Literacy Brochure that was provided by the researchers is highly recommended

to be used by students of Lorma Colleges for them to have a recollection or summary of the

financial literacy program

4.) Lastly, the researchers would like to present this to future researchers, for this research will

serve as their guide and source of information to present in their future studies.

33
 REFERENCES:

Canlas, M. (2014, May 26). The breakdown of students' allowance | Philstar.com. Philstar.
https://www.philstar.com/other-section/campus/2014/05/26/1327597/breakdown-students-
allowance

Gudmunson, C. G., & Danes, S. M. (2011). Family financial socialization: Theory and critical review.
Journal of family and economic issues, 32(4), 644-667.
https://onlinemasters.ohio.edu/blog/consumer-behavior-theories-every-marketer-
should-know/

Hawkins Stern Impulse Buying Theory

https://www.linkedin.com/pulse/hawkins-stern-impulse-buying-theory-d-john-carlson/?
trk=articles_directory

Ichimura, A. (2021, May 17). The Philippines Is Still the World's 4th Top Recipient of Remittances.
Esquiremag. https://www.esquiremag.ph/money/industry/ofw-remittance-4th-world-a00304-
20210517

Manapol, M. L., Lopez, S. R., & Sobrejuanite, M. V. E. (2022). Saving and Spending Habits of
Overseas Filipino Workers (OFWs) and Their Families in Region Xi, Philippines. Asean Social
Work Journal, 1(1), 59-71.

Philippine Statistics Authority, (2022, March 7). Philippine Statistics Authority | Republic of the
Philippines. Psa. https://psa.gov.ph/statistics/survey/labor-and-employment/survey-overseas-
filipinos

Scott, H. The Disadvantages of Working Abroad - Charmingmarie. Charmingmarie.

https://charmingmarie.com/expat-life/the-disadvantages-of-working-abroad/

Theory of Reasoned Action

https://www.simplypsychology.org/theory-of-reasoned-action.html

Vista Land, (2022, March 10). What Country Has The Most OFWs from the Philippines.
Vistalandinternational. https://www.vistalandinternational.com/blog/Reasons-Why-Filipino-
Work-Abroad-and-Highest-Paying-Countries-for-OFW

6 Types of Spenders: Which One Are You? Sheila Brenda Andoi

https://www.money254.co.ke/post/6-types-of-spenders-which-one-are-you-money-
management

34
 Appendices A.

Endorsement Letter to REC

ENDORSEMENT

October 24, 2022

To The Research Ethics Committee:

The Research Technical Panel of the College of Business has reviewed the
study entitled, Spending Habits of Lorma Colleges Students With Overseas
Filipino Worker Parents prepared and submitted by John Marsky Domagas,
Kenneth Adrian Pimentel, Ralpph Rigel Rivera, John Mark Vino.

The study, therefore, is endorsed to Lorma College Research Ethics Committee

(LC-REC) for further review and approval.

Sincerely,

__________________
Grace G. Nabanalan
Research Coordinator
College of Business

35
 Appendices B.
Letter to REC

College of Business
Lorma Colleges
San Juan, La Union

October 24, 2022

Gryn T. Salagma RRT, MPH

Chairman, Research Ethics Committee
Lorma Colleges

Dear Ma’am:

We, the 4th year students of College of Business taking up Bachelor of Science in Business
Administration Major in Financial Management would like to conduct a research entitled:
“Spending Habits of Lorma Colleges Students With Overseas Filipino Worker Parents” for
the duration/time/year: September to December 2022. We, therefore, ask your office to grant us
the permission of continuing our research for the fulfillment of our subject Business Research for
this semester, SY 2022-2023

Truly yours,

Rivera, Ralpph Rigel G.

Vino, John Marc E.

Pimentel, Kenneth Adrian A.

Domagas, John Marsky M.

Noted by:

Grace G. Nabanalan
Adviser/Research Coordinator

36
 Appendices C.

Letter Of Approval for Research Ethics Committee

37
 Appendices D.
Letter to Respondents

Dear Respondents:

Greetings!
We, the 4th year students of Lorma Colleges, taking up Bachelor of Science in B
Administration Major in Marketing Management, are undertaking research e
”Spending Habits of Lorma Colleges Students With Overseas Filipino Worker Parent

In partial fulfillment of the course requirements in Business Research may we soli

help in making this study a success by answering the questions below.

Rest assured that all provided information will be treated with utmost respect t
confidentiality and shall be used for academic purposes only.

Respectfully yours,

Rivera, Ralpph Rigel G.

Vino, John Marc E.

Pimentel, Kenneth Adria

38
 Appendices E.
Questionnaire Survey
Please put a checkmark in the circle provided for your possible chosen answer.

I. Let us determine what type of a spender are you. 

Below are guidelines on how to determine what type of spender are you, please answer the

questions honestly. 

I.1 When it comes to saving money:

o I know I ought to be saving, but I never seem to be able to.

o I really enjoy saving. In fact, I spend a lot of time and energy thinking about how to save.

o I have trouble saving money, and this bothers me sometimes.

o I spend only for things I really need.

o Saving comes naturally to me. I save regularly.

o Other:________________

I.2 When I want a certain item but it costs more than I have:

o I'll buy it and figure out how to pay for it later.

o I save for it first; then I buy it.

o I'll buy it or charge it, even if I can't afford it.

o Most of the things I want are not luxury items, so I can afford them. On occasion when I

do want something outrageous, I may buy it, but the purchase will make me feel very

uncomfortable.

o If the item is important enough to me, I'll figure out how to adjust my budget to buy it. If

it isn't that important, I'll forget about it

o Other:_________________________________________

39
 I.3 The things I do when I am Financially down:

o Spending money does not cheer me up.

o Hatching plans to make more money makes me feel better.

o Spending money always cheers me up.

o Spending just makes me feel worse. Spending has nothing to do with happiness.

o Is the last thing I would do, but putting more money in savings or a solid investment

might lift my spirits.

o Other:________________________________

I.4 If I won a million pesos in the lottery, my first reaction would be:

o To be totally overwhelmed - I would have no idea how to handle it.

o To be very happy. I would immediately start thinking about how to make the money

grow and at the same time use it for my own enjoyment.

o To be wildly excited, realizing that from now on I could buy anything I wanted!

o To feel a little guilty, thinking about all the people who have nothing. I would think

about how to use some of my money to help others.

o To feel shocked, a little overwhelmed, and very relieved that my future was now secure.

o Other:__________________________________________________

40
II. Below are guidelines on how to determine what type of saver are you, please

answer the questions honestly. 

II.1 How do you keep track of your spending?

o With an app that’s linked to my accounts and cards. I check it a few times a week.

o I save all my receipts.

o I don’t spend that much, so I just glance at my credit card statement each month.

II.2 How much of your allowance will you save this year?

o At least 15%

o Whatever I don’t spend.

o I don’t keep close track, but I always have something left over.

II.3 You just bought a new outfit last week, but now your favorite store is having a

50% off sale. Do you buy something?

o Sure, I have some money left in my monthly clothing budget.

o Absolutely! I can’t pass up a bargain.

o No, I don’t need any more clothes right now.

II.4 You’re on vacation and looking for a place to eat dinner.

o Whatever local restaurant the concierge recommends. I’m on vacation and want to try

something new!

o A well-known spot I saw online. I’ve been waiting for this experience for months and

know exactly what I’ll order.

o A take-out spot that’s fast and budget-friendly. It’s just food; so what if the place has a

view of an alley?
41
3. How Frequently do you receive money from your parent/s abroad?
o Weekly o Weekly basis, o Monthly o Montly basis, o Others:
basis, (twice a week) basis, (once a (twice a month) _______
(Once a month)
week)

4. How much allowance are you receiving from your parent/s abroad?
o PHP 00.00 – o PHP3,001.00 o PHP5,001.00 o PHP 7,001.00 above
PHP3,000.00 – -
PHP5.000.00 PHP7,000.00

5. How important is spending to you?

o Not o Fairly o Important o Very o Very Highly Important
Important Important Important

6. How much do you spend in a monthly basis?

o PHP00.00 – o PHP3,001.00 o PHP5,001.00- o PHP7,001.00- o PHP9,000.00
PHP3,000.00 – PHP7,000.00 PHP9,000.00 and above.
PHP5.000.00

7. How important is saving to you?

o Not o Fairly o Important o Very o Very Highly
Important Important Important Important

8. if YES, how much do you save in a monthly basis?

o PHP0.00- o PHP1001.00- o PHP2,001.00- o PHP3,001.00 o Others:
PHP1000 PHP2000.00 PHP3,000.00 and above. _________

9. how often do you save?

o Daily
o Weekly
o Monthly
o Anytime when you just feel it.
o Other:_____________________________

10. Do you engage in any investment?

o Regularly o Often o Sometimes o Occasionally o Never

11. If Yes, how much do you invest in a monthly basis?

o PHP0.00- o PHP501.00- o PHP1,001.00 o PHP2,001.0 o Others:

PHP500.0 PHP1000.00 - 0 and ______
 0 PHP2,000.00 above.

12. How often do you invest? 42

o Daily
o Weekly
o Monthly
o Anytime when you just like it.
o Other:_____________________________

13. What kind of Investment do you engage in?

o Stock Market
o Real Estate
o Free Lancing
o Business Full time
o Business Part time j
o Others: ______________

14. IF none, Why?

________________________________
 43
Appendices F.

LC-REC Form #011

INFORMED CONSENT FORM

INFORMED CONSENT FORM

INSTRUCTION: Please accomplish the form and ensure that all necessary documents are
included in your submission.

GENERAL INFORMATION:

Title of the Study: Spending Habits of Lorma Colleges Students with Overseas
Filipino Worker Parents
REC Code: 2022-197 No. of Study Participants: 118
study site:__________________________________________________________
Name of Researcher/s: John Marsky Domagas, Kenneth Adrian Pimentel, Ralpph Rigel G.
Rivera, John Marc Vino
Contact Information : Telephone Number: 607-5235 Mobile Number: 09171221021
Fax Number: ______________ Email :
ralpphrigel.rivera@lorma.edu
Name of Institution: Lorma Colleges
Institution’s Address : Urbiztondo San Juan La Union
Type of Study: □ Sponsored Clinical Trial □ Biomedical Research
□ Researcher-Initiated Clinical Trials □ Stem Cell Research
□ Health Operations Research □ Genetic Research
□ Social or Behavioral Research □ Others: Business Research
□ Public Health or Epidemiologic
Source of Funding : □ Self-Funded □ Scholarship/Research Grant
□ Government-Funded □ Institution-Funded
□ Sponsored by Pharmaceutical Company
 □Others:
44

Duration of the Study: Start Date: September 5, 2022 End Date: December 5, 2022

INTRODUCTION (Use Extra Sheet if Necessary)

College students are becoming more inclined to manage their finances independently since they

are more satisfied to do so. One of the biggest types of college students who practice this kind

of act are students with Overseas Filipino Worker(OFW) parents. The study aimed to explore the

concepts and spending patterns of students of Lorma College with OFW parents. This research

will broadly study the average amount of allowances for college students whose parents are

OFWs. Then the researchers formulated an advocacy to provide attention to these college

students who independently manage their money through the financial literacy program.  

PURPOSE OF RESEARCH (Use Extra Sheet if Necessary)

The sole purpose of this research is to help Lorma Colleges Students with Overseas Filipino

Worker Parents understand the daily things that they do which affect their spending habits and

provide Financial Literacy Program that would impact them on their Spending, Saving,

Budgeting, and Investing.

TYPE OF RESEARCH INTERVENTION (Use Extra Sheet if Necessary)

1. Participant Selection

The participants of this research mainly focus on Lorma Colleges students with Overseas Filipino

Worker Parent/s only who are aged 18 and above an age range of 18 and above and enrolled in

the school year 2022-2023

2. Voluntary ParticipationThe participation in this research’s survey is entirely voluntary,

and no harm is intended

 45

3. Procedures

The procedures used by the researchers in this study include the use of survey questionnaires

with the use of google documents to ensure a convenient way of answering the survey the

collected data from the respondents would be strictly confidential and it will just be used for

research purposes.

4. Risks

The information that the researchers will collect is highly protected and it will just be used for

research purposes.

5. Benefits

The benefit of this study is that this will serve as a guide and source of information to present in

future research studies.

6. Reimbursements

This research was self-funded by the researchers there are no reimbursements or return of

money for this research It will serve as a Partial Fulfillment Of the Requirements for the Degree

Bachelor of Science in Business Administration Major in Financial Management

7. Confidentiality

Every respondent in this study is notified for this study only, They are given a consent form

which discusses that every piece of information the researchers have collected would be strictly

just for the data of this research only the researchers know the data given by the respondents

but the identities are not revealed to those outside of the study.

8. Sharing of Results
The present researchers disseminated their findings of this study to the respondents to further

aid and guide them in future research in their data collection and discussions

46

9. Right to Refuse or Withdrawal

Every respondent has an equal choice whether they will participate in answering the

researcher's survey or not without any harm or will not affect their relationship with the

researchers.

10. Who to Contact

In regards to questions and inquiries feel free to contact the researchers: :

Kennethadrianp@gmail.com,ralpphrigel.rivera@lorma.edu, Johnmarsky.domagas@lorma.edu,

Johhnmarc.vino@lorma.edu Contact number: (0915 539 7315)

 47

Appendices G.
CERTIFICATE OF CONSENT:

I have read the information stated herein and it was properly explained to me. I
was provided with a chance to ask questions relative to it. All questions I asked were
answered properly; therefore, I consent and voluntarily participate in this study.

Name of Participant: ________________________________________

Signature of Participant: _____________________________________
Date: _____________________________________________________

Statement from the Researcher/Person Obtaining the Consent

All information pertaining to this study was explained to the possible participant
and made sure that he/she fully understood what she/he has to do in the research.
Similarly, I affirm that the potential participant was given with a chance to ask
questions which I have answered accurately to the best of my ability.
Likewise, I affirm that the participant was not coerced or forced in giving
consent. That he/she has voluntarily provided the consent.

Accomplished by: _________________________________

Date Submitted: __________________________

(Signature over Printed Name)

 48
Apendices H.
 49
APPENDICE I.
50
 51
Appendices J.
 52

Appendices K.
53
 54
Appendices L.
55
Appendices M.

56
57
 Appendices N.

Letter of Request of the Dean of College of Business for the floating of the Questionnaire

December 16, 2022

DIADEMA FRANCISCA B. LA MADRID, PH.D.

OIC Dean
College of Business, Lorma Colleges

Dear Dr. La Madrid:

We, the 4th year Bachelor of Science in Business Administration students of Lorma Colleges
under the College of Business (COB) will be conducting a research entitled, “Spending Habits of
Lorma Colleges Students with Overseas Filipino Worker Parents.”

In this connection, may we ask your permission to allow us to conduct our research study by
doing a survey to 118 respondents of Lorma Colleges. In accordance with the law and ethics of
research, all the data that will be gathered will be treated with the utmost confidentiality and it
will be used for academic purposes only.

Your approval to conduct this study will be greatly appreciated.

Respectfully yours,

RESEARCHERS

Domagas, John Marsky M. Pimentel, Kenneth Adrian A.

Rivera, Ralpph Rigel G. Vino, John Marc E.

Recommended by:

GRACE G. NABANALAN, MDA, LPT

Research Instructor
Approved by:

DIADEMA FRANCISCA B. LA MADRID, PH.D.

OIC Dean, College of Business
58

Appendices O.
 CERTIFICATION OF ENGLISH CRITIQUE

This is to certify that the undersigned has read, reviewed and edite
manuscript of John Marsky M. Domagas, Kenneth Adrian A. Pimentel, Ralp
Rigel G. Rivera, John Marc E. Vino entitled "Spending Habits of Lorma Colle
Students with Overseas Filipino Worker Parents" as a requirement for the
completion of the subject Research.

This further certifies that the scope of editing is within the technica
preparation of manuscript only. This certification is issued to the aforemen
researchers this 10th day of December 2022 for English Critic requirements

Roger Anthony A. Ines, Ma. Ed.

English Critic
Communications Consultant

59
Appendices P.
PHOTO DOCUMENTATION
60
61
62
63
 Appendices Q.

Resume

John Marsky M. Domagas

Carlatan, City Of Sanfernando, La Union 2500
Mobile Number: 09155122885
Johnmarsky.domagas@lorma.edu

PERSONAL DETAILS
GENDER : Male
DATE OF BIRTH : September 28 2000
NATIONALITY : Filipino
STATUS : Single
RELIGIOUS : Roman Catholic
AFFILIATION
CAREER OBJECTIVES
Seeking a position in a company where I can launch my career and build a
valuable skill set.
QUALIFICATIONS SUMMARY
1. Time Management
2. Hardworking
3. Dependable
4. Team player
WORK EXPERIENCE
1. Internship/OJT at MUNICIPALITY OF SAN JUAN, LA UNION - January 6 2020 to march
8, 2020

2. Internship/OJT at CICOSAT COLLEGES AT REGISTRAR OFFICE, Barangay Lingsat, City of

San Fernando, La Union. – December 2, 2019 to January 3,2020

EDUCATIONAL BACKGROUND
YEAR SCHOOL ADDRESS
2019-present LORMA COLLEGES Urbiztondo
(Bachelor Of Science in Business Administration San juan La
Major in Financial Management) Union
2017-2019 Cicosat College Lingsat, San
Fernando
City, La
Union
2014-2017 Northern Philippines College for Maritime Lingsat, San

64
 Science and Technology (NPCMST) Fernando
City, La
Union

2009-2014 Cicosat Colleges Lingsat, San

Fernando
City La
Union

SEMINARS/WORKSHOPS/LECTURES/TRAININGS ATTENDED FOR THE

PAST 5 YEARS
TITLE OF SEMINARS/ WORKSHOPS/
YEAR
LECTURES/TRAININGS
March 27, 2021 KNOW YOUR MONEY WEBINAR

65
Kenneth Adrian A. Pimentel
Carlatan, City of San Fernando, La Union, 2500
Mobile Number: 09369236390
Kennethadrianp@gmail.com

PERSONAL DETAILS
GENDER : Male
DATE OF BIRTH : May 18, 2000
NATIONALITY : Filipino
STATUS : Single
RELIGIOUS : Roman Catholic
AFFILIATION
About me
I'm currently pursuing a Bachelor of Science in Business Administration with a
specialization in Financial Management at Lorma Colleges.
QUALIFICATIONS SUMMARY
1. Leadership
2. Customer Satisfaction
3. Great in verbal and non-verbal communication
4. Adaptable
5. Team player
6. Time Management

WORK EXPERIENCE
Internship/OJT at LAFAAYETTE LUXURY SUITES RESORT Baccuit Sur, Bauang,
La Union - January 14, 2019 to January 18, 2019

Internship/OJT at SUNLIFE FINANCIAL 2nd floor, One Nisce Place, Quezon

Avenue, Brgy. Catbangen, City of San Fernando, La Union. – Januray 21 to January
25,2019

EDUCATIONAL BACKGROUND
YEAR SCHOOL ADDRESS
2019-present LORMA COLLEGES Urbiztondo
(Bachelor Of Science in Business Administration San juan La
Major in Financial Management) Union
2017-2019 LORMA SENIOR HIGH SCHOOL Urbiztondo
(Accountancy and Business
66 Management) San Juan La
Union
2014-2017 LORMA SPECIAL SCIENCE HIGHSCHOOL Urbiztondo
 San juan La
Union

2009-2014 LORMA GRADE SCHOOL (ELEMENTARY) Urbiztondo

San juan La
Union

SEMINARS/WORKSHOPS/LECTURES/TRAININGS ATTENDED FOR THE

PAST 5 YEARS
TITLE OF SEMINARS/ WORKSHOPS/
YEAR
LECTURES/TRAININGS
May 27,2021 “KNOW YOUR MONEY WEBINAR”

67
Ralpph Rigel G. Rivera
#13 Mountain View Subdivision Lingsat San
Fernando City La Union
Mobile Number: 09171221021
ralpphrigelrivera@gmail.com

PERSONAL DETAILS
GENDER : Male
DATE OF BIRTH : October 21 2000
NATIONALITY : Filipino
STATUS : Single
RELIGIOUS : Roman Catholic
AFFILIATION
CAREER OBJECTIVES
Looking for an opportunity to utilize and hone my skills in delivering friendly,
excellent customer service and be able to work with other team members that will
allow me to further develop and grow in this industry.
QUALIFICATIONS SUMMARY
1. Able to work under pressure in a fast paced restaurant
2. Good with people, friendly and dependable with regards to assigned tasks
3. Able to multi task and prioritize tasks within a shift
4. Strong verbal communication skills, listening ability;
5. Exudes professionalism as a team member and can work independently with or
without supervision
6. Computer literate
7. Capable of desk jobs efficiently and effectively

WORK EXPERIENCE
Work immersions:
1. (2019) Hotel Ariana ;
Tasks/ Responsibilities:
Table preparation/setting
Kitchen tasks
Housekeeping

2. (2019) Manulife
Tasks/ Responsibilities:
Sorting file folders
Setting appointments with prospect clients

3.(2021) McDonalds
Tasks/ Responsibilities:
Kitchen Crew 68
EDUCATIONAL BACKGROUND
YEAR SCHOOL ADDRESS
2019-present LORMA COLLEGES Urbiztondo
(Bachelor Of Science in Business Administration San juan La
Major in Financial Management) Union
2017-2019 LORMA SENIOR HIGH SCHOOL Urbiztondo
(Accountancy and Business Management) San Juan La
Union
2014-2017 LORMA SPECIAL SCIENCE HIGHSCHOOL Urbiztondo
San juan La
Union

2009-2014 LORMA GRADE SCHOOL (ELEMENTARY) Urbiztondo

San juan La
Union

SEMINARS/WORKSHOPS/LECTURES/TRAININGS ATTENDED FOR THE

PAST 5 YEARS
TITLE OF SEMINARS/ WORKSHOPS/
YEAR
LECTURES/TRAININGS
March 26, 2021 Webinar on CREATE Law Confirmation
Financial Executives Institute of the Philippines

April 5, 2021 Basic Financial Literacy: Special Program for JFINEX

students and their parents Confirmation
April 24,2021 Beyond 2021: Redefining HR and Transcending
Adversities
April 29 –May 1,
2021 International Leadership Conference 2021 with the theme: “
Toward Peaceful Reunification of the Korea Peninsula:
Creating a Foundation for a Unified World”
May 2, 2021

LEVEL UP 2021 With the Goal of Learning Expansion and

Professional Development
HONORS/AWARDS RECEIVED FOR THE PAST YEARS
YEAR TITLE OF HONORS/AWARDS RECEIVED
Participant at the fourth international seminar on English language and
May 2016 teaching (ISELP-4) in Indonesia last May 11 2016

SY: 2018- Citation for Culture and Arts

2019

SY: 2020- Dean's List First and Second Semester

2021 67
SY:2021-
Half-Scholar First and Second Semester
2022

68
John Marc E. Vino
Blk 2, Lot 16, North Forbes Subdivision, Brgy.
Catbangen
San Fernando City, La Union
Mobile Number: 09155397315
Johhnmarc.vino@lorma.edu

CAREER OBJECTIVES
interested to pursue a long term career in an environment where I can contribute in the
areas of human resources training and development, relationship management, and
other available openings that suits my qualifications.

QUALIFICATIONS SUMMARY
1. Market Analysis & Strategy
2. Team Leadership
3. Project Management
4. Online Marketing Tools
5. Budgeting Planning

EDUCATIONAL BACKGROUND
YEAR SCHOOL ADDRESS
2019-present College-LORMA COLLEGES Urbiztondo
(Bachelor Of Science in Business San juan La
Administration Major in Financial Union
Management)

2015 High School- Divine World College of Urdaneta,

Urdaneta Pangasinan,
Philippines

2010 Elementary -Messiah Christian Academy Urdaneta,

Pangasinan,
Philippines

SEMINARS/WORKSHOPS/LECTURES/TRAININGS ATTENDED FOR THE

PAST 5 YEARS
TITLE OF SEMINARS/ WORKSHOPS/
YEAR
LECTURES/TRAININGS
February 24, 2019 MADWORLD
SM Mall of Asia Arena, Pasay Cit
September 30- BRYCE inspired
69 careers
October,2017 Cafe Luis, Saint Louis College
August 17 and 18, 2019 Leadership Training
San Luis Del mar, Baccuit Norte, Bauang La Union

70