From what you have described, I would exhort you to work instead of furthering.

In most cases furthering till PhD is more of a passion rather than money. I've seen many giving up PhD because of money.

Can you convince your family? Are you dedicated enough? Ask yourself before you commit. Since you are an Engineer, you don't really need a PhD. Get yourself an IR instead.

Research comes with alot of failures, you have to be really adamant and ardent to overcome those failures. In Malaysia most people would pursue their PhD just for the fame and not knowing what they want. Many ended up with facile research. Research is about progressing not repeating. And in most cases research in Malaysia are repetitive rather than innovative.

In summary if you are not willing to commit don't take up a PhD. PhD is not for fame nor money, it's about research to contribute to the society. Knowing what you want will dictate your future.

Fast track if you have a scholarship, or else just try out masters before deciding to pursue a PhD.

PhD is a different kind of game. You can go for fast track but you would be lost for the first year, or you may even end up without a degree.