Driving is a privilege, not a right. A driver’s license isn’t granted lightly to anyone without passing a set of tests and examinations. To ensure that individuals will uphold road safety and follow traffic rules, a certain set of standards must be met before they can legally drive on the road.  

A driver’s license is an official document authorizing an individual to drive a motorized vehicle.  If you are thinking of getting a driver’s license in the Philippines, here’s what you need to know.

Types of driver’s license in the Philippines

In the Philippines, the Land Transportation Office (LTO) provides three types of driver’s licenses. Depending on an individual’s driving skills, they fall on the following category: student permit, non-professional permit, and professional permit. These permits are given in tiers or stages, rookie drivers are given a student permit while experienced drivers are granted with the professional license.

An individual who is at least 17 years old can immediately qualify for a student permit, provided that they undergo LTO’s screening or test. This can then be upgraded to a non-professional license one month after acquiring the student permit, and later on to a professional license after 6 months.

It’s quite a lengthy application process because it requires a written and a driving exam for a non-professional or professional license.

How to apply for driver’s license in the Philippines

To give you a complete overview of how the driver license application work, below is a quick guide on how you can obtain these licenses.

Student driver permit (SP)

This driver’s license is granted to new drivers who are less experienced in driving. It’s basically used for drivers who are still learning how to drive. This driver’s license can be converted to a non-professional driver’s license after 30 days it was granted.

[block type="info" title="Qualification"]

1. Must be at least seventeen (17) years old.
2. Must be physically and mentally fit to operate a motor vehicle.
3. Must be able to read and write in Filipino or English or the applicable local dialect.
4. In addition, for foreigners, the applicant must be eighteen (18) years old and must have been in the Philippines for at least one (1) year from the date of application.[/block]

[block type="info" title="Documentary requirements"]

• Duly accomplished Application form for Driver's License (ADL). Download here.
• Original and photocopy of birth certificate duly authenticated by National Statistics Office (NSO).
• If below eighteen (18) years of age, original copy of parental/guardian consent with original and photocopy of one (1) valid government issued Identification Card containing the signature of the consenting parent/guardian.
• Medical Certificate issued by any licensed practicing physician stating that the applicant is physically and mentally fit to operate a motor vehicle or otherwise stating his/her impairment.
• In addition, for foreigners, original and photocopy of passport with entry date of at least one (1) month and visa duration of at least one (1) year from date of application, or if born in the Philippines, present original and photocopy of birth certificate duly authenticated by the NSO.[/block]

[block type="tips" title="Application process"]

1.  Submit all the documentary requirements to the receiving personnel

• Receiving personnel shall check only the completeness of the documents required and transmit the same to an evaluator.
• The Evaluator shall evaluate the qualifications of the applicant and, if qualified, encode the application in the system.
• After encoding, the application shall be approved by the Approving Officer.

2.  Upon approval, the applicant shall be called for photo and signature taking.
3. Pay the required fees to the Cashier.
4. The SP Card with the Official Receipt shall be released to the applicant, who shall be required to write his/her name and affix his/her signature in the appropriate Release Form.

• A reviewer containing all possible questions in the examinations for the issuance of an NPDL, PDL shall be given to the applicant together with SP Card.[/block]

The cost of a student permit

[table id=371 /]

Non-professional driver’s license (NPDL)

A non-professional driver’s license has the same qualification as the student driver’s license. However, only student permit holders can only convert their license to this after 30 days from the date their student permit was granted and will have to undergo a screening process that entails a written and practical examination.

Non-professional driver’s license holders will be eligible to drive motorcycles and vehicles with a gross weight no higher than 4,500 kilograms (with either manual or automatic transmission) such as sedans, sports utility vehicles (SUVs), pickups, minivans and most passenger vehicles.

[block type="info" title="Qualification"]

1. Must be at least eighteen (18) years old.
2. Must be physically and mentally fit to operate a motor vehicle.
3. Must be able to read and write Filipino, English or the applicable local dialect.
4. Must be a holder of a valid SP issued at least thirty (30) days prior to the application.
5. In addition, for foreigners, the applicant must have been in the Philippines for at least one (1) month with proof that he/she will stay in the country for at least one (1) year from the date of application.[/block]

[block type="info" title="Documentary requirements"]

1. Duly Accomplished Application for Driver's License (ADL). Download here.
2. Valid SP issued at least thirty (30) days from the date of application.
3. Medical Certificate issued by any licensed practicing physician stating that the applicant is physically and mentally fit to operate a motor vehicle or otherwise stating his/her impairment.
4. In addition, for foreigners, original and photocopy of passport with entry of at least one (1) month and visa duration of at least one (1) year from the date of application, or if born in the Philippines, present original and photocopy of birth certificate duly authenticated by the NSO.

Some notes:
In the event that the applicant is a holder of a valid Foreign Driver's License, the applicant may present the original and photocopy of Foreign Driver's License, if not in English language, original and photocopy of official English translation from Embassy of the issuing country instead of an SP. [/block]

[block type="tips" title="Application process"]

1. Submit all the documentary requirements to the receiving personnel

• Receiving personnel shall check only the completeness of the documents required and transmit the same to the evaluator
• The evaluator shall evaluate the qualifications of the applicant and, if qualified, encode the application in the system.

2. Photo and signature taking.
3. Pay the required fees to the Cashier.
4.  Written examinations in the form of the Basic Driving Theory Test for NPDL and will be immediately informed of the results of the same.
5.  An applicant who passes the written examinations for NPDL shall be required to immediately take the practical driving test for the Restriction Code/s (RC) applied for.
6. Upon approval, the NPDL card with the Official Receipt shall be released to the applicant, who shall be required to write his/her name and affix his/her signature in the appropriate Released Form.

Some notes

• Applicants who fail to pass the Basic Driving Theory Test and/or the Practical Driving Test shall not be allowed to take the same test within a period of one (1) month from the date of the last examination.

• If the Applicant fails to pass any of the written or practical examinations twice within a period of one (1) year, he/she shall not be allowed to apply for the same within a period of one (1) year from the date of the last examination.

• If the applicant fails to pass any of the written or practical examinations thrice, he/she shall no longer be allowed to apply for the same for a period of two (2) years from the time of latest failure.

• However, in case the application is only for additional Restriction Code/s (RC), he/she shall be allowed to renew his/her NPDL and, for this purpose, such shall be annotated on the record of the applicant. [/block]

Professional driver’s license (PDL)

A professional license can enable an individual to drive almost all types of vehicle in the country including those which weighs more than 4,600 kilograms and above, such as trucks and heavy construction equipment.

[block type="info" title="Qualification"]

1. Must be at least eighteen (18) years old.
2. Must be physically and mentally fit to operate a motor vehicle.
3. Must be able to read and write Filipino, English or the applicable local dialect.
4. For RC 1,2,4 and 6 - must be a holder of valid Student Permit (SP) issued at least six (6) months prior to the application.
5. For RC 3,5,7 and 8 - must be a holder of valid Non-Professional Driver's License (NPDL) at least one (1) year prior to the application or PDL holder with RC 1,2,4 and 6 for a period of at least six (6) months prior to the application.
6. Must not have been cited for two (2) or more counts of reckless driving during the period of validity of his/her existing license.
7. In addition, for foreigners, the applicant must have been in the Philippines for at least one (1) month with proof that he/she will stay in the country for at least one (1) year from date of application and is allowed to work herein.[/block]

[block type="info" title="Documentary requirements"]

1. Duly accomplished Application for Driver's License (ADL). Download here.
2. For RC 1,2,4 and 6 - Must be a holder of a valid SP issued at least six (6) months prior to the application.
3. For RC 3,5,7 and 8 - Must be a holder of a valid NPDL issued at least one (1) year prior to the application or PDL holder with RC 1,2,4 and 6 for a period of at least six (6) months prior to the application.
4. Medical Certificate issued by any licensed practicing physician stating that the applicant is physically and mentally fit to operate a motor vehicle.
5. The clearance that the applicant has not been convicted of any offense involving moral turpitude or reckless imprudence resulting from reckless driving from all the following:

• National Bureau of Investigation (NBI); and

• Philippine National Police (PNP).

1. In addition, for foreigners, original and photocopy of passport with entry of at least one (1) year from the date of application, or if born in the Philippines, present original and photocopy of birth certificate duly authenticated by the NSO.[/block]

[block type="tips" title="Application process"]

1. Submit all the documentary requirements to the receiving personnel.

• Receiving personnel shall check only the completeness of the documents required and transmit the same to an evaluator.
• The evaluator shall evaluate the qualifications of the applicant and, if qualified, encode the application in the system.

2. Proceed to photo and signature taking.

3. Pay the required fees to the cashier.

4. Undergo written examinations in the form of the PDL Basic Driving Theory Test for the Restriction Code/s (RC) applied for.

5. After passing the written examinations, you’ll be required to take the practical driving test for the Restriction Code/s (RC) you applied for immediately.

6. After passing both examinations, your application will be approved by the Approving Officer.

7. Upon approval, the PDL card with the Official Receipt shall be released to the applicant, who shall be required to write his/her name and affix his/her signature in the appropriate Release Form.[/block]

[table id=372 /]

No one has more right to the road than anyone else. If you're going to drive, you owe it to the other roadway users and yourself to operate the vehicle in a safe manner. Owning a driver's license is the step towards being a responsible driver, but ultimately, it's about upholding traffic rules and being a levelheaded driver.

The post How To Apply For A Driver’s License In The Philippines appeared first on iMoney.ph.

Nearly every working Filipino in the private sector contributes monthly into the SSS or the Social Security System fund, but not everyone understands the benefits they qualify for, nor how the system works. To provide a generalized view of the SSS, here are 13 things every member should know:

What exactly is the SSS?

It is an insurance program mandated by the Philippine government to cover all income earners or workers in the private sector, in contrast, government workers are covered by the GSIS or Government Service Insurance System.

What’s the source of its money?

The SSS basically derives its funds from member’s contributions and investment earnings. Such portion of the contributions that are not needed for benefit disbursements go to a Reserve Fund, which is intended to cover future liabilities in benefit payments of the SSS to its over 29 million members to date.

How much of my income should go to the SSS?

Your monthly contribution is based on your compensation. The current SSS contribution rate is 11% of the monthly salary credit not exceeding ₱16,000 and this is shared by the employer (7.37%) and the employee (3.63%).

For instance:

If your monthly salary is ₱30,000, your contribution will only be based on ₱16,000 (which is the highest monthly salary credit). You shall then pay the amount of ₱581.30, while your employer will pay ₱1,208.70, for a total contribution of ₱1,790.00 per month.

For self-employed and voluntary members, the contribution rate is 11% of the monthly salary credit (MSC) based on the monthly earnings declared at the time of registration. For OFWs, the minimum monthly salary credit is pegged at ₱5,000. Meanwhile, non-working spouses’ monthly contribution is based on 50% of the working spouse’s last posted monthly salary credit but in no case shall it be lower than ₱1,000.

How is my retirement benefit computed?

To compute your monthly pension, the SSS uses the values of three formulas. So if you are a member who has a monthly salary of ₱30,000.00, and who decides to retire at age 60 with a total of 30 years’ worth of contributions, you may be qualified to a monthly pension based on whichever amount is higher based on the following calculations:

Example:  Average total contribution is ₱1,790.00 x 30 years x 12 months = ₱644,400.00.

1. The sum of ₱300 plus 20% of the average monthly salary credit plus 2% of the average monthly salary credit for each credited year of service (CYS) in excess of ten years;

Pension: (AMSC) 20% + (AMSC) 2% for year of service in excess of 10 years + ₱300

: (₱16,000*20%) + (₱16,000*2%*20 years) + ₱300

: ₱3,200 + ₱6,400 + ₱300

: ₱9,900.00

2. Forty (40) percent of the average monthly salary credit:

Pension: (AMSC) 40%

: (₱16,000*40%)

: ₱6,400.00

3. ₱1,200, if the CYS is at least 10 but less than 20; or ₱2,400, if the CYS is 20 or more.  

Pension: ₱2,400.00 since you have more than 20 CYS

Accordingly, the highest value yielded by any of the formulas, which in this case is ₱9,900.00, shall be your monthly pension upon retirement.

It is important to note that members only receive the lifetime pension support if they have contributed for at least 120 months or 10 years, otherwise a lump sum amount equivalent to the member’s total contribution plus some interest will be given.

Is there an option to get an advance from my retiree benefits once I retire?

Yes, but it can be exercised only when filing the first retirement claim. Basically, you, as a retiree-member, have the option to receive your first 18 months' pension paid out in lump sum, but discounted at a preferential rate of interest to be determined by the SSS. You shall then thereafter start receiving your pension on the 19th month, and every month thereafter.

Who are under the compulsory coverage of the SSS?

Compulsory coverage is the mandatory registration of employees, employers and self-employed persons with the SSS, with corresponding payment and remittance of social security contributions. To be specific, they are the following:

What is voluntary coverage?

Voluntary coverage is the non-mandatory registration and payment of social security contributions by any of the following:

When does coverage of members take effect?

It depends on the type of SSS membership.

SSS Contribution Table For 2017

Use the table below to find out how much will be your total monthly contribution and your employer's contribution based on your compensation. For self-employed, OFWs, and voluntary members, your salary credit will depend on your declaration of monthly earnings at the time of registration. Do note that the same contribution rate of 11% will be applied, however, being self-employed or based abroad, you will need to shoulder the entire cost of contribution compared to regular local employees.

[table id=167 /]

What are the types of SSS benefits?

The benefits under the Social Security Program are:

• Sickness Benefit. It’s a daily cash allowance paid for the number of days a member is unable to work due to sickness or injury.

• Maternity Benefit. It’s a daily cash allowance granted to a female member who is unable to work due to childbirth or miscarriage.

• Disability Benefit. It’s a cash benefit granted – either as a monthly pension or a lump-sum amount – to a member who becomes permanently disabled, either partially or totally.

• Retirement Benefit. It’s a cash benefit granted – either as a monthly compensation or a lump-sum amount – to a member who can no longer work due to old age.

• Death. It’s a cash benefit granted – either as a monthly compensation or lump-sum amount – to the beneficiaries of a deceased member.

• Funeral. A funeral grant of ₱20,000 to whoever paid for the burial expenses of the deceased member.

• Salary Loan. It’s a cash loan granted to an employed, currently – paying self-employed or voluntary member. It is intended to meet the member’s short-term credit needs.

Can a member withdraw membership with the SSS?

No. When a person registers and is covered for SSS membership, he/she becomes a member for life.

If I lose my SSS card or forget my SSS number, should I secure another number?

No. The SSS number assigned to a member is a lifetime number and must always be used in all transactions with the SSS. If the member wishes to replace a lost SSS ID card or cannot remember his/her SSS number, it is advisable to inquire from the nearest SSS branch.

Who are considered as my primary beneficiaries?

Your primary beneficiaries are your legitimate dependent spouse until he or she remarries, and your dependent children – whether legitimated or legally adopted, or illegitimate, who are not yet 21 years old.

If you’re single and without children, the benefits will go to your parents who are considered as your secondary beneficiaries.

In the absence of both primary and secondary beneficiaries, any other person that you designate in your SSS records shall be considered as the beneficiary.

What if I lose my job?

Upon separation from employment, your employer's obligation to pay your SSS contributions ceases at the end of the month of separation. However, you shall still be credited with all the contributions paid on your behalf and remain entitled to SSS benefits and privileges. You may also opt to continue paying the total contributions as a voluntary member to maintain your right to full benefits.

There you have it, a rundown of some of the most important things to know about the SSS. Keep in mind that being aware of your obligations and benefits under the program will give you advantage in times of need. This article is far from exhaustive though, so it will be best to check out the official site of the SSS from time to time.

Aside from a salary loan, the SSS also provides its members the benefit of getting a home loan. If you're looking to purchase a property and considering taking a loan, you can read this article to compare the differences between a Commercial Bank, SSS, and Pag-IBIG housing loans.

The post The Basics Of Social Security System (SSS) That You Need To Know appeared first on iMoney.ph.

Asian markets dipped even lower on Tues as the US gained an upper hand on their trade with China through their technology sector. The long-running bull market of Wall Street has been bolstered by their Tech stocks all this time.

Following the decline of Wall Street’s Tech Stocks, the benchmark Philippine Stock Exchange (PSEi) slid anew, closing their session yesterday down to 1.53 percent, or 109.86 points, to 7,066.57. Meanwhile, the broader all-shares index was also down 1.28 percent, or 56.07 points, to 4,323.23.

According to the Papa’s securities in their note to investors, the downward pressure on Philippine equities is because investors are still not fully compensated for the risks they are taking. This remark was in reference to the Philippine 10-year bond yield of 6.4 percent (a traditionally safer investment), compared to the PSEi’s current yield which is only 6.1 percent.

This risk-averse sentiment of investors is evident on the performance of property and holding firms, which are down 2.54 percent and 2.05 percent respectively. The industrial sector is also fell 1.36 percent.  Trading yesterday was relatively thin, with 623.6 million shares valued at ₱5.8 billion changing hands. There were 114 decliners against 79 gainers while 51 companies closed unchanged.

On the other hand, closing green yesterday with modest gains were oil and mining, up by 0.1 percent, and financials with 0.06 percent. Leading the most actively traded list was fast-food giant Jollibee Foods Corp., which dropped 4.21 percent to ₱259.60 per share, followed by Ayala Land Inc., down 1.6 percent to ₱37, SM Prime Holdings, down 3.52 percent to ₱34.25, BDO Unibank Inc., up 0.81 percent to ₱125 and Aboitiz Equity Ventures, down 2.7 percent to ₱54 per share.
[Source]

The post PSEi Slips As Wall Street Tech Stocks Decline appeared first on iMoney.ph.

The Philippine Telegraph and Telephone Corp (PT&T), a former telco giant in the country is now eyeing the third telco spot in the country. Under a new set of owners, they are moving to save a rehabilitation plan implemented in the year 2011. This move came after creditors holding about ₱12.4 billion of PT&T’s debts successfully convinced the Court of Appeals last year to dismiss the company’s petition for rehabilitation. Another option that PT&T had was to liquidate their assets.

In a disclosure to the Philippine Stock Exchange on Wednesday, PT&T said that they filed an appeal before the Supreme Court (SC) in a bid to reverse the appellate court’s decision. In the same disclosure, Asset Pool A, one of the seven creditors that challenged PT&T’s rehabilitation plan had asked the SC to suspend the proceedings in PT&T’s appeal. They wanted to review that business plans of PT&T’s new owners, which includes the company’s feat to expand their fixed-internet services by possibly taking in a new foreign partner.

The third telco initiative launched by the Duterte administration has also opened up a new opportunity for PT&T to settle the score with its creditors. According to Asset Pool,  the possibility that PT&T will recover from its financial misfortunes, they will now study whether the business plan of the new ownership and management group of PT&T will be successfully implemented to the benefit of all creditors.”

PT&T was established in 1962 and was once a rival of PLDT. It took a hit during the 1997 Asian Financial Crisis and sought corporate rehabilitation a decade later. The company again made news when it was acquired in August last year by businessmen Salvador Zamora II and Benjamin Bitanga, who committed to turn PT&T around and restore its status as a major telco player in the country.
[Source]

The post PT&T, A Former Rival Of PLDT Now Seeking To Fill 3rd Telco Slot appeared first on iMoney.ph.

The president of the Ayala Corp and its CEO earlier met with the delegation of Quang Binh province led by Hoang Dang Quang, member of the Central Party Committee, secretary of the Provincial Party Committee and chairman of the Provincial People’s Council.

The two parties discussed the potential formation of a joint venture that will invest in renewable energy. During the meeting, the two leaders also signed a memorandum of understanding to develop the 325-megawatt (MW) B & T wind farm in Quang Binh province with a total investment of $493 million. The project will be started with an initial phase of 252 MW with a cost of $353 million.

Hoang Dang Quang, secretary of the Provincial Party Committee, said the province has a lot of potential for socio-economic development, especially tourism. He added that with the diversified natural resources, the province also has great potential to develop wind and solar energy. The Ayala Group’s investment in wind farm would also open up the province to future developments.

AC Energy currently has 1,300 MW of thermal generating capacity and 300 MW for renewable energy.  It has set a 5,000-MW target, a ramp up from the previous target of 2,000 MW by 2020, which will be achieved through investments in more thermal and renewable projects here and abroad.

This will be financed through the sale of half of AC Energy’s $2-billion thermal platform as the company braces for local and regional expansion. Based on a report by brokerage firm CLSA report in February, AC Energy’s entire platform is valued at $2.6 billion or roughly P135 billion.  Of the total, 80 percent comprises thermal projects worth a little over $2 billion and the remaining 20 percent consists of renewables valued at more than $5 billion.

So far, AC Energy has entered the Indonesian and Vietnamese power markets as part of its overseas expansion.  In Indonesia, it is developing the 75-MW Sidrap wind farm in partnership with UPC Renewables Indonesia Ltd. It also operates 637 MW of steam and power from the Darajat and Salak geothermal fields in West Java, through joint venture firm Star Energy Geothermal B.V. with Star Energy Group Holdings Pte. Ltd., Star Energy Geothermal Pte. Ltd. and Electricity Generating Public Co. Ltd.

In Vietnam, it has partnered with BIM Group of Vietnam to jointly develop over 300 MW of solar power projects in Ninh Thuan province.

[Source]

The post AC Energy Mulls Joint Venture For Vietnam Wind Farm Project appeared first on iMoney.ph.

It’s not just the weather that’s pouring this back-to-school season, but your favorite credit cards will also pour in loads of promotions granting great discounts and bargains on your shopping, dining, and travel costs for the third quarter of 2018.

To ensure that you won’t miss out on any good deals, we list down some of the finest credit card promos in- and out-of-town that will surely make it easier to shave off those excess costs this rainy season!

Citibank Credit Cards

Enjoy a wide array of discounts for your gastronomic adventures this season using your Citibank credit card.

Dining

[block type="info" title="Xin Tian Di"]

Avail up to 50% off on dim sum lunch buffet, set menus and beverages and 30% off on dim sum dinner buffet on Mondays to Fridays. Valid only for 4 to 10 diners for a dim sum lunch buffet, 4 to 12 diners for a dim sum dinner buffet and 10 diners for set menus.  [/block]

[block type="info" title="7 Corners"]

50% off on lunch buffet (inclusive of beverages) and 30% off on dinner buffet & 50% off on beverages. Valid only for a maximum of 4 diners for lunch buffet and 12 diners for dinner buffet.[/block]

[block type="info" title="Tenya Tempura Tendon"]

Go Japanese with premium tempura and more at Tenya Tempura Tendon with your Citi credit card or Citibank Debit Mastercard. Enjoy 30% off For a minimum dine-in bill of ₱1,800, from Mondays to Fridays.[/block]

[block type="info" title="Rackshack"]

Fire up your day with barbecue ribs and more at Rackshack with your Citi credit card or Citibank Debit Mastercard. Enjoy up to 30% off on your dine-in bill for a minimum purchase of ₱1,5000.  [/block]

[block type="info" title="Racks"]

Get your hands on flame-grilled, fall-off-the-bone ribs and more at RACKS with your

Citi credit card or Citibank Debit Mastercard. Avail up to 30% off on your dine-in bill, for a minimum bill of ₱2,000. [/block]

Shopping

[block type="info" title="Shop for FREE with Citi PayLite"]

• Get ₱500 ZALORA eGift Card for a minimum single-receipt PayLite spend of ₱10,000.
• Get ₱1,000 ZALORA eGift Card for a minimum single-receipt PayLite spend of ₱25,000.
• Promo is until October 31, 2018.[/block]

[block type="info" title="Free Nike Park eGift Card"]

Get a ₱5,000 Nike Park eGift when you spend at least ₱20,000 on your new Citi credit card within 60 days from receipt. Qualified Citibank credit cards are as follows:

• Citi Rewards Card
• Citi PremierMiles Card
• Citi Cash Back Card
• Shell Citi Card
• Mercury Drug Citi Card[/block]

[product name="Citi Simplicity+ Credit Card" image="https://www.imoney.ph/sites/v2.imoney.ph/files/citi-simplicity-plus.jpg" link="https://www.imoney.ph/credit-card/citibank/simplicity-plus?src=internal_article_text_credit-card-promos-philippines" target="_blank" positionlink="top_1_text_box_cc_product" feature="Get 10% back on interest charges if you pay at least the minimum due on or before the due date." cta="https://www.imoney.ph/credit-card/citibank/simplicity-plus?src=internal_article_btn_credit-card-promos-philippines" target="_blank" positionbutton="top_1_btn_box_cc_product"]The Card That Pays You Back For Paying On Time[/product]

HSBC Credit Cards

Whatever the goals you want to achieve, make those feats easier to fulfill with the help of your HSBC credit card and these promotions.

Travel

[block type="info" title="Travel now and pay on installment"]

Your dream destination this year is now within your reach! HSBC’s Card Balance Conversion Plan can convert your airline tickets, travel packages, overseas and online purchases into installments which are payable up to 24 months with a low interest rate of 1.37% (effective interest) per month.

If you are planning to travel to Japan, for 5 days and 4 nights, a travel package would cost about ₱50,000. Using the Card Balance Conversion with a HSBC credit card, you will only pay ₱2,084 per month for the next 24 months at zero interest.

The HSBC Balance Conversion Plan is open to all HSBC credit card holders and the transactions applied for this installment plan are subject for approval. [/block]

[table id=272 /]

You can convert your travel expenses with your HSBC card by calling (02) 85-800. Promo ends after December 31, 2018.

[block type="info" title="Free Flight To Hong Kong"]

Cardholders of newly approved HSBC Platinum Visa and Premier Mastercard will be entitled to a one-time redemption of two Round Trip Economy Cathay Pacific tickets from Manila/Clark to Hong Kong (‘Welcome Gift”) upon meeting the minimum accumulated spend requirement of ₱15,000 using his/her newly approved and activated HSBC Credit Card until July 31, 2018.

Check out their promotions page for more info. [/block]

Recreation

[block type="info" title="Free Movie Passes"]

New primary HSBC Red Mastercard holders shall be entitled to a free Ayala Cinemas MPass worth ₱3,000 (“Welcome Gift”) upon meeting the minimum accumulated spend requirement of ₱5,000 using his/her newly approved and activated HSBC Credit Card until September 30, 2018.[/block]

Education

[block type="info" title="Pay Your Tuition Fees On Installment"]

Let your HSBC credit card make your child’s education expenses lighter and easier for you. Charge tuition fees and convert them to installment payable over 24 months with HSBC’s Card Balance Conversion Plan. Enjoy an add-on rate of only 0.75%1 per month (effective interest rate of 1.37% per month). [/block]

[product name="HSBC Red Mastercard" image="https://www.imoney.ph/sites/v2.imoney.ph/files/hsbc-red-mastercard.jpg" link="https://www.imoney.ph/credit-card/hsbc/red-card?src=internal_article_text_credit-card-promos-philippines" target="_blank" positionlink="mid_1_text_box_cc_product" feature="Earn Rate of 1 Bonus Point for every ₱20.00 spend." cta="https://www.imoney.ph/credit-card/hsbc/red-card?src=internal_article_btn_credit-card-promos-philippines" target="_blank" positionbutton="mid_1_btn_box_cc_product"]A shoper's must have card[/product]

RCBC Credit Cards

Shopping and dining deals from RCBC await for all credit card holders this rainy season.

Dining

[block type="info" title="Bistro Charlemagne"]

Get a free chicken soy peanut sauce for a minimum bill of ₱1,200[/block]

[block type="info" title="Figaro"]

Get a 160z frappe for only ₱99 at Figaro with your RCBC Bankard. [/block]

Shopping

[block type="info" title="Zalora"]

Enjoy extra 20% OFF for a minimum spend of ₱1,500 with your RCBC Bankard at Zalora. Use the code ZRCBCFEVER upon checkout.[/block]

[block type="info" title="Abenson"]

Shop, Grab, and Pay Later! Get a FREE Petron Value Card worth ₱500 for a minimum installment pay later purchase of ₱35,000 at ABENSON. Pay as late as 3 months later and avail up to 0% interest for 3, 6, or 12 months installment.[/block]

[block type="info" title="JBL Go Speaker"]

Get a free JBL Speaker when you activate your new RCBC Bankard and spend at least ₱12,000 within the promo period.  The promo is open to all new-to-bank, Principal cardholders of RCBC Bankard credit card who applied and subsequently got approved from July 1 to September 30, 2018. [/block]

Travel

[block type="info" title="Agoda"]

Enjoy 12% OFF on top of discounted hotel rates on Agoda when you book using your RCBC Bankard Mastercard. The Promotion is only applicable to the reservation of selected and designated merchant properties in certain destinations, made through a dedicated Promotion landing page only at following URL: www.agoda.com/mastercardph. [/block]

[block type="info" title="AirAsia Big Loyalty"]

Redeem flights for less up to 87% discount by converting your RCBC Bankard Airmiles to AirAsia Big Points. Discounted airfares are limited to selected flights on Final Call Sale via AirAsia BIG Loyalty App. [/block]

To take advantage of this promotion, here’s what you need to do:

1. Download and create an account on the AirAsia BIG Loyalty mobile app here.
2. Convert your RCBC Bankard AIRMILES to AirAsia BIG Points by calling RCBC Bankard Customer Service Hotline 888-1-888. *Requires prior enrollment to the AirAsia BIG Loyalty Program.
3. Redeem your flights using your AirAsia BIG Points via the AirAsia BIG Loyalty mobile app to avail of up to 85% on the FINAL CALL SALE.

Rates are as follows:

[table id=374 /]

[table id=335 /]

[product name="RCBC Bankard Classic Card" image="https://www.imoney.ph/sites/v2.imoney.ph/files/rsz_classic-jcb.png" link="https://www.imoney.ph/credit-card/rcbc/classic-card?src=internal_article_text_credit-card-promos-philippines" target="_blank" positionlink="bottom_1_text_box_cc_product" feature="Enjoy monthly promos and rewards from RCBC partners." cta="https://www.imoney.ph/credit-card/rcbc/classic-card?src=internal_article_btn_credit-card-promos-philippines" target="_blank" positionbutton="bottom_1_btn_box_cc_product"]The Young's Perfect Companion[/product]

If you want to kick start the rainy season and the brand new school year without going beyond your budget, owning any of these credit cards will make it a tad-less challenging. With the right kind of spending coupled with the right resources, improving your cash flow will be effortless all year long!

The post Credit Card Promotions For The Third Quarter Of 2018 appeared first on iMoney.ph.

LTO records showed that another 5.9 million motorcycle plates pending release since February 2014 have yet to be processed since the agency prioritized the plates for four-wheel vehicles. Still, Transport Secretary Arthur Tugade hailed Wednesday’s release as a significant step in moving away from a state of affairs he sardonically called “Republika Ng Walang Plaka (No-Plates Republic).”

The LTO’s plate-making plant in Quezon City has produced 231,332 pairs for motor vehicles since April to cover the July-October 2016 requirements. The plant would have to produce at least 2 million more to cover those registered up to June 25, 2018. A huge chunk of the backlog actually stems from the 2.9 million vehicles registered from February 2014 to July 2016, whose plates have yet to be processed in view of a notice of disallowance from the Commission on Audit.

The COA issued the notice on July 13, 2015, saying that the LTO’s deal with supplier Power Plates Development Concepts Inc.-J. Knieriem BV-Goes (PPI-JKG) was “illegal” or awarded without an allotment under the 2014 General Appropriations Act.

[Source]

The post LTO Plates Backlog Down By 230K appeared first on iMoney.ph.

In a statement issued Wednesday, the bank said that it will push the implementation of added charges to over-the-counter deposits and withdrawals to January 2019. According to Maria Ana Luna, the bank’s Customer Experience Management Office Head, it will give their clients enough time to be more familiar with their existing Bank Anywhere facilities via their online electronic channels.

These fees were originally set for September this year to comply with Republic Act 10963, or the Tax Reform Acceleration and Inclusion Act (TRAIN) Law. An amendment in the law states that there will be a documentary stamp tax (DST) on bank checks, drafts and certificate of deposits not bearing interest, among others.

In their latest statement, BPI said that it would continue to pursue digitization of its processes to be able to reach more Filipinos. Their online banking website and mobile app allow their clients to perform transactions such as funds transfer and bills payment with added security and greater convenience.

The bank plans to provide 2,600 more automated teller machines (ATMs) by the year-end.
[Source]

The post BPI Postpones Additional Banking Fees appeared first on iMoney.ph.

In a speech before the Rotary Club of Manila, Finance Secretary Carlos Dominguez said the government is pushing for a general amnesty program on all unpaid internal revenue taxes, excluding internal revenue taxes arising from importation and customs duties.

Under the proposal, delinquent taxpayers who wish to avail of the amnesty program would pay only 50 percent of the basic tax, excluding surcharges and the interest charged. However, for those already facing criminal cases in court, the rate is proposed at 80 percent, also of the basic tax only.

Dominguez said the government is also planning to roll out a separate amnesty program for those with unpaid estate taxes.  He added that the program will help clear the dockets, as well as enable the transfer of stranded real properties so that they can be made economically useful.

In particular, the finance chief said the proposal is to lower the rate to only six percent of the net undeclared estate for those who died prior to Jan. 1, 2018. Previously, the estate tax rate was at 20 percent.

The proposal to implement a tax amnesty program is part of Package 1B of the government’s Comprehensive Tax Reform Program. A bill containing the proposal is currently pending in Congress. Dominguez said earlier the bill is expected to be passed by Congress in the third quarter.

In line with this, Dominguez said the implementation of the amnesty program would be moved to April 2019, in time with the income tax filing season of the Bureau of Internal Revenue (BIR).

Aside from tax amnesty, Package 1B involves adjustments in the motor vehicle users charge and amendments in the Bank Secrecy Law. These provisions were originally proposed under Republic Act 10963 or the TRAIN Law, but the final version of the law did not include these measures.

According to DOF estimates, the government is expected to generate P38.9 billion in additional revenue.

Meanwhile, Dominguez said the DOF is also proposing that the value-added tax (VAT) “be treated as purely a consumption tax.”  As such, it will be collected at the point of consumption or sale, and it will be refunded when the consumption is done outside the Philippines. VAT exemptions should not be granted as investment incentives.
[Source]

The post Two-Tier Rates Eyed For Delinquent Taxpayers appeared first on iMoney.ph.

Uber once led the competition in the ride-sharing business due to their highly efficient business model. Now that they’re gone, commuters are once again faced with the same dilemma before ride sharing took off. While Grab does offer almost the same services as Uber, it can’t really fill the vacuum that Uber has left behind.

Fortunately, a new breed of homegrown Transport Network Companies (TNC) aka ride-sharing apps has risen to the occasion. In the midst of Grab’s domination in the transportation scene, these ride-hailing apps provide a better variety of options for commuters to choose from. While they may not necessarily provide a cheaper fare, they can at least give the riding public more options for their transportation needs.

MiCab

[caption id="attachment_24478" align="aligncenter" width="800"] Image from Gizguide[/caption]

The name of the company is a shortcut for Mobile Internet Cab. MiCab Systems Corporation is a taxi-hailing company which started in Cebu City back in 2012. Their service has been contained all throughout Cebu, modernizing the city’s taxi operations. With the rising popularity of this service and the increasing demand, they have expanded their operations to major cities in the country, like Manila and Davao.  

They were granted an accreditation by Land Transportation Franchising and Regulatory Board (LTFRB) in April this year, and has started their operation in Metro Manila since then.

Here’s a breakdown of the fees for their services:

MiCab prides itself on not imposing booking fees to passengers, and commissions to taxi drivers. What they do for revenue is they offer advertising banners on their taxis. With that being said, their fees follow the government approved fare structure for taxi cabs in the country which is the following:

[table id=376 /]

Vehicle options: Taxi sedans

HirNa

Hirna is a transposed form of the taglish term “Here Na.” This company is another taxi hailing solution that aims to bridge passengers and taxi drivers easily. Their services are pretty much similar with the MiCab, but they just have extra features to enrich the booking and riding experience of passengers.

The company started in Davao City in 2017 as part of the city's transportation master plan. They were granted accreditation by the LTFRB in April and is fully operating in Davao City. HirNa is now looking at expanding to Metro Manila, Iligan City in Lanao del Norte, and Cagayan de Oro in Misamis Oriental.

Just like MiCab, Hirna follows the government approved fare structure for taxi cabs in the country which is the following:

[table id=377 /]

Vehicle options: Taxi sedans or taxi AUVs

Other features

1. Hirna also extends their services to people who does not have the app or a smartphone for that matter. They have a 24/7 hotline service for bookings to cater to commuters who need their service but are unable to book it through the app.
2. Their app can also connect commuters directly to the hotline of the LTFRB with just a tap of a button

[block type="info" title="For your information"]

Unlike other ride-hailing platforms, passengers don't have to put their destination in the app to place a booking. They can choose between a taxi sedan or a taxi AUV.[/block]

Owto

Owto is a TNC from Ipara Technologies and Solutions Incorporated, which was founded by former Grab and Uber drivers who wanted to make the ride-hailing platform affordable for commuters and profitable for drivers. Owto recently launched on May 18.

According to their Chief Operating Officer, Paolo Libertad, Owto charges the least in terms of commission compared to other companies (Grab). Instead of the usual 20%, Owto only charges 15% of the driver’s earning. Their commission scheme spares incentives, too.

Like Uber and Grab, it offers transport network vehicle services for sedans around Metro Manila, Bulacan, Rizal, and Cavite.

Their passenger related fees are closely similar to the government approved fare structure for taxi cabs, but with some minor adjustments. They also implement surges in rates according to the demand, and cancellation fees. Their fee structure is as follows:

[table id=378 /]

Vehicle options Private cars - AUVs and sedans

Other features: Pooling feature

Hype

Hype Transportation Systems Inc. is an all Filipino company that has developed a transport app primarily to provide pre-arranged transportation services between the passengers and duly enfranchised TNVS and taxi drivers and operators and help improve the value and experience to the riding public.

Among the TNCs, Hype Transport Systems focuses on the security of both drivers and commuters. Though the app is only available on Google Play Store, for now, Hype will feature an "SOS" button in times of emergencies.  

Unlike other ride-hailing services, their fees and fares will vary depending on the type of vehicle passenger books. Here’s a breakdown of the fees for their services:

[table id=379 /]

[block type="info" title="For your information"]

What you see is what you pay.

With HYPE, you'll receive a fixed quoted upfront fare before requesting a ride. No surprise charges![/block]

Vehicle options: Hype offers different vehicle types for commuters ranging from taxis and sedans to AUVs and SUVs. It will also offer a ride-sharing service for sedans.

Other features

1. SMS booking. This allows passengers to get a ride by simply texting their pick-up location, destination, and preferred HYPE product.
2. For added convenience, HYPE allows passengers to change their destination while on a trip without having to book another ride.

Public transport in the Philippines, especially in Metro Manila, can be a pain. While there isn’t a lack of vehicles that can take you around town, safe and comfortable transportation is most of the time inefficient. Gone are the days when taxicabs are the go-to public transport of commuters, because not only do they come with an extremely steep base fare rate, manila drivers don’t really hold a commendable reputation.

With these ride-hailing platform, commuters will now have the options for safe and efficient public transportation that are also affordable. This is a huge step towards innovation and modernization of today’s transportation scene in the Philippines.

The post 4 Ride-Hailing Services That You Can Use Today Other Than Grab appeared first on iMoney.ph.

Also known as the “Pantawid Pasada Program,” the measure aims to cover 179,852 units or 100 percent of public utility jeepneys with existing franchises.  The government plans to give fuel vouchers to all qualified beneficiaries within two years upon execution of the Tax Reform for Acceleration and Inclusion law, which slapped higher excise taxes on oil. The TRAIN law took effect last January 1. For the remaining six months of 2018, jeepney drivers and operators will receive around ₱803 in monthly fuel subsidy. Next year, the amount will be bumped up to ₱1,710 monthly.

Energy Secretary Alfonso Cusi said the fuel subsidy program would be implemented on top of a special discount to PUV operators that oil companies have agreed to give. He also expressed the hope that transport operators will no longer seek another round of fare hike.

Inflation accelerated to a fresh five-year high of 5.2 percent in June from May’s 4.6 percent, beating both government and market expectations. Year-to-date, inflation averaged 4.3 percent, above the Bangko Sentral ng Pilipinas’ 2-4 percent target range.

The central bank has admitted it might miss its target as inflation is projected to average 4.5 percent in 2018, amid risks posed by “second-round” pressures from expected higher minimum wages and public transport fares. Last week, the Land Transportation Franchising and Regulatory Board signed the order granting the ₱1 provisional fare hike for public utility vehicles in Metro Manila, Central Luzon and Calabarzon.  

Budget Secretary Benjamin Diokno said the Pantawid Pasada Program would have “minimal” impact on inflation expectations.
[Source]

The post ₱803 Fuels Subsidy To PUJs Approved For Distribution appeared first on iMoney.ph.

Cebu Pacific said it will “strictly enforce” its carry-on baggage policy beginning July 17. In a statement, the budget carrier said that this is in line with their continued efforts to streamline operations and provide a more efficient check-in experience at the airport.

According to their announcement, passengers are allowed one carry-on or hand-carry baggage inside the cabin, with a maximum weight of seven (7) kilograms and dimension of 56cm x 36cm x 23cm for Airbus flights and 56 cm x 35 cm x 20 cm for ATR flights.  Each passenger may also bring a laptop “in its own bag OR a handbag” in addition to one carry-on baggage. Passengers traveling with infants are also allowed to carry “one baby bag”, aside from their allowed carry-on baggage.

[Source]

The post Cebu Pacific To Strictly Enforce Carry-On Baggage Policy appeared first on iMoney.ph.

Of the ₱3.757 trillion cash-based 2019 budget, the Department of Budget and Management said that the education sector will receive the highest allocation, amounting to ₱659.3 billion.  The budget is ₱72.2 billion or 12.3 percent higher than in the 2018 budget, which is comprised of the budgets for the Department of Education, state universities and colleges, the Commission on Higher Education, and the Technical Education and Skills Development Authority.

The Department of Public Works and Highways (DPWH) followed with an allocation of ₱555.7 billion for next year, 68.3 percent higher than the ₱330.1 billion budget this year.

According to the budget chief, higher investments in infrastructure will create jobs and spur opportunities in the countryside, thus supporting economic growth which is targeted to reach seven to eight percent in 2019.  He added that the spending for human capital, such as education, healthcare, and social protection, will mold the country’s young population into a world-class and competent workforce capable of sustaining Philippine’s growth momentum.

Meanwhile, the Department of Interior and Local Government is proposing to receive the third highest allocation amounting to ₱225.6 billion next year. The DBM said this is ₱53.3 billion or 30.9 percent higher than the agency’s cash-based appropriation in 2018. This budget is expected to strengthen local governance and support the public safety initiatives of the government.

Fourth on the list is the Department of National Defense with a budget of ₱183.4 billion, an increase of 34.4 percent from this year’s level of ₱136.5 billion. The cash allocation for social welfare is composed of the budgets of the Department of Social Welfare and Development and the unconditional cash transfer under the Land Bank of the Philippines. Its budget for 2019 also rose by 5.4 percent to ₱173.3 billion.

Meanwhile, the allocation for health will reach ₱141.4 billion in 2019. The DBM said this was 8.9 percent lower than the 2018 budget due to a significant cut in the Health Facilities Enhancement Program to give way to implementation-ready projects. This budget combines the allocation for the Department of Health and the Philippine Health Insurance Corp.

The Department of Transportation’s 2019 budget is also proposed at ₱76.1 billion, higher by 89.3 percent from this year’s ₱40.2 billion.

The Department of Agriculture also has a proposed budget of ₱49.8 billion, higher by P9.1 billion or 22.4 percent, while the Judiciary and the Autonomous Region in Muslim Mindanao will have a budget of ₱37.3 billion and ₱32.3 billion, respectively.

By sector allocation, social services accounted for 36.7 percent of the 2019 national budget with appropriations reaching ₱1.377 trillion.

[Source]

The post Education Gets The Highest Budget For 2019 appeared first on iMoney.ph.

According to the National Telecommunications Commission (NTC) deputy commissioner,  the corresponding memorandum circular on the order will be published Friday. The interconnection rates will be reduced from ₱2.50 to ₱0.50 per minute for voice and from ₱0.15 to ₱0.05 per SMS for text messaging services.

Lower interconnection rates could result in lower operation costs for telecommunication companies, making the business environment more attractive to a third telecommunications player.  Meanwhile, lower interconnection rates may also result in lower telecom bills for consumers, even as more and more Filipinos are using online messenger apps to send messages and make calls instead of conventional methods.

According to the 2015 Global Mobile Consumer Survey, Facebook Messenger was the preferred messaging service with 94 percent of Filipinos surveyed choosing the service. However, only 39 percent of Filipinos were satisfied with their internet connection speed.

[Source]

The post Government Sets Lower Call, Text Charges Between Telcos appeared first on iMoney.ph.

According to the Finance Secretary of the Department of Finance (DOF), the government is learning as much as they can because of this new tax.  Because carbon emission is a global priority, it’s something the government wants to learn and see if we are ready to propose a carbon tax. Additionally, increasing taxes on products or activities that aggravate carbon emissions should be part of a two-pronged approach to help boost the shift to renewable sources of energy.   

The Finance Secretary also noted that the way to promote renewable is not only to give incentive but also to tax the alternative higher to encourage the shift. Just like how inefficient was the push for diesel and bunker oil despite being taxed with zero excise, because the tax imposed on coal was hardly anything which was at ₱0.1 per kilo.

The government has already started its approach to curbing carbon emissions through taxation under the Tax Reform for Acceleration and Inclusion (TRAIN) Law, over time, the approach will hopefully make a dent as it increases gradually.   

Among the provisions of Republic Act 10963 or the TRAIN Act is the increase in the excise tax on diesel at a staggering rate of ₱2.50 per liter, ₱2 per liter and ₱1.50 per liter in the first three years of its implementation. It also increased coal excise tax from the previous rate of ₱10 per metric ton to ₱50 per metric ton in the first year of its implementation, ₱100 in the second year, and ₱150 in the third and succeeding years.  

On another matter, Chua said the DOF would complete the submission of all packages under the Comprehensive Tax Reform Program (CTRP) to Congress by the end of the month.  He said all proposals would be completed with the submission of Packages 3 and 4.

[Source]

The post Carbon Emission Tax Eyed By Department Of Finances appeared first on iMoney.ph.

Starting Monday, passengers at the Ninoy Aquino International Airport (NAIA) Terminal 3 can use the electronic immigration gates (e-gates), an immigration official said on Wednesday.

However, while the official launch of the e-gates in Terminal 3 is set on Thursday, the Bureau of Immigration (BI) still has to calibrate and fine-tune the machines before using these for regular or actual operations,  told the Philippine News Agency (PNA).

According to BI Port Operations Division chief Red Mariñas, they will conduct random testing on actual passengers for four days from July 19 to 22, so they could fine-tune the machines and program before it is given a go signal.  Passengers who will be part of this random testing don't need to have a face-to-face with an immigration officer at the BI counter.

At present, there are two e-gates installed at NAIA Terminal 3. There will be four more to be installed there. The government has allotted ₱340 million for the e-gates, and more e-gates will be installed at the country's major airports by yearend. About 18 e-gate units will be put up in the country's major airports, including those in Clark, Davao, and Kalibo, and the new airport in Cebu.

The e-gate only takes 12 seconds to 15 seconds to completely run through passenger records, from swiping their passports, taking of biometrics, and facial capturing.  In turn, the e-gates will definitely speed up BI transactions.

However, Mariñas clarified that the e-gates would be used for Filipinos only.  The immigration officers will still need to cater to foreigners. Also, the officers will be (at the airports) to look around for security purposes.

[Source]

The post E-Gates At NAIA Terminal 3 Ready For Use By Monday appeared first on iMoney.ph.

According to the International Data Corporation’s latest Asia/Pacific Quarterly Mobile Phone Tracker, the Philippines is the fastest-growing smartphone market in Southeast Asia to date.  In the latest Ericsson Mobility Report, it was predicted that smartphone users in the country will more than double, hitting 90 million in 2021 from the current 40 million.  

While many of the more mature smartphone markets of the world have already displayed signs of saturation, the Philippine smartphone market continues to enjoy robust growth.

As the Filipinos become more acquainted with the internet, the demand for phone service has become higher than ever. Due to this, Filipinos rely heavily on telcos for services beyond the traditional call and text features.

There are a variety of services that telcos offer for different budgets, needs, and lifestyles. From cheap unlimited call and text prepaid services to more complex packages with free smartphones (postpaid).

The most common (and the default) mobile phone service that everyone is subscribed to is a prepaid service. It’s a cost-efficient option, but it’s not always convenient. Postpaid plans, on the other hand, offer a lot more flexibility, but it’s tied with a contract.

Should you get a postpaid plan?

While a mobile postpaid plan is an easy way to get a flagship phone without having to splurge a huge amount of cash, that isn’t the only way to get one. Before deciding whether you should get one, or if you should just stick to your prepaid line, make sure you understand what it means to be locked in a 24-month contract with a provider. 

[block type="info" title="Pros"]

• Little-to-no upfront fees for your chosen device or phone.
• Payment for the service that you use can be done at the end of the month.
• Hassle-free - no need to top up your phone credits every now and then.[/block]

[block type="warning" title="Cons"]

• Long-term commitment with compulsory monthly fees.
• Great risk of overspending on mobile services.
• Overusing the services could rack up the costs.
• Upgrading your device will come with an extra cost. [/block]

As convenient as a postpaid plan may sound, getting approved for one in the Philippines isn’t as easy as applying for a home internet connection. Rather, it’s almost as stringent as a credit card application.

To make the application process a tad less difficult, we break down the do’s, the don'ts, and everything in between, to make your mobile postpaid plan application fast and seamless.

Factors considered in your mobile postpaid application

All mobile postpaid plans are not created equal. Some plans are made for the heavy internet use, some are made with a balance of call, text, and data in mind, while some are made to be easily affordable to the masses.

Depending on your capacity to pay and your current financial condition, you may or may not get approved for a mobile postpaid plan of your choosing. If you want to increase your chances of bringing home that two years contract for the latest flagship device, these are the things that you must keep in mind.

Income

Having a big income will look good on paper, but that alone can’t guarantee your approval. Just like banks, at least one-year length of employment upon application is a standard requirement for mobile postpaid plan application if you’re employed.

You don’t necessarily need to have a significantly big income to get approved, your income will be matched to a corresponding mobile postpaid plan. The bigger your income, the more expensive the plans you can apply for.

The price of the plan

Mobile postpaid plans vary in price according to the availability of the service that they offer. The plans attached to expensive flagship devices will definitely be more expensive, which means the salary requirement will be higher. Most often than not, service providers will disclose the income requirement for a corresponding mobile postpaid plan.

To boost your chance of getting approved, choose a mobile postpaid plan that’s one notch below your income category.  

Mobile postpaid plan with another provider

This factor could work towards your advantage if you’ve managed to establish a good payment record with your current or previous mobile postpaid plan provider. Smart, Globe, and Sun usually grant approval faster for those mobile postpaid plan applicants who had good payment history with another mobile postpaid plan provider.

Common documentary requirements

Every telco has their own internal protocol for the approval process, however, their documentary requirements are almost the same.

1. Proof of identity

• Two valid IDs such as SSS ID, Passport, Driver’s License, Unified Multipurpose-ID, Postal ID, or PRC/IBP ID.

2. Proof of billing address

• Utility bills (electricity, water, cable, telco, DSL)
• Waybill or proof of shipping
• Club membership bill
• Bank statement of account
• Credit card bill
• Insurance premium bill

3. Proof of income and financial capacity

The following should be under your name and should be the latest issued copy.

• Bank Certificate of Deposits
• Certificate of Employment + 1 month pay slip
• Latest ITR (Form 2316) + 1 month pay slip
• Bank Statement of Account
• Credit Card Statement of Account (SOA)
• Bank Account Passbook
• Proof of Remittance and Proof of Relationship
• Business documents (business permit and latest ITR with audited FS)

[block type="tips" title="Tips"]

• Length of employment is a minimum of 1 year.
• A credit card with a good credit record can boost your approval rate.
• A bank statement with a high Average Daily Balance can increase your chances of getting approved.[/block]

[product name="Citi Rewards Card" image="https://www.imoney.ph/sites/v2.imoney.ph/files/citi-rewards-card.jpg" link="https://www.imoney.ph/credit-card/citibank/rewards-card?src=internal_article_link_mobile-postpaid-plan-application-requirements" target="_blank" positionlink="mid_1_text_cc_product" feature="Earn rewards points faster!" cta="https://www.imoney.ph/credit-card/citibank/rewards-card?src=internal_article_btn_mobile-postpaid-plan-application-requirements" target="_blank" positionbutton="mid_1_btn_cc_product"]Get ₱5,000 worth of eGift from Nike Park[/product]

4. Contact information

• Personal mobile number
• Home or office contact number

Step-by-step process application

All the telcos in the Philippines have a similar flow in mobile postpaid plan application. While they may have a differing internal process, the process that customers go through is nonetheless the same.   

Perhaps the most significant difference that mobile postpaid plan providers in the Philippines have is their pricing.  

[table id=380 /]

It’s possible to apply for a mobile postpaid plan even if you don’t have income documents. Here are what you can do:

[block type="tips" title="Tips!"]

1. Pay a 1-month monthly service fee in advance with your credit card.
2. Get an existing Globe customer as a guarantor.[/block]

Additional requirements for foreigners

• I-Card
• DOLE Employment Permit
• Immigration Certificate of Registration
• Special Retiree’s Residence Visa (SRRV)
• Company Guarantee (if staying less than the contract period)
• Employment Contract or Certificate of Employment

1. Submit online or through Globe’s business center.
2. Approval will usually take 3 to 5 business days.
3. Once approved, you’ll receive a call or text from the provider and will be asked to pay for the upfront payment if applicable to the mobile postpaid plan you’ve applied for.
4. If the device for your mobile postpaid plan isn’t available yet, they will notify you of the timeframe.
5. You can either claim in store or have it shipped to your address.

Other things you need to consider

Despite having a streamlined external process for mobile postpaid plan applications, different providers have their own different internal processes. Depending on which provider you go for, here’s what you need to know:

For Globe

• Existing Globe customers or a line-only applicant can simply provide a valid ID to the nearest Globe Business Center and instantly get approved.
• Income document for applicants who are a beneficiary of an OFW can submit certificates of allotment for the last 3 months and/ or a copy of your foreign remittance slip.
• If you’re a housewife, you may present original copies of electricity bills or rental lease.

For Sun Cellular

• Credit Card Statements with Credit Limit of at least ₱ 25,000 (for Plan 350) will automatically be approved.
• Plan 350 application should at least have a basic gross annual income of at least ₱ 120,000 as shown by their latest ITR (Form 2316) or Certificate of Employment and 1-month pay slip.

[block type="tips" title="Tip!"]

Sun Cellular offers line only postpaid plan. If you want to build a good record with a certain provider without having to go through this tedious process, you can apply for a line-only (sim only) postpaid plan. You can convert that to a postpaid plan with a free smartphone after 6 months of prompt payment.
The type of phone and price of a plan approved will depend on your monthly payment record.[/block]

A mobile postpaid plan provides an on-demand access to call, text, and data services. It provides users with the flexibility to stay connected anytime and anywhere. Most often than not, getting one makes more sense if you rely heavily on your phone line for calls, texts, and internet connection. If getting connected is more of a necessity for your lifestyle than a luxury, a mobile postpaid line makes more financial sense.

The post Up Your Chances Of Getting Your Mobile Postpaid Plans Approved In The Philippines appeared first on iMoney.ph.

The Maldives is a beach destination that boasts a plethora of white-sandy beaches and has a breathtaking underwater ecosystem and an unrivaled luxury getaway under the sun. With nearly 1,200 Islands, it doesn't run short of excursions that will satisfy your thrill for adventure whether it's above or underwater.

A holiday getaway to this country will literally give you an island life experience as the resorts are found on different islands. You can choose to laze around their pearly white sand beaches while enjoying the luminous view of the Indian Ocean, channel your inner Ariel and snorkel or scuba dive for a scenic underwater adventure, or enjoy adrenaline-pumping action above the waves!

Experience one of the world's most expensive beach destinations! You might spend a considerable amount of money to enjoy a complete Maldives experience, but it should never incur unwanted debts! The cost and the complexity of preparing for such a grand destination can be intimidating, but knowing how to plan for it and having the right resources will help you turn this dream vacation into a reality!

Here’s our guide to an ultimate budget trip to the Maldives, so that you won’t go broke preparing for that luxurious #islandlife getaway!

The post The Ultimate Cheat Sheet To A Budget Trip To Maldives appeared first on iMoney.ph.

Dare to be your own boss? Well, now is a good a time as any. The fast growing economy of the Philippines presents a lot of opportunities for entrepreneurs. That said, it is important to know the viability of your planned venture based on trends and your available capital.

To help you out, this article shall provide a short list of ideas for businesses that requires a range of capital infusion from below twenty thousand pesos to above five hundred thousand pesos.

Business capital: Below ₱20,000

1. Online freelance services

Thanks to the Internet, opportunities for freelancers can cross borders, oceans, and continents. Depending on your expertise, you can start an online company that provides freelance services.

With so many available types of work in the market, the first thing you need to do is to find out which type of service you would like to offer on a freelance basis – either for full-time or part-time position. There are several niches to choose from. Some of the most popular are writing, graphic designing, or working as a virtual assistant. And there’s always a demand for people who can provide these services at a lower cost. The best thing about it is that you don’t need to put up with the harrowing daily commute and you can work practically everywhere.

Pre-operational requirements: All you really need to put up this business is a good Internet connection, a computer, and a simple website. You can create the latter at a later date and get your start by using free accounts on Facebook and LinkedIn to showcase your services. This will lower your initial operational expenses to the cost of your monthly Internet connection if you already have a computer at home.  

Income: With freelancing, you are a one-man company. You are the manager, the CEO, and you manage all the work. Your pay depends on the kind of work that you put in. Employers pay for as little as ₱1,500 to a high of ₱20,000.

Opportunities: Having a strong network of connections is critical to becoming a successful freelancer. Remember, that the most successful freelancers know how to use their network. While joining freelancers’ groups and joining conferences and events will help you make good connections, you should first leverage your personal network (family members, friends, neighbours, former bosses and co-workers, and acquaintances) to help spread the word for you.  Once you get established and the projects coming in are more than you can handle, you can outsource work to your network and earn from them by charging an overriding commission.

2. Load retailer

The Philippines is one of the countries with the most number of active mobile users. That said, only a small percentage have mobile plans attached to their phones while the rest are using prepaid SIM cards.

There are two ways to get started:

• By acquiring an individually issued retail SIM cards from telecom companies (Globe, Smart, or Sun Cellular) and using separate phones for each, unless you’re using a dual SIM phone.
• Or by simply getting an All-in-one SIM Card from a third party seller (which would enable a retailer to sell prepaid load for all networks using just a single, special SIM card) and would only require one phone to use. Also, this type of SIM card extends beyond providing e-load for cellular network users. All-in-one SIM Cards can also re-load pre-paid cable subscriptions, Internet cards, and eCredits.

Pre-operational requirements: The capital and requirements are very minimal. All you would need is a mobile phone, a retailer SIM card, and around ₱500–₱1000 as starting balance.

Income: As an e-load retailer, you get your earnings through commission and the rate from each telecom company ranges from 3% to 13%. You earn your commission as the amount subtracted from your eWallet/eMoney account is less than what your customer pays for. To illustrate:

On average, this business can net you between ₱1,000 to ₱2,000 per month if you can sell a total of ₱10,000 to ₱20,000 worth of load.

Opportunities: Remember that e-load retailers are the ‘front liners’ of the e-loading business, above them are the sub-dealers, dealers, distributors, and the telecom company. For individuals who have more start-up capital available (around ₱4,000–₱7,000), a sub-dealership can provide a larger income through an added commission from the retailers you get to join your network.  

Business capital: Less than ₱100,000

1. Ukay-Ukay/Thrift shop

Filipinos are generally thrifty and the search for the cheapest and most affordable but useable second-hand goods is not just something that everyday people practice. Even fashionistas/fashion bloggers are on the look-out for unique one-of-a-kind items that can only be found in ukay-ukay stores.

Ukay-ukay products normally consist of used clothes, shoes, bags and accessories which are usually imported from other countries and are sold at a very cheap price, depending on the quality and type of product.

To start one, you will need the necessary government registration and business permits and to rent a stall/store with a good flow of foot and vehicle traffic to easily attract customers.

Pre-operational requirements: Aside from your stall’s rent and registration, other initial operational expenses include racks, hangers, shelves and storage boxes. You should also consider your customers’ comfort by installing industrial fans and an air-conditioning unit if you can afford it. Maintenance for your goods would also require the use of a dehumidifier to prevent the formation of mold.  

Ukay-ukay are sold in bales which usually weigh 100 kilos by wholesale traders. A bundle may contain 150 to 1,000 different pieces of clothing sorted into specific kinds such as pants, underwear, kid's wear, jackets, women's blouses, shirts, formal attires and shoes.

Price range for the bundles ranges from ₱4,000 to ₱15,000. The cost of a bundle generally depends on the number of clothes it contains and the quality and type of the products.

Most of the listed prices however are based on single purchase only, so the more bales you buy, the bigger the discounts you can get.

Income: An ukay-ukay store owner can easily earn between ₱1,000 to ₱10,000 per day, to as high as ₱15,000 during the months of December and January.

Opportunities:  It is generally recommended to start marking down prices (20%-80%) of remaining items three to five weeks after initial display. You should also change your stocks every 45 days to ensure that your customers have new products to choose from. Once you’ve established your store and acquired back your ROI, it would be a cinch to expand your current store or to start another branch in another part of your town or city.

2. Rice retailing

In the Philippines where rice is a staple food, starting a rice retailing business is always a profitable venture. Customers buy it practically daily for sustenance while food establishments orders them in bulk.

Pre-operational requirements:  You can start this business with a capital of about ₱80,000 to ₱120,000. You would also have to secure a license from the National Food Authority (NFA) and to acquire the necessary government registration and permits.

The location you choose should have the right target market and has heavy foot and vehicle traffic. The downside of selling rice is that it can spoil easily, and its quality will deteriorate in three months. So implement a first-in, first-out inventory method to optimize the shelf life of your rice and maintain its quality.

You should also have a clean and sanitized storage area to ensure that bugs and grain weevils do not infiltrate your stockpile. Get tips from your rice supplier on how to prevent infestation.

Income: Estimated total weekly income can range from ₱5,000 to ₱20,000 depending on your location and pricing.

Opportunities: As in any business, you can later expand your rice retail business once you get your ROI. You could even become a rice dealer and get retailers to sell for you later on.

If the business that you plan to get into doesn’t require a lot of initial funding, why not try to maximize the use of your credit card? If you need initial start-up items and equipment, you can purchase them on installment at 0% interest. Another option is to apply for cash advance with the use of your credit card.

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Business capital: Less than ₱500,000

1. Co-working spaces

Many professionals are shifting towards freelancing because of the high returns and low stakes it offers. With more and more freelancers in the market, there is an increasing demand for more co-working spaces where they can work for longer hours without having to rent a full office.

Unlike traditional offices, co-working spaces offer ultra-short office leases that can be anywhere from a day to a month. It is also seen as the solution to bridging the gap between start-ups/SMEs and landlords since it allows the former to maintain offices in central locations without the need of a high starting capital.

Pre-operational requirements: To start a co-working space, you would need an initial capital that would cover the cost of renting a space in a central location that is safe and easy to find. Look for a space that has been vacant for a while, particularly in older and underutilized buildings where you may be able to secure an inexpensive lease.

Though being very contemporary and stylish is an added appeal, your co-working space should primarily have high-speed internet, fully fitted workstations, and office amenities.

Income: Estimated monthly income can range from ₱50,000 to ₱100,000 depending on your location and pricing.

Opportunities: To make the most out of your rented space, you can offer other services such as a small coffee shop for added income.

2. Laundry shop

A laundry shop business has proven itself to be more than just a fad. The steady growth of condominiums and apartments in the city, coupled with the ever-increasing workload of most people, have made laundromats a stable business to own.

Pre-operational requirements: This depends on the size and type of target market. If you are aiming for the industrial market, you will be needing millions. On the other hand, if you plan to cater to individual clients, you may be able to start with only around ₱400,000 for a simple set-up. You would also need to acquire the necessary government permits and registrations to get started.

For this type of business, it is very important to try to be as near your market as possible. If the desired area’s rent is extremely high, you may opt to put up a pickup station and locate your cleaning operations in a low cost area or in your home. In this case, you will need only three to five square meters. If you want to clean the clothes onsite, it will take at least 25 square meters of floor area.

Also, it is important to design a systematic washing process for the business, and have the proper materials and equipment for operation. One key to good income for a laundry shop business is to find that balance between cost and quality in choosing products to use.

Additional services that you can offer will mostly depend on your target market. A free parking space will give you an edge over competitors if most of your clients drive cars. Providing a door-to-door pick-up and delivery service has become an essential part of the business as well.

For your rates, it is safer to just go with the current market rates and to compete on quality of service instead. Also, try to allocate a budget for promotional expenses to get and retain customers.

Income: Income will depend on location and size of operation, but on average it ranges between ₱30,000 to ₱100,000 per month.

Opportunities: You can provide dry cleaning, ironing and other related services for additional income.

Avoid dipping into your savings when trying a business venture. Its success is never certain, and if the risk is high, it would be wise to rather apply for a personal loan instead of using your life savings. If in case it doesn’t prosper, you still have your savings intact.

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Business capital: Above ₱500,000

1. 24-hour convenience store franchise

24-hour convenience stores are popping up everywhere and that number is still growing in lieu of call centres, hospitals and other industries that maintain a graveyard shift. Both Ministop and 7-Eleven provide a long list of assorted merchandise, this includes newspapers, magazines, soft drinks, fruit juices, sport drinks, hot and cold snacks, a limited number of grocery items such as canned soups, ready-to-eat meals, condiments, bread, cleaning supplies, paper products and toothpaste.

If you have the funds but does not have the experience nor know how to run a business, then this is one of the more viable options available for you. Having a franchise with a recognizable name and branding would get you an immediate stream of clients and you will be receiving operational support from the franchisor.

Pre-operational requirements: Both 7-Eleven and Ministop now offers a PhP1,000,000 franchise which includes operational rights of the store, equipment and facilities, furniture and fixtures, air-conditioning system, signage and initial inventory. However, as a franchisee, you still have to spend more for the rental space and the crew that will work the store for you. All in all, you might need to shell out a total of ₱1,500,000 in initial capital.

Location is key in this type of business and you would need a space with a floor area between 100-120 square meters to get franchise approval.

Income: Income will depend on location and size of operation, but on average it ranges between ₱40,000 to ₱60,000 per month.

Opportunities: You can expand your operations by opening a new store once you’ve recouped your ROI.

2. Drug store

The pharmaceutical industry is one of the most promising business sectors in the Philippines, as the industry revenue estimates grow by about 6% to 8% every year.

Pre-operational requirements: The initial capital outlay for this type of business is about ₱500,000 to a few million pesos.

One requirement in the pre-operating stage is getting the needed certification. You have to obtain a Security and Exchange Commission (SEC) registration; permits from the Department of Trade and Industry, the mayor’ office, and the Bureau of Internal Revenue (BIR); and license from the Food and Drug Administration (FDA).

Then you have to find a space of at least 15 square meters to house your drugstore and a storage room for medicines. Conduct research on the nature and classification of drugs and begin by stocking up on each category of medicine (i.e. antibiotics, anti-hypertensive drugs, or vitamins). Inventory will take up most of your expenses, as this can be anywhere from ₱100,000 up to ₱10 million for a full stock. Keep in mind that each medicine must be stored in its particular recommended environment and temperature.

As with most of the businesses we listed here, location is key in this venture. You have to consider the volume of the consumers in the area you’re targeting.

And lastly, you must have a Registered Pharmacist working for you. Without one, your drugstore business will not operate. He or she must be licensed by the Professional Regulation Commission (PRC).

Income: Income will depend on location and size of operation, but on average it ranges between ₱50,000 to ₱100,000 per month.

Opportunities: Growth depends entirely on the area you are covering and the range of products you are carrying. But if you get the right mix, you can start another branch or franchise out your drug store.

With advanced progress in technology, communication, and the advent of the internet, the world has indeed become smaller thus making it easier to reach and transact with a wider audience anywhere in the world. There are still open opportunities and it takes a lot of creativity to find more business ideas that can provide solutions to your target market.

All businesses require diligence and dedication. Do your homework, conduct thorough research and create a business plan. These will be your entrepreneurial blueprints and your guide in navigating the exciting path of working for yourself.

If you have already gone through a lot of thinking and planning, and led you to a firm decision of putting up your own venture, the next challenge is getting the initial funds to start your business.

You can compare personal loans and get the best rates with our online loan calculator to have an idea on the loan amounts, terms, and interest involved. Once you have decided which bank, but still unsure on how the actual process goes, check out our first time borrower’s guide to getting a personal loan. It will give you a bird’s eye view on the do’s and don’ts in applying for a personal loan.

The post 8 Best Business Ideas In The Philippines For 2018 appeared first on iMoney.ph.

This week, the Philippines has seen President Duterte deliver his 3rd State of the Nation Address (SONA). While many can agree that he wasn’t his usual candid self (read: blunt), he managed to tick off all the points in the list that needed to be addressed.

Because we value prudent financial spending and everything that empowers our consumers' finances, we list down the top policies that have made an impact in Filipinos finances under the Duterte Administration in the past 2 years.

5. Transportation

The transportation scene in the Philippines is basically as chaotic as it could get. It was handed over to the administration with eight trains barely operating, hopeless EDSA traffic, a close to 3-year delay of license plates release, airport taxis causing troubles frequently, and the list goes on.

The past years have been critical for the transport scene in the Philippines, and it still is now. Public transportation can still get chaotic every now and then, however, some of the biggest pains that the government faced when it first started are slowly getting remedied.

For instance, the Department of Transportation (DOTr) has gradually addressed the lack of trains in the MRT while making sure all the facilities are well maintained, from the public restrooms to the escalators. By no means are they perfect, but for the most part they now function as expected and facilities are tolerable. The repair is still ongoing and according to DoTr, they may get 12 more trains after the repairs are done this year.

On the other hand, it won’t be long until car owners can let go of their license plate receipts, as Land Transportation Office (LTO) has finally started distributing license plates nationwide. To make sure the backlogs are delivered as soon as possible, the government established its own license plate manufacturing facility, which is capable of making 22,000 plates per day at full capacity.

Jeepney modernization received a mixed reception from both the riding public and the public transport operators. While its aim is to provide safer and more comfortable transport to commuters, many jeepney operators and drivers are against the modernization because of the expensive overhead cost that it would entail. Despite that, the government has relentlessly pushed the agenda forward, and they have just launched the first batch of modernized jeepneys this month. These new jeepneys will start taking on the streets across Metro Manila on July 23.

The transportation scene in the Philippines still has a long way to go. It is definitely lagging behind its neighboring nations such as Singapore, Malaysia, and even Indonesia. However, the future seems to be looking bright for the riding public as the jeepney modernization is slowly getting realized, the train system getting expanded and is relentlessly being enhanced, and a new subway system in the making on the horizon.  

4. Local business

In his third State of the Nation Address, the President said the state would "sustain" efforts to make doing business in the country easier. He has consistently expressed his disappointment towards the bureaucracy of doing business with government agencies in the Philippines.

This year, he was able to pass a law that will cut the red tape in dealing with different agencies in the Philippines, streamlining the process, making it easier and speedier in accomplishing works. The President signed the Ease of Doing Business Act last May, requiring government agencies to act on applications within three days for simple transactions, seven days for complex ones and 20 days for the highly technical applications.

3. Healthcare

The Universal Healthcare bill aims to provide a full spectrum of health services to individuals and communities, from health promotion to prevention, treatment, rehabilitation, and palliative care. Its proponent Joseph Ejercito assured that this bill will provide Universal Healthcare to all Filipinos, by lessening the out-of-the-pocket expenses needed for healthcare needs.

The proposed measure will be applied to both inpatient and outpatient care and will cover the cost of medicine (prescription drugs), diagnostic studies, vaccination, geriatric care, personal and preventive services, rehabilitation services, and etc. Aside from that, this bill will also provide an improvement to government hospital facilities and further increase bed capacities. This bill isn’t a law yet, thus Duterte has urged its speedy passage during his 3rd SONA.

Aside from this bill which hasn’t seen the light of the day yet, Duterte has also launched different measures to address the following issues the healthcare system in the Philippines is facing:

• Lingap Sa Masa This initiative is delivered through the Department of Social Welfare and Development. It’s a medical assistance program by the Office of the President to deliver health services and free medicine to indigent and patients with little to no resources in government hospitals.  Early in 2017, this program was funded with PHP1 billion by the Office of the President.
  Lingap sa Masa started in Davao City during Duterte’s term as Mayor and is now extended nationwide as he sits as the Chief Executive of the land.

• Anti-Hospital Deposit Law
  Another measure that he turned into a law last year was the Anti-Hospital Deposit Law. This does not necessarily cut the cost on hospital bills, but it can save lives during medical emergencies.
  Republic Act No. 10932, otherwise known as the Anti-Hospital Deposit Law provides that “in emergency or serious cases, it shall be unlawful for any hospital or medical clinic to request, solicit, demand or accept any deposit or any other form of advance payment as prerequisite for administering basic emergency care, for confinement or medical treatment, or to refuse to administer medical treatment and support to any patient.”
  

Our Healthcare System still has a long way to go to become highly inclusive for everyone despite the income bracket and the occupation (or the lack thereof). However, what the administration has started seems to be a good start in the right direction. 

2. Education

The Free Tuition Fee Law is perhaps the Duterte Administration’s most positive achievements to date. In his effort to bridge this gap between the poor and education, Duterte signed “The Universal Access to Quality Tertiary Education Act” or Republic Act 10931 on August 3, 2017. The law aims to waive school fees to provide an opportunity for every Filipino to earn a higher education and a degree in State Universities and Colleges (SUCs) and Local Universities and Colleges (LUC).

According to the data from the Philippine News Agency, close to 900,000 Filipino students who enrolled in 112 SUCs for the academic year 2017-2018 benefited from the PHP8 billion Grant of Free Tuition in SUCs, while kindergarten enrolment has increased from 65% in 2016 to 84% in 2017.

Around 1.3 million students enrolled in SUCs and LUCs will finally enjoy free tuition and miscellaneous fees beginning the academic year of 2018-2019 while 300,000 poor students will also earn tertiary education subsidy apart from free tuition and miscellaneous fees through CHED’s Unified Financial Assistance System for Tertiary Education Act (UNIFAST).

Tertiary education in the Philippines is now within reach, even for the poor. Not only will this even out the playing field for the younger generation to achieve a good education, it will also lessen the burden of the parents and students who are struggling their way through college.

1. Taxes

Bigger take-home pay with some compromise – that’s what this tax reform is all about. As the tax paying workers in the country pocket bigger tax savings, the government will be losing a huge chunk of revenue from income tax collection. In order to address this compromise, certain adjustments were made which led to increasing commodity prices. While it may have provided more disposable income to the working population, the burden of compensating for those lost taxes are placed on every consumer's shoulders.

Many people will argue that this reform did not turn out the way it was expected and that it has a jarring contribution to the relentless inflation that the country is currently facing. Many expressed their sentiments of this reform as anti-poor because after all, not everyone in the lower end of the socioeconomic spectrum was able to benefit from the personal income tax cuts.

However, it's also worth noting that this tax reform is funding some of the government's projects that are aimed at addressing poverty directly, like the Free Tuition Fee Law and the Universal Health Care. The "Build! Build! Build!" initiative isn't the only project that's greatly dependent on the TRAIN Law.

With that being said, the TRAIN law may have impacted the spending power of consumers, for better or worse. However, in return, it paved the way for a more inclusive healthcare system and extended college education to the poorest population.

The TRAIN law indeed has flaws, and hopefully, their mitigating measures will be efficient enough to help the people (especially the poor) get by the current socio-economic climate. The good news is, the government has started its initiative to help jeepney drivers combat rising fuel prices through their fuel subsidy program. If this measure is efficiently dispersed to its beneficiary, this will translate into a less financial burden to transport system operators, jeepneys, and even commuters. 

However, little is known whether there are more measures like this in the government’s pipeline, but more tax exemptions on daily commodities will cushion consumers from the impact of the rising cost of living due to unyielding inflation.

Image from Philstar.com

The post 5 Key Highlights From President Duterte’s 3rd SONA That Will Affect Your Wallet appeared first on iMoney.ph.