I personally have never used a credit card. Ever. I like paying the old-fashioned way, by handing over cold hard cash. It has worked well for me through the years by forcing me to live well within or more often, below my means.

I do realize that most working adults do not live this way. In fact, I am the only person on my office floor that does NOT have a credit card. Some may say this is an antiquated way of living, in this cashless world that rewards those who pay by plastic!* I have put off using a credit card all this time as I just don't have the discipline to use it responsibly, especially when I shop!

Frugal husband (FH), however, does have a credit card but is not the typical baon sa utang (buried in debt) credit cardholder. How did he do it? Here are some insights from FH as told to dear old me.

What are credit cards

As its name suggests, a credit card is essentially, utang or a loan. It is not FREE cash. The earlier you disabuse yourself of the idea that it gives out free cash, the better.

Credit cards offer an alternative mode of payment to cash, debit card, or check. They are supposed to offer convenience and better security than debit cards as in case of credit card fraud, you have the option of just not paying your bill (unless you opted for auto-debit payment of your credit card from your bank account) until the perpetrator is found and criminally charged.

When is the ideal time to get one/start using a credit card (note the singular, haha)

Yes, FH advocates getting only ONE credit card, especially for the uninitiated like you and me. Note the singular. Hehe.

FH only started using credit cards at age 27, as a full-fledged working adult with the ability to pay his own bills, as he did, and with a fully-funded emergency fund (in the six figures). But really, financial literacy or independence cannot be pegged to a number. You are ready for a credit card, not when you get that first job out of college, but maybe in your second job out of college once you have that fully-funded emergency fund.

FH further advocates getting that card only after a work tenure of five (5) years and or after you accumulate three (3) years’ worth of your annual salary. This will be your cash buffer, just in case. This is certainly for the risk-averse. I personally feel that once you feel that you can take the full-on responsibility of paying your own credit card bill, without any help from mom or dad, you may be READY.

When are credit cards useful?

With such a large cash buffer, why use credit cards at all? FH uses his credit card maybe once, or twice a year, just to have his annual fee waived by the bank. Admittedly, credit cards are useful for online purchases that require them and when traveling abroad, in case your carry-on cash gets stolen (God forbid). 

For an entry-level young professional in the city with no security blanket in the form of mom and dad, a credit card may be used in the event of an emergency, i.e. in case one gets admitted to the hospital and there is literally, no one to withdraw money from the bank for you.*** Define your emergency and stay within such parameters to keep yourself from making a Friday night out an "emergency."

In case push comes to shove, FH advocates being forever vigilant about your credit card bill. ALWAYS pay on time. If no bill arrives, call your bank and ask for it! If the bill arrives to you late, YOU will still bear the cost of the finance charge (the interest, which is charged monthly, by the way!).

WHICH card to choose?

Now that you're ready for your first credit card, it is now time to consider your options out there. FH advocates choosing a credit card with the lowest annual fee and interest rate.

iMoney Philippines has a rate comparison service which is a good place to start. iMoney allows you to choose which credit card offers you the best bang for your buck by showing the interest rates and annual fees per credit card, all in one webpage. It is very convenient.

Go for the card with the LOWEST credit limit. This way, you remove all temptation to keep swiping beyond your monthly salary. It forces you to spend within your wage. 

Your preference for your credit limit is all relative, of course, depending on the purpose of your credit card. If you are traveling abroad and using one should a theft occur, a larger credit limit should be enough to get you by while staying in a foreign country. 

FH offers the alternative view that credit cards are not evil but may be useful in certain circumstances for certain people in certain life stages. As a credit cardholder, be always vigilant about your finances so you don't get on that hamster wheel of just working today, only to pay off your credit card bill from the previous month. Don't spend your money before you have it, either in your wallet or your bank account. Pay off your credit card bill in full at the end of every month so you can just enjoy the rewards and perks without worry! As for your annual fee, you may ask your bank to waive it in return for just using your card occasionally. 

When did you get your first credit card?

iMoney's rate comparison service is not exclusive to credit cards. Personally, I'm certainly no stranger to iMoney Philippines, having used it in 2017 to compare car loan interest rates among banks, aside from manually dialing the phone to talk to our preferred banks' loan department to get an interest rate quote. iMoney's online car loan rate comparison page seems to be the only one of its kind in the Philippines.** It is free and comprehensive, giving a list of banks with their corresponding interest rate and estimated monthly loan payment.

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This article is contributed by George. She is a forever 20-something female public interest lawyer living and working in Cebu City, Philippines. She writes about her financial literacy advocacy, adventures with money and travel during her spare time on her blog at forever20somethinglawyer.  [/block]

*Credit card companies or banks often give cash rebates or tangible products or services as a reward for your mere use of the credit card. Even mobile apps like Grab offers better rewards and discounts for cashless payment.

**If you find another one, I would love to know!

***This is a circumstance I have seriously considered before, back when I lived alone as a single girl in Makati while my family lives all the way in Cebu.

The post When Did You Get Your First Credit Card? appeared first on iMoney.ph.

Due to the low banking penetration rate in the Philippines, banking services such as funds transfer are less common to the average Filipino. Instead, local remittance services are the trend in getting money across the country.  

As much as overseas remittance impacts the economy greatly, local remittance has also played a major role in the microeconomics due to its ease of access and availability for all. 

It is no surprise that local remittance can be seen in every street corner in the Philippines and most of them have become household names because, for many Filipinos, it’s become a way of life. 

What is a money transfer service?

It’s a service provided by financial institutions that will move your money from one location to another. It can be done through banks, apps, money remittance, or even online. 

There are various types of money transfer service, and most of them nowadays are delivered electronically via the internet. Despite the availability of banks in the Philippines, the low banking penetration rate in the country positioned money remittance services front and center.  

What is money remittance?

Money remittance centers are non-bank financial institutions that offer money transfer service from one city or place to another. Money transfer without the need of a bank account is their main service, and they can do it in a matter of seconds. The sender can choose to have the receiver receive the money through cash pick-up or bank transfer.

There are a handful of money remittance service providers in the Philippines, both catering local and international money transfers. Since this article is about local money remittance providers, we are going to run down the most prominent players for this field. 

1. LBC Pera Padala

LBC is one of the biggest local courier service providers in the country. Due to their success in logistics, they managed to evolve their services further from just moving parcels in and out of the country. Just like their logistics, their remittance service also promises quick money transfer at an affordable cost. 

What sets their money transfer service apart from others is that you get the option to have your money delivered straight to the doorstep of your recipient. It’s perfect for sending money to remote locations in the country or for recipients who don’t have the capability to pick up their cash from an LBC center.

Fees

They have two types of remittance services - the same day transfer and the door-to-door delivery (next business day). Each service comes with different rates, and they are as follows:

For same-day delivery

[table id=508 /]

Next day delivery (door-to-door)

[table id=510 /]

Source: https://lbcexpress.com/self-support/money-remittance-rates.html

Why should you use their service?

One of the biggest pros of using LBC Pera Padala is their door-to-door delivery. It’s convenient for those recipients who are in remote areas or are in areas where an LBC center is scarce because true enough their centers aren’t as plenty as those purely local remittance centers.

Their branches aren’t as plenty as other local remittance centers because their branches are also shipping and pick-up centers for their customers with logistics needs. The queue can get ridiculously long sometimes especially for central branches in main cities. 

2. RD Pawnshop

As the name suggests, RD pawnshop's core business is its pawnshop services. It's where people could get quick cash in exchange for their valuable possessions as collateral. This pawnshop has existed since 1973 and relentlessly expanded nationwide since then. 

RD pawnshop eventually adapted to the changing times. It was during the popularity and the demand for money transfer services that they've also set up their own system for that kind of service. 

Today, not only do they offer money lending opportunity, but they also cater international and Local money remittance with the most competitive rates. They have over 1,300 branches nationwide and partner merchants and business, thus their remittance service is also among the most accessible in the country. 

Their rates are as follows:

[table id=504 /]

Why should you use their service?

RD pawnshop's accessibility may depend on where the recipient or the sender is. For the most part, their branches are more prominent in rural communities and provinces. Thus, money transfers from one province to another may prove to be more convenient than between city to city. While they are indeed all over the Philippines, their branches are intentionally located in public markets and the like places closer to the general public or "masa" as they are likely the market to their services. 

The downside to their service is the unavailability of direct to bank transfers. The delivery of their remittance service is only done through cash pick-up. 

3. Palawan Express

Palawan Express is one of the most affordable and accessible local remittance providers in the Philippines. They were originally established as a pawnshop business and it was only recently that they started offering local remittance services. 

Their chain has started to grow relentlessly in recent years and they've become prominent in the country throughout big cities and in provinces. 

Fees

Their remittance fees will vary depending on your location; they have different rates for different regions in the Philippines. However, their rates are among the cheapest in the trade. So, you could never go wrong moving your money through Palawan Express remittance service. Their fees are as follows:

Pera Padala Rates on Visayas - Mindanao, South Luzon, Masbate, Romblon and Palawan

[table id=505 /]

Pera Padala Rates on Metro Manila and North Luzon

[table id=506 /]

Other useful services

One of the services that they offer that other remittance providers in the Philippines don’t , is that they can provide a cash card to their frequent customers. Their cash card is powered by BDO which can be used to receive money through their remittance service and withdraw them through any ATM. 

Should you consider them?

Palawan Express is an extremely efficiently local money transfer service as they have all the bases covered for local money remittance. Not only are they accessible anywhere but their services go the extra mile to make money remittance easier for their customers, from the sender’s perspective to the receiver.

So, expect to see their branches packed with customers and long queues. If you’re in a rush to send your money, this may not be the best place to go to.

Another point to consider is that they lack direct-to-bank money transfer. While their cash card service may compensate somewhat for that service, it isn’t exactly helpful to people who just have a onetime need for their service. For frequent remittance recipients, their cash card may prove to be helpful and extremely convenient. 

4. Cebuana Lhullier

Cebuanna Lhullier is one of the biggest remittance services in the country that's fully geared for both local and international money transfers. Their services aren't just limited to remittance services, they also offer micro-loan with collateral (pawnshop), microinsurance, and even microsavings! They’ve basically evolved their business throughout the years to adapt to the changing times. 

Setting aside their other services, they have an established reputation in the money remittance industry. 

Fees

Their remittance fee will vary depending on the amount you will send and the location where it will be sent. 

[table id=507 /]

Other useful services

Unlike other local remittance service provider, they offer direct-to-bank money transfer. You can easily move your money directly to your receiver’s bank account through Cebuanna Lhullier’s remittance service. 

Should you consider them?

Cebuanna Lhullier is a well-established remittance provider in the Philippines, so you could never go wrong moving your money through them because they have branches all over the country. The only downside to their service is that their fees aren't the best and can get quite expensive if you're sending bigger amounts. 

Their branches can be easily found in malls and even near public markets, so your money will definitely reach your loved ones wherever they are and whenever.  Some branches are even open 24 hours, extremely helpful for people who needs to send money to their relative who have immediate needs. 

5. Mlhullier Kwarta Padala

Mhullier is also one of the biggest money remittance in the Philippines. You can send and receive money through any of the 1,850 branches of M Lhuillier all over the Philippines, with 150 branches operating 24/7 in the key cities of the country, or as late as 10:00 p.m. in most other branches.  You can send and receive money even outside the Philippines through their partners, which are usually powered by MoneyGram. 

They are one of the largest money remittance chains in the Philippines, which goes without saying that their branches can be found almost anywhere - in malls, markets, business districts, and etc. 

Fees

Unlike its main competitor which is Cebuanna Lhulliler, their fee is the same across the country. The fee will just vary depending on the amount of money to be sent. The fees are as follows:

[table id=512 /]

Other useful services

MoneyGram is one of the few money remittance providers that offer direct-to-bank money transfer.

Should you consider them?

MLhullier is a prominent remittance provider in the Philippines and their fees are considerably competitive. They have 24 hour branches in major cities and they even have quick cash loans with collateral (pawnshop) which you can send directly through their remittance service.  There isn’t really any downside in using their remittance service, unless of course the receiver don’t have any nearby Mlhullier branches. But, even that is less likely to happen since Mlhullier also partners with small businesses through their ML Express platform, which provides opportunities for small businesses to enter the local remittance market and be part of their network. 

Source 1, 2, 3, 4 , 5

The post The Best Local Remittance Service Providers In The Philippines appeared first on iMoney.ph.

iMoney CEO Mitul Lakhani celebrated his first full year in charge of the company in July 2019 (after serving as CFO for three years). To mark the occasion, we asked him a few questions about his journey and how he got to where he is today.

How do you feel about your first year as CEO of iMoney?

I feel really good actually. It’s been a long journey getting here, but I have to admit that the last 12 months have probably been some of my most fun moments.

Challenging no doubt, but it feels immensely satisfying to date.

Would your childhood friends or teachers be surprised to see you in your role today?

Probably not. I was what would call a very studious geek. Top of the class most years, used to get my homework done on time. I would like to think that my parents had a pretty easy time of making me do my homework.

But I think the academics aside, I started becoming more of an all-rounder when I went to boarding school in Kenya. I was nine-years old and that was when I had to stay away from my parents. We just moved to a new country, so I started getting involved in a lot of team sports.

I think that really helped me become more of a team player. I was often captain of teams, which helped me learn in terms of leading teams; and just in terms of boosting and building my overall confidence.

So, I try to encourage my kids as much as possible to take part in team activities. Be it in sports or in other extracurricular activities.

What were you like as a team captain?

Good question actually. I enjoyed the responsibility but obviously that was a very long time ago. I was still very young and, you know, not as sophisticated as sporting captains as these days.

So, it was more of a case of leading the team out onto the field. Helping out in terms of making decisions on the field and really just leading by example. Just making sure that the team has the same objective and gave their best.

Also, I think it’s easier when you’re all kids aged nine to 16. Everyone wants to give their best, so it was probably easier leading a team at that point in time.

What sports did you play?

I played cricket, hockey, football, and rugby. Those were predominantly the team sports at the time. Cricket was probably my strongest.

I was born in India and grew up playing it on the streets and I’m still a passionate cricket fan.

How do you feel about England winning the cricket World Cup over India?

I was a bit disappointed, but it’s about time they won it. I was getting a bit tired of hearing how they invented a sport that they’ve never been successful at any of the World Cups. So, I guess it’s a good thing we don’t have to hear about that anymore.

You have a unique perspective of having been the CFO and CEO of iMoney. What did you wish you knew before you stepped into your current role?

There is nothing that I wish that I knew, because if I had known what it was like to be a CEO then I don’t think I would have enjoyed it as much. Part of me wanting to be a CEO was driven by the fact that I wanted to learn a lot more and take on new challenges.

I’ve been here for four years as CFO. So, I was very ingrained in the culture and in terms of what we’re doing as a business. I guess it was more of a case of I wanted to step into a new role and take on that additional responsibility, but more importantly continue to learn and grow as a person.

If you can name just one thing, what would you pick as the key highlight moment of your first year at the helm?

That’s a really good question. There have been a lot of good highlights, but I think the biggest would be the amount of fun that we’ve all had collectively over the last 12 months. I truly believe that we have a unique culture here. I might be biased when I say that; looking from the top down.

But the different people that I get to spend time with probably more so than in my previous role. Getting to know people, understanding what they enjoy, and what their strengths are. You know, sort of help coach and mentor them along the way.

The highlight is the amount of fun that we’ve had and the successes along the way. No doubt there have been some challenges, but it’s important that we celebrate what we do and have fun.

So, what is a typical day at work like for the CEO of iMoney?  What are the ups and downs?

Wake up in the morning and go to the gym - if I have the energy. Then spend time with the kids before they head off to school and grab some breakfast. I try to be as healthy as possible, and coffee is a necessity.

I get to the office, sit down at my desk and spend the first hour going through emails and planning out my day. What it looks like and what I need to be on top of. Then the rest of the day is mostly in meetings and one-on-ones in terms of what needs to be done to help drive the business forward, decisions to be made, and what people need in terms of mentoring and coaching.

Usually what I find is that towards the end of the day is when I sit down at my desk again and catch up emails, do my thinking, planning, and getting ready for the next day.

So.... what time do you leave the office?

It varies really. I don’t keep track of it. There are times when I feel okay leaving the office at around 5.36 to get home and spend some time with my kids. Have dinner with the family if they haven’t already eaten without me. Which is most days, as they have dinner really early.

On average, it’s between six to eight PM that I’m out of the office.

In seven years, the iMoney team has grown from a startup in a co-working space to over 210 strong workforce spanning four countries today, What's next?

I like to think about the next five years as how can we continue to build and grow what we have. How can we continue to help consumers make smarter financial decisions and how we can help our employees continue to grow and build successful careers here at iMoney.

Also, how we can help our partners to grow their own businesses as well.

For me, that’s the fundamental aspects of our business. I want us in five years’ time to collectively look back and say “wow, that was amazing”. At the same time, I want us to also look forward to our next five years.

What would need to happen in the next five years for you to call it a success?

In my opinion ‘success’ can be defined and measured in lots of different ways. I think it’s less about how I define success and how we collectively as an organisation defines it.

As long as we achieved the three things I said earlier, making sure consumers make smarter choices, making sure our people are growing, and making sure our providers are happy with what we’ve done for them. That to me would be a success.

What excites you about the fast-growing fintech business today?

The fundamental thing that fintech is doing and has the ability to do is really make a difference in people’s lives. Especially in terms of their financial lives. It’s everything from increasing financial awareness, increasing financial education and literacy, to giving everyone - and I mean everyone - access to the financial products that they need.

Ultimately, it’s helping people become more financially independent. Helping them achieve their financial goals and dreams.

One last thing. What was the best advice anyone ever gave you and did you follow it?

I can’t remember who gave me this advice but it was along the lines of “whatever it is that you’re doing, make sure you’re really enjoying it and make sure you’re happy. Life’s too short for us to do things that we don’t enjoy or are not happy about.”

Do I follow it? In most cases yes. There will be times where you have to do some stuff that you don’t necessarily enjoy. For the larger part of it, I really enjoy what I’m doing right now. I’m here and I have no plans on doing anything else.

*Responses have been edited for clarity.

The post Get To Know Our CEO Mitul Lakhani appeared first on iMoney.ph.

7-Eleven will be teaming up with Japan's Seven Bank in their feat to deploy 300 ATMs next year. Seven Bank is currently operating the 18,000 ATMs across all the 7-Elevens in Japan, through a series fo local banks partnerships. Currently, they are reported to be in talks with a number of banks in the Philippines.

If this pushes through, the Philippines will be the first country outside Japan with Seven Bank's ATM service. The pilot launch will initially see 300 ATMs which will be evaluated for feasibility before deploying it across the Philippines. With this move, it could potentially make banking services more accessible in remote locations given the archipelagic nature of the country.

7-Eleven currently has 2700 stores all over the Philippines, and their local operator is aiming to ramp up their numbers to 3,000 by the end of 2019.

[Source]

The post 7-Eleven To Deploy 300 ATMs In 2020 appeared first on iMoney.ph.

A new bill was approved by the House of Representatives on Tuesday which will raise taxes on alcoholic drinks and select tobacco products. The House Bill 1026 garnered approval from 184 lawmakers and with only 2 against it and 1 who abstained. 

With this new bill, distilled spirits such as brandy, gin, and rum will see a 22-percent ad valorem tax and a ₱30 specific tax per proof liter starting this year. The specific tax will be hiked by ₱5 each succeeding year until it reaches ₱45 in 2022, after which the hike will be 7 percent each year.

Beers and "alcopop" products, will be taxed with ₱28 per liter this year, ₱32 next year, ₱34 in January 2021, and ₱36 in January 2022. This will be hiked by 7 percent each year starting in 2023. Sparkling wines will have a 15-percent ad valorem tax and a specific tax of ₱650 per liter. The specific tax will be hiked by 7 percent each year, starting in Jan. 2020. Still wines and carbonated wines with a 15-percent ad valorem tax and a ₱60 per liter specific tax, which will be hiked 7 percent each year. 

Heated tobacco products will be taxed ₱45 per pack of 20 units effective January 2020. This will go up to ₱50 by Jan. 2021, ₱55 by Jan. 2022 and ₱60 by Jan. 2023. The tax rate will be increased by 5 percent every year thereafter. 

Vape products will be taxed by each cartridge, refill pod or container with liquids or gels. Nicotine salt will be taxed ₱35 per milliliter starting next year, which will be increased by ₱5 very year until 2023. The tax will be hiked by 5 percent every year thereafter.

Conventional freebase or classic nicotine will be taxed ₱4.50 per milliliter starting in 2020, with a yearly tax increase of ₱0.50 until 2023. The tax will also be hiked by 5 percent every year starting January 2024.

According to the Department of Finance, the revenues from the new taxes will be used to fund the Universal Health Care law

This bill will be transmitted to the President's office by both the chamber of Congress to be enacted. 

 
[Source]

The post House Approved Measure Imposing A New Set Of Taxes On alcohol And E-cigarettes appeared first on iMoney.ph.

Growing your money through investments is one of the most effective ways to achieve financial freedom - but it is also among the most exploited, at present. Financial scams, especially in the Philippines, are built on this sound notion, but fail to deliver on their promises. 

All over the country, Filipinos have fallen prey to them, which has resulted in losses of as much as 80 billion pesos in the last two decades, as well as other dire consequences. 

Below is a list of some of the biggest scams in this century.

FrancSwiss (2007)

Promoted as a high-yield investment program or HYIP, FrancSwiss offered investors daily returns of 4.5% on a minimum 1000-dollar investment. So, for every investment of $1,000, investors would gain $45 a day. 

The scheme lasted from March to July, and many investors re-invested after earning back their initial deposits. In fact, the company raised over $20 million in only a few months. But after a media report that encouraged investors to withdraw their money, the scheme collapsed.

Many of the SwissFranc's victims included high-profile individuals, such as celebrities Claudine Barretto and Raymart Santiago. In 2007, the National Bureau of Investigation filed syndicated estafa charges against Eleazar Castillo, its chief financial adviser, as well as nine other people, which included an American and two Singaporean nationals.

Legacy Group (2009)

Affecting more or less 130, 000 depositors in the Central Visayas alone, the Legacy Group scam is described by the Bangko Sentral ng Pilipinas as a “swindling syndicate”. Its late owner, Celso delos Angeles, allegedly masterminded a scheme that led to the collapse of 12 rural banks, as well as 3 pre-need firms. He was charged with multiple syndicated estafa charges and the “creation of fictitious loans.”

While it was going on, delos Angeles reportedly misused public money in the Legacy banks and their other investment instruments to siphon them into companies and accounts that were under his control. Acting as a lender, his group offered a “Motorcycle Loan Program” and an “Investments Loan Program” that had “fake borrowers” signing loan documents in exchange for commissions. These “fake borrowers” then seemed like they withdrew funds from their banks, when in fact, the money was siphoned to delos Angeles’ accounts.

In addition, the Legacy Group offered:

Double-your-money schemes. Offered in three, five, and six-year terms, the group’s double-your-money schemes promised a 100-percent yield through rural banks that were affiliated with the Legacy Group. In this scheme, the deposits would yield 100 percent after three to six years. It was offered in all rural banks affiliated with the Legacy Group.

Hybrid years schemes. These came in two formats: five years and six years. In the hybrid five years scheme, the group promised 20-percent per annum interest, where the first interest was given directly to the depositor. Succeeding months would get them monthly payouts equivalent to a 20-percent interest per annum, and they would get back their principal deposit by the maturity of the scheme.

3-year Buy-Back scheme. In this scheme, the Legacy Group promised depositors that their deposits will double in three years. Furthermore, investors will get 12-quarterly post-dated checks that will earn them double the amount of their original investment. This particular scheme was so popular that it went beyond Leyte, where it was started, to attract investors and depositors from Samar and other areas.

The Legacy Group left behind a financial mess worth almost 30 billion pesos; at present, the Philippine Deposit Insurance Corporation said it has already shelled out a total of P11 billion to depositors. delos Angeles died in 2012, but his failing health prevented him from being arraigned on many of the charges filed against him.

Aman Future (2012)

Reported as a pyramid scheme by the National Bureau of Investigation (NBI) in 2012, Aman Futures reportedly duped about 15, 000 people in Visayas and Mindanao of about 12-billion pesos of their hard-earned cash. It was centered around commodities-trading investments and promised an 80-percent return to investors within 20 days. According to the NBI, it affected more than 100, 000 Filipino families. And among the victims were twenty-one police officers and two fire officers, who filed syndicated estafa charges against the company.

Aman Futures was founded by Manuel K. Amalilio, a Filipino of Malaysian descent. Shortly after he was linked to the multi-billion peso scam, he fled to Malaysia, but was arrested in Kota Kinabalu and sentenced to two-year imprisonment. Other chief figures in the scam were Pagadian City mayor Samuel Co and his wife. Co was later dismissed of his estafa charges, while his wife had, at the time, were already out on bail.

Aman Future’s founder got out of prison in 2014 and, to this day, has not been extradited back to the Philippines after the Malaysian Department of Foreign Affairs declined the country’s request for extradition.

Emgoldex (2015)

Emgoldex was sued by the Securities and Exchange Commission in 2015 for selling investment schemes without a license, as well as its related entities Global Intergold and Prosperous Infinite Philippines Holdings Corporation. The SEC also filed a cease-and-desist order against the firms. 

Emgoldex, like many of the scams on this list, offered a get-rich-quick scheme that promised investors significant returns on their investments. The company, in simple terms, buys and sells gold bars. But according to their scheme, a ₱1000 investment can yield ₱5,000 - ₱10,000, while 35,000 pesos can yield ₱ 180,000 to ₱ 360,000. For these returns to manifest, investors must recruit at least two people. 

Emgoldex used social media, particularly Facebook, for marketing and recruitment. And many of their victims were typically young or working overseas.

Emgoldex has been banned in Finland, Colombia, Panama, and Estonia. Similarly, its operations in Massachusetts in the US has received a cease-and-desist order.

Ponzi schemes in Mindanao (Kapa and Rigen)

Last but definitely not least of our list of the top financial scams in the Philippines are the Ponzi schemes that swept through Mindanao earlier this year. One prominent program was KAPA, a religious institution that allegedly mandated members to put in investments for a 30-percent return every month. Its founder, Pastor Joel Apolinario, called these donations "love gifts" or "blessings."

Started in 2015, Kapa investors donated between ₱10,000 to ₱2,000,000 to help the ministry in delivering “propagation of the religious faith, establishment of livelihood programs for the benefits of its members.” In return, they will enjoy a 30% monthly interest through the ministry's investments, for life. So, an investment of ₱10,000 will yield ₱36,000 a year, every year, for as long as the investor was alive.

At least, that was what it purported to do. Last June 4, the Court of Appeals (CA) ordered the freezing of Kapa's bank accounts and assets, upon the petition of the Securities and Exchange Commission and the Anti-Money Laundering Council. According to SEC Chairman Emilio Aquino, KAPA had been engaged in a Ponzi-scheme that "[a]s sure as the sun will rise in the east tomorrow, [...] will never be able to sustain that [...] 30% return per month for life."

Another popular one is Rigen. Founded in Tagum City, RIGEN Marketing reportedly aims to "help the financial needs of individuals by providing a concrete system allowing ordinary people to have solid additional income” through delivering a 400-percent return on investments in only 30 days.

The scheme is said to be operated by "big players" in foreign exchange and crypto-currency trading, which allows it to offer these promised returns below:

[table id=513 /]

The Securities and Exchange Commission has imposed a cease-and-desist order on Rigen, following President Rodrigo Duterte’s closure order of all Ponzi-like investment schemes.

While many of their members and supporters would argue that Rigen and Kapa's main source of revenue is "trading" and "crypto",  but there is little to no proof that they're actually engaged in such.  Instead, all signs point out to them running a ponzi scheme type of investment. Besides, every well-informed investor knows that legitimate trading can't guarantee such a high return with such a low risk. The same thing applies to cryptocurrency - even when it was on its all time high, it was extremely volatile that a consistent high return is not a guarantee.

How to Spot Financial Scams

While it is not wrong to want to attain more financial leverage in life, it pays to know exactly what we are getting into so that we can get the promised return. In the case of financial scams, there are typically telltale signs and red flags that we can identify so we can prepare for them accordingly. 

[block type="warning" title="Take not of these!"]

• Quick, easy, get-rich schemes
• The necessity of recruitment to make your money grow
• Deceptive branding
• Lack of verifiable foundation and reputation; and
• Limited time offers [/block]

If any of the above is a main feature in an investment program that you are considering, be warned. Conduct your research accordingly, to make sure that you can establish that the company uses an authentic and approved method of funds management before you trust it. Also, double-check everything with the government and its data. 

For instance, make sure that it is registered with the SEC, or if it’s an insurance product, check with the Department of Finance’s Insurance Commission. Lastly, don’t forget that if it’s too good to be true, chances are, it really is.

The post Top 5 Biggest Financial Scams In The Philippines appeared first on iMoney.ph.

Compared to our neighboring nations in the region such as Singapore, Hong Kong, Taiwan, and South Korea, regional credit officer at Fitch Ratings' Credit Policy Group, Dan Martin, said that the Philippines is not particularly vulnerable to the fallout from the slowing Chinese economy.

The Philippine economy doesn’t come out as a model that is particularly vulnerable to China’s slowdown. And on the market side, the Philippine economy is not reliant on capital inflows and the country don’t do as much lending and foreign currency, according to the Fitch Rating officer.

Due to the debt exposure to China of Singapore, Hong Kong, Taiwan and South Korea, they might see "ripple effects" follow ing this.  Fitch Ratings credit officer for the region, explains developed economies show vulnerability in three channels: Direct lending to China, trade movement and market capital flows.

Sri Lanka and Indonesia also might be affected due to their foreign currency-denominated borrowings.

Source

The post Philippine Economy Isn’t Vulnerable To China Slowdown – Expert appeared first on iMoney.ph.

The Philippines earned its freedom with the bravery of the heroes who fought colonizers to their deaths. It took a long time but it eventually freed Filipinos from the shackles of its century long slavery. Flash forward to today, we are now enjoying freedom brought about those daunting skirmishes of our heroes towards freedom.

Filipinos today may be free from colonizers and oppressors, but many of us are struggling to achieve a different kind of freedom - financial freedom - or simply being debt-free! 

While we are known for being warm, hospitable, and happy, what we are not known for is financial literacy. According to a report by the World Bank, only 2 percent of surveyed Filipinos could answer financial questions correctly. This points to an alarmingly low financial literacy level, as respondents only got three out of seven questions right about key money management areas such as inflation fundamentals, investment diversification, and even basic numeracy. In addition, the BSP says that in 2018, only 15.8 million Filipino adults have bank accounts; there are almost 53 million Filipino adults who don't. 

A big part of the reason for these disappointing statistics is rooted in the way that many Filipinos were raised, which helped shape our habits as a nation that prevent us from achieving financial awareness and, from there, financial independence.

Fortunately, we can always start changing the numbers and our lives - starting with identifying the most significant habits that we can do without, if we want to improve our money management. Here are some of them.

Bahala na or come-what-may attitude

Chief of the habits that we may want to break, as a population, in regards to the way we approach financial management is our "Bahala na" or come-what-may attitude” to everything in life. 

Many Filipinos are so laidback that we find it normal to live our life always at the spur of the moment, without any strategic plan for anything. In finances, this manifests as buying things that we don't really need out of a whimsical urge or going on a trip that our bank account really can't handle.

[block type="tips" title="Pro tip"]

you find yourself practicing this a lot in your life, one of the most important things that you can do to change it is to hold off on making financial decisions right then and there. If there is something that you want to buy because you were scrolling through an online shopping site, give yourself a few days to think about the necessity of the purchase before you add it to your cart. Similarly, track your spending so that you can have a better idea of where you'd need to improve on, so that you can take better control of your finances. [/block]

Not budgetting according to priorities

Many Filipinos know that health, education, and food are among the key priorities that they need to allocate their money towards - yet many Filipinos fail to accordingly streamline their budget towards these areas. Instead of using our money towards lodging and managing healthcare insurance accounts, we spend it on gadgets. 

Instead of saving up for our children's education, we wing it and take things day-by-day and tell ourselves we can splurge on their birthdays. And instead of taking care to stock up on food for the week, we go out to eat and eventually run out of money.

 [block type="tips" title="Pro tip"]

It takes a lot of mindfulness to know what you need to do and stick to it. To manage your finances and gear your life for eventual financial independence, it is important to spend your money according to your priorities. Getting health insurance, for instance, may seem like a cumbersome process that will require you to shell out money every month - but in the case of an unfortunate medical illness or emergency, that money that you paid towards your insurance will make sure that you don't suffer any more losses from the situation. Similarly, you can automate certain processes such as transferring money to your savings account to ensure that you don't shortchange yourself by not doing what you know you should do.[/block]

Not having financial discussions with family

For many Filipinos, money is a central instrument in the family. However, it is not something that is always openly discussed, so that it may help facilitate better management from every member of the family.

For instance, if a partner or a sibling earns more than us, it is almost a duty for that partner or sibling to bail us out if we need them to. While it is never a bad thing to be somebody's financial safety net, especially if it is well within their means so they can offer help, it also burdens those that we rely on and create an unhealthy dependency in those that are not as financially able or responsible. Similarly, many of us treat money conversations as inappropriate, particularly if they touch on setting up boundaries or giving advice on better management.

[block type="tips" title="Pro tip"]
To steer the whole family towards financial independence, it is helpful to have financial discussions that can educate the whole family on how everyone can implement more effective money management. If someone has it easier financially, for example, they may be able to share tips on how they do it to motivate everyone into getting started on it, on their own. [/block]

Taking out unnecessary loans because we can

Filipinos grow up knowing that there are always easy ways to take out a loan, if we so desire. These fall under two main categories: legal and illegal. There are regulated avenues that we can go to if we need money, and then there are convenient but unregulated money lending funnels that impose hefty interest charges. Also, it is possible for many of us to buy things that we want even if we don't have any money, such as getting a phone through paying a minimal upfront fee and paying off the balance in monthly installments.

[block type="tips" title="Pro tip"]
It's a good thing to have easy access to loans, but we should be more careful about using them. If you want to take out a loan because you want to buy something that you can't even afford with your own resources at the time of the purchase, it may be best to hold it off until you can pay for it yourself. Similarly, if you fail to pay off your loan on time, you may be subject to compound interest charges that will make it harder to get back on your feet financially. Remember to use these convenient lending companies only if you really need to, and only for as long as you need to/ [/block]  

Not taking care of our credit score

Filipinos are well-versed in taking out debts, but surprisingly, do not care much for ensuring good credit from those debts. Many Filipinos take out loans and default on their payments, which affect their credit score. On the flip side, those who do have good credit do not realize that they can make use of that to further their financial goals. For instance, if you are in good credit standing, you can find it easier to get a business, car, or house loan.

While we don’t have a universal credit score in place in the Philippines, banks have their own record and are mostly shared with other financial establishments. If you don’t run away from your debts from one bank won’t be traced back to you when you apply for another loan in another bank, think again!

[block type="tips" title="Pro tip"]

If you have a good credit score, read up on how best you can use that to advance your life. If you don't, be proactive in setting it right so that you can free up access to financial resources that can improve your life. [/block]

Mindless spending after pay-day (one-day millionaire)

Are you familiar with the phrase 'petsa de peligro'? 

It is in our consciousness, for a reason. Many Filipinos are irresponsible with their spending that they eventually get to a petsa de peligro, or the few days before payday when you're running out of money and barely have enough to survive. It happens because right after payday, many fall prey to the lure of money in their wallet that some end up mindlessly splurging.

  [block type="tips" title="Pro tip"]

Don't spend more than what you need to, and don't make unnecessary withdrawals. For many people, if they have extra cash in their wallet, they almost always invariably lose that cash for no important reason. In addition, make a budget and stick to it. Allocate it towards your priorities, treat yourself to something nice but reasonable, and leave the rest of your money alone. [/block]

Lifestyle inflation

Getting a promotion or finding a new financial stream is always a cause for celebration - but don't celebrate too much that you end up falling prey to lifestyle inflation. In such a case, you overstep your financial boundaries because of the false promise of easier access to money that you end up living a life that is too expensive for what you can afford.

One common example is upgrading to a new car when you move up the corporate ladder, but the car turns out to be too expensive compared to the marginal increase in your salary. Most of the time, this ends in getting in debts.

[block type="tips" title="Pro tip"]

Being able to advance in life financially is a privilege that, if handled well, can bring in more opportunities that can lead to financial independence. If you got promoted, that’s good! That only means that you have more money to allocate to what is necessary and have the luxury of maybe venturing into investments. Stay in your financial lane, don’t get carried away, and work on expanding that lane so that you have more space to navigate in the future. [/block]

Sources: 1, 2, 3, 4

The post Want Financial Freedom? Get Rid Of These Habits appeared first on iMoney.ph.

Two new bills from the House of Representative proposes a no-homework policy from Kindergarten to High School. 

Deputy Evelina Escudero, one of the proponents of House Bill No. 3611 seeks to eliminate homework as a class requirement to limit school activities to the campus.  In her explanatory note, she said:

“Homework assignments can deprive students and parents precious quality time for rest, relaxation and interaction after school hours and even on weekends.”

In addition, the bill would also require students to deposit textbooks in school after school hours to save them from carrying heavy learning materials on and off-campus. According to lawmakers who sponsored a separate but similar measure said that no more homework means more quality time at home.

Meanwhile, a similar proposal, the House Bill 3883, by Quezon City Rep. Alfred Vargas would only stop teachers from assigning homework for the weekend.  He cited a study in South Africa in 2018 suggesting that homework imposes a burden on both children and parents, leading to declining family time and less interest to learn.

“In addition, a few landmark studies have suggested that homework does impact upon family life, in some cases in a negative way… yet in general, it is positively associated with academic achievement,” Vargas said.

He further explained that his bill would promote school children’s physical, moral, spiritual, intellectual and social well-being. His bill also imposed a ₱50,000 fine or imprisonment for teachers who would violate the no-homework condition. 

[Source]

The post Lawmakers Files No Homework Bill appeared first on iMoney.ph.

Four laws were signed on Aug 22 by President Duterte, and these laws declared new tourist destinations, three of which are in Ilocos Sur Province. 

The said law and the corresponding tourist destinations declared by each are as follows:

• Candon city declared as ecotourism zone in Candon City, Ilocos Sur a tourist destination through Republic Act 11407.
• Pinsal Falls in Santa Maria, Ilocos Sur declared as a tourist destination with RA 11409.
• Santiago Cove in Santiago, Ilocos Sur was also declared as another tourist destination of the province under RA 11408.
• Mount Bulaylay in Cuyapo, Nueva Ecija under RA 11406.

The newly signed laws mandate that the Department of Tourism (DOT), in coordination with the Department of Public Works and Highways and other concerned agencies of the government be tasked to prepare a tourism development plan involving the construction, installation, and maintenance of such appropriate facilities and infrastructure. These facilities and infrastructure must improve the overall feature of the area to ensure the accessibility and security of tourists.

Other than the development plan, the laws also require the agencies to ensure the preservation and conservation of the historic significance of the area. In addition, any activities and developments to be carried out in the area should conform to the concept of ecotourism as provided in the National Ecotourism Strategy jointly issued by the Department of Environment and Natural Resources and the DOT.

The DOT and its concerned attached agencies are tasked to take immediate steps to implement the tourism development plan and incorporate the same in the National Tourism Development Plan. The funding from the act will be included in the annual General Appropriations Act. 

[Source]

The post Duterte Signs New Laws Declaring Four New Tourist Destinations appeared first on iMoney.ph.

In August 2018, the president signed the National ID Law to streamline the national identification system reducing corruption, enhancing governance and serving as a tool to keep the public safe. The implementation of the Philippine Identification System (Philsys) is on the horizon and a pilot testing is set to begin come September!

Now that its launch is finally set in stone, here is everything that you need to know about it! 

What is the National ID system?

The bill that enacted a centralized identification system of Filipino citizens and residents states that the national ID system of the country will be called the “Philippine Identification System” or “Philsys.” It’s a single ID card that can be used as proof of identification for all transactions in the country, whether it’s by a government agency or a private institution. Once this is implemented, Filipinos both here and abroad (OFWs and Dual Citizens) will be required to register.

How does it work?

In this national ID system or the Philsys, the person should declare his or her name according to his or her birth certificate, photograph, gender, blood type, and signature. The ID will come with its unique serial number, which will be called the Philsys Number (PSN). The reference number will be issued by the Philippines Statistics Authority (PSA).

What information will be stored here?

This tamper-proof ID will be housing a smart chip that contains unique information associated with a person like his biometrics, iris scan, facial image reception code, and many other distinguishing features.

Other government-issued identification numbers such as the following will also be associated with the person’s designated CRN:

• SSS
• Pag-IBIG
• PhilHealth
• Passport number
• Voter’s registration
• Tax Identification Number (TIN)
• Driver’s license number

Who are eligible to get one?

All Filipino citizens are automatically eligible to get a National ID, including Overseas Filipino Workers, dual citizens residing in another country, and even resident aliens (foreigners). 

Data privacy and confidentiality

Legislators who opposed this move by the government were concerned about the safety of everyone’s personal information from data leaks and other security attacks. However, Sol Aragones, the committee chairperson assured the public that the only agency that will have access to the information will be the PSA.

The bill made it clear that the information in the Philsys, despite being in the safekeeping of the PSA, cannot be disclosed to any requesting agencies without the consent of the ID holder, unless it falls under the following situations:

• In cases of accidents or disasters, where the ID holder’s medical history is needed by medical workers
• When the interest of public health or safety requires the data
• A court orders the data to be divulged

The bill also states that PSA, the Department of Information and Communications Technology, and the National Privacy Commission must implement measures that will guarantee the safekeeping of the information.

The benefits of a national ID system

The main goal of this ID system is to streamline transactions, lower the cost of government-related ID application, and ease and convenience for all transactions. How does it work?

1. Streamlined information

With a single ID for everything, all the information about a citizen is associated with his or her national ID number or CRN. From the basic personal information like birthday, address, the phone number to your driving records, criminal records, and loans, a national ID system will provide access to this information to relevant agencies authorized by the person. This will not only streamline information but also transactions with the government or private organizations.

2. No need for other “valid IDs”

Currently, we have separate IDs for SSS, Philhealth, Pag-IBIG, and even for our tax and voter registration. While it makes sense to have a separate ID for each because they are after all different agencies of the government, it would be practical and more efficient if they’re all associated with a single ID.

Once a national ID system is in place, the government and private agencies will no longer need other IDs to verify a person’s identity. Verification can already be done easily through the automated system which will come together with the implementation of the Philsys. From airports to banks, there’s no need for you to stress about bringing several valid IDs just to get your transactions going (which is a typical scenario in the country).

3. Faster ID verification

The provision of the Philsys will guarantee a fool-proof and highly secured process of identification according to Arnie A Teves Jr, a congressman. This will be made possible with the government’s initiative to gradually install biometric machines in all of its relevant agencies. Your trip to SSS, Philhealth, Pag-IBIG, or whatever government agency will be less of a hassle once the national ID system is in place.

How to apply for a national ID?

The procedure for the registration is based on the Implementing Rules and Regulations of the Republic Act No. 11055 or the Philippine Identification System Act are as follows:

1. Download their application form (download link not available yet).

2. Gather all the required documents.

What are the requirements for the National ID registration?

• Birth Certificate issued by PSA (formerly NSO) and one government-issued ID which contains the applicant’s full name, photo, and signature or thumb mark; or
• Valid Philippine passport
• Unified Multi-purpose Identification (UMID) card issued by SSS or GSIS; or
• Other equivalent documents approved by the PSA. [/block]

3. Go to a registration center near you and submit the duly accomplished Philsys Registration Form together with your documents.

Where to apply for a National ID?

Applicants will have to visit the following offices in their region:

• Regional and provincial offices of the Philippine Statistics Authority (PSA)
• Civil Registry Office (LCRO) in each city or municipality
• Any Government Service Insurance System (GSIS) branch
• Any Social Security System (SSS) branch
• Any Philippine Health Insurance Corporation (PhilHealth) branch
• Any Pag-IBIG or Home Development Mutual Fund (HDMF) branch
• Commission on Elections (COMELEC) local or provincial office
• Any Postal office (under PHL Post or Philippine Postal Corporation)
• Other government agencies or GOCCs as may be assigned by the PSA.

[block type="success" title="For your information"]
Registration facilities aren’t available in these offices yet. However, the PSA just announced that they will run the initial registration in September. [/block]

4. Biometric information capture which includes a front-facing photograph, fingerprints, and an iris scan. Applicants below five years of age are not required to have their biometrics taken, a front-facing photo would already suffice.
5. Philsys Number (PSN) will be generated by the system for the applicant. However, if biometric and demographic information isn’t unique (or found to have a duplicate), further verification will be conducted by the PSA, and the PSN will not be generated yet.
6. Once the verification is complete and a PSN has already been issued, the National ID will then be issued to the applicant.

How much does it cost?

Initial application and renewal shall be free of charge for both local and resident aliens. Replacements due to loss, damage, or change of entries will be subject to a fee that has not been disclosed by PSA yet. However, indigent citizens who can provide a Certificate of Indigency shall be exempted from the applicable fees.

How will it impact your banking experience?

Identification plays an important role in managing your finances through your bank account. When you pay using your credit card, establishments will ask for a valid ID before running your card to charge you. When you do a transaction in a bank, you’ll need various IDs to verify your identity. With a more streamlined process of verifying a person’s identity through the Philsys, the experience will be more seamless.

1. Prevention against identity theft and fraud

It has been made clear that together with the national ID system, biometric machines will be installed in relevant government agencies. Also, state of the art technology is used for the national ID to make sure that it cannot be replicated or used by others.

The smart chip embedded in the ID will contain unique information associated with a person like his biometrics, iris scan, facial image reception code, and many other distinguishing features.
This will reduce identity theft, especially when it comes to availing banking or credit products, which can have dire consequences for the victims.

This security measure may not happen immediately once the Philsys is implemented, but once the system, its infrastructure, and the technology have been fully established, people will surely reap the security benefits that come with it.

2. Financial inclusion for everyone

During the summit on Financial Inclusion in the Digital Economy hosted by the ADB, according to Rochelle Tomas, the Inclusive Finance Advocacy officer of Bangko Sentral ng Pilipinas (BSP), “One of the key barriers to financial inclusion in the country is the lack of a universal national ID and private industry has also identified it as one of the major costs in getting people on-board the financial system”

Currently, BSP has a very strict policy when it comes to opening a bank account in the country. It requires at least one photo ID together with other proofs of identification. While employed individuals could easily obtain valid photo IDs such as an SSS ID or UMID, and other official documents to verify their identity; the unemployed population, on the other hand, does not have access to those. With a national ID system coming close to its implementation, it will be a lot easier for the unemployed and unbanked Filipino to start banking.

As the country’s ID system heads towards a streamlined and automated process, everyone will benefit from it in a number of ways. Not only will it cut the unnecessarily bureaucratic process in many public and private agencies short, but it will also make many services from the private sector more inclusive to more Filipinos. At the end of the day, Philsys will make day-to-day transactions of Filipinos less of a headache.

Main image from news.abs-cbn.com and mymanage.in

The post Here’s Everything That You Need To Know About The National ID! appeared first on iMoney.ph.

The Overseas Filipino Bank (OFBank), a state-owned bank and a subsidiary of Land Bank of the Philippines, is planning to become a fully branchless, digital lender by mid-2020. It’s currently pending and is waiting for the approval of the Bangko Sentral ng Pilipinas (BSP). The main purpose of the bank is to provide online lending, investments, insurance, bills payment, and other financial services to overseas Filipinos.

Finance Secretary Carlos G. Dominguez III cited that taking this type of financial service will make it more accessible to OFWs, compared to setting up branches overseas which isn’t feasible due to the bureaucracy that the government has to go through to do such feat. Domingues also added that since the OFBank will be targeted at more than 10 million Overseas Filipino Workers (OFW), turning the OFBank into a digital bank just makes more sense. 

Land Bank President and CEO Cecilia C. Borromeo forecasted that the digital bank will be up running by June 2020. She also added that the IT system of Landbank will be tweaked to serve as the primary platform of OFBank’s digital banking infrastructure.

All OFWs who are registered with the Overseas Workers Welfare Association (OWWA) and Philippine Overseas Employment Agency (POEA) will be given a bank account with the OFBank once it’s fully established. 

Mobile payment technology is also among the features that the OFBank will be introducing, allowing OFWs who regularly remit money to the Philippines to do it through the platform. Loan programs will also be offered to OFWs who are planning to return to the Philippines, to help them start a business or build their homes. 

The government will be seeking regulatory approvals in countries with many OFWs for it to be allowed to operate. 

 
[Source]

The post Overseas Filipino Bank To Go Completely Digital By 2020 appeared first on iMoney.ph.

An earlier survey found that for more than 80% of Filipinos, a car is an important tool in life. Those who live in more congested areas and experience the struggles that come with public transportation, in particular, will be more attracted to the idea of owning one, as a private car can help ease daily commutes. 

In addition, a car represents a lot of great things. The comfort that it brings, for instance, does not have to be selfish, as you can share it with family and friends. With one, road trips and vacations to farther places can be more enjoyable. And cars are associated with security and freedom; if you have one, who’s to stop you from going anywhere you want?

The numbers certainly reflect just how much Filipinos value cars, as a 2017 report indicates that cars make up about two-thirds of the 2.7 million vehicles that pass-through Metro Manila every day. Similarly, trends over the past few years have allowed for more Filipinos to own a car - such as the addition of millennials to the workforce, which enabled them to have access to resources that make car ownership possible.

Globally, the lure to get behind the wheels is also a well-funded venture. According to Two Cents by PBS, car companies spent around $14.2 billion in marketing in 2014 alone. And cars have been seen as integral to society, especially American society, since the 1950s.

So it makes a lot of sense for Filipinos to catch up with the car craze and want one for themselves. And if you are one such Filipino, the question of buying one ultimately breaks down into two main components: should you get a brand-new car, or should you get a secondhand car?  Let's discuss.

Pros of buying a new car

Buying a new car accords you with certain advantages over secondhand cars. These are:

1. The freedom to choose

The market offers so many options that you can customize, according to what you want. Do you like leather seats, or do you want cloth upholstery? What size and price class would you prefer? Are you looking to install an upgraded audio system? 

Do you want to equip it with the best that current technologies can offer? It is all your call. You don't have to fit within a pre-molded box, as many manufacturers and dealerships will allow you to call the shots.

2. More flexible finance rates

A brand new car also gets you better finance rates, especially if the model is a new addition to the market.  

Many car dealerships provide flexible schemes such as low-interest financing and cash rebates as incentives. And most importantly, brand new cars come with warranties.

3. More high-tech features

Finally, brand new cars usually come with the best of what technologies are designed to do. And they are not limited to convenience and entertainment, as many safety upgrades are rolled out in new releases to ensure better protection.

The downside of buying a brand new car

All these advantages do not excuse the fact that buying a brand new car also comes with disadvantages. Let's discuss them one by one.

1. Depreciation

The first, and most significant, of these, is depreciation. Did you know that brand new cars usually depreciate by 63 percent of its original value after 5 years? And depreciation will not wait 5 years - your car can depreciate by 10% as soon as you drive it off the lot.

Depreciation also speeds up if you did not take care of your car. Let's say, for example, that you will resell the car after one or two years. While its value will not go down that much because it hasn't been used for long, compared to a 5-year old car, its value may still be lower than that of a 5-year old car if it has not been maintained well.

Finally, depreciation varies according to certain makes and models. According to Fox Business, the following car brands and models depreciate by this value after 5 years:

• Jeep Wrangler: 31.23%
• Ford F-150: 41.44%
• Toyota Camry Sedan: 45.59%
• Subaru Forester SUV: 47.16%
• Lexus RX 350 SUV: 50.37%
• Hyundai Santa Fe SUV: 52.27%
• BMW X5 SUV: 56.21%

2. Insurance

Brand new cars also require full insurance coverage, as far as dealerships and finance institutions are concerned, which means, yes, more payments. 

Premiums differ according to the age of the vehicle, the age of the driver, and other factors. But the rule is that the newer the car is, the more expensive the premium will be, for both full coverage and liability.

3. Lower return on investment

Finally, a brand new car will not give you the return on investment that you may want. Unlike a home, which may appreciate in value as developments in its area or to the property itself happen over time, a brand new car loses a little of its value with every day of owning it. And even if you're paying for it at a minimal interest rate, chances are you will have paid for it more than what you will get for it if you're reselling, by the time you pay it off.

Pros of buying a secondhand car

Now, this brings us to this point: what about buying a secondhand car, then? What are the advantages that you can look forward to?

First off, you don’t have to contend with its depreciation, as its previous owner already did. In fact, the older the car is, the more its value has depreciated, which means that you can buy it at an even lower price. Let’s take, for instance, buying a Toyota Vios, which is one of the most popular cars in the Philippines. If a car depreciates by, say, 20% on its first year and 15% every succeeding, year, a Vios 1.5 G M/T at ₱981,000 will be available for purchase at the following approximate prices over the next five years.

[block type="info" title="Five-year depreciation timeline"]

• 2019: ₱981,000
• 2020: ₱784,800
• 2021: ₱667,080
• 2022: ₱567,018
• 2024: ₱481,965 [/block]

So essentially, if you buy a Toyota Vios 1.5 G M/T three years from now, you would have saved ₱499,035. That's not bad!

[block type="info" title="In addition, buying a secondhand car will ensure:"]

• Reduced carbon footprint, as much of the carbon dioxide that a vehicle produces, happens during the early stages of its lifecycle, such as manufacturing and initial shipment.
• Lowered customization fees, as you don't need to ask for expensive manufacturer add-ons.
• No hidden fees, unlike brand new cars. [/block]

If you're buying a secondhand car that is in high demand, there is a strong potential that you can re-sell it at a higher price than the one you paid for it. 

In the Philippines, there are many buy-and-sell enterprises that flourish off these resale values: they buy secondhand cars at set rates and sell them for profit. There are also certain brands that depreciate at a lower rate, by virtue of their established market reputation.

Cons of buying a secondhand car

The biggest drawback to buying a secondhand car is that it, of course, does not look brand-new. If you have a certain aesthetic standard that you want your car to meet, a secondhand one may require additional work so that it fits your preferences. 

Also, some used cars may have issues. This is why you must get a comprehensive history of its use when you buy it so that you can properly gauge its condition and prepare yourself for what it may need, down the line.

Finally, if you buy a secondhand car from a private individual instead of an authorized dealership, you may not have access to available warranties or service programs.

Tips for buying a car

All things considered, if you want to buy a car and you want to save as much money as you can now or in the years to come, there are three main key things that you may want to think about:

• Consider getting a car that is at least 5 years old. This means that you’ll be able to buy it for up to 63% discount compared to a brand new car.
• Save up to buy a car, in cash. Regardless of whether you’re buying a brand new or a secondhand car, it is best to buy it in cash. You’ll always save a good hundreds of thousands of pesos in doing so. Some dealerships will even offer discounts for it.
• Save up as much as you can for the downpayment. If you can’t buy a car in cash, the next best thing to do is pay a big chunk of money for the downpayment.  This will equate to lower monthly repayment or shorter-term with lower interest rates.
  [block type="warning" title="Did you know?"]Zero or low downpayment promos come with higher monthly repayment and overall bigger interest than regular car loans. It literally makes some hundred thousand peso difference. [/block]

Should you buy a brand new or secondhand car?

There is nothing wrong with buying a brand new car. Apart from the satisfaction that you get from driving a shiny new vehicle equipped with up-to-date technology, it’s a personal preference that no one can take away from you. However, if you’re cautious about your finances in the long term, car ownership will definitely have a significant impact - this is the when second-hand cars become great contenders over brand new ones.

Second-hand cars are right off the bat the more practical option - you’ll be spending less for the same convenience and comfort that a brand new car could give. But of course, buying a good quality secondhand car also comes with its own set of challenges. You will need patience and diligence to scrutinize a secondhand car’s history and actual condition under the hood before you could call it "value for the money." Before you drive it home, do your homework. 

As what many financial experts would probably tell you, a car is a depreciating asset. From the time you drive it out of the dealership, it immediately loses its value by at least 10%!  Whether you’re buying a brand new or a second-hand car, having the right expectation of what it could mean to your finances should ultimately be the key driver to choosing between the two.

Sources 1, 2, 3, 4, 5, 6

The post Should You Buy A Brand New Or Secondhand Car? appeared first on iMoney.ph.

The unemployment rate in July was at 5.4 percent, figures which were the same as the figures in July 2018. Despite the steady numbers, employment rose to 42.95 million from 40.65 million during the same period as last year, according to the Philippine Statistics Authority. 

Employed individuals in the Philippines grew in number in July this year, 5.7 percent more than last year - this translates to 2.3 million people.  

The number of employed persons grew 5.7 percent in July, reflecting an additional 2.3 million workers while the number of unemployed grew 4.4 percent or an additional 2.43 million jobless.

Filipinos who are still seeking additional jobs to increase their income - the underemployed- settled at 13.9 percent in July this week, 3.3% lower than the same period as last year. These underemployed individuals are those who are working less than 40 hours a week. 

Meanwhile, the overall labor force participation rate in the Philippines as of July 2019 is 62.1 percent, 2 percent higher than the same period as last year. This means, 62.1 percent of the 73.1 million of the population who are above 15 years are formally employed and working. The younger population (15 to 24 years old) have a low labor participation rate, which is only at 38.3 percent of the 20 million, as of July 2019.

According to the National Economic Development Authority (NEDA) Usec. for Policy and Planning, Rosemarie Edillon said that the full implementation of the Ease of Doing Business law and the easing of foreign investment restrictions can create more jobs for Filipinos.

In a statement, Edillon said:

“While the Philippine economy has shown remarkable improvements in the labor market, the government should continually improve its efforts towards generating more productive and higher quality employment that provides adequate income for Filipino workers and their families.”

[Source]

The post Employment Rate Up, Unemployment Rate Steady appeared first on iMoney.ph.

One of the great benefits of being a member of Pag-IBIG Fund is the housing loan. If you are not over 65 years old and have remitted 24 monthly contributions to Pag-IBIG Fund, you may avail of this housing loan. You should not have any outstanding housing or multi-purpose loans with Pag-IBIG, nor should you have a Pag-IBIG housing loan that had been cancelled, bought back, or foreclosed.

Even minimum wage earners can have the opportunity to buy their own home through the Affordable Housing Program. With the End-User Financing Program, members can borrow up to ₱6 million. The maximum repayment period for a Pag-IBIG Fund housing loan is 30 years. Know how to apply for one in just five steps.

Step 1: Get The Relevant Forms

You can get the housing loan application form and the checklist of requirements by visiting your nearest Pag-IBIG Fund office, or by going online and visiting www.pagibigfund.gov.ph. Click on the link that says “Forms” and you can download them for free.

You need to accomplish a medical questionnaire and undergo a full medical examination if you are over 60 years old and an OFW, or if you are 60 years old and borrowing over ₱2 million up to ₱6 million.

If you are curious about rates, you can easily do a quick check by using our online calculator. This will give you an idea on the current BPI housing loan interest rate in comparison to other banks.

Step 2: Submit Your Pag-IBIG Fund Housing Loan Application

After filling out the necessary forms and completing the requirements, you can submit your application. There is a non-refundable partial processing fee of ₱1,000 that you will need to pay upon submission of application.

If the property is located in NCR, you can head to the Pag-IBIG Fund offices in Shaw Boulevard, Kamias, or Imus. If it’s a provincial property, you can file the application at the nearest Pag-IBIG Fund office to the said property.

If you prefer to do it online, go to www.pagibigfund.gov.ph and click on E-Services. Note that it takes about 20 working days to process your housing loan. This includes property valuation and credit investigation already.

Step 3: Receive Your Notice of Approval

If your housing loan application is approved, you will receive your Notice of Approval (NOA) or Letter of Guarantee (LOG). You can now sign your loan documents.

If your loan application is disapproved, it could be because of several reasons. When evaluating your loan application, Pag-IBIG Fund will also check your records, employment status, and your capacity to pay. They will evaluate the property and its appraised value. If you fail to meet any of these requirements, your loan application will get disapproved.

Step 4: Complete Your NOA Requirements

You have 90 days to accomplish your NOA requirements. Note that there will be different requirements depending on the property you want to purchase. We suggest that you do it right away because some of the requirements take days, or even weeks to complete. Don’t do it at the last minute. The sooner you can submit complete and correct documents, the sooner your check will be released to you.

Step 5: Receive Your Loan Proceeds

You can now collect your loan proceeds from Pag-IBIG Fund. Just present two valid IDs. You should also bring 12 postdated checks with you if payment for the loan is not through salary deduction. Once you have the check with you, just give it to the seller of the property as your payment.

If you’re looking for more information, you can check our guide on everything you need to know in getting a pag ibig housing loan.

The post Step-By-Step Guide on How to Get a Pag-IBIG Loan [Updated] appeared first on iMoney.ph.

What is the Pag-IBIG fund?

The Pag-IBIG Fund is a national savings program that was created to provide affordable home loans for Filipinos. This program is also known as The Home Development Mutual Fund (abbreviated as HDMF), which is a government-owned and controlled corporation under the Housing and Urban Development Coordinating Council.

[block type="info" title="What Is The HDMF? Is it the same as the Pag-IBIG fund? "]

The Home Development Mutual Fund (HDMF) is another term for Pag-IBIG Fund. [/block]

A Pag-IBIG fund’s primary purpose is to provide house loans to Pag-IBIG members, enabling them to purchase a brand-new property, fully developed or adjoining lots that do not exceed 1,000 square meters, a residential house and lot, condominium, or townhouse. You can also use a Pag-IBIG house loan to complete construction, or refinance your current home.

With a Pag-IBIG housing loan, you can obtain financing up to ₱6,000,000.00, and get a maximum repayment term of 30 years. The amount you are approved for will depend on your need, capacity to pay, and loan-to-appraisal value ratio.

[block type="info" title="What are the benefits of being a Pag-IBIG member? "]

Pag-IBIG Fund members will be entitled to the following services:

• Multi-Purpose Loan
• Affordable Housing Program
• End-User Home Financing Program
• Provident Savings
• Modified Pag-IBIG II (MP2) Program
• Calamity Loan Program [/block]

How does the Pag-IBIG fund work?

In order to take advantage of Pag-IBIG’s services, members should have at least 24 months worth of consistent monthly contribution (premium). For most employed individuals, this is automatically deducted from their salary as part of their monthly statutory benefits. Self-employed individuals, on the other hand, have to pay the monthly premium themselves.

Is it a requirement to be a Pag-IBIG Fund member?

In 2009, under RA 9679, PAG-IBIG membership is mandatory to all employees that are covered by the Social Security System (SSS) and Government Service Insurance System (GSIS). The good thing being a member of the PAG – IBIG Fund is that you can withdraw your savings after 2 decades of membership, after completing a total of 240 monthly contributions.

PAG-IBIG Fund has been known to provide housing loans to its members. This enables them to have enough money to pay for their dream house. Borrowers then pay PAG-IBIG for their housing loan with a reasonable amount for an extended time.

What made PAG-IBIG Fund practical today is the fact that you can borrow short term loans from them. The purpose of a PAG IBIG Loan is to provide financial assistance to members who need livelihood, medical and even educational assistance. Borrowing money from PAG-IBIG Fund is convenient considering the minimal deductions that you will have to bear.

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

A Pag-IBIG Fund Membership is mandatory to all individuals holding formal employment. [/block]

How can I get a Pag-IBIG number and become a member?

A Pag-IBIG number is provided to an individual after his or her membership registration. Traditionally, registration is done in a Pag-IBIG branch office. Today, Pag-IBIG has set up an online system for all transactions concerning their services including registration.

What are the requirements to be a Pag-IBIG member?

Pag-IBIG Fund registration impose different document requirement for different types of members according to their employment status. Depending on your current type of employment, you will need the following:

Employed individuals

Individuals with formal employment are automatically applied for a Pag-IBIG membership by their company. Their employer will basically run the paper works and will simply ask for basic documentation like valid IDs. For the most part, there won’t be much paperwork to do by the formally employed individual since a Pag-IBIG contribution by the employer and its employees is mandated by the state.

Voluntary members

There are various types of voluntary members and each will come with their own set of requirements which are as follows:

Self-paying employee

Formally employed individuals who just want to pay their Pag-IBIG contributions on their own.

• Company ID
• Certificate of Employment and Compensation
• Latest Pay Slip

Self-employed

Small business owners, professionals, freelancers, and consultants belong to this category.

• Latest Income Tax Return with a CPA-certified Financial Statement from the previous year
• Two (2) 1×1 ID photos
• Certificate of Remittance or ESAV (this for old members)
• Mayor’s Permit or Business Permit
• DTI or SEC Registration (under the person’s name)

Self-employed professionals

Government licensed professionals such as lawyers, physicians, dentists, and etc. who are doing private practice.

• PRC or BAR License
• Latest ITR from the previous year
• Certificate of Remittance or ESAV (this is for old members)
• Two (2) 1×1 ID photos

1. Overseas Filipino Workers (OFWs)– these are reactivating members.

• Valid and latest Contract of Employment (has original POEA stamp)
• POEA License, passport, or any valid ID
• Certificate of Remittance or ESAV
• Two (2) 1×1 ID photos
• Special Power of Attorney – if a representative will submit the requirements and pay the contributions.

Unemployed Spouse

An unemployed individual whose spouse of a Pag-IBIG member.

• Affidavit of Unemployment
• Certificate of Employment and Compensation of the member-spouse
• Written consent from the member-spouse

Franchise Holders or Operators

Entrepreneurs who run a franchised business.

• Latest ITR from the previous year
• Franchise Permit (under the person’s name)
• Car Registration or Official Receipt (under the person’s name)
• Certificate of Remittance or ESAV
• Two (2) 1×1 ID photos

1. Member-Spouse with Business– this is same to no. 5, but here, the member-spouse has a business.

• DTI or SEC Registration
• Mayor’s Permit or Business Permit
• Affidavit of Unemployment
• Latest ITR (from the previous year)
• Certificate of Employment and Compensation of the member-spouse (must be notarized)
• Written consent from the member-spouse
• Two (2) 1×1 ID photos

Unemployed (reactivating members)

Unemployed individuals

• Affidavit of Unemployment

Voluntary membership registration

1. Submit two copies of MDF and other supporting requirements to the Marketing and Enforcement Division of the local Pag-IBIG branch. The original documents should also be brought for authentication.
2. Get a Payment Order Form (POF) from the said office, and go to the Cash Division to pay for Membership Contribution.
3. Present stamped or verified documents to the Marketing and Enforcement Division.
4. Secure a POF before going to the Cash Division for the contribution payment.

Pag-IBIG online registration

Pag-IBIG online is the agency’s official website that extends its services to members via the internet. You can find announcements, relevant information, and download Pag-IBIG forms through their website. Members can also access their Pag-IBIG account,monitor their Pag-IBIG monthly contributions through this portal, and apply for services that Pag-IBIG related services.

How can I check my monthly Pag-IBIG contribution or verify my pag-IBIG number?

Pag-IBIG has set up different channels for members to keep track of their monthly contributions or verify you Pag-IBIG number, here are your options:

• Log on to their website and log in to your account or create one if you haven’t yet.
• Contact their 24/76 hotline: 724-4244
• Pag-IBIG branch near you.

How much is the Pag-IBIG monthly contribution?

The monthly premium for a person’s Pag-IBIG membership will be based on the individual’s monthly income. Formally employed individuals will be paying the entirety of the monthly contribution.

[table id=514 /]

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

The minimum contribution is ₱ 200 while the maximum is ₱ 2,950.[/block]

How can I calculate my Pag-IBIG contribution? 

As shown in the table able, self-employed individuals will only be paying 2% (at most) of theirmonthly income. Meanwhile the employer will shoulder the other portion of the monthly contribution (which is also 2% of the employee’s income).

Self-employed individuals will be paying for both portions (employee and employer share), summing up their monthly contribution to 3% to 4%. Below is a quick example compuation of both employed and self employed.

[block type="success" title="Employed"]

Salary - ₱20,000

Pag-ibig contribution (2% of salary) - ₱400[/block]

Employer share (2% of salary) ₱400

[block type="success" title="Self-employed or voluntary members"]

Monthly income - ₱50,000

Pag-ibig contribution (4% of monthly income) - ₱2,000[/block]

Can I still get my Pag-IBIG contribution?

Pag-IBIG Fund guarantees the refund of member's total accumulated savings (TAV), which consists of the member's accumulated contributions, the employer counterpart contributions (if any) and the dividend earnings credited to the member's account.

The disbursement of the entire TAV of the Pag-IBIG Fund member is possible as long as they fall meet certain criteria which will be discussed below.

When can you withdraw your contribution?

1. Membership maturity

The member must have remitted at least 240 monthly membership contributions with the Fund. For Pag-IBIG Overseas Program (POP) members, membership with the Fund shall be at the end of five (5), ten (10), fifteen (15), or twenty (20) years depending on the option of the member upon membership registration.

2. Retirement

The member shall be compulsorily retired upon reaching age 65. He may however, opt to retire upon the occurrence of either actual retirement from the SSS, the GSIS or a separate employer provident/retirement plan, provided the member has at least reached age 45

3. Permanent and Total Disability or Insanity

Acquiring disabilities shall be deemed total and permanent and will qualify for the complete refund of the members TAV. Disability as defined in the context of Pag-IBIG’s provisions are as follows:

• Temporary total disability lasting continuously for more than 120 days;
• Complete loss of sight of both eyes;
• Loss of two limbs at or over the ankle or wrist;
• Permanent complete paralysis of two limbs;
• Brain injury resulting in incurable imbecility or insanity; and
• Such other cases which are adjudged to be total and permanent disability by a duly licensed physician and approved by the Board of Trustees.

4. Separation from the service due to health reason

5. Permanent departure from the country

6. Death

In case of death, the Fund benefits shall be divided among the member's legal heirs in accordance with the New Civil Code as amended by the New Family Code.

[block type="tips" title="How can I contact Pag-IBIG?"]

Should you have any concerns or inquiries about Pag-IBIG’s services or your particulars for your membership, you can reach them through the following channels:

Facebook: PagIBIGFundOfficial Page

Chat: Log on to www.pagibigfund.gov.ph and choose “Contact Us” then click the “Chat” icon.

Email: contactus@pagibigfund.gov.ph

Landline: (+632) 724 4244 [/block]

Where can I find a list of Pag-IBIG branches?

For a complete list of Pag-IBIG branches, simply go to the Pag-IBIG official website’s home page and find it under the “Contact Us” section. The links to the branches are classified according to their respective regions.

Where can I download Pag-IBIG forms?

All the Pag-IBIG forms that you may need can be found on this link.

Image from businessmirror.com.ph

[Source]

The post Your Complete Guide To Pag-IBIG Registration And Membership appeared first on iMoney.ph.

Every year, Apple disrupts our lives and launches a new upgrade to the iPhone that leaves many of us scrambling to immediately get our hands on it. This year, it's done it again with three new models: the iPhone 11 (iPhone XR successor), iPhone 11 Pro, and the iPhone 11 Pro Max.  The former is the budget version that succeeds the iPhone XR. Meanwhile, the Pro version is the base flagship model which is suited to those who want their phone to be extra powerful but can still be easily palmed. And it offers a lot of advantages over its predecessors, such as a faster processor, more cameras, deeper and larger pixels that can catch more light for your photos, improved dust and water resistance, and more storage.

It is no wonder that in Southeast Asia, it continues to be one of the most coveted possessions, and if that holds true for you, this article will guide you in knowing all that you should so that you can accordingly prepare for it.

Cost of the iPhone 11 Pro in different Southeast Asian regions

For accuracy, we will use the base flagship model in this year's line up - the iPhone 11 Pro. This model is the direct successor of the iPhone XS, not the iPhone 11.

First things first, though: how much does the iPhone 11 Pro cost? We checked Apple's official websites to give you an accurate representation of the price, although it may vary if you opt to get it from other sources or platforms.

In the Philippines, the phone starts from ₱67,990; in Singapore, its price starts from S$1,649; in Malaysia, the phone is yours from RM4,899; and in Thailand, the iPhone 11 Pro starts from ฿39,900.

[table id=422 /]

There are deals that can help you save more but if you want the phone, it is a good idea to save for it based on its Apple-designated price.

How many days do you need to work to afford it?

Now, since we already have the price, let's take a look at what exactly it will take so that you can have it. And for many of us employees and regular wage earners, that means working as hard as we can until we finally earn enough to get the phone. We used data from tradingeconomics.com to calculate the number of days that it should take until citizens from different Southeast Asian regions can afford the new iPhone.

Let's start with the Philippines. The average hourly wage in the Philippines varies from city to city. For instance, in Taguig, it is ₱141, while in Davao, it is ₱99, assuming employees work at least 20 days every month. On a national level, the average hourly wage is only ₱67, which comes to ₱537 every day. So if you want the iPhone 11 Pro, you will need to work for at least 127 days to be able to afford it.

[block type="info" title="Philippines"]Average monthly wage - ₱10,458
Average daily wage - ₱537
Average hourly wage - ₱67 [/block]

source: tradingeconomics.com

[table id=423 /]

If you live in Singapore, you are in a much better place to get the new Apple model. The average hourly wage in Singapore is S$32.6, which comes to about S$261 in a day. Since the iPhone 11 Pro only costs about S$1,649, you will only need to put in work for about  6 days to finally go home with it.

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

Average monthly wage - S$5,225
Average daily wage - S$261
Average hourly wage - S$32.6[/block]

source: tradingeconomics.com

[table id=424 /]

Now, if you are in Malaysia, the iPhone 11 Pro in the country costs RM4,999, while the average hourly wage varies according to the city that you live in, as it is in the Philippines. In Ipoh, for example, the average hourly wage is about RM34, while in Kuala Lumpur, it comes to about RM54 every hour, if one works for at least 160 hours a month. Overall, however, Malaysia's average hourly wage is RM18, which totals RM144 every day. As such, you need to work for at least 34.72 days to get your hands on the new iPhone that you desire.

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

Average monthly wage - 2,880
Average daily wage - RM144
Average hourly wage - RM18[/block]

source: tradingeconomics.com

[table id=425 /]

What about Thailand? Like the Philippines and Malaysia, there is quite a difference in average wages in Thailand, depending on the city that you work in. Nationally, however, the daily wage of employees is ฿689.4. As such, the iPhone 11 Pro can be yours in Thailand after about 56 days.

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

Average monthly wage - ฿ 14,353.55
Average daily wage - ฿717.8
Average hourly wage - ฿89.7[/block]

source: tradingeconomics.com

[table id=426 /]

[block type="warning" title="Disclaimer!"] Now, it is important to note that these computations are hinged on the absolute use of wages for the sole purpose of buying the new iPhone. If you have other things that you need to deduct from your daily wages, the number of days that you will need to finally buy the 11 Pro will get longer. [/block]

Different Methods of Payment

So you think you're ready to get the iPhone 11 Pro? There are three main modes of payment that are available, and each comes with its own differing pros and cons. We'll discuss that in this section.

Cash

The first mode of payment that you can use to buy your iPhone 11 Pro is cash. Buying with cash incurs no finance charges, and comes with the extra bonus that you may get some discounts notched off the total price if you choose a store that offers such a deal. Cash also makes sure that you don't need to think about anything after the purchase, as you will not get locked into a contract that you'd need to contend with, for several months. And it is very convenient, as long as you have the amount that you need for the iPhone 11 Pro.

However, the availability of enough cash is also an issue. Some people may find it daunting to carry that much money with them, especially if they are buying in the Philippines, where the new iPhone requires at least 67 1000-peso bills. If you have smaller bill denominations, that means an even thicker wad of money.

Credit Cards

If you don't have the money for the iPhone 11 Pro but your bank does, taking out a credit card installment for it is the best thing that you can do. In this way, you don't need to lose that much money in one sitting, and you get to pay it according to the terms. In many cases, this makes it more comfortable for you, as the whole price of the phone gets divided into amounts that you can pay off every month, including the interest. And credit card companies give amazing rewards for really big purchases, so imagine how many points you'll rack up from your new iPhone 11 Pro.

However, be very careful with the terms that come with the installment. You don't want to face exorbitant charges that make the phone even more expensive than it already is. Also, pay it off exactly when you need to; late payment charges can be downright vicious.

[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_heres-long-work-afford-iphone-11 Pro" target="_blank" positionlink="bottom_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_heres-long-work-afford-iphone-11 Pro" target="_blank" positionbutton="bottom_1_btn_box_cc_product"]The Card That Pays You Back For Paying On Time[/product]

Postpaid

Now, if you don't have a credit card but you have some cash and you can commit to having enough of it every month, a postpaid plan from a telecommunications company is another option. Under this method, you only need to make a certain down payment and agree to a contract with the company to get your iPhone 11 Pro. This contract will enlist the amount of time you have to pay for the phone in its entirety, as well as the inclusions that come with the purchase such as phone and data credits, add-ons, and subscriptions.

However, some postpaid plans charge high extras for users that go beyond their phone plan's limits. Know what you can only work with, as far as making calls, texting, and surfing are concerned, and always stay within the limits.

Alternatives to Buying the iPhone 11 Pro

Getting a new phone, especially one that comes with quite a lot of power is always good; but if it means losing some things in the pursuit of getting it, then maybe you should focus on other things that make more financial sense. After all, if you were going to spend that much money anyway, you might as well spend it on something that is not going be replaced by another new model in a year, right?

One of these is a vacation. Spending money you could spend on the iPhone 11 Pro on a trip is not only going to be a rewarding experience for all your hard work, it will also gift you with memories you can always have forever. The iPhone 11 Pro can record amazing videos, yes, but it can't ever take you spelunking in a majestic cave in Palawan. Some experiences will always have more value over expensive material purchases.

Or you can instead use the money to take care of your utility bills for the whole year. Imagine how much extra money you'd get to save if the money you have set aside for the iPhone 11 Pro is instead used to cover telephone, electricity, and Internet bills for several months. If you have children that are not yet in school, you can start saving up for their education with that amount of money. Or you can opt to invest in various investment funnels such as mutual funds! Many programs don't require plenty of capital to get you started, and you can look forward to so many rewards down the line.

[Sources 1, 2, 3, 4, 5, 6]

The post Here’s How Long You Have To Work To Afford An iPhone 11 appeared first on iMoney.ph.

Yukon Canada has a total of 2,000 available jobs for Filipino skilled workers in various industries, according to Labor Secretary Silvestre Bello in a press release issued last Sunday. 

A joint communique that Bello signed during his visit in August with his counterpart in Yukon paved the way for the deployment of Filipino skilled workers who may also bring their families. The joint communique with Yukon contained a request for 2,000 skilled workers every year.

Yukon is a territory of Canada in the northwest and there are only about 20,000 residents in it, 3,000 of which are Filipinos. So, everywhere in the community, you’re bound to meet a Filipino. 

Bello also noted that the Filipinos in Yukon are "well protected, and respected without any class distinction. We heard not a single complaint."

Due to this, Bello instructed the Philippine Overseas Employment Administration (POEA) Administrator Bernard Olalia to fast-track the deployment of workers to Yukon. He also told Olalia to fast-track the processing of the Overseas Employment Certificate (OEC) of Filipinos who will work in Vancouver and Toronto.

The available jobs in Yukon are mostly for heavy equipment operators, nurses, cooks, chefs, engineers, caregivers, call center agents, and others. The salaries are competitive which ranges from PHP80,000 to PHP300,000.

To apply for these jobs, interested applicants must meet the following qualifications according to DOLE:

• Fluency in English.
• A degree related to the job.
• Appropriate training.
• Physically and mentally fit.

According to the Labor Secretary, Canadians prefer Filipino workers because of the impression of our quality of work and efficiency. They are also conscious about the family bond, hence, they encourage the workers to bring their family with them in Canada and they will facilitate their entry.

[Source]

The post 2,000 Jobs A Year In Canada Open To Pinoy Skilled Workers appeared first on iMoney.ph.

The Department of Foreign Affairs (DFA) released a warning on Tuesday against employment opportunities to Iraq offered online. The agency reminded the public that the deployment bank to the said Middle Eastern country is still in effect. 

The job vacancy announcements circulating online are said to be claiming that the deployment ban has been lifted.  DFA once again announced that the POEA Governing Board Resolution No. 6, s. 2018, which suspends the deployment of newly hired workers bound for Iraq and the Iraq Kurdistan Region is still ongoing. In addition, household workers who are still working in Iraq will be banned from going back to that country should they go back to the Philippines for a vacation. 

Furthermore, the DFA also reminded all Filipino travelers of Iraq’s strict policies on having a proper and updated visa, which comes with heavy penalties if not observed.

In a statement, the DFA announced that Filipinos who are temporarily vacationing in Iraq or are residing and working before the deployment ban are advised to take note of their visa validity dates.

The DFA also rolled out a list of red flags that overseas job seekers must watch out for. Job seekers must avoid agencies or overseas work opportunities who practice the following:

• Let their applicants travel using a tourist visa or visit visa with recruiters promising to issue a worker’s visa upon arrival in Iraq.
• Accepts applicants do not possess their own identification documents such as IDs or passports.
• Confiscates passport upon employment
• Encourages applicants to inform authorities that they are just visiting a particular city, like Dubai, Kuala Lumpur or Bangkok.
• Advise applicants of particular immigration lanes to choose or given nonverbal cues to look out for during departure from Clark Airport or the Ninoy Aquino International Airport;
• Agency has no permanent address.
• Agents who don’t reveal their full names and contact details.

The agency also advised overseas workers and job seekers to comply with pre-departure formalities being implemented by Philippine immigration authorities. These formalities are intended to ensure the safety of Filipino travelers and prevent the occurrence of illegal recruitment, people smuggling, and human trafficking cases.
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Financing and lending companies will be provisioned by tighter rules by the Security Exchange Commissions (SEC), especially in the way they advertise their services.  SEC has taken notice of the proliferation of online trading platforms such as websites and mobile applications that operate online. 

According to SEC they are hoping to issue a circular within the next two weeks which will require financing and lending companies to fully disclose their corporate names, registration number, and certificate of authority to operate a financing and lending company. In addition, these companies will also be required to provide an advisory to their prospective borrowers to study the terms and conditions in the disclosure statement before proceeding with the loan transaction.

Their draft also the SEC said financing and lending companies make their services known through various modes of advertisement such as television, radio, billboard, websites, and social media. These companies will be required to submit an affidavit of compliance to the corporate governance and finance department of the SEC containing a report of all their existing online platforms within 10 days from the effectivity of the circular.

Noncompliant companies will be slapped with monetary fines and continuous noncompliance may result in a penalty of up to PHP1 million and suspension of their license for 60 days, SEC chairman Emilio Aquino said in the draft circular.  

The SEC is stepping up its efforts to regulate lending and financing companies, and this time they’ll include online entities, due to the growing number of complaints from borrowers. They have also recently issued a memorandum circular that will prohibit lenders from engaging in unfair debt collection practices by inciting violence, issuing threats, or insulting borrowers with profanity. With this, financing companies, lending companies, and their third-party service providers are no longer allowed to harass borrowers and employ unfair means to collect debts.

Image from Philstar

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