The Metro Manila Development Authority (MMDA) is enforcing more initiatives to curb the worsening traffic condition in Metro Manila. Their most recent move is to adjust the opening and closing hours of malls during the holiday season.

&

JUST IN: All malls in Metro Manila will open at 11am starting November 11 until January 10, 2020.

Mall sales will also be prohibited Mondays to Fridays in the same period. An exception was made for a mall that has already announced a sale on November 15. @gmanews

— Mav Gonzales (@mavgonzales) October 22, 2019

;

This initiative will be rolled out starting November 11 to January 10, 2020. MMDA's order states that malls will open at 11 am from Mondays to Friday. On weekends, mall owners will have the option to open earlier.

During this period, malls will also be prohibited from holding mall sales from Mondays to Fridays. However, one shopping mall has been exempted from the sale ban because it announced a sale on November 15 prior to MMDA's notice.

According to a Tuesday report on Balitanghali, the MMDA has also proposed that the delivery window for malls be transferred to between 11 p.m. and 5 a.m.

The MMDA also recommended to mall operators to have more security personnel to direct the flow of traffic.

[Source]

The post Mall Operation Hours Will Start At 11AM During The Holiday Season appeared first on iMoney.ph.

Earlier today, the World Bank (WB) released its Doing Business 2020 Report. The report shows that the Philippines has seen a significant improvement in the global ranking of the ease of doing business. Climbing up 29 notches from its spot last year, from 124th among 190 economies to 95th.

Ease of doing business refers to the implementation of regulatory reforms to speed up transactions of business with various government agencies.

In this report, not only did the Philippines take a huge leap in rankings, but it's also one of the top three highest jumpers among economies covered in the study. The country is said to have recorded the highest improvement in rank and in the Ease of Doing Business (EODB) score, compared to other members of the ASEAN.

Based on WB's report, the Philippines' EODB score improved from 57.68 to 62.8, up by 5.12 points this year.

The WB report cited the Philippine implementation of regulatory reforms in starting a business, dealing with construction permits, and protecting minority investors.

[Source]

The post World Bank Report Shows Philippines Improving In Ease Of Doing Business appeared first on iMoney.ph.

Filipinos are among the top travelers in Asia according to a survey conducted by VISA. Based on their survey findings, the rising number of Filipino travelers reflects the growing middle-class population of the Philippines. Despite getting hailed as among the most well-traveled in the region, Filipinos are also the most frugal travelers in the world according to another study. It isn’t really a surprise since we Filipinos love to stretch our peso’s worth!

When it comes to traveling, however, stretching your money’s worth requires a mix of knowing the do’s and the don’ts!  While every travel destination may be different, similar rules will likely apply especially if you want to save time and money! Since every itinerary is automatically a to-do list, this list of things that you shouldn’t do will open more opportunities for you to save money on your next getaway!

The post The NOT To-Do List When Travelling Overseas appeared first on iMoney.ph.

Death is a morbid topic that most people find disturbing to discuss. However, it is an undeniable reality. According to 2016 data from the Philippine Statistics Authority, an average of 1,591 individuals die each day in the Philippines. The finality of death does not only take a toll on emotions; it also affects our finances. 

Money matters are typically unwelcomed in Filipino conversations - we find them inappropriate. So, when money and death come together, they become even harder to talk about for most Filipinos. It’s not hard to see why there is a lack of knowledge and understanding among Filipinos on the financial aspect of dying.

Nevertheless, staying informed is the key to successfully managing anything, even the heavy topic of death. You see, the rising costs associated with living may leave our wallets struggling but dying will definitely leave it crying. Dying can be a real wallet buster - and in this article, we will cover all the cost considerations that factor into the process. Additionally, we will offer sound advice on what you can do to soften the blow of passing, financially. 

1. Hospital expenses

First off, let’s talk about hospital expenses. According to the 2015 Quality of Death Index, the Philippines is one of the worst countries to die in, after five critical areas have been assessed. These are palliative and healthcare environment, human resources, affordable care, quality of care and level of community engagement. The fact is terminal illnesses do not only wear down emotions, but they are also really expensive. 

Data from The Philippine Star says that 84% of Filipinos are reportedly not prepared to deal with medical costs in case they are diagnosed with a serious illness. Only about 4% have HMOs, and those who do get covered do so for only up to ₱ 90,000 a year and only for Diagnostics, not actual treatment. 

For example, cancer - one of the leading causes of death in the country - comes with hefty charges for diagnosis and treatment. In fact, the Philippine Cancer Society says that out-of-pocket costs for cancer rank the highest here. In addition, diagnosis and treatment have different cost considerations. Stage 4 lung cancer costs about ₱ 183,650 for diagnosis, and ₱ 1.6 million for treatment.

[table id=527 /]

2. Funeral cost

Funeral costs start with the death registration, which differs between private and public burials. A public cemetery burial registration costs ₱ 150, while a private one costs ₱ 500. In addition, you have to account for the transfer of cadaver at ₱ 200, and its accompanying documentary stamp tax at ₱ 15.

Caskets

Now, onto caskets. There are four major types that one can choose from today: wooden, metal, stainless steel, and bronze. In choosing one, it is necessary to have a good idea of your budget. This is a general price breakdown for caskets, according to material type.

Additionally, take size into consideration. And if it is available, the final wishes of the one that has passed should also be factored into the selection.

[table id=528 /]

Funeral wake and ceremony

For funeral viewings and ceremonies, mortuary care packages typically start from ₱ 8000. Mortuary services include the viewing setup either at home or in a funeral parlor, as well as the viewing arrangement such as lamps, flowers, etc. The price range for these packages starts from:

[table id=530 /]

Aside from funeral parlors, viewings can also be held at community chapels, as long as you secure the necessary requirements. These may differ from area to area, so make sure to check with your locality for guidance.

Additionally, homes are an alternative. This typically costs less than a mortuary care package in a funeral parlor, so it is ideal for those who are on a rather limited budget. It is also more intimate if that is preferred.

Food

Internment also requires setting aside a food budget, which depends on: 

• The length of the wake
• The type of food you intend to serve
• The number of guests

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

The food budget should set you back between ₱3,000 - ₱ 20,000. [/block]

3. Burial cost

Memorial lots are still the most popular way to honor the deceased in the Philippines. Packages differ as such:

[table id=529 /]

[block type="info" title="Businesses that offer memorial lots include"]

• Eternal Gardens
• Forest Lake
• Golden Haven
• Loyola Memorial Park
• Manila Memorial Park
• The Heritage Park [/block]

Burial service

There's also the burial service to contend with, which includes the prayer service, security, transportation, and even live music if desired. Expect to shell out ₱ 5,000 to ₱ 50,000.

For those who want to prepare early, there are pre-need burial plans that take care of all these costs for a set price. One of the most popular carriers of these is St. Peter, which offer deathcare plans that start from ₱ 36,800.

4. Cremation - alternative to a pricey traditional funeral

Those who want to forego traditional burials for something more cost-effective can consider cremation.

[block type="info" title="Cremation cost"]

Cremation typically ranges from ₱20,000 to ₱25,000.

Columbariums are available for ₱20,000 to ₱150,000.  [/block]

There are also cremation packages that cover various types of services, such as full-body cremation, remains pickups, and crypt internment. Popular brands that offer these include:

• Manila Memorial Park
• Holy Cross Memorial Park
• La Loma Cemetery and Crematorium
• Paz Memorial and Funeral Services
• Manila North Green Park
• Ever Memorial Garden
• Loyola Memorial Park
• Saint Peter Life Plan
• Heritage Memorial Park

Memorial service requirements for cremations include:

• Death certificate 
• Transfer permit, if cemetery or the ash is located outside the city where you intend to have the service
• Cremating permit
• Fully accomplished Authority to Cremate form with complete attachments
• Exhumation permit, for bone cremation 

Applying for these forms also entails different processes, depending on the person that is lodging the application. If the parent of the deceased is processing the cremating permit, for instance, they only need to bring a photocopy of the deceased's birth or marriage certificate. If it's a sibling that is of legal age, they need to bring their birth certificate or a marriage certificate as well as that of the deceased, plus an affidavit of conformity from other siblings granting consent to authorize the burning of remains on their behalf.

Sustainable Cremation Resting Places

Cremated remains typically go in urns, to be stored in columbariums, mausoleum niches, scattering gardens, or cremation benches and statuaries. But if you prefer something sustainable, there are biodegradable urns from Bios which house cremated remains with a tree seed. Alternatively, Eternal Reef has reefs made from environmentally-safe cast concrete as cremation urns. 

5. Writing a will

Whatever your decision about your final resting place, it should be exactly how you want it. No one would also want to leave their loved ones behind with large hospital and funeral bills. So, don’t put off putting a will or a plan in place if you don’t want your final legacy to be financially troubling to your family. 

Getting this one may cost you some money, but it’s the best way to leave your loved ones behind. Its purpose is to ensure the disposition of one's estate to one's heirs - and in the Philippines, only written wills are accepted.

There are two kinds: notarial and holographic. A notarial will requires at least three credible witnesses and must be acknowledged before a notary public. It is ideally written with the assistance of a lawyer, as it involves several complex legalities. A holographic will, on the other hand, is written, dated, and signed by the testator, or the person who is executing the last will and testament for his or her heirs. It is simpler than a notarial will and can be handwritten.

It includes your name, citizenship, civil status, birth date, address, burial/cremation wishes and requests, your heirs and the properties you wish to bequeath to each one, your executor, and a substitute for your executor. A will also state if the testator wishes his or her executor to present a bond - or none at all - in the administration of the last will and testament.

Notarial wills that cover estates not more than ₱100,000 typically cost ₱3,500 in filing fees, while those that amount to ₱ 400,000 or more will incur about ₱ 6,500 in fees.

With all that said, it’s safe to say that dying is a major wallet buster. That why whether you’re superstitious or you’re just simply creeped out by the thought of purchasing your own memorial plan or wrtting a will, having those in place as soon as you could is simply a practical life decision that must be made ahead.  Add the fact that the rising cost of living has made dying even more financially prohibitive throughout the years. Securing these plans in place will also save you a fortune.

Source 1, 2, 3, 4

The post The Real Cost Of Dying appeared first on iMoney.ph.

• SM Center Angono
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• SM CDO Downtown Premier
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• SM Southmall
• SM Center Tuguegarao Downtown

• SM Lanang Premier

• SM Center Pasig

• S Maison
• SM Aura Primier
• SM Cherry Antipolo
• SM City Bacolod
• SM City Baguio
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• SM City Manila
• SM City Marikina
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• SM City North Edsa
• SM City Novaliches
• SM City Puerto Princesa
• SM City San Jose del Monte
• SM City San Lazaro
• SM City San Mateo
• SM City Sta. Mesa
• SM City Taytay
• SM Mall of Asia
• SM Megamall
• SM Seaside City Cebu
• The Podium

• All other SM branches

• SM by the Bay [/block]

• November 1: 12 noon to 9 p.m.

• November 1: 12 noon to 9 p.m.

• November 1: 12 noon to 9 p.m.

• November 1: 12 noon to 9 p.m. 

• November 1: 12 noon to 10 p.m.

• November 1: 12 noon to 10 p.m.

• November 1: 12 noon to 11 p.m. 

• November 1: 12 noon to 9 p.m.

• November 1: 12 noon to 10 p.m. 

• November 1: 12 noon to 10 p.m. 

• November 1: 12 noon to 9 p.m.

• November 1: 12 noon to 10 p.m. 

• November 1: 11 a.m. to 10 p.m.

• November 1: 12 noon to 10 p.m. 

• November 1: 12 noon to 10 p.m. 

• November 1: 12 noon to 10 p.m. 

• November 1: 12 noon to 10 p.m. 

• November 1: 12 noon to 9 p.m. 

• November 1: 12 noon to 9 p.m. 

• November 1: 12 noon to 9 p.m. 

• November 1: 11 a.m. to 9 p.m. 

• November 1: 12 noon to 9 p.m. 

• November 1: 12 noon to 9 p.m. 

• November 1: 10 a.m. to 10 p.m. 

• November 1: 10 a.m. to 9 p.m. 

• November 1: 10 a.m. to 9 p.m. 

• November 1: 12 noon to 10 p.m. 

• November 1: 12 noon to 10 p.m. 

• November 1: 12 noon to 9 p.m. 

• November 1: 12 noon to 9 p.m. 

• November 1: 12 noon to 9 p.m.  [/block]

• November 1 - 2 - 11 a.m. - 11 p.m. 
• November 3 - 10 a.m. - 10 p.m. 

• November 1 - 2 - 12 noon - 12 midnight 
• November 3 - 11 a.m. - 11 p.m. 

• October 31 - November 3 - 11 a.m. - 9 p.m. 

• October 31 - November  2 - 10 a.m. - 11 p.m.

• November 1 - 2 - 10 a.m. - 11 p.m. 

• October 31 - November 3 - 11 a.m. - 11 p.m. 

• October 31 - November 1 - 12 noon - 12 midnight 
• November 2 - 3 - 10 a.m. - 12 midnight 

• October 31, November 2 - 3 - 10 a.m. - 10 p.m. 
• November 1 - 12 noon - 10 p.m. 

• October 31 - November 3 - 10 a.m. - 8 p.m. 

• October 31, November 2, 3 - 10 a.m. - 9 p.m. 
• November 1 - 12 noon - 9 p.m. 

• October 31 - November 3 - 10 a.m. - 9 p.m. 

• October 31 - November 3 - 10 a.m. - 9 p.m. 

• October 31 - November 3 - 7 a.m. - 8 p.m. 

• October 31, November 2-3 - 10 a.m. - 10 p.m. 
• November 1 - 12 noon - 10 p.m.

The post Adjusted Mall Hours For Undas 2019 appeared first on iMoney.ph.

Despite the uncertainty and volatility arising from developers' exposure to Philippine offshore gaming operators (POGOs), real estate execs still remain optimistic about the country’s property sector. The CEO of Prime Philippines Jet Yu assured that the industry continues to grow and remained resilient. 

According to the real estate services firm Leechiu Property Consultants, the POGO  industry has overtaken the information technology-business process management (IT-BPM) sector in terms of demand for office space. In line with this, several lawmakers, are seeking an inquiry of the impact of POGOs on the local economy, national security, and the public amid issues regarding revenue monitoring and the entry of foreigners who they said work for offshore gaming operations without valid work permits.

Yu said in an interview that the country will see a bright spot in the real estate industry across different sectors - from residential to office and retail. He added that it isn't likely to slow down in the next couple of years due to the growing middle-class population in the country which is a key driver in property demands. 

On the other hand, Victor Consunji Development Corp. CEO Victor Consunji also said that there are a lot of opportunities in the property industry that developers can take advantage of because the economy is doing well. The Davao-based Damosa Land Inc. first vice president Cary Lagdameo also agreed to this and imparted that the country's highly educated workforce is the key to the sector's continuous growth.

Last August, the Philippine Amusement and Gaming Corporation (PAGCOR) stopped accepting applications for offshore gaming licenses until all concerns have been addressed.

[Source]

The post Real Estate Execs Bullish On PH Property Sector appeared first on iMoney.ph.

How Do You Register With PhilHealth?

• Fill out two (2) copies of the PhilHealth Member Registration Form (PMRF)
• Submit PMRF to the HR Department of employer
• Await Member Data Record and PhilHealth ID card from employer

For Newly Hired Employees With PIN

• Report your PIN to your employer for them to indicate the same in their ER2

Premium Requirements

• Premium contributions are shared by the employee and the employer, the amount of which is determined using the table of contributions. After deducting half of the premium requirement from your monthly salary, total premiums are remitted by your employer to PhilHealth.

Philhealth Members Sponsored by LGUs, National Government, congress and Indigents belonging to the lowest 25% of the Philippine population can become Sponsored Members by submitting the usual requirements to their sponsors or at any PhilHealth office.

How do Lifetime Members enroll to PhilHealth?

• Fill-out two (2) copies of the PhilHealth Member Registration Form (PMRF)
• Submit PMRF to the nearest PhilHealth Local Health Insurance Office (LHIO) together with the following documents:
• Two (2) 1x1 latest ID picture,
• Two valid IDs; and
• Any of the following documents:

• Await Member Data Record (MDR) and PhilHealth ID Card

How do Senior Members enroll to PhilHealth?

• There are two options to enroll as a Senior Citizen member of PhilHealth.

• Premium Contributions
  • The premium contributions of those who will be enrolled under the Senior Citizen category shall be sourced from the proceeds of Republic Act No. 10351, commonly known as the Sin Tax Law.
• Benefits
  • In hospitals with installed HCI Portal, Senior Citizens only need to present their senior citizen card, MDR or any accepted proof of identity and age. The hospital shall print a PhilHealth Benefit Eligibility Form (PBEF). A PBEF that says “YES” means that the patient is entitled to the benefits and shall serve as a basis for automatic deduction.
  • In case the hospital has no HCI portal installed, or the PBEF says “NO”, or the senior citizen was not able to enroll before discharge, the following should be attached to the usual claim documents:
    • Duly accomplished PhilHealth Member Registration Form (PMRF); and
    • An acceptable proof of status as a senior citizen, including but not limited to the Senior Citizens' Identification Card.

How do Informal Economy Members (Individually Paying Member) enroll to PhilHealth?

• Visit any of the Local Health Insurance Offices or PhilHealth Express outlets nationwide.
• Fill out (2) copies of the PhilHealth Member Registration Form (PMRF)
• Submit PMRF to the LHIO or PhilHealth Express
• Await Member Data Record (MDR) and PhilHealth ID Card
• Pay the necessary premium contribution using your PhilHealth ID number

• Individually Paying Members (IPMs) earning an average monthly income of ₱25,000 and below pay ₱200 monthly or ₱2,400 per year, while those earning above ₱25,000 pay ₱300 monthly or ₱3,600 per year. Premium contributions may be paid monthly, quarterly, semi-annually or annually.

How do OFWs enroll to PhilHealth?

• If currently in the Philippines, visit the nearest PhilHealth Regional Office, Local Health Insurance Office, PhilHealth Business Center or PhilHealth Express outlet in your locality.
• If currently overseas,
  • Visit any branch of PhilHealth’s accredited collecting partners iRemit and Ventaja Corporation
  • Access the Electronic Registration facility and follow the step-by-step procedure
  • Download the PhilHealth Member Registration Form, fill it out and email to ofp@philhealth.gov.ph

How much do you need to contribute to PhilHealth?

According to Philhealth’s 2018 contribution table, members of the formal economy (kasambahay, family drivers, seabased OFWs) and employees of both public and private sectors will have the following monthly premium. The contribution will be shared by both the employer and employee

Premium Contribution Table 2018

[table id=277 /]

PhilHealth Contribution for Self-employed, Individually Paying Members:

• Members with monthly income of ₱25,000 and below shall pay ₱2,400 per year.
• Members with monthly income above ₱25,000 shall pay ₱3,600 per year.
• Sponsored Program Members: Whether fully or partially subsidized by the sponsor, members under this category shall pay an annual premium of ₱2,400.

What are the benefits to PhilHealth?

• You as a member and your qualified dependents are entitled to benefits for medical expenses for every sickness or operation.
• Both, you as a member and your legal dependents, can get equal benefits.
• Every year, there is an allocated 45 days hospitalization allowance for the member and 45 days to be divided to all qualified dependents. Hospitalization days in excess of 45 days will not be covered by PhilHealth.

• You, as a member, have updated contributions (except Lifetime and Senior Citizen Members) or valid PhilHealth coverage (for Sponsored, Indigent, and OFWs).
• That the hospital or clinic that you went to is PhilHealth-accredited.
• And that the allocated 45 days in a year has not yet been consumed (except for other PhilHealth benefits such as hemodialysis)

How much can you claim on PhilHealth?

How can you claim your PhilHealth benefits?

• Payment of at least 3 months’ worth of premiums within the immediate 6 months of confinement. For pregnancies, the new born care package, dialysis, chemotherapy, radiotherapy and selected surgical procedures, 9 months’ worth of contributions in the last 12 months is needed.
• Confinement in an accredited hospital for 24 hours due to illness or disease requiring hospitalization. Attending physician(s) must also be PhilHealth accredited.
• Claim is within the 45 days allowance for room and board.

• A clear, updated copy of your Member Data Record (MDR). If you are dependent, make sure that you are listed in the MDR.
• An original copy of PhilHealth Claim Form 1, which you can get at PhilHealth, the hospital or your employer. Submit the original copy signed by your employer.
• Receipt of premium payments. Employees only need to submit the Certificate of Premium Payments with OR numbers.
• Your PhilHealth ID and a valid ID.

• As direct filing is no longer needed, submission of the documents to the hospital before the end of your stay means automatic deduction of your benefits from your total bill.

• Once your benefits have been automatically deducted, PhilHealth will send a benefit payment notice to the address declared in your MDR. This details the actual payments made by PhilHealth relative to your claim or confinement.

How to get a Philhealth ID

Two types of Philhealth ID Card

Regular Philhealth ID

PhilHealth Insurance ID Card

Benefits of owning a Philheath insurance card

1. Apart from hospital discounts, members with a PhilHealth Insurance ID Card can get access to the following money saving deals exclusive to Philhealth members:

• 15% discount on generic drugs on Watson’s, Rose Pharmacy, South Star Drug, and The Generics Pharmacy
• 20% to 80% discount on flu vaccines on PQ Health Shield and GSK
• Free eye exam from Vivian Sarabia Optical
• 20% discount on regular items in Vivian Sarabia Optical
• 10% discount on drug testing services at JNW Drug Testing sites

1. This PhilHealth ID can be used as a valid government ID, making it acceptable for any official banking and government transactions.

1. Dependents can use this card to take advantage of the discounts when buying medicines in affiliated pharmacies. 

Regular Philhealth ID vs Philhealth insurance card

How do I get a Philhealth ID?

Philhealth regular ID card

• Two (2) 1×1 latest ID picture,
• Two valid IDs; and
• Any of the following documents:
  • For SSS pensioners
    • Photocopy of Death, Disability and Retirement (DDR) indicating the date of retirement and effectivity date of pension
    • Photocopy of the Retiree/Pensioner Certification indicating the effectivity date of retirement
  • For GSIS pensioners
    • Photocopy of Certification/Letter of Approval of Retirement indicating the effectivity date of retirement
    • Photocopy of Service Record issued by the employer showing rendered services of not less than 120 months
    • Photocopy of Certification/Retirement Gratuity from the employer indicating services of not less than 120 months
    • Photocopy of retirement voucher issued by GSIS
  • For Uniformed personnel of AFP, PNP, BJMP and BFP
    • Photocopy of General/Special or Bureau Order indicating effectivity date of retirement
    • Photocopy of Certification/Letter of Approval of Retirement from the GSIS indicating services of not less than 120 months
    • Photocopy of Statement of Services issued by previous employer showing service of not less than 120 months
  • GSIS Disability Pensioner / SSS Permanent Total Disability Pensioner before March 4, 1995
    • Photocopy of Death, Disability and Retirement (DDR) indicating the date of retirement and effectivity date of pension
    • Photocopy of Disability Pensioner Certification issued by SSS/GSIS indicating effectivity date of pension or the period of coverage for disabled pensioner.
  • SSS Survivorship Pensioner before March 4, 1995
    • Photocopy of Death, Disability and Retirement indicating the type of survivorship in nature and the effectivity date of pension
    • Photocopy of Survivorship Pensioner Certification indicating the effectivity date of pension
  • Other individuals who are not under the abovementioned categories
    • Photocopy of official receipts of premium payments to PhilHealth
    • Any other documents indicating the months of premium payments to PhilHealth

1. Await Member Data Record (MDR) and PhilHealth ID Card

Philhealth insurance card

• Two (2) 1×1 latest ID picture,
• Two valid IDs; and Photocopy of official receipts of premium payments to PhilHealth or any other documents indicating the months of premium payments to PhilHealth.
• Twp (2) vaid IDs of your dependent (if you wish to include them).

This article was originally published in January 2018 and is updated to keep information relevant and up to date. 

The post PhilHealth: Universal Health Coverage For All Filipinos [Updated] appeared first on iMoney.ph.

A new regulation that aims to penalize air carriers for chronic flight delays in their operating flights has been recently approved by the Civil Aeronautics Board (CAB).

CAB Executive Director Carmelo Arcilla said in an interview:

So the features of this new regulation are we will be penalizing or modifying the approval of airlines who would be found to have more than 50 percent of their flights delayed or canceled for whatever reason.

He emphasized that regardless if it’s due to force of nature, technical difficulties or what have you if the flight is incurring a delay of more than 50% of the time, carriers have to go back to the drawing board and review their plans because it doesn’t seem to be viable. The penalties will be on a case-to-case basis, depending on the gravity of the case. Apart from the monetary penalties, the removal of flights may also be imposed under the new regulation.

Arcilla also cited a previous case of an unidentified airline operating flights to Caticlan as an example, noting that its flight was removed due to repeated cancellation and delays. He added that the local air carrier was operating six flights to Caticlan daily, during the time when airports were not night rated. 

According to Arciall, the new regulation was approved during a CAB meeting in late October and is set to be implemented this month. 

In July, CAB ordered all local carriers to submit a monthly on-time performance (OTP) report which must contain the average of all daily flights per airport of origin.CAB said if the actual departure or arrival time is up to 15 minutes past the original schedule, then the flight is considered on time.

[Source]

The post Carriers With Frequent Delayed Flights Will Soon Be Penalized appeared first on iMoney.ph.

[block type="content-reverse" title="Take me to"]

• Local destinations
• Overseas destination

[/block]

We can all agree that Christmas in the Philippines is more than just a celebration, it’s a way of life. We don’t just celebrate Christmas, we live for it! We are literally the only ones who celebrate it when the calendar enters the -ber months. That’s why it wouldn’t be a surprise if many of us have grand plans to culminate this occasion as the end of December rolls around.

If you’re planning to usher in the holidays with a quick getaway, we have compiled a list of destinations that might suit your wanderlust with some great experiences sprinkled with a lot of Christmas spirit!

Christmas destination in the Philippines

Christmas is celebrated countrywide, but if you want to do away with the typical celebration like how we do it in the metro, these destinations might give you a Christmas experience like no other.

Bacolod

A city in Negros Occidental hailed as the city of smiles and widely known for sweet delicacies. With that being said, Bacolod sports an array of family-friendly food choices this Christmas season. If you’re looking to have a gastronomic adventure while enjoying a vibrant suburban scene, Bacolod will make it worth your while.

Other than being a foodie destination, Christmas is basically when Bacolod shines - literally. A trip here during the holidays wouldn’t be complete without paying Bamboo Tonogbanu’s Christmas Village a visit!

Cebu

The Queen City of the South has many things going on, not only will you get a bite of the best lechon in the country, a dip in the most pristine beaches in the world, but also the most festive Christmas in the country.  The fact that it houses some of the most iconic Churches in the country means that attending the Simbang Gabi in Cebu will be as grand as you could get.

Other than that, it wouldn’t hurt to have a side trip to some of the nearby beaches. We’re in the Philippines after all, where you can never go wrong in having a beach holiday whenever you want to, even during Christmas!

Cavite

If you’re looking for something fiesta-like in celebrating Christmas, heading north this December may give you a dose of traditional festivities. During December, Christmas isn’t just the only reason why this city celebrates, they also have Maytinis Festival. Well, it isn’t exactly a fiesta but more of a celebratory occasion that’s greatly connected to Christmas as it showcases a unique Filipino translation of some of the Bible's greatest highlights in the history of Christianity.

While it’s nonetheless an indigenous version of a Christmas celebration, this region is the only one which holds float parades in the middle of December. You won’t find that anywhere else in the Philippines in time for Christmas.

Baguio

Because the Philippines is a tropical country, we don’t really get to have a winter season. However, we do have Baguio City, and that is the closest thing that we could ever get to a Winter Holiday.

With its temperate weather and laid back setting, you can sport your most fashionable beanies and sweaters as you do your holiday shopping in their sidewalk bazaars and flea markets. They may not be popular for their food, but if you’re the health-conscious type, you can indulge in some fresh fruits for cheap, especially strawberries!

Visa-free destinations for Filipinos wishing for a white Christmas

If welcoming Christmas means being surrounded by a winter wonderland, here are the best places you can go to without the hassle of applying for a visa. Even with a third-world passport, you can easily fly over to these places. Just book your plane ticket, and you’re off to a winter wonderland this Christmas!

1. Jeju Island, South Korea

While it’s easy and free to apply for a tourist visa to South Korea, nothing beats traveling with just a passport. Jeju Island, despite being in South Korea, is a visa-free destination for Filipinos. This place is best known for its beaches, but northern regions such as Eorimok is a winter destination and perfect for sledding downhill.

[block type="info" title="How to get here"]

There aren’t any direct flights to Jeju Island from Manila. The easiest way to get there without having to apply for a transit visa is by flying from Hong Kong. If you plan to go to Jeju Island by skipping the visa requirement, you might as well include Hong Kong in your itinerary as it will make more financial sense or vice versa.

[/block]

2. Mongolia

With its vast landscapes and open countryside, winter in Mongolia can be surreal. Locals celebrate winter by creating ice sculptures, which will mostly fill the scenery as you travel by train.

Although it doesn’t snow much in Mongolia, the temperature stays below zero for months. That’s why sometimes there are still traces of snow until the summer months.

[block type="info" title="How to get here"]

A Chinese transit visa is actually quite easy to apply for. However, if you’d rather skip all that and just book and fly whenever you want, non-stop flights are available in Hong Kong. Perhaps you can have a side trip in Mongolia in the midst of your Hong Kong getaway?

[/block]

3. Sapa, Vietnam

Sapa in Vietnam widely known for its wonderful snowfall scenery in the midst of a tropical Southeast Asian climate. It’s located in the Northern part of Vietnam, some three to five hours drive from Hanoi.

In the winter, from December to February, the weather in Sapa becomes very cold, especially at night. However, in return, visitors will have the opportunity to watch the sunrise over the valley in the morning. In recent years, there has been snowfall recorded in Sapa.

[block type="info" title="How to get here"]

Vietnam is visa-free for Philippine passport holders, and most airlines in the country offer direct flights from Manila and Cebu. You can fly from Manila or Cebu to Hanoi, then take a train or a bus to the northern part of Vietnam - Sapa![/block]

4. Israel

While every (Catholic) Filipino is aware of Jerusalem’s biblical significance, there is more to this destination steeped in history. Aside from its rich heritage, culture, picturesque ruins and buildings, its northern region (Golan Heights) is a well-known ski site. Snow is common in northern Israel between January and February.

[block type="info" title="How to get here"]

There aren’t many flights to Israel that are passport-friendly to Filipinos, as most of them have to lay over in countries that aren’t visa free. However, there are a few flights a week from Hong Kong that goes straight to Tel Aviv Israel.

[/block]

5. Taiwan

Taiwan is officially visa-free for Filipinos since November 1, 2017. This country is by far the closest and the most practical destination to experience winter. The spots that snow during the winter months of December to February includes the Yushan (Jade Mountain), Hehuanshan, Guanshan, Xueshan, and even the Yangmingshan National Park, which is an easy day trip from Taipei.
[block type="info" title="How to get here"]

This snow-covered getaway is the most convenient pick for a white Christmas for Filipinos because it’s just one plane ride away from Manila. Cebu Pacific, Air Asia, and PAL offer direct flights daily.

[/block]

6. St. Petersburg Russia

Not exactly visa-free but the e-visa that they recently implemented virtually cost nothing. The application is fairly simple, it can all be done online! Check out our step-by-step Russian e-visa guide if you want to head here for the holidays. 

December is also a cold season in St. Petersberg, making this destination a perfect place to make your white Christmas dreams come true. Christian influence is all over this city and it’s hard not to make this place one of the best Christmas destinations in the world.  While the snow is a good enough reason for most Filipinos to visit St. Petersburg on a Christmas season, its deep Christian roots will make this celebration more distinctive.

[block type="success" title="Did you know?"]

Christmas in Russia is normally celebrated on January 7th (only a few Catholics might celebrate it on the 25th December), because the Russian Orthodox Church uses the old 'Julian' calendar for religious celebration days. The official Christmas and New holidays in Russia last from December 31st to January 10th.
Source: http://tiny.cc/whychristmas [/block]

St Petersburg is one of Europe’s archaic cultural cities. It’s teeming with remnants of the Renaissance era, transporting you back to the blossoming ages of arts in Europe. There’s a handful of museums, galleries, and theatres that will offer visitors an almost never-ending opportunity to discover not just Russian traditions but also some of history’s finest international artworks and architecture in the world. 

Here are some of the most amazing places that you visit in St Petersburg!

• The State Hermitage Museum
• St Isaac’s Cathedral
• Nevsky Prospect
• Faberge Museum
• Catherine Palace
• Palace Square
• Alexandrisky Theater
• Peter and Paul Fortress
• Yusupov Palace (Moika Palace)
• Peterhof Palace and Gardens
• Palace Embakment
• Their underground Metro System

Whether you’re an art enthusiast or just a casual traveler, it’s hard to be not inspired by the architectural and cultural wonders of St Petersburg. As Russia becomes one of the easy to access countries for Filipinos, it’s now easier for Filipinos to have a taste of Western culture, art, and architecture than ever.

[block type="info" title="How to get here"]

This isn’t a very convenient pick for a Christmas getaway due to the number of connecting flights that you have to take to get here, but it's a great idea for an annual holiday destination. The easiest way is flying from MNL to Hong Kong then to St. Petersburg, there are also flights that connect from MNL to Dubai then to St Petersburg. Whichever flight you choose to hop on, make sure you have a St. Petersburg visa and a transit visa of the connecting country of your choice. [/block]

The Philippine passport may not be among the most powerful in the world, but it still opens up a handful of desirable destinations that could satisfy any Filipino’s wanderlust! With proper planning and budgeting, not even a visa requirement can stop you from going wherever you want to go this Christmas.

[Source 1, 2]

The post The Best Christmas Destinations In And Out Of The Country appeared first on iMoney.ph.

Philippine economic growth picked up to 6.2% in the third quarter, an improvement from the slowdown recorded during the first two quarters of the year, data released by the Philippine Statistics Authority (PSA) on Thursday revealed.

The third quarter of 2019 concluded with a positive mark for the Philippine economy. It grew to 6.2% from 5.5% in the previous quarter, showing signs of recovery from the weak expansions in the first half of the year. While the overall growth rate for the entire nine months sums up to a considerably good figure - 5.8%, it still falls short from the government’s 6% to 7% target. 

To achieve the desired economic growth for the entire year, the economy must hit 6.7 in the last quarter. And according to the Socioeconomic Planning Secretary Ernesto Pernia, this figure was "very achievable." He added that the economy is surging and the momentum will continue to reach that."

Based on historical data, The Philippine economy sees faster growth in the final quarter as remittances from 10 million OFWs help power a Christmas spending splurge. 

Despite the optimism, Pernia noted that there are obstacles (external factors) that could imperil growth. The trade war between the US and China is not only a threat to the Philippines but the whole global economy, he remarked. 

[Source]

The post Economic Growth Picks Up To 6.2% In Q3 appeared first on iMoney.ph.

A checking account has most of the features offered by a savings account, and it also allows checking facilities. Nowadays, checking accounts come with a debit card, for account holders to have more convenient access to their funds. 

Compared to a regular savings account, checking accounts have lesser restrictions when it comes to monthly limits for withdrawal and spending. Here's our guide to the things that you should prepare ahead before you can actually open a checking account.

Requirements for opening an account

• Valid ID with photo and signature.
• Initial Deposit (minimum ₱5,000 to ₱20,000)
• Utility Bill reflecting the address

Fees, charges and interest rates

[table id=532 /]

Why you might consider opening a checking account

Gone are the days when a checking account is only for the affluent. Nowadays, you can open one with only ₱10,000 initial deposit and many legal and banking transactions may require one. 

While you can never go wrong with a savings account, a checking account will give you some liberties that other types of bank accounts couldn’t such as the following: 

1. Issue bigger chunks of payment

Paying for big-ticket items like a downpayment for a car or a house, or even an entire amount for those two items is not possible by cash or even regular bank transfer. A cheque is easily the best way to pay for those types of purchases.

2. Secured payment 

Carrying around cash isn’t ideal. If you want to make those large payments without the fear of getting all of your cash mugged, cheques are the way to go. Encashing cheques also have its SOP, thus even if someone stole your checkbook, they have no way to encash it without your authorization. 

3. Convenience

The capability to make big payments with a checking account is a major convenience itself. It takes away the need to withdraw funds multiple times due to your daily withdrawal or transfer limit; You also save yourself a trip to the bank branch to process those types of money transfer or payments.   

4. Traceable

A unique feature of checks is that it’s serialized. Checkbooks have pages, from the beginning all the way to the last piece. Issuing a check requires you to write down the details of who the funds will be released to. This makes it easier to track your money. 

5. Pay recurring bills

Some loans or other installment purchases will require post-dated checks to secure your monthly payment. Post-dated checks not only secure your transaction, but it also provides the lender guaranteed form of payments. 

How to open a checking account

Whichever bank you choose to open an account with, the process is most similar. The difference would boil down to the minimum deposit and some requirements specific to the individual banks. 

To apply for one, the steps are usually as follows:

1.Gather all the documents needed

Typically, banks will only need 2 pcs. of 1×1 picture with a clear background, 1 billing statement showing your present address, photocopy of 2 valid IDs, and an initial deposit. These three are the main requirements and all the banks will ask for these. The initial deposit may vary from bank-to-bank and some of them may have additional requirements apart from these.

2. Submit your documents to the bank

You must submit all the hard copies of the documents to the bank branch. A short assessment will be done by your attending bank officer. 

3. Assessment by the bank officer

A checking account isn’t granted to just anyone. When asked for the purpose of opening one, make sure you provide a clear-cut goal like opening a business, purchasing a condo, or investment. Bank officers won’t approve of you if you just tell them that you feel like opening one.

4. Fill-out application forms

Once you pass their brief interview/assessment, you will be tasked to fill out a form. Simply complete it with all the necessary information and submit it together with your documents once done.  

You will also have to provide a minimum deposit and payment for the checkbook. The fees will vary per bank and that will be discussed below. 

5. Wait for the release of your checkbook

Depending on your bank, your checkbook might be released on the same day or in another day. If you apply for a checking account in the main branch, the release can be on the same day. For branches that don’t have the facilities to create it, you may be asked to come back after a day or two. There are banks that also provides an ATM card together with the checkbook. 

Which banks have a checking account?

Most banks offer checking accounts, but the most common and accessible ones are the following:

EastWest bank

One of the most affordable checking accounts you can obtain. It only requires a minimum deposit of ₱1,000. It also comes with a debit card on top of the checkbook. 
[table id=533 /]

BPI 

BPI has various checking account products to choose from. Choose one which suits your purpose for opening one. 

[table id=534 /]

BDO

BDO’s checking account products focus on how their accounts can earn interest. Preferences aside, choose an account that offers the interest scheme you’re comfortable with. Their checking account also has a considerably lower minimum deposit requirement. 

[table id=535 /]

How to write a check

Signing a check is a no-brainer, but it isn’t for financial rookies either. In case you’re not yet familiar with particulars on what should go on that check, here’s a quick rundown on how to write a check!

1. Date - write down the complete date. 

[block type="warning" title="Post-dated checks"] These are checks with future dates. The check doesn’t get encashed until the date shown or after that date. [/block]

2. Pay to the order of - the name of the person or organization who the check will be encashed to. If it’s for an individual, it must state their complete name as shown in their valid ID. For organizations or establishments, it must indicate the official name of the company.

3. Peso amount in figures- state the amount you’ll pay, but in digits.

4. Peso amount in words - state the amount you’ll pay in words.

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

Writing the word “only” after the exact amount is spelled out is done to prevent unauthorized alteration of the intended amount originally stated in the check.[/block]

5. Signature line - this is the part where you sign the check. Make sure it matches your signature when you first opened the account.

A checking account is definitely not for individuals with a low financial profile. Opening one entails you to step up your financial game because from the get-go, getting approved to have one will require some compelling reason.  It’s a step-up from the basic savings account, and while it may seem a bit daunting to open one, it’s actually less intimidating than you think.

The post What You Need To Know Before You Open A Checking Account appeared first on iMoney.ph.

In its 2019 report entitled e-Conomy SEA 2019: Mobile Internet Economy Transforming Southeast Asia, Temasek, and Google found that the Philippine digital economy will grow by a whopping 257.14 percent from $7 billion this year to $25 billion by 2025.

The Philippines is forecasted to be the country with the smallest digital economy among six countries in the Southeast Asian region. According to a study conducted by Temasek and Google, the digital economy in the Philippines is expected to reach $25 billion in 2025. Despite this, it will still pale in comparison to the rising tech scene in neighboring countries.

Indonesia for one will end 2025 with a $133 billion digital economy, Thailand will trail behind at $50 billion in gross merchandise value, followed by Vietnam at $43 billion. Singapore at $27 billion, and Malaysia at $26 billion.

The ranking, however, doesn’t necessarily reflect the performance of the countries trailing behind. All of the countries in the study apart from Indonesia and Vietnam are still performing strongly, averaging between 20 percent and 30 percent since 2015. These rates easily stack up very well against many others globally, the report stated.

The growth of the digital economy in the Philippines will be largely driven by the current major e-commerce in the country such as Shopee, Lazada, and Zalora. Online travel, online media, and ride-hailing will also play a huge role in this.

For the Philippines to further drive its digital economy, it must leverage its current strength by developing those to expand faster.

The report stated:

“Of the six Southeast Asian countries, the Philippines has the most room for growth. The Internet economy makes up 2.1 percent of the country’s GDP currently and is expected to hit 5.3 percent by 2025. Notably, the Philippines is experiencing a growth surge in the Online Media sector, which has recorded a 42-percent annualized growth rate since 2015. Subscription Music and Video Streaming services are especially popular among young Filipinos who are well-acquainted with English content.”

In addition, Temasek and Google, likewise, cited strides on digital finance by Voyager Innovations inc., Coins, and First Circle, all three of which “boosted” investments in the Philippine Internet economy to roughly $300 million last year.

Digital Financial Services is one of the country’s most dynamic promising sectors if aided by supportive regulations.

[Source]

The post PH Digital Economy Forecasted To Reach $25 Billion In 2025 appeared first on iMoney.ph.

A unified Facebook Pay system will soon be implemented to consolidate payments across various apps such as Messenger, Instagram, WhatsApp, and Facebook. This move will consolidate Facebook’s payment systems, allowing transactions such as donations on Facebook or Messenger and payments to be processed in a single platform and across Facebook’s other assets (Whatsapp and Instagram). 

 This payment processor will be called Facebook Pay. 

According to Marketplace and Commerce Vice President Deborah Liu, people are already using the payment system to access their apps to shop, donate to causes, and send money to each other.  Facebook Pay will make these transactions a whole lot easier while ensuring that the payment information remains secure and protected. 

Facebook Pay will provide a single system behind the scenes to handle financial transactions and safeguard data such as credit card numbers or delivery addresses for people who may use several of the social network’s applications.

Liu announced that the unified service will begin rolling out in the US this week for fundraisers, in-game purchases, event tickets, and person-to-person payments on Messenger and purchases on Facebook. Over time, they plan to bring Facebook Pay to more places and people and implement it fully across Instagram and Whatsapp. 

Currently, payments in Facebook apps are processed in partnerships with PayPal, Stripe and other online financial transactions platforms around the world, and are separate from a Calibra digital wallet being built to handle a proposed Libra cryptocurrency. Facebook Pay is part of their ongoing work to make commerce more convenient, accessible and secure for people on our apps. 

Liu noted that they believe they can help businesses grow and empower people everywhere to buy and sell things online with Facebook Pay. 

[Source]

The post Facebook Pay To Unify Payment Across FB, Instagram, Whatsapp, and Messenger appeared first on iMoney.ph.

President Donald Trump renewed its tariff threat against China causing the stock market to tumble down below the 8,000 mark - breaking its streak since Oct 31. The Philippine Stock Exchange index settled at 7,947.47, a 0.81 percent or 64.87-point plunge. 

Results of the broader All Shares index were not different either, as it likewise lost 24.73 points or 0.51 percent to close at 4,763.89.

“Market drifted lower while Trump made fresh comments on trade deal hinting that existing tariffs will be raised if no deal is made. Headline noise continued with President Trump claiming that Beijing is ‘dying to make a deal’ and threatened to ‘substantially raise those tariffs’ if it doesn’t happen,” Regina Capital’s Luis Limlingan said.

Most markets in the region were also in the red following Trump’s remarks.  In the local stock market, all counters finished in the negative territory except for mining and oil which managed to pull off a 0.46 percent or 41.35-point increase.

Industrial suffered the biggest blow, shedding 1.05 percent or 109.42 points.

Value turnover was thin at P4.63 billion. Market breadth was negative as decliners crushed advancers, 105 to 73, while 59 stocks were unchanged.

[Source]

The post Stock Market Plunges Below 8,000 After Trump Renewed Tariff Threat Against China appeared first on iMoney.ph.

While Christmas is all about giving (and spending), it wouldn't hurt either to start saving or investing, while you still have the resources. Not to mention, it's the perfect precedent for a financially focused New Year's resolution.

The best gift that you can give yourself this Christmas is the peace of mind knowing that you have put in motion a plan to secure your finances for your future! Here are things you can spend on with the 13th-month pay that will help you do that.

1. Investment

Instead of draining your pocket this holiday season, why not make your money work for you through investments. There are various channels that could yield high returns for your money, and Unit Trust Investment Fund is one of them. 

You can easily dive into the world of investment with ₱20,000. For example, Security Bank offers a number of unit investment trust funds (UITF) which require an initial amount of only ₱10,000. 

UITFs pool the funds of investors to create a large fund which, under the watchful eyes of professional fund managers, can productively harness these funds, taking advantage of economies of scale,” according to Banco de Oro. Thus, even individuals can access investments usually just available to big investors. UITFs are also heavily regulated by not only the banks offering the fund but also by the Bangko Sentral ng Pilipinas, protecting investors.

UITFs are medium- to long-term investments that have historically better-earning options over a long horizon than traditional deposit options, so if you can afford to leave your money in a UITF without having to withdraw from it for a long time, it can be a good option for you. For example, if you had invested in Security Bank’s Peso Asset Variety Fund on January 1, 2014, these are the kind of returns you could be expecting (disclaimer: values from Security Bank’s UITF calculator. 

The investment value is only indicative of the value of the investment as of a certain date. However, for redemption, please note that the net asset value per unit (NAVpu) will not be known until the end of a certain business date.)

[table id=548 /] 

That’s an ROI of 13.42% over six months, which you can’t get with your regular savings accounts. Again, this is just an example, so please consult with your bank first to determine which fund is right for you.

Eastwest Bank also offers the Infinity Peso Intermediate-Term Bond Fund, another UITF which requires an initial deposit of P10,000. It’s a low-risk venture because the money will be invested primarily in government securities and investment-grade corporate bonds. This is ideal for investors with a long-term investment horizon.

Besides UITFs, there are also mutual funds, stock market and real estate investments, depending on your risk appetite. Growing these investments involves a certain amount of risk but if done right, it will help you get closer to your dream of earning passive income.

Other forms of investment include investing in yourself by taking a course, attend trainings and seminars, etc. to hone new skills for career advancement. You can also invest in items or gadgets that can help you earn money by monetizing your hobby or develop your skills further.

2. Insurance

The best gift that you could ever give yourself is a secured future, and what better way to do that than to get insurance. Because the inevitable can always happen (especially medical emergencies), being uninsured can leave you crippled financially. You need insurance to protect your health, your ability to earn income and to keep a roof over your head.

The main reason why 13th-month pay was implemented is to serve as monetary relief for Filipinos during the Christmas season, for them to enjoy and celebrate the spirit of Christmas better. This, however, doesn’t mean that you can only limit your spending to gifts and other forms of luxuries to treat yourself this Christmas season. 

Your 13th-month pay gives you the opportunity to offer protection to your loved ones against critical illness, accidents, or disability and dismemberment. You can use the money to cover the premium cost for the insurance that best suits your needs or to provide a safety net for your family.

Health insurance

For under ₱20,000 annually, you can avail of Maxicare’s MyMaxicare Silver Plan’s health insurance.  According to the calculator on their site, a 30-year-old applying for the plan, with dental coverage included, would pay P17,083.00 annually with the option of annual, semi-annual or quarterly premiums according to your needs.

Medicard’s Plan 2500 is another healthcare option, with a ₱15,876 annual fee. Hospitals include Asian Hospital and Medical Center, St. Luke’s Medical Center-Quezon City, The Medical City, and Cardinal Santos Medical Center.

A health insurance is a good start while life or variable life insurance (VUL)s which are increasingly popular options provide a wider safety net for those who need it.

3. Business

This is one of the conventional ways to invest your money.  While it may take some time to gain your starting capital back and start profiting from your business, it is the more hands-on route to grow your money and have more control over it.

Starting your own business can be expensive and challenging at first. That’s why it requires extensive research and diligent planning. You must determine what will sell in your target market and how to keep up with the constantly changing consumerism and competition.

In case you don’t know where to begin, here are the 8 promising business ideas in the Philippines‘ landscape considering its economic climate and available opportunities.

4. Savings/fixed time deposit

With time deposits, you essentially agree to keep your money in the bank for a predetermined period, say one year, without making any withdrawals until it reaches maturity. Banks offer a fixed interest rate which is higher than that of a savings account. The catch is, you are not allowed to make withdrawals or terminate the contract before the maturity term.

If you’d rather play safe with your money and don’t mind earning just a little bit of a percentage in interest every month, a time deposit account is a way to do it.

5. Emergency fund

The ideal emergency fund should be at least your three months’ salary. Your 13th-month pay is basically equivalent to a single month of your salary, but it’s good enough to kick-start your emergency fund. Your 13th-month pay may not be enough, but at least it’s a good amount to start building your emergency funds.

Another way is to take steps to reduce your debt with your 13th-month pay which will free up more money going forward to put towards your emergency fund and help to grow it faster.

Whether you plan to spend, invest or save your 13th month pay, make sure you do actually have a plan and avoid splurging it all impulsively this coming festive season!

Read More: It’s Easy To Calculate Your 13th Month Pay!

The post 13th-Month Pay Ideas For Financial Newbies appeared first on iMoney.ph.

Singapore is not just one of the most expensive cities in Southeast Asia, but also in the world. However, just because this country holds such a title doesn’t mean there’s no frugal way to get there and have a vacation that you’ll enjoy without spending a fortune! Let me tell you – it’s possible, with some pre-trip preparation and a plan to pay for your holiday!

1. Booking flights and accommodation

Many Pinoys hold back from travelling overseas because of these expenses. Travelling overseas isn’t cheap, that’s for sure, but it doesn’t have to be expensive either! Here are a few tricks that will help you hunt down the best deals.

Try these tips to cut back on airfare

Probably one of the expenses that will eat up most of your budget is the airfare and accommodation.

Timing is everything - you don’t really have to wait for Piso Fare or seat sales to find a cheap two-way airfare but you do have to book a month or two in advance, though. The rule is, the nearer to the date of flying, the more expensive the airfare gets. 

Untick your preset seat - seat selection isn’t compulsory. The fee to preset your seat costs ₱230 or ₱460 for a roundtrip – that’s almost half the price of the airline’s travel insurance which is ₱1080. So, better save that sum for travel insurance instead. 

Travel insurance - for your peace of mind, avail the travel insurance offered by airline companies. Trying to cut the cost for your airfare drastically by skipping this add-on won’t serve its purpose in the event of an emergency. 

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

If you really want to squeeze every penny that you could on your airfare, unticking your free in-flight meals could save you ₱249 for one way and ₱498 for a round trip!  [/block]

Budget airlines - One of the most affordable airfares to Singapore is from Cebu Pacific, followed by AirAsia and Scoot. For people who are based in Davao, though, your option will only be limited to Cebu Pacific’s Thursday and Sunday direct flights to Singapore, and cheap tickets to the island republic may have a different frequency.

Here’s how much it will cost for return tickets from Manila to Singapore with travel insurance:

Prices differ according to travel dates and promotional periods. The price above is based on January 18 to 21, 2020.

During the travel period used in the example above, the lowest price you can purchase a one-way ticket (Manila to Singapore) is ₱4,513, while the fare from Singapore back to Manila is around ₱5015.

[table id=541 /]

Stay in a hostel or Airbnb

Hotels in Singapore are ridiculously expensive. Either way, if you want to travel on a budget, you need to look at other options.

Hostels are the way to go – This is the best bet for budget travelers. You might be sacrificing privacy but it comes with perks too - from free breakfast to meeting people from all over the world.

On average, hostel prices would range from ₱800 to ₱1,200 per night, depending on the day you booked or the season, and the deals offered by booking sites like this one from Agoda. 

[table id=543 /]

Try Airbnb - The rates here are fairly cheaper than hotels but still pricier than hostels. The good news is, they have a promotion for first-time users on their platform. When you sign up using a referral link, you can get up to ₱2,020 off on your first booking worth ₱3,550. Some of the cheapest accommodations via Airbnb in Singapore range from ₱902 to ₱1,165. 

These might actually be hostels, capsule rooms, or small rooms in an apartment. Keep your expectations low as what matters is you have a place to rest and freshen up. 

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

For an even more cost-effective option, book hostels for the free breakfast. You’ll save tons of money in Singapore just by taking advantage of that free breakfast option offered by hostels. [/block]

2. Getting around Singapore

You need to plan ahead if you want to get around the city on a budget and still have a good time. Here's how to cut your transport cost and make use of free attractions.

Traveling around the city

The most convenient way to get around Singapore is by MRT. When you arrive in Singapore, you should immediately purchase an EZ-link card for you to board any buses or train without a sweat.

The card would cost you S$12(₱446), and it contains more or less S$7 worth of credits. You might need to top it up with at least S$10 to cover your fare to roam around the city for the next three days.

[table id=544 /]

Source: home.ezlink.com.sg

There are also tourist passes that will grant unlimited public transport access for certain days. S$10 (₱372.20) would grant you 1-day unlimited access, S$20 (₱744), and S$30 (₱1,116). But practically speaking, you won’t be able to make that much trips in 3-days to fully make use of its total cost. 

Total cost for your one-way trips to the attractions which we will discuss next is only S$1.89 (₱71) and S$3.78 (₱142) with return on the average, give or take. This is assuming that you will be staying at Lavender district where many affordable hostels are located. If you’re staying somewhere else, the cost may vary by a small margin.

Here’s a quick breakdown of your transport cost according to the fare calculator on Singapore’s public transport site.
[table id=545 /]

[block type="success" title="Quick estimate"]

Total transportation cost using Singapore’s LRT is roughly around ₱300 to ₱500. Purchasing the Ezlink card and topping it up for just S$10 will be more than enough for this quick adventure, which equates to about ₱818.20. [/block]

Budget attractions

In Singapore, you’ll never run out of places to visit without spending a dime! All you need is your EZ-Link card, a bottle of water, enough energy to spend on (a lot of) walking, an umbrella, and your wanderlust… and you will be good to go! 

Below are the tourist attractions that you can visit for free.

• Sentosa Park
• Orchard Road
• Gardens by the Bay (Bay East)
• Merlion Park
• Botanic Gardens
• Marina Bay Sands
• Sentosa Island

[wds id="9"]

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

The casino inside Marina Bay Sands provides free entry to tourists and expats. Simply present your passport. Inside the casino, you are entitled to unlimited free beverages such as coke, coffee, or Milo. [/block]

3. Experience the real taste of Singapore

Hawker centers are the way to go if you’re in Singapore. While they can be considered as the country’s version of Philippine’s carenderia, hawker centers are far more upscale. Despite that, they’re quite cheap considering it’s in Singapore.

The average cost of a complete meal that consists of viand, one bowl of rice (which is 2 cups in Filipino standards), and a bowl of soup would just cost you between S$5 and S$7. They have a wide variety of options, from their ever-famous chicken rice, charsiew (BBQ pork) with rice, to Malaysia’s signature Nasi Lemak; you’ll never run out of options for a shoestring budget.

On the other hand, the cost for their beverages is around S$1 to S$2, or you can just buy at the nearest 7-Eleven.

[table id=546 /]

Note: The estimates are higher than the actual average prices.

How to afford a Singapore holiday 

If you’re traveling from Manila to Singapore on a budget, here’s how much you’ll be spending.

[table id=547 /]

In a perfect world, everyone would have the budget to take that break that their soul desperately needs. If you have been putting money aside diligently to pay for a holiday getaway, using your savings is the most sensible option.

How to pay for your holiday

In the real world, that isn't always the case.  If you end up short of your target especially if you need to pay upfront for certain parts of your trip, taking out a personal loan to make that much needed holiday a reality can be a viable solution.

Instead of maxing out your credit card and coming back to deal with the high-interest charges, a personal loan typically has lower interest rates and you can budget ahead on the repayment schedule. This means you can enjoy your holiday and know what to expect when you return home. 

Budgeting ahead gives you peace of mind in knowing how to manage your finances after your holiday and the duration needed to pay off the loan. For starters, find a low-risk high reward type of loan such as Asteria Personal Loan. You only need one valid ID to apply and the funds are disbursed within 24 hours from the time of application. 

How to apply for Asterial Personal Loan

• Log on to their website.
• Register by clicking the APPLY NOW button
• Fill out the online application form and upload the necessary documents.
• Wait for 24 business hours after you have uploaded the complete documentary requirement.
• Notification via text message and email will be sent to the borrower upon loan approval. Alternatively, borrowers can log on to their Asteria online account to check the application status.
• Repayment instructions are also provided in the notification upon loan approval, it can also be found on the borrowers’ Asteria account online.

[product name="Asteria Lending Personal Loan" image="https://www.imoney.ph/sites/v2.imoney.ph/files/asteria-logo-opt.png" link="https://myaccount.asteria.com.ph/apply?utm_source=imoney&utm_medium=imoneyph_3&utm_campaign=imoney_leads&utm_content=internal" target="_blank" positionlink="bottom_1_text_box_pl_product" feature="Cash is disbursed in as fast as 48 hours." cta="https://myaccount.asteria.com.ph/apply?utm_source=imoney&utm_medium=imoneyph_3&utm_campaign=imoney_leads&utm_content=internal" target="_blank" positionbutton="bottom_1_btn_box_pl_product"]Fast Approval Loan With No Collateral.[/product]

Prudent financial planning and spending is still the key to making sure that your finances are in order, whether you’re taking a personal loan for your vacation or not. It’s all about borrowing responsibly and having a plan to pay it off.
Personal loans can be a key to reaching a short-term goal faster and easier. However, just like any other big life decisions, you must approach this sensibly.

Planning ahead with a little patience, a handful of research, and the guts to explore are all you need to go on an inexpensive Singapore adventure!

The post 3-Day Singapore Trip With A ₱20,000 Budget appeared first on iMoney.ph.

In just a few weeks, the 30th Southeast Asian Games will begin with great fanfare at the Philippine Arena in Bocaue, Bulacan. Athletes from all over the region will come together to compete for gold and glory across 529 events in 56 sports. At its core, this event aims to promote cooperation, relation, and understanding between neighboring nations in the region. 

This is the fourth time that the country has hosted the event, the previous ones were in 1981, 1991, and 2005. Originally, Brunei was supposed to host this year’s games, but due to some circumstances, they pulled out. Thus, the Philippines stepped in to take on the role.  

In fact, 2019 will be the biggest ever SEA Games in terms of the number of sports. Following are the key highlights you need to know about the upcoming games.

Economic implications

The camaraderie between nations aside, this sporting event is extremely important especially to its host nation. Stakes can be high if this isn’t done right, but when the host nation pulls through, there are some quantifiable economic benefits to gain such as the following:

• Raise its prestige and profile in the region
• Promote its image as a world city for hosting international events
• Attract more inward investment
• Create job opportunities
• Enhance its tourism industry
• Foster its sports culture

Source: http://tiny.cc/dmdsfz

How the Philippines faired in the SEA Games

To date, the Philippines have participated in 21 SEA games and has bagged a total of 918 gold medals, making it the 4th country in the SEA Games with the most gold medals. Overall, we’ve taken home a total of 3351 medals. The last time the Philippines hosted, we won 112 medals, just enough for us to secure our first general title at the SEA Games. 

This year, the record to beat is the previous host of this even - Malaysia. In 2017, they hosted this sporting event and made a record by earning 145 golds and 323 overall medals in 2017. 

Source: http://tiny.cc/vpdsfz

The participating nations

All 11 members of the Southeast Asian Games Federation (SEAGF) are expected to take part in the 2019 SEA Games. Below is a list of the participating nation and the number of their athletes

•  Brunei (257)
•  Cambodia (510)
•  Indonesia (1702)
•  Laos (419)
•  Malaysia (1076)
•  Myanmar (952)
•  Philippines (1868)
•  Singapore (1591)
•  Thailand (1473)
•  East Timor (221)
•  Vietnam (890)

What are the sports in the SEA Games?

With a total of 529 events in 56 sports to be contested, this largest edition of SEA Games in terms of the number of sports and events contested to date will provide much sporting entertainment ahead. The following is the list of sports to be held this year with their corresponding number of events:
[table id=549 /]

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

Esports will be featured as a medal sport at the 2019 Southeast Asian Games in the Philippines. It will be the first time that esports will be contested as a medal event in a multi-sport competition sanctioned by the International Olympic Committee after the discipline featured as a demonstration sport in the 2018 Asian Games in Jakarta, Indonesia. [/block]

Sporting event venues

Four designated clusters or hubs are set for this sporting event, namely Clark, Subic, Metro Manila, and "Other Areas". 

The main hub, which is the New Clark City in Tarlac, is a highlight for many Filipinos this year as its construction was not done solely for the purpose of satisfying the SEA Games, it also kickstarts the development of the country’s soon to be new seat of the government. The construction of the sports complex is also one of the biggest infrastructure projects of the Philippine government, and it was expedited to make sure it caters to the needs of the event. 

Meanwhile, the secondary venue will be Subic while the tertiary venue will be Metro Manila and the other nearby areas. Previously the fourth cluster was reportedly known as the BLT (Batangas, La Union, and Tagaytay) Cluster. 

Lastly, the Philippine Arena in Bulacan is where the event will kick-off and the closing ceremony will be held in New Clark City.

Beyond fame and glory, there’s also money!

With 530 events in 56 sports, this year’s SEA Games is set to award 530 medal sets. For Filipino athletes who will be participating in this event, their victories will be sweeter as certain monetary awards will be matched with their wins. 

Based on the Republic Act No 9064 Sec 2, also known as “The Sports Benefits and Incentives Act of 2001” national athletes who win gold, silver, and bronze medals in international competitions shall be entitled to cash awards in the following amount:

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

Gold medalist

• One hundred thousand pesos (₱300,000)

Silver medalist

• Fifty thousand pesos (₱75,000)

Bronze medalist

• Ten thousand pesos (₱30,000) [/block]

For teams or groups with less than five members, the same amount will be rewarded and shall be divided equally among their members. Meanwhile, for teams or groups with more than five members, each member will receive twenty-five percent (25%) of the cash incentives corresponding to their medal. 

In the previous SEA Games, the Philippines handed out more than ₱18 million in cash incentives for the athletes who participated and earned a medal in the sporting event held in Kuala Lumpur. 

Apparently, cash incentives for the winning athletes of each country will vary according to the laws of their land. In the Philippines, the law has clearly laid out the cash incentives according to the medals that the athletes bring home. 

The upcoming 30th SEA Games will commence on November 30 at the Philippine Arena and conclude on December 11 at New Clark City. 

Source: 1, 2

The post Here’s What You Need To Know About The SEA Games 2019 appeared first on iMoney.ph.

Four days after health regulators in the country saw their first case of vape-associated lung injury, President Rodrigo R. Duterte announced his intention to ban the use and import of vapes.

During his media briefing at Malacanang, he cited that it is toxic and the government has the power to issue measures to protect public health and public interest. Since e-cigarettes didn't pass the FDA, he likened the dangers that come with it to smoking. 

He added that he will be ordering law enforcement agencies to arrest anybody vaping in public.

This announcement came in light of some health officials' call for an executive order that will regulate e-cigarettes. Health officials warned the public that e-cigarettes are not a proven nicotine replacement therapy and can cause lung disease.

The Department of Health announced earlier on Friday that a 16-year-old girl was hospitalized in late October, requiring intensive care. The teenager was later diagnosed with e-cigarette-associated lung injury or EVALI.

Smoking in public has been banned since 2003, and President Duterte in 2017 issued an executive order reinforcing the Tobacco Regulation Law. Smoking is only allowed in certain smoking rooms. 

The Philippines will be joining several nations across the globe in creating sweeping regulations against vaping products.

[Source]

The post President Duterte Seeks To Ban E-Cigarettes appeared first on iMoney.ph.

The House Committee on Labor and Employment has approved the bill that allows companies in the country to implement a four-day work week! But, here’s the catch -- it means more working hours in a day.

Baguio Representative Mark Go authored this bill which is called “the compressed work week” bill. It aims to lessen the working days of employees; but in order to comply with the 40 to 48 working hours requirement of the country’s Labor Code, it will increase the daily working hours of the employees.

[block type="info" title="For your information"]This policy is optional for employers. They can implement it if they deem it necessary, otherwise, they don’t have to.[/block]

[block type="tips" title="Update 21-11-19"]

In recent developments, lawmakers called for the revival of this bill, citing the worsening traffic situation as the holidays draw near. There was no other update about the progress of the bill until recently.[/block]

Will it improve your quality of life?

The reason why this bill was proposed is to provide an extra day-off to every employee in the country, giving them an extra day to unwind or do what they need to do. While not everyone agrees to this, there are advantages that people could reap from it such as:

1. Less time on the road

There’s no denying that commuting in Metro Manila isn’t a pleasant experience. The horrendous traffic could stretch a supposedly 15-minute travel time to an hour or more. For people who live quite far from their office, it’s worse.

By cutting the workweek from five to four days, it would mean less hours spent on commute. Working more hours a day will also mean employees will skip the usual rush hours, which are extremely crucial and stressful periods of the day.

One way or the other, it could improve a person’s (especially the commuters’) quality of life, because according to a study done by the Office for National Statistics in UK, commuters have higher anxiety levels than the average.

[block type="info" title="For your information"]On the average, majority of workers in Manila who commute spends about 3.5 hours on the  road a day, traveling to and from work (according to  CNN). Multiply that to five days, you’ll be spending 17 hours and 30 minutes on the road just for a week![/block]

2. More days to unwind

With less work days, there will be a more defined work-life balance because the number of days off people will get compared to their working days is almost the same. People could pursue leisure activities and spare more time with their friends and family, pushing further the work-life balance agenda that many companies have been echoing.

3. Maximize working days

Admit it, there are times you end up working longer than you should just to get a task done within the day, but you don’t get paid for it. If you work in an executive or managerial position, overtime will not be paid.

With the compressed work week bill, common office practices like this will be minimized if not eliminated because those who work on longer hours without overtime pay will now be compensated. People who has made it a habit of going home late from work (because 8 hours doesn’t seem to be enough to squeeze in their daily tasks) will have already have extra (paid) hours in their hand.  

How can it affect your finances?

From saving more money dedicated to your monthly allowance to getting an extra job to earn more, a compressed work week will have an impact to your finances!

1. Lesser expenses

One of the most prominent advantages of a compressed work week (aside from an extra day to yourself) is lesser moving expenses! In a month, there are four work weeks on average, that means there will also be four extra days off from work! That’s 20% of your monthly budget for your day-to-day moving expenses and allowance!

2. Commuting cost

Commuting don’t just take up most of our time, but they also burn a hole in our wallets! The 4-day workweek structure will one way or the other save commuters a few hundred peso per month!

[table id=85 /]

Less working days means less time on the road! Not only will you save yourself from the stress of the awful bumper-to-bumper traffic, but you’ll also spare yourself a few hundred pesos a month, which you can allocate to your savings or to your bills!

3. Cost on food

Whether you eat out or “bring your own baon,” setting aside a budget for your lunch or dinner is a must if you’re a working professional. By bringing down the work days to just four a week, you will feel a difference in your monthly budget.

[table id=86 /]

If you eat out a lot during working days for lunch and dinner, you’ll save up to 800 if you just work four days a week! Of course, this is assuming that on your extra off day, you eat your meals at home instead of dining out.

4. Side hustle for more cash

It will be easier to find a side job because you’ll have more time to do it. Employees who are also entrepreneur on the side can have more time to run their part-time business, freelancers will have an extra day to complete their freelance tasks! Either way, there are more earning opportunities for people who are looking for extra income.

5. Save leave credits for more important events

One of the best things about the Philippine’s Labor Code is that employers are required to convert unused leave credits of employees to cash on the next calendar year or when they (the employees) separate from the company.

Having a three days off in a week will give employees more time to accomplish personal transactions or maybe go on a quick vacation. Imagine, every weekend is a long weekend! Thus, the unnecessary use of (vacation) leave credits will be minimized.

Below is a sample computation of the monetary equivalent of your leave conversion in one year.

[block]Monthly income: P20,000

Leave credits: 12 a year

Formula:(Monthly salary x 12 / 365 days) number of leave credit left

=(P20,000x 12 / 365) 12

=(P240,000/ 365) 12

=( P657.534) 12

= P7,890.41

Source: hrpractitionersguide.com[/block]

People who don’t take long vacations will have more cash conversions from their leave credits annually!

What are the downsides?

While having a three-day weekend may seem like a dream come true, there are some consequences that may come with it.

1. Child care can be difficult

A compressed work week may free up an extra day for parents to spend with their kids but it can also make them struggle in matching their schedule with their child’s day care needs and activities at school. There will be less flexibility in matching their schedules with their child’s daily routine at home and in school the entirety of the child’s school days. Parent who normally pick up their kids at 4 or 5pm will not be able to do so with a 12-hour shift, which will be a huge problem especially for solo parents..

2. Not meant for certain jobs

For employees who do physically straining jobs, four more hours in their work load per day can take a toll on them. For many call center agents, additional four more hours can be physically and emotionally draining. While 12 hours of work may increase overall output or productivity of a company and could provide long breaks for employees, it can however put its people’s health at risk.

So, is it good or bad?

The Compressed Work Week Bill has its pros and cons. There are people and job industries that can reap its benefits, while there are those that will not. The good thing about this is it’s optional. At least, it’s already out there in the open and companies no longer need to hesitate if they think implementing a compressed work week schedule will boost their productivity and employee satisfaction.

The retail industry and BPO companies (catering to all time zones in the US) can greatly benefit from this scheduling system. Meanwhile, banks and government agencies are among those who are less likely to reap productivity from it.

What would be much better news though is, if decision is up to the employees.

What are your thoughts on this? Leave a comment below!

Image from cloudemployee.co.uk and  freepik.com

This article was originally published on September 8, 2018. It's recently updated for relevance and freshness.

The post Compressed Work Week: Can It Improve Work-Life Balance In The Philippines? appeared first on iMoney.ph.

The Department of Labor and Employment (DOLE) is supporting a campaign that is pushing for the e-payment of wages. This will ensure workers are properly paid by their employers and promote the financial inclusion of workers. DOLE will be promoting this initiative in partnership with Bangko Sentral ng Pilipinas (BSP)

Labor Undersecretary Claro Arellano said this initiative is part of the country’s commitment to pursue a state wherein there is effective access to a wide range of financial products by all. 

Arellano cited the 2017 Global Findex report stating only 6.6 percent of the country’s private sector wage earners receive their salaries through a formal account or e-money account operated by a financial institution. 

He also pointed out that low financial inclusion among the wage earners may be a source of abuse against the workers and violations of labor laws, due to the difficulty in verifying and validating the payment of correct wages and other mandatory benefits. Thus they at DOLE are pushing for electronic payment of salaries through formal accounts. 

Manual cash disbursements shouldn’t be practiced by companies anymore. They should open formal accounts for payment of wages to enable easier verification and validation. However, he also acknowledged that there are still no laws or regulations that require this month of payment for salaries. 

With the electronic payment for salaries, it would cut the overhead cost, the transaction, administration. It will also reduce the incidence of leakages during the disbursements. On top of all that, this will grant easy access to financial products like savings, insurance, investment, and even credit. 

Among the sectors identified by the Financial Inclusion Steering Committee to immediately benefit from the electronic payment of wages are the construction workers, bus drivers and conductors, as well as kasambahay, factory workers, and workers in the retail and service industries. 

[Source]

The post DOLE Advocates For E-Payment Of Salaries appeared first on iMoney.ph.