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Wednesday, August 16, 2017

Know the Maintaining Balance and Dormancy Fees of Your Bank

A viral post about a bank depositor has opened the minds of Filipinos about the concept of Bank Account Maintaining Balance and Dormancy Fees.   In the FB post below, a certain depositor showed her passbook, wherein a deposit of more than Php5,600 was slowly reduced to zero due to some unknown charge.  These are relatively unnoticed charges buried in those long multi-page contracts written in small type or fine print that we sign when we open a new bank account. If you are not remotely aware of these charges, you might be in trouble. I urge you to read on.  What is Maintaining Balance Maintaining Balance is the minimum amount that a bank or financial institution requires a customer to maintain in his or her account. The banks say they spend money to handle people's accounts, so they must make some profit from these accounts, and therefore, according to them, customers should maintain a certain minimum amount of money in these accounts.  The Maintaining Balance is actually the average balance in an account for 30 days or 31 days of the month - so it's actually called Average Daily Balance (ADB). Banks consider the end-of-day balance. If an account's balance in the morning is 10,000 pesos, and at the end of the day, the balance is 15,000 pesos, they consider 15,000 pesos.  Philippine banks differ in their requirements for Maintaining Balance and penalties. Since there are too many banks to mention, here's a compilation of the most common banks in the Philippines:  Now that you know the maintaining balance for the given banks, and how much penalties you have to pay if you go below, it's time to learn how to estimate your account's ADB or Average Daily Balance:  Let's say you have an account in a bank whose Maintaining Balance is at Php2,000. The deposited amount in your account changed four times in a month, 30 days. ADB is calculated by adding the end-of-day balances for all the days of the current month, and then dividing the total by the number of days of the month. For February, that would be 28 days - 29 if on a leap year.  For example, in the first 5 days of the month, your daily balance was Php2,000. You took out Php1,000 on the sixth day. For the next 15 days, your balance everyday was at Php1,000 until you deposited Php2,000 on the 21st, taking your balance up to Php3,000. It stayed there for 5 days. You took out Php2,000 pesos in the 26th day, and for the last 5 days, your balance everyday was Php1,000.  The calculation for your account's ADB is as follows:  This means, your account's ADB is Php1,500, well below the Maintaining Balance of Php2,000. If for the following month, your ADB is again below Php2,000 - your account balance will be charged with Penalty for below Maintaining Balance (see Tables above for how much).  Maintaining Balance Penalty is easy to avoid. Simply keep saving on your account well above the Maintaining Balance requirements. Also, some accounts are said to not require Maintaining Balance. The most common is a Payroll Account.  Dormancy Fee Bank accounts that are considered dormant are those that have no deposits or withdrawals for about two years. OFWs are usually the one whose account become dormant since they have left these accounts behind while working abroad.  Thankfully, the BSP has revised the rules and now require banks and other financial institutions to implement a monthly dormancy fee that is not higher than Php30.  A savings account becomes dormant after 24 months of no deposit nor withdrawal. A checking account becomes dormant after 12 months. When an account becomes dormant, the account is put on hold - not earning interests. To reactivate the account, the depositor needs to go to the branch with his valid IDs and reactivate the account.  Dormancy Fee can only be imposed "if there is no deposit or withdrawal from the account for five years, if the deposits is below the minimum monthly average daily balance, and if the depository bank or financial institution has complied with the 2 of the notification requirements stated below:  A depositor must be informed through mail, courier delivery, electronic mail (e-mail) telephone call and other means 60 days before the account becomes dormant and 60 days before the imposition of dormancy fees.  Banks are now required to notify dormant accounts holders of the situation in three instances.  First is before the start of the dormancy period. Second, when the dormancy fee will be imposed. Tthird, when the account will be placed under escheat - a legal procedure when the contents of the account will be reverted to the National Treasurer in line with the Unclaimed Balances Act.   So the next time you will open a bank account, read the fine print first - the contract. Also, banks are required by law to post their fees on retail deposit, remittance and loan products/services in their official website and in conspicuous places in all banking units.
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A viral post about a bank depositor has opened the minds of Filipinos about the concept of Bank Account Maintaining Balance and Dormancy Fees. 

In the FB post below, a certain depositor showed her passbook, wherein a deposit of more than Php5,600 was slowly reduced to zero due to some unknown charge.


These are relatively unnoticed charges buried in those long multi-page contracts written in small type or fine print that we sign when we open a new bank account. If you are not remotely aware of these charges, you might be in trouble. I urge you to read on.


What is Maintaining Balance

Maintaining Balance is the minimum amount that a bank or financial institution requires a customer to maintain in his or her account. The banks say they spend money to handle people's accounts, so they must make some profit from these accounts, and therefore, according to them, customers should maintain a certain minimum amount of money in these accounts.

The Maintaining Balance is actually the average balance in an account for 30 days or 31 days of the month - so it's actually called Average Daily Balance (ADB). Banks consider the end-of-day balance. If an account's balance in the morning is 10,000 pesos, and at the end of the day, the balance is 15,000 pesos, they consider 15,000 pesos.


Philippine banks differ in their requirements for Maintaining Balance and penalties. Since there are too many banks to mention, here's a compilation of the most common banks in the Philippines:



A viral post about a bank depositor has opened the minds of Filipinos about the concept of Bank Account Maintaining Balance and Dormancy Fees.   In the FB post below, a certain depositor showed her passbook, wherein a deposit of more than Php5,600 was slowly reduced to zero due to some unknown charge.  These are relatively unnoticed charges buried in those long multi-page contracts written in small type or fine print that we sign when we open a new bank account. If you are not remotely aware of these charges, you might be in trouble. I urge you to read on.  What is Maintaining Balance Maintaining Balance is the minimum amount that a bank or financial institution requires a customer to maintain in his or her account. The banks say they spend money to handle people's accounts, so they must make some profit from these accounts, and therefore, according to them, customers should maintain a certain minimum amount of money in these accounts.  The Maintaining Balance is actually the average balance in an account for 30 days or 31 days of the month - so it's actually called Average Daily Balance (ADB). Banks consider the end-of-day balance. If an account's balance in the morning is 10,000 pesos, and at the end of the day, the balance is 15,000 pesos, they consider 15,000 pesos.  Philippine banks differ in their requirements for Maintaining Balance and penalties. Since there are too many banks to mention, here's a compilation of the most common banks in the Philippines:  Now that you know the maintaining balance for the given banks, and how much penalties you have to pay if you go below, it's time to learn how to estimate your account's ADB or Average Daily Balance:  Let's say you have an account in a bank whose Maintaining Balance is at Php2,000. The deposited amount in your account changed four times in a month, 30 days. ADB is calculated by adding the end-of-day balances for all the days of the current month, and then dividing the total by the number of days of the month. For February, that would be 28 days - 29 if on a leap year.  For example, in the first 5 days of the month, your daily balance was Php2,000. You took out Php1,000 on the sixth day. For the next 15 days, your balance everyday was at Php1,000 until you deposited Php2,000 on the 21st, taking your balance up to Php3,000. It stayed there for 5 days. You took out Php2,000 pesos in the 26th day, and for the last 5 days, your balance everyday was Php1,000.  The calculation for your account's ADB is as follows:  This means, your account's ADB is Php1,500, well below the Maintaining Balance of Php2,000. If for the following month, your ADB is again below Php2,000 - your account balance will be charged with Penalty for below Maintaining Balance (see Tables above for how much).  Maintaining Balance Penalty is easy to avoid. Simply keep saving on your account well above the Maintaining Balance requirements. Also, some accounts are said to not require Maintaining Balance. The most common is a Payroll Account.  Dormancy Fee Bank accounts that are considered dormant are those that have no deposits or withdrawals for about two years. OFWs are usually the one whose account become dormant since they have left these accounts behind while working abroad.  Thankfully, the BSP has revised the rules and now require banks and other financial institutions to implement a monthly dormancy fee that is not higher than Php30.  A savings account becomes dormant after 24 months of no deposit nor withdrawal. A checking account becomes dormant after 12 months. When an account becomes dormant, the account is put on hold - not earning interests. To reactivate the account, the depositor needs to go to the branch with his valid IDs and reactivate the account.  Dormancy Fee can only be imposed "if there is no deposit or withdrawal from the account for five years, if the deposits is below the minimum monthly average daily balance, and if the depository bank or financial institution has complied with the 2 of the notification requirements stated below:  A depositor must be informed through mail, courier delivery, electronic mail (e-mail) telephone call and other means 60 days before the account becomes dormant and 60 days before the imposition of dormancy fees.  Banks are now required to notify dormant accounts holders of the situation in three instances.  First is before the start of the dormancy period. Second, when the dormancy fee will be imposed. Tthird, when the account will be placed under escheat - a legal procedure when the contents of the account will be reverted to the National Treasurer in line with the Unclaimed Balances Act.   So the next time you will open a bank account, read the fine print first - the contract. Also, banks are required by law to post their fees on retail deposit, remittance and loan products/services in their official website and in conspicuous places in all banking units.

A viral post about a bank depositor has opened the minds of Filipinos about the concept of Bank Account Maintaining Balance and Dormancy Fees.   In the FB post below, a certain depositor showed her passbook, wherein a deposit of more than Php5,600 was slowly reduced to zero due to some unknown charge.  These are relatively unnoticed charges buried in those long multi-page contracts written in small type or fine print that we sign when we open a new bank account. If you are not remotely aware of these charges, you might be in trouble. I urge you to read on.  What is Maintaining Balance Maintaining Balance is the minimum amount that a bank or financial institution requires a customer to maintain in his or her account. The banks say they spend money to handle people's accounts, so they must make some profit from these accounts, and therefore, according to them, customers should maintain a certain minimum amount of money in these accounts.  The Maintaining Balance is actually the average balance in an account for 30 days or 31 days of the month - so it's actually called Average Daily Balance (ADB). Banks consider the end-of-day balance. If an account's balance in the morning is 10,000 pesos, and at the end of the day, the balance is 15,000 pesos, they consider 15,000 pesos.  Philippine banks differ in their requirements for Maintaining Balance and penalties. Since there are too many banks to mention, here's a compilation of the most common banks in the Philippines:  Now that you know the maintaining balance for the given banks, and how much penalties you have to pay if you go below, it's time to learn how to estimate your account's ADB or Average Daily Balance:  Let's say you have an account in a bank whose Maintaining Balance is at Php2,000. The deposited amount in your account changed four times in a month, 30 days. ADB is calculated by adding the end-of-day balances for all the days of the current month, and then dividing the total by the number of days of the month. For February, that would be 28 days - 29 if on a leap year.  For example, in the first 5 days of the month, your daily balance was Php2,000. You took out Php1,000 on the sixth day. For the next 15 days, your balance everyday was at Php1,000 until you deposited Php2,000 on the 21st, taking your balance up to Php3,000. It stayed there for 5 days. You took out Php2,000 pesos in the 26th day, and for the last 5 days, your balance everyday was Php1,000.  The calculation for your account's ADB is as follows:  This means, your account's ADB is Php1,500, well below the Maintaining Balance of Php2,000. If for the following month, your ADB is again below Php2,000 - your account balance will be charged with Penalty for below Maintaining Balance (see Tables above for how much).  Maintaining Balance Penalty is easy to avoid. Simply keep saving on your account well above the Maintaining Balance requirements. Also, some accounts are said to not require Maintaining Balance. The most common is a Payroll Account.  Dormancy Fee Bank accounts that are considered dormant are those that have no deposits or withdrawals for about two years. OFWs are usually the one whose account become dormant since they have left these accounts behind while working abroad.  Thankfully, the BSP has revised the rules and now require banks and other financial institutions to implement a monthly dormancy fee that is not higher than Php30.  A savings account becomes dormant after 24 months of no deposit nor withdrawal. A checking account becomes dormant after 12 months. When an account becomes dormant, the account is put on hold - not earning interests. To reactivate the account, the depositor needs to go to the branch with his valid IDs and reactivate the account.  Dormancy Fee can only be imposed "if there is no deposit or withdrawal from the account for five years, if the deposits is below the minimum monthly average daily balance, and if the depository bank or financial institution has complied with the 2 of the notification requirements stated below:  A depositor must be informed through mail, courier delivery, electronic mail (e-mail) telephone call and other means 60 days before the account becomes dormant and 60 days before the imposition of dormancy fees.  Banks are now required to notify dormant accounts holders of the situation in three instances.  First is before the start of the dormancy period. Second, when the dormancy fee will be imposed. Tthird, when the account will be placed under escheat - a legal procedure when the contents of the account will be reverted to the National Treasurer in line with the Unclaimed Balances Act.   So the next time you will open a bank account, read the fine print first - the contract. Also, banks are required by law to post their fees on retail deposit, remittance and loan products/services in their official website and in conspicuous places in all banking units.

A viral post about a bank depositor has opened the minds of Filipinos about the concept of Bank Account Maintaining Balance and Dormancy Fees.   In the FB post below, a certain depositor showed her passbook, wherein a deposit of more than Php5,600 was slowly reduced to zero due to some unknown charge.  These are relatively unnoticed charges buried in those long multi-page contracts written in small type or fine print that we sign when we open a new bank account. If you are not remotely aware of these charges, you might be in trouble. I urge you to read on.  What is Maintaining Balance Maintaining Balance is the minimum amount that a bank or financial institution requires a customer to maintain in his or her account. The banks say they spend money to handle people's accounts, so they must make some profit from these accounts, and therefore, according to them, customers should maintain a certain minimum amount of money in these accounts.  The Maintaining Balance is actually the average balance in an account for 30 days or 31 days of the month - so it's actually called Average Daily Balance (ADB). Banks consider the end-of-day balance. If an account's balance in the morning is 10,000 pesos, and at the end of the day, the balance is 15,000 pesos, they consider 15,000 pesos.  Philippine banks differ in their requirements for Maintaining Balance and penalties. Since there are too many banks to mention, here's a compilation of the most common banks in the Philippines:  Now that you know the maintaining balance for the given banks, and how much penalties you have to pay if you go below, it's time to learn how to estimate your account's ADB or Average Daily Balance:  Let's say you have an account in a bank whose Maintaining Balance is at Php2,000. The deposited amount in your account changed four times in a month, 30 days. ADB is calculated by adding the end-of-day balances for all the days of the current month, and then dividing the total by the number of days of the month. For February, that would be 28 days - 29 if on a leap year.  For example, in the first 5 days of the month, your daily balance was Php2,000. You took out Php1,000 on the sixth day. For the next 15 days, your balance everyday was at Php1,000 until you deposited Php2,000 on the 21st, taking your balance up to Php3,000. It stayed there for 5 days. You took out Php2,000 pesos in the 26th day, and for the last 5 days, your balance everyday was Php1,000.  The calculation for your account's ADB is as follows:  This means, your account's ADB is Php1,500, well below the Maintaining Balance of Php2,000. If for the following month, your ADB is again below Php2,000 - your account balance will be charged with Penalty for below Maintaining Balance (see Tables above for how much).  Maintaining Balance Penalty is easy to avoid. Simply keep saving on your account well above the Maintaining Balance requirements. Also, some accounts are said to not require Maintaining Balance. The most common is a Payroll Account.  Dormancy Fee Bank accounts that are considered dormant are those that have no deposits or withdrawals for about two years. OFWs are usually the one whose account become dormant since they have left these accounts behind while working abroad.  Thankfully, the BSP has revised the rules and now require banks and other financial institutions to implement a monthly dormancy fee that is not higher than Php30.  A savings account becomes dormant after 24 months of no deposit nor withdrawal. A checking account becomes dormant after 12 months. When an account becomes dormant, the account is put on hold - not earning interests. To reactivate the account, the depositor needs to go to the branch with his valid IDs and reactivate the account.  Dormancy Fee can only be imposed "if there is no deposit or withdrawal from the account for five years, if the deposits is below the minimum monthly average daily balance, and if the depository bank or financial institution has complied with the 2 of the notification requirements stated below:  A depositor must be informed through mail, courier delivery, electronic mail (e-mail) telephone call and other means 60 days before the account becomes dormant and 60 days before the imposition of dormancy fees.  Banks are now required to notify dormant accounts holders of the situation in three instances.  First is before the start of the dormancy period. Second, when the dormancy fee will be imposed. Tthird, when the account will be placed under escheat - a legal procedure when the contents of the account will be reverted to the National Treasurer in line with the Unclaimed Balances Act.   So the next time you will open a bank account, read the fine print first - the contract. Also, banks are required by law to post their fees on retail deposit, remittance and loan products/services in their official website and in conspicuous places in all banking units.
"ADVERTISEMENTS"

Now that you know the maintaining balance for the given banks, and how much penalties you have to pay if you go below, it's time to learn how to estimate your account's ADB or Average Daily Balance:


Let's say you have an account in a bank whose Maintaining Balance is at Php2,000. The deposited amount in your account changed four times in a month, 30 days. ADB is calculated by adding the end-of-day balances for all the days of the current month, and then dividing the total by the number of days of the month. For February, that would be 28 days - 29 if on a leap year.

For example, in the first 5 days of the month, your daily balance was Php2,000. You took out Php1,000 on the sixth day. For the next 15 days, your balance everyday was at Php1,000 until you deposited Php2,000 on the 21st, taking your balance up to Php3,000. It stayed there for 5 days. You took out Php2,000 pesos in the 26th day, and for the last 5 days, your balance everyday was Php1,000.

The calculation for your account's ADB is as follows:
A viral post about a bank depositor has opened the minds of Filipinos about the concept of Bank Account Maintaining Balance and Dormancy Fees.   In the FB post below, a certain depositor showed her passbook, wherein a deposit of more than Php5,600 was slowly reduced to zero due to some unknown charge.  These are relatively unnoticed charges buried in those long multi-page contracts written in small type or fine print that we sign when we open a new bank account. If you are not remotely aware of these charges, you might be in trouble. I urge you to read on.  What is Maintaining Balance Maintaining Balance is the minimum amount that a bank or financial institution requires a customer to maintain in his or her account. The banks say they spend money to handle people's accounts, so they must make some profit from these accounts, and therefore, according to them, customers should maintain a certain minimum amount of money in these accounts.  The Maintaining Balance is actually the average balance in an account for 30 days or 31 days of the month - so it's actually called Average Daily Balance (ADB). Banks consider the end-of-day balance. If an account's balance in the morning is 10,000 pesos, and at the end of the day, the balance is 15,000 pesos, they consider 15,000 pesos.  Philippine banks differ in their requirements for Maintaining Balance and penalties. Since there are too many banks to mention, here's a compilation of the most common banks in the Philippines:  Now that you know the maintaining balance for the given banks, and how much penalties you have to pay if you go below, it's time to learn how to estimate your account's ADB or Average Daily Balance:  Let's say you have an account in a bank whose Maintaining Balance is at Php2,000. The deposited amount in your account changed four times in a month, 30 days. ADB is calculated by adding the end-of-day balances for all the days of the current month, and then dividing the total by the number of days of the month. For February, that would be 28 days - 29 if on a leap year.  For example, in the first 5 days of the month, your daily balance was Php2,000. You took out Php1,000 on the sixth day. For the next 15 days, your balance everyday was at Php1,000 until you deposited Php2,000 on the 21st, taking your balance up to Php3,000. It stayed there for 5 days. You took out Php2,000 pesos in the 26th day, and for the last 5 days, your balance everyday was Php1,000.  The calculation for your account's ADB is as follows:  This means, your account's ADB is Php1,500, well below the Maintaining Balance of Php2,000. If for the following month, your ADB is again below Php2,000 - your account balance will be charged with Penalty for below Maintaining Balance (see Tables above for how much).  Maintaining Balance Penalty is easy to avoid. Simply keep saving on your account well above the Maintaining Balance requirements. Also, some accounts are said to not require Maintaining Balance. The most common is a Payroll Account.  Dormancy Fee Bank accounts that are considered dormant are those that have no deposits or withdrawals for about two years. OFWs are usually the one whose account become dormant since they have left these accounts behind while working abroad.  Thankfully, the BSP has revised the rules and now require banks and other financial institutions to implement a monthly dormancy fee that is not higher than Php30.  A savings account becomes dormant after 24 months of no deposit nor withdrawal. A checking account becomes dormant after 12 months. When an account becomes dormant, the account is put on hold - not earning interests. To reactivate the account, the depositor needs to go to the branch with his valid IDs and reactivate the account.  Dormancy Fee can only be imposed "if there is no deposit or withdrawal from the account for five years, if the deposits is below the minimum monthly average daily balance, and if the depository bank or financial institution has complied with the 2 of the notification requirements stated below:  A depositor must be informed through mail, courier delivery, electronic mail (e-mail) telephone call and other means 60 days before the account becomes dormant and 60 days before the imposition of dormancy fees.  Banks are now required to notify dormant accounts holders of the situation in three instances.  First is before the start of the dormancy period. Second, when the dormancy fee will be imposed. Tthird, when the account will be placed under escheat - a legal procedure when the contents of the account will be reverted to the National Treasurer in line with the Unclaimed Balances Act.   So the next time you will open a bank account, read the fine print first - the contract. Also, banks are required by law to post their fees on retail deposit, remittance and loan products/services in their official website and in conspicuous places in all banking units.
This means, your account's ADB is Php1,500, well below the Maintaining Balance of Php2,000. If for the following month, your ADB is again below Php2,000 - your account balance will be charged with Penalty for below Maintaining Balance (see Tables above for how much).

Maintaining Balance Penalty is easy to avoid. Simply keep saving on your account well above the Maintaining Balance requirements. Also, some accounts are said to not require Maintaining Balance. The most common is a Payroll Account.



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Dormancy Fee
Bank accounts that are considered dormant are those that have no deposits or withdrawals for about two years. OFWs are usually the one whose account become dormant since they have left these accounts behind while working abroad.

Thankfully, the BSP has revised the rules and now require banks and other financial institutions to implement a monthly dormancy fee that is not higher than Php30.



A savings account becomes dormant after 24 months of no deposit nor withdrawal. A checking account becomes dormant after 12 months. When an account becomes dormant, the account is put on hold - not earning interests. To reactivate the account, the depositor needs to go to the branch with his valid IDs and reactivate the account.

Dormancy Fee can only be imposed "if there is no deposit or withdrawal from the account for five years, if the deposits is below the minimum monthly average daily balance, and if the depository bank or financial institution has complied with the 2 of the notification requirements stated below:


A depositor must be informed through mail, courier delivery, electronic mail (e-mail) telephone call and other means 60 days before the account becomes dormant and 60 days before the imposition of dormancy fees.


Banks are now required to notify dormant accounts holders of the situation in three instances.

  • First is before the start of the dormancy period.
  • Second, when the dormancy fee will be imposed.
  • Tthird, when the account will be placed under escheat - a legal procedure when the contents of the account will be reverted to the National Treasurer in line with the Unclaimed Balances Act.


So the next time you will open a bank account, read the fine print first - the contract. Also, banks are required by law to post their fees on retail deposit, remittance and loan products/services in their official website and in conspicuous places in all banking units.

source: BSP, MSN, MB

President Duterte Signs Laws Extending Passport and Driver License Validity

President Rodrigo Duterte signed into law on Wednesday Republic Act 10928 extending the validity of Philippine passports to 10 years. The new law states that “Regular passports under this act shall be valid for a period of 10 years. Provided, however, that for individuals under 18 years of age, only a passport with five-year validity shall be issued.”  Republic Act 10928 amends Republic Act 8239 or the Philippine Passport Act of 1996.  The new law also states that the issuing authority may limit the validity to less than 10 years in cases where national economic interest or political stability is at stake.  But do not get excited that the Department of Foreign Affairs will issue passports with longer validities soon. The DFA has to prepare the implementing rules and regulations of RA 10928 first, to ensure that its provisions will be implemented.  The President also signed Republic Act 10930, which extends the length of the driver's license’s validity to 5 years. The law amends Section 23 of RA 4136 or the Land Transportation and Traffic Code, which set a three-year validity for the license.  “Except for student permits, all drivers’ licenses shall be valid for five years reckoned from the birth date of the licensee, unless sooner revoked or suspended,” the new law says.  Under the law's Section 23, a driver holding a license with a 5-year validity may even be granted a license with a 10-year validity upon renewal if found that he or she has “not committed any violation of RA 4136 and other traffic laws, rules and regulations.”  The law also mandates the establishment of stricter rules before the issuance of driver’s licenses.  A fine of P20,000 shall be imposed on a driver’s license applicant if found to have misrepresented material information in his or her application, connived with the officer in the irregular conduct of examinations or issuance of license, falsified documents, or cheated during examinations.  Both laws will be enforced and take effect  take effect 15 days after publication in the Official Gazette or in a newspaper of general circulation. The DFA and LTO will now write and publish the implementing rules and regulations for each of their jurisdictions.


If there is one word to describe the middle east in terms of economy, it would be "oil". But in reality, the economy of the Middle East is a very diverse one. While the oil industry significantly impacts the entire region, most of the countries here have made efforts to diversify their economies in recent years. In fact, the standard growth in the Middle East is nearly four times faster than the world.  In their annual report, Forbes magazine lists the top 100 companies in the Middle East and North Africa region - also known as the Arab World. For 2017, the list is based on the quarterly reports (as of April 2017), derived from 1,300 companies listed in the Arab stock markets from Saudi Arabia, Qatar, Oman, Jordan, Egypt, Kuwait, Bahrain, U.A.E. (Abu Dhabi and Dubai), Lebanon, Morocco and Tunisia.  Saudi Arabia still dominates the list with 36 companies, followed by Qatar and the U.A.E. with 19 and 17 companies respectively. 49% of the companies are from the banks and financial services sector.  Other large companies like Saudi Aramco are not on the list simply because they are not publicly traded or listed in the stock market.  To rank the top 100 companies in the Arab world, Forbes measured four metrics: market value, sales, net profits and total assets. We highlight the top 10 below: 1. SABIC 2. Qatar National Bank 3. First Abu Dhabi Bank 4. National Commercial Bank 5. Etisalat 6. Al Rajhi Banj 7. Emirates NBD 8. Saudi Electric Company 9. Saudi Telecom Company 10. National Bank of Kuwait


There's a lot for sale, be it a vacant lot or agricultural lot. You are interested. You pay the seller. So now you think the property is already yours? Not yet, unless you can provide a new land title where your name is stated as a new owner.  Processing of land title transfer is one of the tedious parts of owning a property in the Philippines.  Completing the process of transferring land title from the previous owner to you as a buyer and a new owner is considered to be the most crucial steps.  This is an important legal process because the buyer will now have a public record declaring him as a new owner of a particular property as a protection for investment and to avoid ownership issues in the future.



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