THOUGHTSKOTO

Showing posts with label OWWA loan. Show all posts

Wednesday, August 23, 2017

Landbank Will Buy Postal Bank at "No Cost" - Rename it as OFW Bank

The Land Bank of the Philippines is planning to acquire the Philippine Postal Savings Bank Postbank at “zero-value” or no cost. The valuation process made by Landbank for Postbank showed it has a negative value of P580 million with total assets at the end of 2016 at P11.66 million. Finance secretary Carlos Dominguez III earlier pointed out Postbank has been struggling for many years. Alex Buenaventura, Landbank president, said “We will rename it as Overseas Filipino Bank (OFW Bank) and transform it as the remittance marketing arm of Land Bank. The OFW Bank will have marketing officers located at consular offices abroad to service the banking requirements of overseas Filipinos.” The Land Bank board will be presenting its position on the acquisition of Postal Bank on Tuesday before the Governance Commission for Government-owned and Controlled Corporations. The submission will also be simultaneous with that of the Monetary Board. Once approved, it will be forwarded to Malacañang for approval by the the Office of the President. Once the acquisition is approved by President Duterte, Landbank will infuse about P1 billion in fresh capitalization to the renamed OFW Bank. Land Bank estimates the completion of the deal by October. In line with the President’s promise to provide a bank to service the financial requirements of OFWs, the overseas Filipino bank will be pilot-tested in Dubai via an OFW center which will serve as the representative office of the future OFW Bank. January 2018 is being considered as the target date for the Dubai OFW Center. After Dubai, the government is planning to create an OFW Center in Bahrain. The target date for the Bahrain center is April 2018. The Saudi Arabia center would be later next year. Saudi Arabia has the largest OFW population in the region. Regional News: Saudis Start to Feel Negative Impact of Expat Fees The OFW centers will not serve as branches, but “service centers that will serve the banking requirement for OFWs.” The centers will hold offices in the Philippine Embassies and Consulate Offices. The actual OFW Bank will be established once requirements and permits will be issued following local laws in the host countries, most likely in 2019. Benefits on a government-owned OFW Bank: The OFW bank will offer cheaper remittance rates than the private banks in the area. Land Bank has already talked to OFWs in Dubai and studied the local competition there. The OFW Bank, which will serve mainly as a remittance service, will definitely offer lower remittance fees. OFW Bank will offer financial education and investment counselling services to Filipino migrant workers. This will help OFWs save better, start up a business and invest their hard earned money. This will also help in the successful reintegration for OFWs going for final exit. OFW Bank may provide other financial services like products like deposit loans, and service loan requirements for OFWs’ families back home. This will help OFWs start a business back home, even while they are abroad. The OFW Bank will be a Land Bank subsidiary that will be owned 30% by OFWs. Once established, OFW Bank will offer up to P1 billion worth of shares of the bank to be offered to OFWs. OFWs will have the chance to be a part of the OFW Bank's success. A Bigger Share Land Bank has a 5-percent share of the remittance market at present. With the OFW Bank, Land Bank is targeting a 25-percent share of the remittance business by 2022. At present, BDO Unibank Inc. is the biggest player in the remittance business with a 40-percent market share, followed by Metropolitan Bank and Trust Co.

"Advertisements"

Are you interested in getting an OFW loan? The Land Bank of the Philippines is planning to acquire the Philippine Postal Savings Bank Postbank at “zero-value” or no cost. The valuation process made by Land Bank for Postbank showed it has a negative value of P580 million with total assets at the end of 2016 at P11.66 million. Finance secretary Carlos Dominguez III earlier pointed out Postbank has been struggling for many years.

Alex Buenaventura, Land Bank president, said “We will rename it as Overseas Filipino Bank (OFW Bank) and transform it as the remittance marketing arm of Land Bank. The OFW Bank will have marketing officers located at consular offices abroad to service the banking requirements of overseas Filipinos.”
"Advertisements"

The Land Bank board will be presenting its position on the acquisition of Postal Bank on Tuesday before the Governance Commission for Government-owned and Controlled Corporations. The submission will also be simultaneous with that of the Monetary Board. Once approved, it will be forwarded to Malacañang for approval by the the Office of the President.

Once the acquisition is approved by President Duterte, Landbank will infuse about P1 billion in fresh capitalization to the renamed OFW Bank. Land Bank estimates the completion of the deal by October.

In line with the President’s promise to provide a bank to service the financial requirements of OFWs, the overseas Filipino bank will be pilot-tested in Dubai via an OFW center which will serve as the representative office of the future OFW Bank. January 2018 is being considered as the target date for the Dubai OFW Center.

After Dubai, the government is planning to create an OFW Center in Bahrain. The target date for the Bahrain center is April 2018. The Saudi Arabia center would be later next year. Saudi Arabia has the largest OFW population in the region.

Regional News: Saudis Start to Feel Negative Impact of Expat Fees

The OFW centers will not serve as branches, but “service centers that will serve the banking requirement for OFWs.” The centers will hold offices in the Philippine Embassies and Consulate Offices. The actual OFW Bank will be established once requirements and permits will be issued following local laws in the host countries, most likely in 2019.

"Sponsored Links"

OFW News: OFWs Will Have P1 Billion Budget From Duterte To Assist Distressed Filipinos Abroad

Benefits on a government-owned OFW Bank:

The OFW bank will offer cheaper remittance rates than the private banks in the area. Land Bank has already talked to OFWs in Dubai and studied the local competition there. The OFW Bank, which will serve mainly as a remittance service, will definitely offer lower remittance fees.
OFW Bank will offer financial education and investment counselling services to Filipino migrant workers. This will help OFWs save better, start up a business and invest their hard earned money. This will also help in the successful reintegration for OFWs going for final exit.
OFW Bank may provide other financial services like products like deposit loans, and service loan requirements for OFWs’ families back home. This will help OFWs start a business back home, even while they are abroad.
The OFW Bank will be a Land Bank subsidiary that will be owned 30% by OFWs. Once established, OFW Bank will offer up to P1 billion worth of shares of the bank to be offered to OFWs. OFWs will have the chance to be a part of the OFW Bank's success.

A Bigger Share
Land Bank has a 5-percent share of the remittance market at present. With the OFW Bank, Land Bank is targeting a 25-percent share of the remittance business by 2022. At present, BDO Unibank Inc. is the biggest player in the remittance business with a 40-percent market share, followed by Metropolitan Bank and Trust Co.

sources: Business Mirror, Manila Times, Inquirer

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.

Pag-IBIG Housing Loan Is Now Easier, With Lower Interest - Here's How To Apply

GOOD NEWS for prospective home-owners! The Housing Development and Mutual Fund, better known as the Pag-IBIG fund, has reduced the number of requirements needed to make a housing loan and they have also lowered their interest rates for minimum-wage earners. The changes are also applicable if you are planning to refinance an existing loan, or make a construction or improvement loan. The new reduced requirements for a housing loan are listed below. These must be submitted upon application: Housing Loan Application Forms with recent ID photo of borrower/co-borrower (if applicable) (2 copies, HQP-HLF-068/069) Download the forms here and here and print back to back. Proof of Income, any of the following: Locally Employed Notarized Certificate of Employment and Compensation (CEC), indicating the gross monthly income and alll monthly allowances and monetary benefits. Latest Income Tax Return (ITR) for the year immediately preceding the date of loan application, with attached BIR Form No. 2316, stamped received by the BIR. Certified One (1) Month Payslip, within the last three (3) months prior to date of loan application NOTE: For government employees, the Certified One (1) Month Payslip must be submitted together with CEC or ITR. Self Employed, any of the following Proof/s of Income ITR, Audited Financial Statements, and Official Receipt of tax payment from bank supported with DTI Registration and Mayor’s Permit/Business Permit Commission Vouchers reflecting the issuer’s name and contact details (for the last 12 months) Bank Statements or passbook for the last 12 months (if income is sourced from foreign remittances, pensions, etc.) Copy of Lease Contract and Tax Declaration (if income is from rental payments) Certified True Copy of Transport Franchise issued by appropriate government agency (LGU for tricycles, LTFRB for other PUVs) Certificate of Engagement issued by owner of business Other document that would validate source of income For Overseas Filipino Workers (OFW), any of the following: Employment Contract between employee and employer; or POEA Standard Contract Certificate of Employment and Compensation (CEC) written on the Employer/Company’s official letterhead; or signed by employer (for household staff and similarly situated employees - supported by a photocopy of the employer’s ID or passport) Income Tax Return filed with Host Country/Government (in English) One (1) valid ID (Photocopy, back-to-back) of Principal Borrower and Spouse, Co-Borrower and Spouse, Seller and Spouse and Developer’s Authorized Representative and Attorney-In-Fact, if applicable Transfer Certificate of Title (TCT) (latest title, Certified True Copy). For Condominium Unit, present TCT of the land and Condominium Certificate of Title (CCT) (Certified True Copy). Updated Tax Declaration (House and Lot) and Updated Real Estate Tax Receipt (photocopy) Contract-to-Sell or similar agreement between the buyer and seller Vicinity Map/Sketch of the Property The Following Eligibility Requirements Still Applies: Pag-IBIG Membership To qualify for a loan, a person must be a member of Pag-IBIG with at least twenty-four (24) months contribution at the time of loan application. A member with less than 24 contributions can make a lump sum payment to meet the said requirement at point of loan application provided he has been a contributing member of the Fund for at least twelve (12) months. A member whose loan exceeds P500,000.00 is required to pay the upgraded membership contribution rates upon housing loan approval and onwards. Not more than sixty-five (65) years old at the date of loan application and must be insurable; provided further that he is not more than seventy (70) years old at loan maturity; Has the legal capacity to acquire and encumber real property; Has passed satisfactory background/credit and employment/business checks of the Pag-IBIG Fund; Has no outstanding Pag-IBIG housing loan, either as a principal borrower or co-borrower; However, should a co-borrower in a tacked loan signify an intention to avail of a Pag-IBIG housing loan for himself, he shall be allowed to do so provided the tacked loan is updated and the amount proportionate to his loan entitlement has been fully paid. Hence, the co-borrower shall be released from the original obligation and shall be allowed to avail of his own Pag-IBIG housing loan, subject to standard evaluation procedures. Had no Pag-IBIG housing loan that was foreclosed, cancelled, bought back due to default, or subjected to dacion en pago, which shall include cases where the borrower is no longer interested to pursue the loan and surrenders the property; Has no outstanding Pag-IBIG multi-purpose loan in arrears at the time of loan application. A member whose multi-purpose loan is in arrears shall be required to pay his arrearages over the counter to update his account. REQUIRED DOCUMENTS PRIOR TO LOAN RELEASE TCT/CCT in the name of the borrower/co-borrower/s (if applicable) with proper mortgage annotation in favor of Pag-IBIG Fund (Owner’s Duplicate Copy) TCT/CCT in the name of the borrower/co-borrower/s (if applicable) (Certified True Copy) with proper mortgage annotation in favor of Pag-IBIG Fund (RD’s copy) Updated Tax Declaration (House and Lot) and Updated Real Estate Tax Receipt (Photocopy) in the name of the borrower/co-borrower/s, if applicable Loan Mortgage Documents Loan and Mortgage Agreement duly registered with Registry of Deeds with original RD stamp (HQP-HLF-162/163) Deed of Absolute Sale duly registered with Registry of Deeds with original RD stamp Duly accomplished/notarized Promissory Note (HQP-HLF-086/087) Disclosure Statement on Loan Transaction (HQP-HLF-085) sources: Pag-IBIG

Indemnity and Leave Balance Payment in Kuwait

The New Kuwait Labor Law clearly states the end of service benefits for private sector workers. This will depend on whether a worker has been terminated or he/she has resigned. Condition 1. In the instance where the worker is terminated by any of the conditions stated below, the indemnity he/she will get is as follows: For workers with less than 5 years of employment, indemnity amount is equal to 15 days’ pay of your salary for each year of service. For workers with more than 5 years of employment, a worker gets 30 days’ pay of your latest salary for every year of service. Remember that the total amount received as indemnity should not exceed an amount that is more than 18 months of your last salary. In essence, the indemnity is capped at about 21 years of service. Any amount of time after 21 years and your end of service pay would not increase. Condition 2. In cases where the employment was cut short due to resignation, or for any reason considered as resignation, the indemnity is as follows: For workers who served 3-5 years of employment, the calculation is half of the indemnity mentioned above. Those who worked for 5-10 years, it is two thirds of the indemnity as mentioned above. Workers who put up 10 plus years of service will be entitled to his or her entire indemnity. What are the steps to calculate indemnity? Step 1. Break down your salary into daily pay. You have 26 working days per month. The reason why it is calculated as 26 days is because workers averagely have 26 working days a month – Friday is the only non-working day a month. Saturdays in Kuwait are usually paid off days. Kuwaiti labor law does not state how many days a week we can work, but did state that 48 hours a week maximum/eight hours a day – that would be six days then. Even if some employees do not work on Saturdays, companies calculate Saturday as paid working day to save money when calculating indemnity. Step 2. Calculate your indemnity as per Condition 1 above for the first 5 years. Calculate your indemnity as per Condition 1 above for the remaining years after the initial 5 years. Step 4. The total indemnity will be the sum of those two amounts; steps 2 and 3. IF: You resigned from work, with the proper advance notice to your company, you have to follow one more step to consider Condition 2 above. Step 5: Take the calculated indemnity from Step 4, and multiply this to 1/2 for 3-5 years employment and 2/3 for 5 to 10 years employment. Above 10 years, a worker is entitled to full indemnity. For Example: Let's say you have a monthly salary of KD300 and a rendered service of 7 years. Condition 1: Termination Condition 2: Resignation You can also try this nifty online calculator for estimating your End of Service Indemnity. Housing allowance should be included in the calculation. Also, any remaining unused annual leave should also be paid accordingly. The annual leave balance payment has to be calculated separately from the indemnity. A worker is entitled to 30 days leave for every year of service. The annual leave can be accumulated for more than two years with the consent of both the parties. Worker are entitled to a cash consideration of all their unused accumulated leaves upon the expiry of their contract. Here's how to calculate: Step 1. Take the number of years service, and multiply by 30 days. Step 2. Divide the total by 26 working days. Step 3. Multiply the result by the latest salary. This is your leave balance payment. Taking the example above, for KD 300 salary and 7 years experience: It is clear that Kuwaiti Labor Law favors workers who finish their contract and serve longer years. As such, before deciding to end your career in Kuwait, not the amount of time served as this will greatly affect your end of service benefits.

www.jbsolis.com

SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below

Friday, July 07, 2017

Duterte Admin to OFWs: Single ID, Bank, Hospital, Hotel and Easier Loan for Overseas Workers

No wonder that President Rodrigo Duterte loves the Overseas Filipino Workers (OFW). From his election campaign, the president has a lot of promises to OFWs to make their lives easy and a little bit comfortable while working abroad. And now that the president is more than a year in office, little by little the government is in the process of accomplishing the president's promise to the OFWs. The following are the Top 5.

Do you need an OFW loan? No wonder that President Rodrigo Duterte loves the Overseas Filipino Workers (OFW). From his election campaign, the president has a lot of promises to OFWs to make their lives easy and a little bit comfortable while working abroad.

And now that the president is more than a year in office, little by little the government is in the process of accomplishing the president's promise to the OFWs.

The following are the Top 5.

1. OFW ID or IDOLE

Considered to the best gift of President Rodrigo Duterte to OFWs, the OFW ID which will be called IDOLE (ID of the DOLE) will be launch this coming July 12.

It will be given to all bonafide OFW at no cost of it will be free.

What is the purpose of OFW ID?

This will serve as OFW's Overseas Employment Certificate (OEC) which means, going to Philippine Overseas Employment Administration (POEA) is no longer needed every time the OFW will be going back abroad.
Aside from providing the basic information and replacing the OEC, the ID will also serve as the migrant workers’ Social Security System (SSS), Pag-Ibig Fund, and PhilHealth membership IDs.
Labor Chief Silvestre Bello III said they are also looking into adopting a system that would let IDOLE serve as the designated passport of OFWs.

Earlier it said that OFW ID will identify OFW in transacting with government agencies including the OFW bank and other government banks.

Read Also: 10 Things You Should Know About OFW ID

Read Also: OFW ID UPDATE: Former OFW Can Avail

It will also link the databases of the DFA, SSS, CHED, TESDA, and other agencies.

It will help eradicate fake documents such as training or school certificate. The OFW ID has a capacity through online validation to know if the OFW is using authentic documents or not.

The OFW ID will serve as Beep card for the LRT and MRT and cab be used as debit and ATM card for the banks.

2. OFW Bank

OFW bank's main purpose is to take good care of OFWs remittances that keep the Philippine economy afloat.

Original plan to operate is September this year, but President Duterte acknowledges that it is not easy to establish a for OFWs because it needs a law from the Congress.

The government is now drafting that law while the administration is in the process of turning the Philippine Postal Savings Bank or the Postal Bank into an OFW Bank.

Read Also: OFW Bank to Offer Zero-Interest Loans to OFWs?

What is the purpose of OFW Bank?

According to DOLE Chief Silvestre Bello III, the main purpose of the OFW Bank is to cater migrant workers remittances and their banking needs.
Through OFW Bank, overseas workers may able to send money to their families without any remittance fee
OFWs can also borrow or loan from the bank without interest.

Personal Loan application for OFWs will be made simple since OFW only need to prove that he or she has a capacity to pay. The loanable amount depends upon the purpose of the loan.

After a year or two, the OFW bank will be opened to Pinoy workers nationwide when it will be converted to a more diverse "Worker's Bank"

While the OFW Bank is being established, Land Bank will set up a representative office in Saudi Arabia to serve some 800,000 Filipinos in one of the Philippines' largest overseas labor markets according to Department of Finance.

And the best part? The bank will consult the public on what services the OFW Bank should offer. It means OFWs and their families has a voice in it, not just ownership.

3. 16-Story OFW Hospital

President Rodrigo Duterte plans to build a hospital for OFW in the Middle East that will cater all the health needs of Filipino there.

Duterte said this will be a priority of the government since OFWs in the Middle East cannot just go home for their medical needs.

The plan is still in the works and will depend on permission from the Middle Eastern governments.

Read Also: Pres Duterte to Build Hospital for OFWs in the Middle East

Here in the country, Philippine National Construction Corporation (PNCC) President and CEO Mario Espinosa said in "Thinking Pinoy" interview, that the OFW hospital will be constructed on a one-hectare land in Macapagal Blvd. near GSIS Building in Pasay City.

The hospital will be 16 story building with 406 rooms with facilities such as operating room, OB-gyne department, special laboratory, emergency room, pharmacy and a chapel.

Read Also:There Will Be OFW Hospital and OFW Hotel Soon

What is the purpose?

To have high-end hospital for OFWs and their families. Attached agencies will be put up nearby the hospital like OWWA, Philhealth, NSO, and DFA satellite office to cater the needs of OFWs as well.

Exclusively for OFWs and its dependents can avail for discounted or free hospitalization.

Read Also: OFW Hospital Proposed In Senate Bill 1282, OFWs Want a Better Health Card
4. OFW Hotel

Limited information with this project but according to PNCC President and CEO Mario Espinosa, this will be put up near the OFW hospital.

This will be a four-star hotel in a 2,000 square meter land.

Beside this are another 2,000 square meter land for parking and commercial building.

What is the purpose?

Presumably for OFWs who needs a place to stay for a night or for a vacation with family.

The OFW Hospital and Hotel are on its way since the archetectural design is in the process.

5. OFW-EDLP Loan

The existing loan program of the government to the OFW is through Overseas Workers Welfare Administration (OWWA) with the Land Bank of the Philippines known as OFW-Enterprise Development and Loan Program (OFW-EDLP).

This is a livelihood loan assistance to returning OFWs and their families from P100,000 to P2 million pesos.

What is the purpose of the loan?

To help OFWs to have a capital for business or additional capital for the existing business.

The OWWA is currently ironing the micro-lending for OFWs where they can loan from P50,000 to P300 without collateral or equity.

Read Also: LANDBANK and OWWA Loan, P50K to P300K, No Collateral for OFWs Soon!

SEE MORE:

©2017 THOUGHTSKOTO

www.jbsolis.com

SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below

Monday, April 10, 2017

Here are the Top 10 Reasons Why Your Loan was Not Approved

Whether you are planning to start a small business, purchase a new car or raising funds to buy a new house or do a major house renovation, it may not take forever to raise it just from the savings you get from your salary. Many people resort to availing loans from banks, financing companies or even a close friend. To avail a loan, you can always apply anywhere but there will be no guarantee that your loan application will be approved instantly. Why do loan applications are declined? There are various reasons why loan applications are being disapproved. Here are the 10 main reasons that might cause your loan application to be declined: Failure to submit pre-qualifying requirements. In applying for any loans, you need to provide the needed requirements. Failure to do so can surely compromise the transaction and may lead to disapproval of your loan application. Not resolving bad credit. Bad credits reflects bad paying habits. Nobody will ever lend any amount without the assurance that you will be able to pay it on time. Not doing enough research. Doing a research about the company background and some information about people who already had their loan approved in a certain financing companies may help you get a positive result. Error in credit report. Not declaring or not disclosing about your credit history may lead to denial of loan. The finance companies has a wide network and they are using every bit of information to check if you are really worth they trust. If you fail to provide the information they needed, your loan application could be declined. Thinness of credit file. Good credit records can be useful in dealing with loan applications. The more good credit transactions you have, the better. It will speak for you and get the loan you wish if you have enough good transactions from various credit or loan company. Having too much debt. One thing lenders look at when they’re reviewing loan applications is your debt-to-income ratio. If your monthly salary could not balance well with your debts, you are most likely to be declined of your loan application. OFWs who are availing loans can be disapproved due to the following reasons: In order to have a successful loan application, you need to consider the above-mentioned points to make sure that you would get the approval for your loan. Sources: Smart Asset, Loan Solutions OFWs, contrary to the common notions, are not rich and they do not have a lot of money. Some OFWs even return home broke after several years of working overseas. Financial literacy seminar and entrepreneurship trainings are being conducted for the OFWs to be aware of their financial status and to do something to improve their lives by means of generating other sources of income aside from the salary they are getting from the job they currently have while working abroad. Some OFWs plan of putting up a business or venture out in investment opportunities like real estate, stocks, and any other possible means to get them ready for their return in the Philippines for good. A wife of an OFW asked OWWA about what sort of business she can start as a spouse of an OFW who is an active member. Samantha Natividad said that her husband is an OFW for a long time and she wants to start a business to help her husband as their children are growing up as well as their expenses. As a helpful information for other OFW spouses who also want to help their OFW partners, we made this info graphics regarding this topic. Does OWWA have an existing program for OFWs who want to start their own business? Yes. The Overseas Workers Welfare Administration (OWWA) has two existing programs under the reintegration program for those who want to start their own business. What are those? In the first program, OWWA can give a 'grant' for OFW spouses who want to start even a small scale business. How much is the amount of funds OWWA can provide under this program? The fund that can be granted under this program depends on what kind of business they want to start. However, the maximum amount is only P20,000. What is the other program? The other program is called a 'special loan program'. this loan program is through partnership with the Development Bank of the Philippines (DBP) and the Land Bank of the Philippines. How much can an OFW spouse can avail on this program? OFWs and their spouses can avail a loan amounting from P300,000 up to P2,000,000. How much should be the net income of an OFW to avail of this loan? For an OFW to avail of this loan, he/she must be earning a net monthly income of at least P10,000 to avail the loan amount of P3,000 up to P2 Million. How much will be the interest rate? The loan will have an interest rate of 7.5% annually. What will be the mode/frequency of payment? Depending on project's cash flow, the OFW can pay it on monthly, quarterly or annual basis. Where should the OFW wife/husband apply to avail these programs? They can apply at any OWWA Regional Welfare Office (ORW) nearest to them. What are the eligibility requirements for the OFW to be qualified to avail? 1. The OFW must be an active OWWA member. 2. OFW husband/wife who want to avail must have completed the Entrepreneurial Development Training (EDT) conducted by NRCO and OWWA ORWsin cooperation with the Department of Trade and Industry/Philippine Trade Training Center (PTTC)/ Bureau of Micro, Small and Medium Enterprise Development (BSMED). 3. They must provide 20% equity. 4. The project or business must generate a net income of at least P10,000 for the OFW. For details and information regarding these program, you can contact OWWA Regional Offices in your area. *These information is based on the answer provided by OWWA Deputy Administrator Josefino Torres. Source: BanderaInquirer.net Recommended: 2017 Top 10 IDEAS for OFWs to Invest A Filipina based in Waikato, New Zealand has now been sentenced to 11 months and 2 weeks of house arrest after she was convicted for 284 immigration fraud charges involving her visa scam back in October 2015. A 180 hour community service also comes with the sentence. Loraine Anne Jayme, 35, a resident of Te Aroha, Waikato has a dual citizenship. For every OFW who wish to come to New Zealand, she charges $2,250 each. It took some time for the scam to be uncovered because Immigration New Zealand (INZ) didn't initially realise a large portion of the workers were processing their application through the alleged ringleader. However, Immigration Minister Michael Woodhouse said that more than a thousand Filipinos who might have entered the country illegally using fake visas could stay. Mr. Woodland said that they could stay to avoid potential damage to the dairy industry and the rebuilding of Christchurch. There are 38,000 OFWs working on dairy farms in New Zealand and they are living with pretty good reputation with regards to their work ethics and they are worried about what it could mean to them. "We're law abiding people. We like to see the law of our land upheld and proper process done," Mr Lewis said. "So yeah, I have to give credit to Immigration New Zealand for doing it and hopefully they'll be back on deck next week processing them within their required rules," he added. The authorities are now auditing farms around the Waikato, Canterbury and Southland. Source: TVNZ, NewsHub, Inquirer RECOMMENDED: The mother of a 12-year old girl who mysteriously died while on her father's care in Jeddah, Saudi Arabia sought the help of the Philippine government, particularly on the Presidential Action Center to help her forward the case to the DFA to allow the Philippine Consulate in Jeddah to transmit the autopsy report conducted on her daughter.Bliss Mendoza, an OFW in Canada was working in Jeddah as a nurse together with her husband and daughter "Tipay" before she worked in Canada and left her daughter with her husband's care in Jeddah. The OFWs are the reason why President Rodrigo Duterte is pushing through with the campaign on illegal drugs, acknowledging their hardships and sacrifices. He said that as he visit the countries where there are OFWs, he has heard sad stories about them: sexually abused Filipinas,domestic helpers being forced to work on a number of employers. "I have been to many places. I have been to the Middle East. You know, the husband is working in one place, the wife in another country. The so many sad stories I hear about our women being raped, abused sexually," The President said. About Filipino domestic helpers, he said: "If you are working on a family and the employer's sibling doesn't have a helper, you will also work for them. And if in a compound,the son-in-law of the employer is also living in there, you will also work for him.So, they would finish their work on sunrise." He even refer to the OFWs being similar to the African slaves because of the situation that they have been into for the sake of their families back home. Citing instances that some of them, out of deep despair, resorted to ending their own lives. The President also said that he finds it heartbreaking to know that after all the sacrifices of the OFWs working abroad for the future of their families they would come home just to learn that their children has been into illegal drugs. "I made no bones about my hatred. I said, 'If you do drugs in my city, if you destroy our daughters and sons, I'll just have to kill you.' I repeated the same warning when i became president," he said. Critics of the so-called violent war on drugs under President Duterte's administration includes local and international human rights groups, linking the campaign on thousands of drug-related killings. Police figures show that legitimate police operations have led to over 2,600 deaths of individuals involved in drugs since the war on drugs began. However, the war on drugs has been evident that the extent of drug menace should be taken seriously. The drug personalities includes high ranking officials and they thrive in the expense of our own children,if not being into drugs, being victimized by drug related crimes. The campaign on illegal drugs has somehow made a statement among the drug pushers and addicts. If the common citizen fear walking on the streets at night worrying about the drug addicts lurking in the dark, now they can walk peacefully while the drug addicts hide in fear that the police authorities might get them. Source:GMA {INSERT ALL PARAGRAPHS HERE {EMBED 3 FB PAGES POST FROM JBSOLIS/THOUGHTSKOTO/PEBA HERE OR INSERT 3 LINKS} ©2017 THOUGHTSKOTO www.jbsolis.com SEARCH JBSOLIS The OFWs are the reason why President Rodrigo Duterte is pushing through with the campaign on illegal drugs, acknowledging their hardships and sacrifices. ©2017 THOUGHTSKOTO www.jbsolis.com SEARCH JBSOLIS The mother of a 12-year old girl who mysteriously died while on her father's care in Jeddah, Saudi Arabia sought the help of the Philippine government, particularly on the Presidential Action Center to help her forward the case to the DFA to allow the Philippine Consulate in Jeddah to transmit the autopsy report conducted on her daughter.Bliss Mendoza, an OFW in Canada was working in Jeddah as a nurse together with her husband and daughter "Tipay" before she worked in Canada and left her daughter with her husband's care in Jeddah. The OFWs are the reason why President Rodrigo Duterte is pushing through with the campaign on illegal drugs, acknowledging their hardships and sacrifices. He said that as he visit the countries where there are OFWs, he has heard sad stories about them: sexually abused Filipinas,domestic helpers being forced to work on a number of employers. "I have been to many places. I have been to the Middle East. You know, the husband is working in one place, the wife in another country. The so many sad stories I hear about our women being raped, abused sexually," The President said. About Filipino domestic helpers, he said: "If you are working on a family and the employer's sibling doesn't have a helper, you will also work for them. And if in a compound,the son-in-law of the employer is also living in there, you will also work for him.So, they would finish their work on sunrise." He even refer to the OFWs being similar to the African slaves because of the situation that they have been into for the sake of their families back home. Citing instances that some of them, out of deep despair, resorted to ending their own lives. The President also said that he finds it heartbreaking to know that after all the sacrifices of the OFWs working abroad for the future of their families they would come home just to learn that their children has been into illegal drugs. "I made no bones about my hatred. I said, 'If you do drugs in my city, if you destroy our daughters and sons, I'll just have to kill you.' I repeated the same warning when i became president," he said. Critics of the so-called violent war on drugs under President Duterte's administration includes local and international human rights groups, linking the campaign on thousands of drug-related killings. Police figures show that legitimate police operations have led to over 2,600 deaths of individuals involved in drugs since the war on drugs began. However, the war on drugs has been evident that the extent of drug menace should be taken seriously. The drug personalities includes high ranking officials and they thrive in the expense of our own children,if not being into drugs, being victimized by drug related crimes. The campaign on illegal drugs has somehow made a statement among the drug pushers and addicts. If the common citizen fear walking on the streets at night worrying about the drug addicts lurking in the dark, now they can walk peacefully while the drug addicts hide in fear that the police authorities might get them. Source:GMA {INSERT ALL PARAGRAPHS HERE {EMBED 3 FB PAGES POST FROM JBSOLIS/THOUGHTSKOTO/PEBA HERE OR INSERT 3 LINKS} ©2017 THOUGHTSKOTO www.jbsolis.com SEARCH JBSOLIS The OFWs are the reason why President Rodrigo Duterte is pushing through with the campaign on illegal drugs, acknowledging their hardships and sacrifices. ©2017 THOUGHTSKOTO www.jbsolis.com SEARCH JBSOLIS A wife of an OFW asked OWWA about what sort of business she can start as a spouse of an OFW who is an active member. Samantha Natividad said that her husband is an OFW for a long time and she wants to start a business to help her husband as their children are growing up as well as their expenses.As a helpful information for other OFW spouses who also want to help their OFW partners, we made this info graphics regarding this topic. ©2017 THOUGHTSKOTO www.jbsolis.com SEARCH JBSOLIS

Are you an OFW and looking into acquiring a loan? Whether you are planning to start a small business, purchase a new car or raising funds to buy a new house or do a major house renovation, it may not take forever to raise it just from the savings you get from your salary. Many people resort to availing loans from banks, financing companies or even a close friend.
To avail a loan, you can always apply anywhere but there will be no guarantee that your loan application will be approved instantly.
Why do loan applications are declined?
There are various reasons why loan applications are being disapproved.

Here are the 10 main reasons that might cause your loan application to be declined:

Failure to submit pre-qualifying requirements.

In applying for any loans, you need to provide the needed requirements. Failure to do so can surely compromise the transaction and may lead to disapproval of your loan application.

Not resolving bad credit.

Bad credits reflects bad paying habits. Nobody will ever lend any amount without the assurance that you will be able to pay it on time.

Not doing enough research.

Doing a research about the company background and some information about people who already had their loan approved in a certain financing companies may help you get a positive result.

Error in credit report.
Not declaring or not disclosing about your credit history may lead to denial of loan. The finance companies has a wide network and they are using every bit of information to check if you are really worth they trust. If you fail to provide the information they needed, your loan application could be declined.

Thinness of credit file.
Good credit records can be useful in dealing with loan applications. The more good credit transactions you have, the better. It will speak for you and get the loan you wish if you have enough good transactions from various credit or loan company.

Having too much debt.
One thing lenders look at when they’re reviewing loan applications is your debt-to-income ratio. If your monthly salary could not balance well with your debts, you are most likely to be declined of your loan application.

OFWs who are availing loans can be disapproved due to the following reasons:

In order to have a successful loan application, you need to consider the above-mentioned points to make sure that you would get the approval for your loan.
Sources: Smart Asset, Loan Solutions

Read More:

China's plans to hire Filipino household workers to their five major cities including Beijing and Shanghai, was reported at a local newspaper Philippine Star. it could be a big break for the household workers who are trying their luck in finding greener pastures by working overseas China is offering up to P100,000 a month, or about HK$15,000. The existing minimum allowable wage for a foreign domestic helper in Hong Kong is around HK$4,310 per month. Dominador Say, undersecretary of the Department of Labor and Employment (DOLE), said that talks are underway with Chinese embassy officials on this possibility. China’s five major cities, including Beijing, Shanghai and Xiamen will soon be the haven for Filipino domestic workers who are seeking higher income. DOLE is expected to have further negotiations on the launch date with a delegation from China in September. according to Usec Say, Chinese employers favor Filipino domestic workers for their English proficiency, which allows them to teach their employers’ children. Chinese embassy officials also mentioned that improving ties with the leadership of President Rodrigo Duterte has paved the way for the new policy to materialize. There is presently a strict work visa system for foreign workers who want to enter mainland China. But according Usec. Say, China is serious about the proposal. Philippine Labor Secretary Silvestre Bello said an estimated 200,000 Filipino domestic helpers are presently working illegally in China. With a great demand for skilled domestic workers, Filipino OFWs would have an option to apply using legal processes on their desired higher salary for their sector. Source: ejinsight.com, PhilStar Read More: The effectivity of the Nationwide Smoking Ban or E.O. 26 (Providing for the Establishment of Smoke-free Environment in Public and Enclosed Places) started today, July 23, but only a few seems to be aware of it. President Rodrigo Duterte signed the Executive Order 26 with the citizens health in mind. Presidential Spokesperson Ernesto Abella said the executive order is a milestone where the government prioritize public health protection. The smoking ban includes smoking in places such as schools, universities and colleges, playgrounds, restaurants and food preparation areas, basketball courts, stairwells, health centers, clinics, public and private hospitals, hotels, malls, elevators, taxis, buses, public utility jeepneys, ships, tricycles, trains, airplanes, and gas stations which are prone to combustion. The Department of Health urges all the establishments to post "no smoking" signs in compliance with the new executive order. They also appeal to the public to report any violation against the nationwide ban on smoking in public places. Read More: ©2017 THOUGHTSKOTO www.jbsolis.com SEARCH JBSOLIS, TYPE KEYWORDS and TITLE OF ARTICLE at the box below Smoking is only allowed in designated smoking areas to be provided by the owner of the establishment. Smoking in private vehicles parked in public areas is also prohibited. What Do You Need To know About The Nationwide Smoking Ban Violators will be fined P500 to P10,000, depending on their number of offenses, while owners of establishments caught violating the EO will face a fine of P5,000 or imprisonment of not more than 30 days. The Department of Health urges all the establishments to post "no smoking" signs in compliance with the new executive order. They also appeal to the public to report any violation against the nationwide ban on smoking in public places. ©2017 THOUGHTSKOTO

Dominador Say, undersecretary of the Department of Labor and Employment (DOLE), said that talks are underway with Chinese embassy officials on this possibility. China’s five major cities, including Beijing, Shanghai and Xiamen will soon be the destination for Filipino domestic workers who are seeking higher income.

www.jbsolis.com

SEARCH JBSOLIS

Thoughtskoto

Carousel

Looking for House and Lot Within Tagaytay Area? CONTACT US!

Wednesday, August 23, 2017

Landbank Will Buy Postal Bank at "No Cost" - Rename it as OFW Bank

OFW News: OFWs Will Have P1 Billion Budget From Duterte To Assist Distressed Filipinos Abroad

Know the Maintaining Balance and Dormancy Fees of Your Bank

Pag-IBIG Housing Loan Is Now Easier, With Lower Interest - Here's How To Apply

Indemnity and Leave Balance Payment in Kuwait

Friday, July 07, 2017

Duterte Admin to OFWs: Single ID, Bank, Hospital, Hotel and Easier Loan for Overseas Workers

Monday, April 10, 2017

Here are the Top 10 Reasons Why Your Loan was Not Approved

Not resolving bad credit.

Not doing enough research.