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Showing posts with label high inflation rate. Show all posts
Showing posts with label high inflation rate. Show all posts

Tuesday, November 06, 2018

Average Filipinos Are Doing Better Under President Duterte — Forbes

A report from Forbes Magazine said that the average Filipino is doing better under President Rodrigo Duterte's administration. The negative effect of the high inflation rate does not reflect a failure of leadership but apparently, it shows otherwise. Many Filipinos especially overseas Filipino workers (OFW) are also pessimistic and still believe that the country is on the right track with the leadership of the present administration.
A report from Forbes Magazine said that the average Filipino is doing better under President Rodrigo Duterte's administration. The negative effect of the high inflation rate does not reflect a failure of leadership but apparently, it shows otherwise. Many Filipinos especially overseas Filipino workers (OFW) are also pessimistic and still believe that the country is on the right track with the leadership of the present administration. Ads Sponsored Links Panos Mourdoukoutas, Forbes.com contributor, based his assessment on a report of Tradingeconomics.com that the Philippines’ per-capita gross domestic product (GDP) registered a record high of USD2,891.36 in 2017. The all-time high per-capita GDP was well higher than the average USD1,627.98 from 1960 to 2017. The report, titled “The Philippines’ Per-Capita GDP Has Reached An All-Time High Under Duterte,” said Filipinos are doing better under Duterte when per-capita GDP is adjusted by purchasing power parity (PPP). “That measure, too, reached a record USD7,599.19 in 2017, well above of USD4,969.71 for the period 1990-2017,” it added. The GDP per capita is obtained by dividing the country’s GDP, adjusted by inflation, by the total population. “Macroeconomic stability has helped the Philippines economy demonstrate a great deal of resilience in recent years. At the end of 2017, it grew at an annual 6.9 percent in the September quarter. That’s the strongest growth since the third quarter of 2016. And the Philippines’ economy was still growing at 6 percent at the end of 2018,” the report said. McKinsey Global Institute (MGI) said that the Philippines is lined with the emerging market economies “that are well-prepared to achieve sustained growth over the next decade”. MGI cited the increase in gross fixed capital formation (investment) which “reached PHP695,414.08 million in the second quarter of 2018 from roughly PHP450,000 million in July of 2015 — well above the PHP303,138.16 million for the period 1998 until 2018, and an all-time high”. However, the Philippines’ per capita GDP is equivalent to 23% of the world’s average which makes an impression that Filipinos are poor. Mourdoukoutas advised the Duterte administration to “keep an eye on the price of bread and rice” rather than celebrate the record per capita GDP. Mourdoukoutas also said that President Duterte should look at his human rights record as well. Filed under the category of Forbes Magazine,Filipino, President Rodrigo Duterte, high inflation rate, overseas Filipino workers

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 Panos Mourdoukoutas, Forbes.com contributor, based his assessment on a report of Tradingeconomics.com that the Philippines’ per-capita gross domestic product (GDP) registered a record high of USD2,891.36 in 2017.



The all-time high per-capita GDP was well higher than the average USD1,627.98 from 1960 to 2017.

The report, titled “The Philippines’ Per-Capita GDP Has Reached An All-Time High Under Duterte,” said Filipinos are doing better under Duterte when per-capita GDP is adjusted by purchasing power parity (PPP).

“That measure, too, reached a record USD7,599.19 in 2017, well above of USD4,969.71 for the period 1990-2017,” it added.

The GDP per capita is obtained by dividing the country’s GDP, adjusted by inflation, by the total population.

“Macroeconomic stability has helped the Philippines economy demonstrate a great deal of resilience in recent years. At the end of 2017, it grew at an annual 6.9 percent in the September quarter. That’s the strongest growth since the third quarter of 2016. And the Philippines’ economy was still growing at 6 percent at the end of 2018,” the report said.

 McKinsey Global Institute (MGI) said that the Philippines is lined with the emerging market economies “that are well-prepared to achieve sustained growth over the next decade”.

MGI cited the increase in gross fixed capital formation (investment) which “reached PHP695,414.08 million in the second quarter of 2018 from roughly PHP450,000 million in July of 2015 — well above the PHP303,138.16 million for the period 1998 until 2018, and an all-time high”.

However, the Philippines’ per capita GDP is equivalent to 23% of the world’s average which makes an impression that Filipinos are poor.

Mourdoukoutas advised the Duterte administration to “keep an eye on the price of bread and rice” rather than celebrate the record per capita GDP.
Mourdoukoutas also said that President Duterte should look at his human rights record as well.
Filed under the category of Forbes Magazine,Filipino, President Rodrigo Duterte, high inflation rate, overseas Filipino workers 
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A report from Forbes Magazine said that the average Filipino is doing better under President Rodrigo Duterte's administration. The negative effect of the high inflation rate does not reflect a failure of leadership but apparently, it shows otherwise. Many Filipinos especially overseas Filipino workers (OFW) are also pessimistic and still believe that the country is on the right track with the leadership of the present administration. Ads Sponsored Links Panos Mourdoukoutas, Forbes.com contributor, based his assessment on a report of Tradingeconomics.com that the Philippines’ per-capita gross domestic product (GDP) registered a record high of USD2,891.36 in 2017. The all-time high per-capita GDP was well higher than the average USD1,627.98 from 1960 to 2017. The report, titled “The Philippines’ Per-Capita GDP Has Reached An All-Time High Under Duterte,” said Filipinos are doing better under Duterte when per-capita GDP is adjusted by purchasing power parity (PPP). “That measure, too, reached a record USD7,599.19 in 2017, well above of USD4,969.71 for the period 1990-2017,” it added. The GDP per capita is obtained by dividing the country’s GDP, adjusted by inflation, by the total population. “Macroeconomic stability has helped the Philippines economy demonstrate a great deal of resilience in recent years. At the end of 2017, it grew at an annual 6.9 percent in the September quarter. That’s the strongest growth since the third quarter of 2016. And the Philippines’ economy was still growing at 6 percent at the end of 2018,” the report said. McKinsey Global Institute (MGI) said that the Philippines is lined with the emerging market economies “that are well-prepared to achieve sustained growth over the next decade”. MGI cited the increase in gross fixed capital formation (investment) which “reached PHP695,414.08 million in the second quarter of 2018 from roughly PHP450,000 million in July of 2015 — well above the PHP303,138.16 million for the period 1998 until 2018, and an all-time high”. However, the Philippines’ per capita GDP is equivalent to 23% of the world’s average which makes an impression that Filipinos are poor. Mourdoukoutas advised the Duterte administration to “keep an eye on the price of bread and rice” rather than celebrate the record per capita GDP. Mourdoukoutas also said that President Duterte should look at his human rights record as well. Filed under the category of Forbes Magazine,Filipino, President Rodrigo Duterte, high inflation rate, overseas Filipino workers
A Filipino woman faked her own death and stole her sister’s identity just to apply for a passport. Unfortunately, she is now about to lose her U.S. citizenship. Identity theft is a serious crime. Ads Sponsored Links A 43-year-old Emilita Arindela, of Mount Desert Island, was sentenced to 10 days in jail for making a false statement on her passport application in federal court in Maine. It’s unclear if she will be stripped off of her American citizenship by federal authorities but it is more likely to happen. Prosecutors say Arindela was already married when she married an American man in 2000. She moved to the U.S. in 2002 and later became a naturalized citizen, using her sister’s name. Arindela left her second husband and married another man in 2007. Arindela’s lawyer says his client escaped an abusive marriage in the Philippines and has been a obedience to the US laws. Filed under the category of Filipino woman , passport, U.S. citizenship, Identity theft
In spite of the rising prices of commodities and services and others due to the high inflation rate, many Filipinos believe that the country is on the right track. Just recently, the new minimum fare is being set to P10 while the minimum wage remains stuck. That is what the latest SWS survey indicates. Ads Sponsored Links The latest survey shows that from 70% in the second quarter of this year, the statistics went up to 75%. On the other hand, only 22% believed the Philippines is in the wrong path while 3% of the 1,500 respondents did not give an answer during the conducted survey. Malacañang welcomes this result as a vindication that the administration is doing their job the keep the country on track. “PRRD emphasized in numerous occasions that as government workers, we are here to serve the people. Our objective as public servants is thus being able to perform our respective duties well,” Presidential spokesperson Salvador Panelo said. “Therefore, we treat the results of this recent survey not as an accolade but as an inspiration for our men and women in the government as they persist in carrying on with their roles in the service,” Panelo added. According to the presidential spokesperson, the strong public appreciation would further engage the Filipino people in supporting the Duterte administration in building “a nation where all Filipinos can experience comfortable and decent lives under a trustworthy government.” Filed under the category of commodities and services, high inflation rate, Filipinos, minimum fare, minimum wage, SWS survey
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Friday, November 02, 2018

More Filipinos Believe That The Country Is On The Right Track

In spite of the rising prices of commodities and services and others due to the high inflation rate, many Filipinos believe that the country is on the right track. Just recently, the new minimum fare is being set to P10 while the minimum wage remains stuck. That is what the latest SWS survey indicates.

In spite of the rising prices of commodities and services and others due to the high inflation rate, many Filipinos believe that the country is on the right track. Just recently, the new minimum fare is being set to P10 while the minimum wage remains stuck. That is what the latest SWS survey indicates. Ads Sponsored Links The latest survey shows that from 70% in the second quarter of this year, the statistics went up to 75%. On the other hand, only 22% believed the Philippines is in the wrong path while 3% of the 1,500 respondents did not give an answer during the conducted survey. Malacañang welcomes this result as a vindication that the administration is doing their job the keep the country on track. “PRRD emphasized in numerous occasions that as government workers, we are here to serve the people. Our objective as public servants is thus being able to perform our respective duties well,” Presidential spokesperson Salvador Panelo said. “Therefore, we treat the results of this recent survey not as an accolade but as an inspiration for our men and women in the government as they persist in carrying on with their roles in the service,” Panelo added. According to the presidential spokesperson, the strong public appreciation would further engage the Filipino people in supporting the Duterte administration in building “a nation where all Filipinos can experience comfortable and decent lives under a trustworthy government.” Filed under the category of commodities and services, high inflation rate, Filipinos, minimum fare, minimum wage, SWS survey

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 The latest survey shows that from 70% in the second quarter of this year, the statistics went up to 75%.
On the other hand, only 22% believed the Philippines is in the wrong path while 3% of the 1,500 respondents did not give an answer during the conducted survey.

Malacañang welcomes this result as a vindication that the administration is doing their job the keep the country on track.

“PRRD emphasized in numerous occasions that as government workers, we are here to serve the people. Our objective as public servants is thus being able to perform our respective duties well,” Presidential spokesperson Salvador Panelo said.

“Therefore, we treat the results of this recent survey not as an accolade but as an inspiration for our men and women in the government as they persist in carrying on with their roles in the service,” Panelo added.

According to the presidential spokesperson, the strong public appreciation would further engage the Filipino people in supporting the Duterte administration in building “a nation where all Filipinos can experience comfortable and decent lives under a trustworthy government.”
Filed under the category of commodities and services, high inflation rate, Filipinos, minimum fare, minimum wage, SWS survey
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In spite of the rising prices of commodities and services and others due to the high inflation rate, many Filipinos believe that the country is on the right track. Just recently, the new minimum fare is being set to P10 while the minimum wage remains stuck. That is what the latest SWS survey indicates. Ads Sponsored Links The latest survey shows that from 70% in the second quarter of this year, the statistics went up to 75%. On the other hand, only 22% believed the Philippines is in the wrong path while 3% of the 1,500 respondents did not give an answer during the conducted survey. Malacañang welcomes this result as a vindication that the administration is doing their job the keep the country on track. “PRRD emphasized in numerous occasions that as government workers, we are here to serve the people. Our objective as public servants is thus being able to perform our respective duties well,” Presidential spokesperson Salvador Panelo said. “Therefore, we treat the results of this recent survey not as an accolade but as an inspiration for our men and women in the government as they persist in carrying on with their roles in the service,” Panelo added. According to the presidential spokesperson, the strong public appreciation would further engage the Filipino people in supporting the Duterte administration in building “a nation where all Filipinos can experience comfortable and decent lives under a trustworthy government.” Filed under the category of commodities and services, high inflation rate, Filipinos, minimum fare, minimum wage, SWS survey
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Friday, October 05, 2018

What Caused OFW Remittance Drop From The Middle East?

Due to the high inflation rate which causes the price of almost everything to shoot up, the families of the overseas Filipino workers require more remittances coming from their breadwinner to catch up with the rising prices. However, instead of the inflation to cause the remittances to increase, the Bangko Sentral Ng Pilipinas statistics are telling otherwise.
Due to the high inflation rate which causes the price of almost everything to shoot up, the families of the overseas Filipino workers require more remittances coming from their breadwinner to catch up with the rising prices. However, instead of the inflation to cause the remittances to increase, the Bangko Sentral Ng Pilipinas statistics are telling otherwise. Ads Sponsored Links Cash remittance from Filipino workers (OFW), particularly those in the Middle East, saw a steep decline from January to July this year, figures from the Central Bank of the Philippines (BSP) show. A lawmaker noted that even the lifting of the ban on the deployment of Filipinos to Kuwait last May failed to stop the remittance plunge. Based on the latest BSP data, there was a 15 percent decrease in remittances from OFWs in the Middle East, although fund transfers from Libya and Israel fell the most at 73 percent and 61 percent respectively. With that, Rep. Henry Ong, chairman of the House Committee Chair on Banks & Financial Intermediaries, said the policy shift in OFW deployment priorities must happen “sooner rather than later.” “Filipinos are being held hostage by armed groups in Libya. Israel recently welcomed President Rodrigo Duterte on a brief visit. However, the remittances from these two countries pale in comparison with those from Saudi Arabia, the United Arab Emirates, Bahrain, Kuwait, and Oman, which were in the high double-digit percentages decline,” he said. Remittances from Kuwait fell by 20.4 percent despite the resumption of OFW deployment last May. Bahrain showed negative 22.9 percent, transfers from Oman dropped by 38.3 percent and Saudi Arabia showed a slide of 10.4 percent. Qatar is the exception. The remittances decline from Filipino workers there was only 6.3 percent. Meanwhile, aside from the decrease in cash remittance, the Philippines also suffered a decline in the deployment of OFWs in 2017 after 10 years of continuous growth. Remittances from overseas Filipino workers (OFWs) dropped by 4.5 percent in June to clock in at $2.4 billion, down from the $2.5 billion received in May and breaking the trend growth in inflows. In a statement, the Bangko Sentral ng Pilipinas (BSP) said they recorded lower OFW transfers from the Middle East, particularly from those in the United Arab Emirates, Saudi Arabia, and Kuwait. These are particularly the areas covered by deployment ban for OFWs announced by President Rodrigo Duterte in early 2018. This brought total remittances to $14.2 billion during the first semester, just 2.7 percent higher from a year ago. The BSP is seeing remittances to go four percent higher in 2018. Meanwhile, the overall remittances which came from countries other than the Middle East seem to bounce back recently. File under the category of high inflation rate, overseas Filipino workers , remittances, statistics,Bangko Sentral Ng Pilipinas


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Cash remittance from Filipino workers (OFW), particularly those in the Middle East, saw a steep decline from January to July this year, figures from the Central Bank of the Philippines (BSP) show.


A lawmaker noted that even the lifting of the ban on the deployment of Filipinos to Kuwait last May failed to stop the remittance plunge.

Based on the latest BSP data, there was a 15 percent decrease in remittances from OFWs in the Middle East, although fund transfers from Libya and Israel fell the most at 73 percent and 61 percent respectively.

With that, Rep. Henry Ong, chairman of the House Committee Chair on Banks & Financial Intermediaries, said the policy shift in OFW deployment priorities must happen “sooner rather than later.”

“Filipinos are being held hostage by armed groups in Libya. Israel recently welcomed President Rodrigo Duterte on a brief visit. However, the remittances from these two countries pale in comparison with those from Saudi Arabia, the United Arab Emirates, Bahrain, Kuwait, and Oman, which were in the high double-digit percentages decline,” he said.

Remittances from Kuwait fell by 20.4 percent despite the resumption of OFW deployment last May. Bahrain showed negative 22.9 percent, transfers from Oman dropped by 38.3 percent and Saudi Arabia showed a slide of 10.4 percent. 

Qatar is the exception. The remittances decline from Filipino workers there was only 6.3 percent.

Meanwhile, aside from the decrease in cash remittance, the Philippines also suffered a decline in the deployment of OFWs in 2017 after 10 years of continuous growth.

Remittances from overseas Filipino workers (OFWs) dropped by 4.5 percent in June to clock in at $2.4 billion, down from the $2.5 billion received in May and breaking the trend growth in inflows.

In a statement, the Bangko Sentral ng Pilipinas (BSP) said they recorded lower OFW transfers from the Middle East, particularly from those in the United Arab Emirates, Saudi Arabia, and Kuwait.

These are particularly the areas covered by deployment ban for OFWs announced by President Rodrigo Duterte in early 2018.

This brought total remittances to $14.2 billion during the first semester, just 2.7 percent higher from a year ago.

The BSP is seeing remittances to go four percent higher in 2018.

Meanwhile, the overall remittances which came from countries other than the Middle East seem to bounce back recently.
File under the category of high inflation rate, overseas Filipino workers , remittances,  statistics,Bangko Sentral Ng Pilipinas

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As overseas Filipino workers (OFW) working in an unfamiliar territory, we feel comfortable whenever we see a compatriot or a fellow Filipino abroad. In some instances, very unfortunate things happen like getting into a trouble because of a fellow Filipino. The Department of Foreign Affairs (DFA) and the Consulate General in Saudi Arabia confirmed that an OFW was stabbed and killed by a fellow OFW in Jeddah, KSA. Ads Sponsored Links A Filipino was stabbed and killed by a fellow Filipino in Jeddah, Saudi Arabia, according to the confirmation of the Department of Foreign Affairs (DFA). The victim (name withheld) was a 29-year-old from Datu Odin Sinsuat, Maguindanao, who worked as a family driver in Jeddah. The suspect (name withheld), a 34-year-old from Capiz, also a driver for the same family The suspect remains under police custody after he was arrested immediately after the incident. The two "allegedly engaged in a fistfight in front of the house of their employer that ended in the victim getting fatally stabbed by his fellow driver." The motive of the stabbing is still unknown. The Consulate General and the Philippine Overseas Labor Office in Jeddah will extend full assistance to both Filipinos as well as their families. The victim is set for a vacation to the Philippines soon but the incident turned out to be unfortunate that he will come home inside a box. Consul General Edgar Badajos said that the suspect is facing a death sentence as per Saudi Sharia law. However, since they are both Filipinos, it is possible that the victim's family could instead He assured that they will render assistance to help both OFWs. Filed under the category of overseas Filipino workers, Filipino abroad, Department of Foreign Affairs (DFA), Saudi Arabia, stabbed, Jeddah, KSA

More often, families with overseas Filipino workers (OFW) rely on their OFW breadwinner in providing their needs and without doing any efforts to have extra income. They use the money they receive to pay their bills, rents, mortgages, etc. They tend to spend the remittances they receive and wait for the next remittance when the money is over without any savings. This is the reason why no matter how long the OFWs exhaust themselves working overseas, they are still coming home broke and without any savings. Encouraging our spouse or anyone who is responsible for the remittances you send to save could be a great help and could guarantee a hassle-free retirement, much more if they placed this savings to a profitable investment. Ads Sponsored Links Stick to a budget schedule Convince your spouse to make a monthly budget and commit to saving a portion of the monthly remittance. They could also spend the remaining part of the budget after setting aside the savings. No matter how small the savings, it could mean a lot after a period of time you regularly do it. Use the credit card wisely or do not use it at all Credit cards could be an advantage when purchasing but it can also lure the holder to spend more. Whenever possible, avoid using credit cards and use cash instead. It would save you from paying extra charges and interests which can really raise your spending. The best rule should be, do not spend the money you do not have. Always make a list of important things to buy Many OFW spouses tend to go on a shopping spree just after receiving the remittance and let their impulses lead in which items they like to buy at the very moment without putting their priorities on the things they really needed. Encourage them to develop a habit and discipline of making a list of the things they need to prioritize during shopping and strictly follow what is on the list to avoid spending too much on the things that are not really important. Live a lifestyle that suits your income Many OFW spouses live like one day millionaire. after claiming the remittances you sent, they will go straight to the mall, eat at the fast-food chain of their choice, go on a shopping spree buying what they want without even thinking if they still have the money to go through the month until the next remittance. If their budget got short, they would borrow money from someone which would cause the next budget to bear the shortage and the cycle goes on. There's nothing wrong with being generous but not too much Advise your spouse to exercise caution when giving help to extended families, relatives or friends. There is nothing wrong with extending help but there has to be a limitation. This would avoid them to become dependent on your assistance that they would knock your everytime they need financial help. Working overseas is not forever and you will eventually come home for good. It is you and your spouse who need to work hand-in-hand to succeed. Together you must find ways to take care of your finances and save for the future of your family. Filed under the category of overseas Filipino workers, extra income, bills, rents, mortgages, remittances, working overseas, retirement, investment, savings
More often, families with overseas Filipino workers (OFW) rely on their OFW breadwinner in providing their needs and without doing any efforts to have extra income. They use the money they receive to pay their bills, rents, mortgages, etc. They tend to spend the remittances they receive and wait for the next remittance when the money is over without any savings. This is the reason why no matter how long the OFWs exhaust themselves working overseas, they are still coming home broke and without any savings. Encouraging our spouse or anyone who is responsible for the remittances you send to save could be a great help and could guarantee a hassle-free retirement, much more if they placed this savings to a profitable investment. Ads Sponsored Links Stick to a budget schedule Convince your spouse to make a monthly budget and commit to saving a portion of the monthly remittance. They could also spend the remaining part of the budget after setting aside the savings. No matter how small the savings, it could mean a lot after a period of time you regularly do it. Use the credit card wisely or do not use it at all Credit cards could be an advantage when purchasing but it can also lure the holder to spend more. Whenever possible, avoid using credit cards and use cash instead. It would save you from paying extra charges and interests which can really raise your spending. The best rule should be, do not spend the money you do not have. Always make a list of important things to buy Many OFW spouses tend to go on a shopping spree just after receiving the remittance and let their impulses lead in which items they like to buy at the very moment without putting their priorities on the things they really needed. Encourage them to develop a habit and discipline of making a list of the things they need to prioritize during shopping and strictly follow what is on the list to avoid spending too much on the things that are not really important. Live a lifestyle that suits your income Many OFW spouses live like one day millionaire. after claiming the remittances you sent, they will go straight to the mall, eat at the fast-food chain of their choice, go on a shopping spree buying what they want without even thinking if they still have the money to go through the month until the next remittance. If their budget got short, they would borrow money from someone which would cause the next budget to bear the shortage and the cycle goes on. There's nothing wrong with being generous but not too much Advise your spouse to exercise caution when giving help to extended families, relatives or friends. There is nothing wrong with extending help but there has to be a limitation. This would avoid them to become dependent on your assistance that they would knock your everytime they need financial help. Working overseas is not forever and you will eventually come home for good. It is you and your spouse who need to work hand-in-hand to succeed. Together you must find ways to take care of your finances and save for the future of your family. Filed under the category of overseas Filipino workers, extra income, bills, rents, mortgages, remittances, working overseas, retirement, investment, savings
More often, families with overseas Filipino workers (OFW) rely on their OFW breadwinner in providing their needs and without doing any efforts to have extra income. They use the money they receive to pay their bills, rents, mortgages, etc. They tend to spend the remittances they receive and wait for the next remittance when the money is over without any savings. This is the reason why no matter how long the OFWs exhaust themselves working overseas, they are still coming home broke and without any savings. Encouraging our spouse or anyone who is responsible for the remittances you send to save could be a great help and could guarantee a hassle-free retirement, much more if they placed this savings to a profitable investment. Ads Sponsored Links Stick to a budget schedule Convince your spouse to make a monthly budget and commit to saving a portion of the monthly remittance. They could also spend the remaining part of the budget after setting aside the savings. No matter how small the savings, it could mean a lot after a period of time you regularly do it. Use the credit card wisely or do not use it at all Credit cards could be an advantage when purchasing but it can also lure the holder to spend more. Whenever possible, avoid using credit cards and use cash instead. It would save you from paying extra charges and interests which can really raise your spending. The best rule should be, do not spend the money you do not have. Always make a list of important things to buy Many OFW spouses tend to go on a shopping spree just after receiving the remittance and let their impulses lead in which items they like to buy at the very moment without putting their priorities on the things they really needed. Encourage them to develop a habit and discipline of making a list of the things they need to prioritize during shopping and strictly follow what is on the list to avoid spending too much on the things that are not really important. Live a lifestyle that suits your income Many OFW spouses live like one day millionaire. after claiming the remittances you sent, they will go straight to the mall, eat at the fast-food chain of their choice, go on a shopping spree buying what they want without even thinking if they still have the money to go through the month until the next remittance. If their budget got short, they would borrow money from someone which would cause the next budget to bear the shortage and the cycle goes on. There's nothing wrong with being generous but not too much Advise your spouse to exercise caution when giving help to extended families, relatives or friends. There is nothing wrong with extending help but there has to be a limitation. This would avoid them to become dependent on your assistance that they would knock your everytime they need financial help. Working overseas is not forever and you will eventually come home for good. It is you and your spouse who need to work hand-in-hand to succeed. Together you must find ways to take care of your finances and save for the future of your family. Filed under the category of overseas Filipino workers, extra income, bills, rents, mortgages, remittances, working overseas, retirement, investment, savings
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Wednesday, September 19, 2018

Peso Seen To Further Weaken To Possible P58

The value of the Philippine Peso weakens at it may look bad for the local traders and importers but for the overseas Filipino workers, it means a higher amount equivalent for the remittances they send to their families back home. However, due to the high inflation rate which causes the prices of goods, services, and commodities shoot up, the remittances they expected to meet the needs of their families still fall short and would need an expert stretching to make it last until the next salary.
The value of the Philippine Peso weakens at it may look bad for the local traders and importers but for the overseas Filipino workers, it means a higher amount equivalent for the remittances they send to their families back home. However, due to the high inflation rate which causes the prices of goods, services, and commodities shoot up, the remittances they expected to meet the needs of their families still fall short and would need an expert stretching to make it last until the next salary. Ads Sponsored Links The peso is seen to further weaken to P55 against the US dollar this year and would fall to P58 against the greenback next year on expectations that the trade-in-goods deficit will continue to widen due to the Duterte administration’s ambitious infrastructure program. furthermore, the effect of the recent onslaught of Typhoon Mangkhut in the country was expected to further increase food prices even as its overall impact on the economy would be temporary. “The lesson from previous natural disasters is that there is likely to be a short-term negative impact on the gross domestic product, followed by a rebound supported by reconstruction efforts. Perhaps a bigger worry from an economic perspective is that ‘Mangkhut’ damages agricultural production, leading to an increase in food prices. This would put further pressure on the Bangko Sentral ng Pilipinas to tighten monetary policy,” Capital Economics said. Food prices were already soaring at the moment, with rice, fish, meat and vegetables accounting for 2.4 percentage points of the over nine-year high inflation rate of 6.4 percent in August. As for the prevailing trade deficit, Capital Economics said it “renewed downward pressure on the peso over the past week, creating a further headache for the central bank.” The latest government data showed that as of end-July, the balance of trade in goods further widened to a $22.49-billion deficit, 72.3-percent larger than the $13.06 billion recorded during the first seven months of last year. From January to July, imports jumped 15.7 percent year-on-year to $61.23 billion, while merchandise exports declined 2.8 percent to $38.74 billion. The wider trade deficit resulted into a ballooning current account deficit as more dollars were being spent for importation. The BSP reported last Friday that the current account deficit climbed to $3.1 billion (equivalent to 1.9 percent of GDP) at the end of the first half from $133 million (0.1 percent of GDP) a year ago. Market concerns on the current account deficit were major a cause of the peso’s depreciation. It breached the P54:$1 level last week, the weakest in almost 13 years. The peso depreciated by nearly 8 percent year-to-date against the US dollar, which Capital Economics noted made it “one of the worst performing Asian currencies” so far this year. Ads Historically, the Philippine Peso reached its all-time high of 56.34 in October of 2004 and a record low of 37.84 in May of 1999. Filed under the category of Philippine Peso, overseas Filipino workers, remittances, high inflation rate, prices of goods

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The peso is seen to further weaken to P55 against the US dollar this year and would fall to P58 against the greenback next year on expectations that the trade-in-goods deficit will continue to widen due to the Duterte administration’s ambitious infrastructure program.

furthermore, the effect of the recent onslaught of Typhoon Mangkhut in the country was expected to further increase food prices even as its overall impact on the economy would be temporary.

“The lesson from previous natural disasters is that there is likely to be a short-term negative impact on the gross domestic product, followed by a rebound supported by reconstruction efforts. Perhaps a bigger worry from an economic perspective is that ‘Mangkhut’ damages agricultural production, leading to an increase in food prices. This would put further pressure on the Bangko Sentral ng Pilipinas to tighten monetary policy,” Capital Economics said.

Food prices were already soaring at the moment, with rice, fish, meat and vegetables accounting for 2.4 percentage points of the over nine-year high inflation rate of 6.4 percent in August.

As for the prevailing trade deficit, Capital Economics said it “renewed downward pressure on the peso over the past week, creating a further headache for the central bank.”

The latest government data showed that as of end-July, the balance of trade in goods further widened to a $22.49-billion deficit, 72.3-percent larger than the $13.06 billion recorded during the first seven months of last year.

From January to July, imports jumped 15.7 percent year-on-year to $61.23 billion, while merchandise exports declined 2.8 percent to $38.74 billion.

The wider trade deficit resulted into a ballooning current account deficit as more dollars were being spent for importation.

The BSP reported last Friday that the current account deficit climbed to $3.1 billion (equivalent to 1.9 percent of GDP) at the end of the first half from $133 million (0.1 percent of GDP) a year ago.

Market concerns on the current account deficit were major a cause of the peso’s depreciation. It breached the P54:$1 level last week, the weakest in almost 13 years.

The peso depreciated by nearly 8 percent year-to-date against the US dollar, which Capital Economics noted made it “one of the worst performing Asian currencies” so far this year.
The value of the Philippine Peso weakens at it may look bad for the local traders and importers but for the overseas Filipino workers, it means a higher amount equivalent for the remittances they send to their families back home. However, due to the high inflation rate which causes the prices of goods, services, and commodities shoot up, the remittances they expected to meet the needs of their families still fall short and would need an expert stretching to make it last until the next salary. Ads Sponsored Links The peso is seen to further weaken to P55 against the US dollar this year and would fall to P58 against the greenback next year on expectations that the trade-in-goods deficit will continue to widen due to the Duterte administration’s ambitious infrastructure program. furthermore, the effect of the recent onslaught of Typhoon Mangkhut in the country was expected to further increase food prices even as its overall impact on the economy would be temporary. “The lesson from previous natural disasters is that there is likely to be a short-term negative impact on the gross domestic product, followed by a rebound supported by reconstruction efforts. Perhaps a bigger worry from an economic perspective is that ‘Mangkhut’ damages agricultural production, leading to an increase in food prices. This would put further pressure on the Bangko Sentral ng Pilipinas to tighten monetary policy,” Capital Economics said. Food prices were already soaring at the moment, with rice, fish, meat and vegetables accounting for 2.4 percentage points of the over nine-year high inflation rate of 6.4 percent in August. As for the prevailing trade deficit, Capital Economics said it “renewed downward pressure on the peso over the past week, creating a further headache for the central bank.” The latest government data showed that as of end-July, the balance of trade in goods further widened to a $22.49-billion deficit, 72.3-percent larger than the $13.06 billion recorded during the first seven months of last year. From January to July, imports jumped 15.7 percent year-on-year to $61.23 billion, while merchandise exports declined 2.8 percent to $38.74 billion. The wider trade deficit resulted into a ballooning current account deficit as more dollars were being spent for importation. The BSP reported last Friday that the current account deficit climbed to $3.1 billion (equivalent to 1.9 percent of GDP) at the end of the first half from $133 million (0.1 percent of GDP) a year ago. Market concerns on the current account deficit were major a cause of the peso’s depreciation. It breached the P54:$1 level last week, the weakest in almost 13 years. The peso depreciated by nearly 8 percent year-to-date against the US dollar, which Capital Economics noted made it “one of the worst performing Asian currencies” so far this year. Ads Historically, the Philippine Peso reached its all-time high of 56.34 in October of 2004 and a record low of 37.84 in May of 1999. Filed under the category of Philippine Peso, overseas Filipino workers, remittances, high inflation rate, prices of goods

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The value of the Philippine Peso weakens at it may look bad for the local traders and importers but for the overseas Filipino workers, it means a higher amount equivalent for the remittances they send to their families back home. However, due to the high inflation rate which causes the prices of goods, services, and commodities shoot up, the remittances they expected to meet the needs of their families still fall short and would need an expert stretching to make it last until the next salary. Ads Sponsored Links The peso is seen to further weaken to P55 against the US dollar this year and would fall to P58 against the greenback next year on expectations that the trade-in-goods deficit will continue to widen due to the Duterte administration’s ambitious infrastructure program. furthermore, the effect of the recent onslaught of Typhoon Mangkhut in the country was expected to further increase food prices even as its overall impact on the economy would be temporary. “The lesson from previous natural disasters is that there is likely to be a short-term negative impact on the gross domestic product, followed by a rebound supported by reconstruction efforts. Perhaps a bigger worry from an economic perspective is that ‘Mangkhut’ damages agricultural production, leading to an increase in food prices. This would put further pressure on the Bangko Sentral ng Pilipinas to tighten monetary policy,” Capital Economics said. Food prices were already soaring at the moment, with rice, fish, meat and vegetables accounting for 2.4 percentage points of the over nine-year high inflation rate of 6.4 percent in August. As for the prevailing trade deficit, Capital Economics said it “renewed downward pressure on the peso over the past week, creating a further headache for the central bank.” The latest government data showed that as of end-July, the balance of trade in goods further widened to a $22.49-billion deficit, 72.3-percent larger than the $13.06 billion recorded during the first seven months of last year. From January to July, imports jumped 15.7 percent year-on-year to $61.23 billion, while merchandise exports declined 2.8 percent to $38.74 billion. The wider trade deficit resulted into a ballooning current account deficit as more dollars were being spent for importation. The BSP reported last Friday that the current account deficit climbed to $3.1 billion (equivalent to 1.9 percent of GDP) at the end of the first half from $133 million (0.1 percent of GDP) a year ago. Market concerns on the current account deficit were major a cause of the peso’s depreciation. It breached the P54:$1 level last week, the weakest in almost 13 years. The peso depreciated by nearly 8 percent year-to-date against the US dollar, which Capital Economics noted made it “one of the worst performing Asian currencies” so far this year. Ads Historically, the Philippine Peso reached its all-time high of 56.34 in October of 2004 and a record low of 37.84 in May of 1999. Filed under the category of Philippine Peso, overseas Filipino workers, remittances, high inflation rate, prices of goods

Historically, the Philippine Peso reached its all-time high of 56.34 in October of 2004 and a record low of 37.84 in May of 1999.

Filed under the category of Philippine Peso, overseas Filipino workers,  remittances, high inflation rate,  prices of goods
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As a move to urge Filipinos and foreign businessmen to engage in doing business in the country, President Rodrigo Duterte signed the Ease of Doing Business and Efficient Government Service Delivery Act into law in May 2018. This new law sets a deadline for the government to quickly act on business applications, about three to five days for simple processes and seven to 10 days for complex ones. Even before the effectivity of this new law, the government had already been doing its part to make business registration for prospective entrepreneurs easier by making some application processes online. As a move to urge Filipinos and foreign businessmen to engage in doing business in the country, President Rodrigo Duterte signed the Ease of Doing Business and Efficient Government Service Delivery Act into law in May 2018. This new law sets a deadline for the government to quickly act on business applications, about three to five days for simple processes and seven to 10 days for complex ones. Even before the effectivity of this new law, the government had already been doing its part to make business registration for prospective entrepreneurs easier by making some application processes online. Ads Sponsored Links The Department of Trade and Industry (DTI)’s business name registration for single proprietors is among the first processes to become digitized. The Philippine Business Registry (PBR), DTI’s business name registration system, has been made more accessible for single business owners since 2012. A prospective entrepreneur is not anymore required to visit DTI offices to secure a Certificate of Business Registration. With the PBR website, the certificate can even be printed in the comfort of their own home. Here are the steps you have to take to secure that certificate. Check the availability of a business name Before starting the registration process, it helps to check if the business name you have in mind is still available to use. At the PBR, one can easily type in the prospective business name and it will check the database if there are enterprises already using that trade name. A word of advice: don’t just try to check the business name you are aiming for once. Try to modify your search to save time later on. For example, if you are thinking of putting up a business called “Juan dela Cruz Services,” modify your search and break down every part of the business name from just “Juan dela” to “Cruz Services.” Some business names just differ in spacing or spelling. The DTI also reminds applicants to ensure that the business name isn’t similar to an existing trade name or trademark, such as “Anne Dok’s Lechon,” “Jolibee” and "Starbax Café.” On the other hand, names that are too generic, such as “The Coffee Shop” for your café, aren’t permissible, too. Business owners also can’t use the abbreviation of a government agency or international organization. Business name registration Once you’ve verified that your prospective business name is still available for use, you can proceed to the business name application. Once in the page, you will be required to choose the geographic scope of the enterprise: national, regional, city or town, and barangay. If you are keen on operating a business that will reach clients in different parts of the country—for example, an online shop—then it’s best to register your scope as nationwide. The fees will vary depending on the scope, ranging from Php200 to Php2,000. Afterward, the business owner’s personal info will be required. You will only have to submit some basic details such as tax identification number, residence address and mobile number. By this time, you’re done with the most tedious part of the online registration process. You may now choose whether to pay cash through either a local DTI office or Go Negosyo Center, or via an online payments system. The PBR only accepts two kinds of online payments: Bancnet and GCash. If you have an online account with any bank, then paying through Bancnet is advisable. Otherwise, a GCash account may be needed to complete the transaction. You also have the option whether to pick up your business certificate from a local DTI office or have it printed yourself. Once the payment is complete, a message will be sent to your e-mail on how you will retrieve the certificate based on the method you selected. Most likely, the whole process will only require 15 to 30 minutes of your time. Filed under the category of Filipinos, foreign businessmen, President Rodrigo Duterte, Ease of Doing Business and Efficient Government Service Delivery Act, business registration, entrepreneurs, application processes online Ads Sponsored Links The Department of Trade and Industry (DTI)’s business name registration for single proprietors is among the first processes to become digitized. The Philippine Business Registry (PBR), DTI’s business name registration system, has been made more accessible for single business owners since 2012. A prospective entrepreneur is not anymore required to visit DTI offices to secure a Certificate of Business Registration. With the PBR website, the certificate can even be printed in the comfort of their own home. Here are the steps you have to take to secure that certificate. Check the availability of a business name Before starting the registration process, it helps to check if the business name you have in mind is still available to use. At the PBR, one can easily type in the prospective business name and it will check the database if there are enterprises already using that trade name. A word of advice: don’t just try to check the business name you are aiming for once. Try to modify your search to save time later on. For example, if you are thinking of putting up a business called “Juan dela Cruz Services,” modify your search and break down every part of the business name from just “Juan dela” to “Cruz Services.” Some business names just differ in spacing or spelling. The DTI also reminds applicants to ensure that the business name isn’t similar to an existing trade name or trademark, such as “Anne Dok’s Lechon,” “Jolibee” and "Starbax Café.” On the other hand, names that are too generic, such as “The Coffee Shop” for your café, aren’t permissible, too. Business owners also can’t use the abbreviation of a government agency or international organization. Business name registration Once you’ve verified that your prospective business name is still available for use, you can proceed to the business name application. Once in the page, you will be required to choose the geographic scope of the enterprise: national, regional, city or town, and barangay. If you are keen on operating a business that will reach clients in different parts of the country—for example, an online shop—then it’s best to register your scope as nationwide. The fees will vary depending on the scope, ranging from Php200 to Php2,000. Afterward, the business owner’s personal info will be required. You will only have to submit some basic details such as tax identification number, residence address and mobile number. By this time, you’re done with the most tedious part of the online registration process. You may now choose whether to pay cash through either a local DTI office or Go Negosyo Center, or via an online payments system. The PBR only accepts two kinds of online payments: Bancnet and GCash. If you have an online account with any bank, then paying through Bancnet is advisable. Otherwise, a GCash account may be needed to complete the transaction. You also have the option whether to pick up your business certificate from a local DTI office or have it printed yourself. Once the payment is complete, a message will be sent to your e-mail on how you will retrieve the certificate based on the method you selected. Most likely, the whole process will only require 15 to 30 minutes of your time. Filed under the category of Filipinos, foreign businessmen, President Rodrigo Duterte, Ease of Doing Business and Efficient Government Service Delivery Act, business registration, entrepreneurs, application processes online Ads Update: The DTI online business registration is temporarily suspended due to systems upgrade and will notify the public when it is ready. The business owners are advised to proceed to the nearest DTI offices near your area. To download the application form for business registration, you may visit the DTI official website.
The Social Security System (SSS) has announced the new batch of loan condonation program or the loan restructuring program (LRP) whereas the members with delinquent status in paying their previous loan in a period of more than 6 months will be allowed to settle their accounts without paying any penalty. Overseas Filipino workers (OFWs) in the United Arab Emirates (UAE)who currently has current unpaid loans are urged to apply for the LRP until October 1. Ads Sponsored Links SSS continues to encourage its members, including OFWs, to apply for loan restructuring program with penalty condonation especially OFWs who have short-term member loans including calamity, salary, educational, and emergency loans. Under the program, members will no longer pay the additional penalties for the unsettled loans. Members only need to pay for the annual interest alongside the principal loan. Payments can be done in whole or on a monthly basis as long as the payment terms will not exceed 5 years. OFWs can apply for LRP in two ways: 1. If you are currently in the UAE, you can visit the SSS office located at the Philippine Consulate in Dubai and the Philippine Embassy in Abu Dhabi. 2. OFWs can also delegate their application to their authorized representative. Give them an authorization letter to process the application through the SSS office in the Philippines. You can download the application form at the SSS official website. Ads Filed under the category of Social Security System , SSS, loan restructuring program, loan condonation program, Overseas Filipino workers, United Arab Emirates , loans
Being considered as modern-day heroes, government offices, as well as some private establishment, give different perks and privileges to overseas Filipino workers (OFW). Aside from the sacrifices they had to go through just to earn better by working abroad, OFWs are the breadwinners of their families back home and the major contributor to keep the Philippine economy afloat by sending their remittances. they deserve to be rewarded by these kinds of privileges. Ads Sponsored Links Exemption on Fees It’s all because of the Overseas Employment Certificate or OEC. Being an OFW, specifically, a legitimate one means you will be exempted from various fees like airport terminal fee, travel tax, and documentary stamp tax. Tax-Free Shopping at Duty-Free If you want to do some additional shopping before heading home, then the Duty-Free Philippines can be your partner. You can enjoy tax-free shopping within 15 days from the time you arrived so you can give pasalubong to your family, relatives, and friends. Housing Loan from SSS or PAG-IBIG Are you thinking of buying a house or giving your existing home a much-needed renovation? SSS or PAG-IBIG can help you on this since they offer housing facilities at lower rates compared to banks and other lending institutions. SSS offers Direct Housing Facility Loan for OFWs where you can loan for as much as P2 million and payable up to 15 years maximum. On the other hand, PAG-IBIG also offers a housing loan facility for OFWs where you can borrow as much as P6 million. Free Language Courses at TESDA Yes, you read that right. TESDA Language Skills Institute offers free language training for Spanish, English, Japanese, Mandarin, and Arabic to help Filipinos become more equipped in terms of language. This will come in handy when you are headed to any of the countries that speak any of these languages as well as an advantage on your part as OFW. If you plan to enroll, then make sure you register early because slots are limited. Nonetheless, OFWs are given priority, but it’s best to reserve your slot early. You can check TESDA website for further details about this program. OWWA Benefits The Overseas Workers Welfare Administration or OWWA is the agency that protects and promotes the welfare of OFWs and their dependents. In line with this, several benefits are being offered by the agency such as onsite assistance, livelihood trainings, education assistance for dependents, counseling, and legal assistance among others. DFA Courtesy Lanes With the recent opening of passport renewal slots (86,889 New Slots in September!), you can now apply for your passport related concern without hassle. OFWs are given access to DFA Courtesy Lanes. You don’t need to even schedule an appointment online. No OFWs will miss a job just because of delays in Passport Application. How good is that? Low interest loans There are loan programs from the banks that are tailored for OFWs and they are giving it for very low-interest rates and flexible tenures. Flexible Investment scheme from SSS SSS provides a program they called SSS Flexi-fund where OFWs can invest their excess contributions to earn dividends and they can withdraw it anytime they wish or when they finally decided to stay home for good. Ads Filed under the category of modern-day heroes, overseas Filipino workers, working abroad, OFW remittances
Food, shelter, and clothing are the basic necessities of human lives. We can choose our lifestyle whatever we want like living in a simple yet safe home and wearing modest low-end clothing to save but the rising cost of food is a serious matter and we need to do something about it. Imagine that you are earning just enough to pay your bills, mortgages and other household expenses and your company seldom give you a raise in your salary. Even the families of overseas Filipino workers (OFW) are finding it difficult to budget the remittances they receive due to inflation. Everything has increased its prices and you need to catch up. Ads Sponsored Links Here are some practical tips to save money on food items. Make A Shopping List And Stick to It Planning your meals for the week and carefully selecting specific ingredients to buy can save a lot out of your food budget. With the list on hand, purchase only the items you need to buy and avoid impulse buys. Eat Before You Shop When you are hungry and you walk into a building full of food, it is more likely that you are going to grab unnecessary and expensive items that appeal more to your palate than your pocket. It is highly advised that you eat first and shop. Avoid Fastfoods Ready-made meals are easy to buy but come with a cost. Instead of eating in fast food or restaurant, buy the ingredients and do it at home preparing the meal yourself. It could save you a lot and still keep the leftovers for the next meal. Do Not bring Your Kids While Shopping Every extra minute that you spend in the store increases the chances of you buying more and this includes toys and snacks meant to keep the kids behave while you try to focus on your hunt for a good bargain. Do not bring your kids with you while shopping to save time and money. Buy in Bulk Buying in bigger packaging can save you a lot. You can usually find great deals in buying a larger packaging. However, pay attention to your spending habits and consider your storage capacity. Use Store Reward Cards And Coupons Coupons provide an easy way to save money. There is no harm in clipping them and using them in purchasing foods, helping you save on your food shopping cost. Buy locally produced foods Locally grown or produced food is cheaper because you don't pay for long transportation costs. You also help local farmers and food producers meet their daily needs as well. Compare Store Prices; Grab the cheapest Have an assessment of which stores offers lower prices for particular food items and buy it from them. Some grocery stores have special prices for a specific item and they are not often applicable to other stores. Be aware of the price tags and grab it where it cost the lowest. Look Down at the lower shelf Most expensive items are usually displayed at eye-level. To find less expensive items, look down. Avoid the Checkout Temptations Beware of the displays placed at the end of each aisle. They often feature premium brands and they are placed there for a purpose. Shop for Sales Pay attention to sales on necessity items and stock up on non-perishables and freezer goods. Be mindful of the expiration date because most of the sale items are often near expiration dates. Ads Shop Infrequently Reducing the number of trips that you make to the store each week or month reduces the chances of unnecessary purchases and minimizes the amount of transportation cost spent getting there. Pay in Cash Avoid using your credit card in purchasing food. If you don't pay off the card in full each month, you pay interest on the purchase. To avoid paying the extra cost, use cash when you shop. Check Your Bill Electronic scanners make the shopping experience faster and more convenient, however, scanners aren't foolproof. Take a look at the receipt to make sure your coupons and discounts were accurate. In addition to this, try planting edible plants and vegetables and use it to save on your next food purchase. Having an organic vegetable garden in your yard lets you eat your favorite veggise for free.
Our country is now experiencing high inflation rate like its neighboring countries. The only thing is that, while other countries in the region like India, Malaysia, Thailand, Indonesia, etc., seems to recuperate with high inflation rates, we are just started to hit the peak. The high inflation rate is so evident that even the families of overseas Filipino workers (OFW) who used to catch up with their expenses using the remittances sent by the OFWs to pay their bills, mortgages etc., are now complaining of budget shortage due to high prices of food items, transportation, and basic commodities. Recruitment and migration expert Emmanuel Geslani even advised the OFWs to send at least 20% more remittances in order for their families to cope up as the prices soar high. Could it really help? How do we beat the high prices brought about by the inflation? Ads Sponsored Links As we are all affected by high prices, there is a need for a concerted effort by all sectors to work together to beat inflation. This is not the challenge for the government alone. The private sector, media, and consumers alike must also pitch in. Expectations can only be calmed by a perspective view that this condition is temporary. Keep a record of your spendings Tracking your expenses by keeping a record and listing down your purchases. It will allow you to determine your average spendings. You can compare them and find out which will be your basis of a monthly allowance. Check out which month you spent the least and make it a reference for your preceding monthly budget plan. Have a contingency budget of at least 10% every payday Set aside at least 10% from your monthly take-home pay for emergency purposes. Financial emergencies are inevitable and it is important that we are ready. Watch your lifestyle We often hear that we should not spend more than what we earn. Buying things that you need must be a priority over the things that you want. Exercise frugality Saving for the future benefit none other than yourself. The money you save today could save your life in the future. Everyone will come to their retirement but some of them will not retire well. Spending your money like there will be no tomorrow will render you broke on your retirement. As the inflation rate soar, buy only where you can save a lot like on sale items. Keep your spending for needs only Shopping for things you want but you don't really need could make the effect of the high inflation even worse. Look for extra income Even if you have a pretty decent take-home pay, having a side hustle will be a great help during this time where the prices of almost everything are rising. Having an extra income could help you beat the effects of the high inflation rate. Invest The best way to save is not by putting your money in the bank but to find a profitable investment to make your money grow. Over the years, with the right investments, your money will grow rapidly compared with just putting it into a savings deposit. However, be careful where you invest. Make sure you are putting your hard-earned money to legitimate investments. Filed under the category of high inflation rate, India, Malaysia, Thailand, Indonesia, OFW, mortgages, transportation, Recruitment, migration. Ads
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Tuesday, September 18, 2018

You Can Beat Inflation By Doing These Things

Our country is now experiencing high inflation rate like its neighboring countries. The only thing is that, while other countries in the region like India, Malaysia, Thailand, Indonesia, etc., seems to recuperate with high inflation rates, we are just started to hit the peak. 
The high inflation rate is so evident that even the families of overseas Filipino workers  (OFW) who used to catch up with their expenses using the remittances sent by the OFWs to pay their bills, mortgages etc., are now complaining of budget shortage due to high prices of food items, transportation, and basic commodities. 
Recruitment and migration expert Emmanuel Geslani even advised the OFWs to send at least 20% more remittances in order for their families to cope up as the prices soar high.
Could it really help? How do we beat the high prices brought about by the inflation?
Our country is now experiencing high inflation rate like its neighboring countries. The only thing is that, while other countries in the region like India, Malaysia, Thailand, Indonesia, etc., seems to recuperate with high inflation rates, we are just started to hit the peak. The high inflation rate is so evident that even the families of overseas Filipino workers (OFW) who used to catch up with their expenses using the remittances sent by the OFWs to pay their bills, mortgages etc., are now complaining of budget shortage due to high prices of food items, transportation, and basic commodities. Recruitment and migration expert Emmanuel Geslani even advised the OFWs to send at least 20% more remittances in order for their families to cope up as the prices soar high. Could it really help? How do we beat the high prices brought about by the inflation? Ads Sponsored Links As we are all affected by high prices, there is a need for a great effort for everybody to work together and beat inflation. This challenge is not for the government alone. It includes the private sector, media, and common people. We all know that this condition is temporary and everything will come to pass. Its all a matter of cooperation and we can all survive just like what we did in the past crises. Keep a record of your spendings Tracking your expenses by keeping a record and listing down your purchases. It will allow you to determine your average spendings. You can compare them and find out which will be your basis of a monthly allowance. Check out which month you spent the least and make it a reference for your preceding monthly budget plan. Have a contingency budget of at least 10% every payday Set aside at least 10% from your monthly take-home pay for emergency purposes. Financial emergencies are inevitable and it is important that we are ready. Watch your lifestyle We often hear that we should not spend more than what we earn. Buying things that you need must be a priority over the things that you want. Exercise frugality Saving for the future benefit none other than yourself. The money you save today could save your life in the future. Everyone will come to their retirement but some of them will not retire well. Spending your money like there will be no tomorrow will render you broke on your retirement. As the inflation rate soar, buy only where you can save a lot like on sale items. Keep your spending on needs only Shopping for things you want but you don't really need could make the effect of the high inflation even worse. Allocate your spending on the basic things you need at least for the moment. Look for extra income Even if you have a pretty decent take-home pay, having a side hustle will be a great help during this time where the prices of almost everything are rising. Having an extra income could help you beat the effects of the high inflation rate. Invest The best way to save is not by putting your money in the bank but to find a profitable investment to make your money grow. Over the years, with the right investments, your money will grow rapidly compared with just putting it into a savings deposit. However, be careful where you invest. Make sure you are putting your hard-earned money to legitimate investments. Filed under the category of high inflation rate, India, Malaysia, Thailand, Indonesia, OFW, mortgages, transportation, Recruitment, migration.

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As we are all affected by high prices, there is a need for a great effort for everybody to work together and beat inflation. This challenge is not for the government alone. It includes the private sector, media, and common people. We all know that this condition is temporary and everything will come to pass. Its all a matter of cooperation and we can all survive just like what we did in the past crises.



Keep a record of your spendings
Tracking your expenses by keeping a record and listing down your purchases. It will allow you to determine your average spendings. You can compare them and find out which will be your basis of a monthly allowance. Check out which month you spent the least and make it a reference for your preceding monthly budget plan.


Have a contingency budget of at least 10% every payday

Set aside at least 10%  from your monthly take-home pay for emergency purposes. Financial emergencies are inevitable and it is important that we are ready.

 Watch your lifestyle
We often hear that we should not spend more than what we earn. Buying things that you need must be a priority over the things that you want.


Exercise frugality
Saving for the future benefit none other than yourself. The money you save today could save your life in the future. Everyone will come to their retirement but some of them will not retire well. Spending your money like there will be no tomorrow will render you broke on your retirement. As the inflation rate soar, buy only where you can save a lot like on sale items.


Keep your spending on needs only
Shopping for things you want but you don't really need could make the effect of the high inflation even worse. Allocate your spending on the basic things you need at least for the moment.

Look for extra income
Even if you have a pretty decent take-home pay, having a side hustle will be a great help during this time where the prices of almost everything are rising. Having an extra income could help you beat the effects of the high inflation rate.

Invest
The best way to save is not by putting your money in the bank but to find a profitable investment to make your money grow. Over the years, with the right investments, your money will grow rapidly compared with just putting it into a savings deposit. However, be careful where you invest. Make sure you are putting your hard-earned money to legitimate investments.

Filed under the category of high inflation rate, India, Malaysia, Thailand, Indonesia, OFW, mortgages, transportation, Recruitment, migration. 
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Read More:
As a move to urge Filipinos and foreign businessmen to engage in doing business in the country, President Rodrigo Duterte signed the Ease of Doing Business and Efficient Government Service Delivery Act into law in May 2018. This new law sets a deadline for the government to quickly act on business applications, about three to five days for simple processes and seven to 10 days for complex ones. Even before the effectivity of this new law, the government had already been doing its part to make business registration for prospective entrepreneurs easier by making some application processes online. As a move to urge Filipinos and foreign businessmen to engage in doing business in the country, President Rodrigo Duterte signed the Ease of Doing Business and Efficient Government Service Delivery Act into law in May 2018. This new law sets a deadline for the government to quickly act on business applications, about three to five days for simple processes and seven to 10 days for complex ones. Even before the effectivity of this new law, the government had already been doing its part to make business registration for prospective entrepreneurs easier by making some application processes online. Ads Sponsored Links The Department of Trade and Industry (DTI)’s business name registration for single proprietors is among the first processes to become digitized. The Philippine Business Registry (PBR), DTI’s business name registration system, has been made more accessible for single business owners since 2012. A prospective entrepreneur is not anymore required to visit DTI offices to secure a Certificate of Business Registration. With the PBR website, the certificate can even be printed in the comfort of their own home. Here are the steps you have to take to secure that certificate. Check the availability of a business name Before starting the registration process, it helps to check if the business name you have in mind is still available to use. At the PBR, one can easily type in the prospective business name and it will check the database if there are enterprises already using that trade name. A word of advice: don’t just try to check the business name you are aiming for once. Try to modify your search to save time later on. For example, if you are thinking of putting up a business called “Juan dela Cruz Services,” modify your search and break down every part of the business name from just “Juan dela” to “Cruz Services.” Some business names just differ in spacing or spelling. The DTI also reminds applicants to ensure that the business name isn’t similar to an existing trade name or trademark, such as “Anne Dok’s Lechon,” “Jolibee” and "Starbax Café.” On the other hand, names that are too generic, such as “The Coffee Shop” for your café, aren’t permissible, too. Business owners also can’t use the abbreviation of a government agency or international organization. Business name registration Once you’ve verified that your prospective business name is still available for use, you can proceed to the business name application. Once in the page, you will be required to choose the geographic scope of the enterprise: national, regional, city or town, and barangay. If you are keen on operating a business that will reach clients in different parts of the country—for example, an online shop—then it’s best to register your scope as nationwide. The fees will vary depending on the scope, ranging from Php200 to Php2,000. Afterward, the business owner’s personal info will be required. You will only have to submit some basic details such as tax identification number, residence address and mobile number. By this time, you’re done with the most tedious part of the online registration process. You may now choose whether to pay cash through either a local DTI office or Go Negosyo Center, or via an online payments system. The PBR only accepts two kinds of online payments: Bancnet and GCash. If you have an online account with any bank, then paying through Bancnet is advisable. Otherwise, a GCash account may be needed to complete the transaction. You also have the option whether to pick up your business certificate from a local DTI office or have it printed yourself. Once the payment is complete, a message will be sent to your e-mail on how you will retrieve the certificate based on the method you selected. Most likely, the whole process will only require 15 to 30 minutes of your time. Filed under the category of Filipinos, foreign businessmen, President Rodrigo Duterte, Ease of Doing Business and Efficient Government Service Delivery Act, business registration, entrepreneurs, application processes online Ads Sponsored Links The Department of Trade and Industry (DTI)’s business name registration for single proprietors is among the first processes to become digitized. The Philippine Business Registry (PBR), DTI’s business name registration system, has been made more accessible for single business owners since 2012. A prospective entrepreneur is not anymore required to visit DTI offices to secure a Certificate of Business Registration. With the PBR website, the certificate can even be printed in the comfort of their own home. Here are the steps you have to take to secure that certificate. Check the availability of a business name Before starting the registration process, it helps to check if the business name you have in mind is still available to use. At the PBR, one can easily type in the prospective business name and it will check the database if there are enterprises already using that trade name. A word of advice: don’t just try to check the business name you are aiming for once. Try to modify your search to save time later on. For example, if you are thinking of putting up a business called “Juan dela Cruz Services,” modify your search and break down every part of the business name from just “Juan dela” to “Cruz Services.” Some business names just differ in spacing or spelling. The DTI also reminds applicants to ensure that the business name isn’t similar to an existing trade name or trademark, such as “Anne Dok’s Lechon,” “Jolibee” and "Starbax Café.” On the other hand, names that are too generic, such as “The Coffee Shop” for your café, aren’t permissible, too. Business owners also can’t use the abbreviation of a government agency or international organization. Business name registration Once you’ve verified that your prospective business name is still available for use, you can proceed to the business name application. Once in the page, you will be required to choose the geographic scope of the enterprise: national, regional, city or town, and barangay. If you are keen on operating a business that will reach clients in different parts of the country—for example, an online shop—then it’s best to register your scope as nationwide. The fees will vary depending on the scope, ranging from Php200 to Php2,000. Afterward, the business owner’s personal info will be required. You will only have to submit some basic details such as tax identification number, residence address and mobile number. By this time, you’re done with the most tedious part of the online registration process. You may now choose whether to pay cash through either a local DTI office or Go Negosyo Center, or via an online payments system. The PBR only accepts two kinds of online payments: Bancnet and GCash. If you have an online account with any bank, then paying through Bancnet is advisable. Otherwise, a GCash account may be needed to complete the transaction. You also have the option whether to pick up your business certificate from a local DTI office or have it printed yourself. Once the payment is complete, a message will be sent to your e-mail on how you will retrieve the certificate based on the method you selected. Most likely, the whole process will only require 15 to 30 minutes of your time. Filed under the category of Filipinos, foreign businessmen, President Rodrigo Duterte, Ease of Doing Business and Efficient Government Service Delivery Act, business registration, entrepreneurs, application processes online Ads Update: The DTI online business registration is temporarily suspended due to systems upgrade and will notify the public when it is ready. The business owners are advised to proceed to the nearest DTI offices near your area. To download the application form for business registration, you may visit the DTI official website.
The Social Security System (SSS) has announced the new batch of loan condonation program or the loan restructuring program (LRP) whereas the members with delinquent status in paying their previous loan in a period of more than 6 months will be allowed to settle their accounts without paying any penalty. Overseas Filipino workers (OFWs) in the United Arab Emirates (UAE)who currently has current unpaid loans are urged to apply for the LRP until October 1. Ads Sponsored Links SSS continues to encourage its members, including OFWs, to apply for loan restructuring program with penalty condonation especially OFWs who have short-term member loans including calamity, salary, educational, and emergency loans. Under the program, members will no longer pay the additional penalties for the unsettled loans. Members only need to pay for the annual interest alongside the principal loan. Payments can be done in whole or on a monthly basis as long as the payment terms will not exceed 5 years. OFWs can apply for LRP in two ways: 1. If you are currently in the UAE, you can visit the SSS office located at the Philippine Consulate in Dubai and the Philippine Embassy in Abu Dhabi. 2. OFWs can also delegate their application to their authorized representative. Give them an authorization letter to process the application through the SSS office in the Philippines. You can download the application form at the SSS official website. Ads Filed under the category of Social Security System , SSS, loan restructuring program, loan condonation program, Overseas Filipino workers, United Arab Emirates , loans
Being considered as modern-day heroes, government offices, as well as some private establishment, give different perks and privileges to overseas Filipino workers (OFW). Aside from the sacrifices they had to go through just to earn better by working abroad, OFWs are the breadwinners of their families back home and the major contributor to keep the Philippine economy afloat by sending their remittances. they deserve to be rewarded by these kinds of privileges. Ads Sponsored Links Exemption on Fees It’s all because of the Overseas Employment Certificate or OEC. Being an OFW, specifically, a legitimate one means you will be exempted from various fees like airport terminal fee, travel tax, and documentary stamp tax. Tax-Free Shopping at Duty-Free If you want to do some additional shopping before heading home, then the Duty-Free Philippines can be your partner. You can enjoy tax-free shopping within 15 days from the time you arrived so you can give pasalubong to your family, relatives, and friends. Housing Loan from SSS or PAG-IBIG Are you thinking of buying a house or giving your existing home a much-needed renovation? SSS or PAG-IBIG can help you on this since they offer housing facilities at lower rates compared to banks and other lending institutions. SSS offers Direct Housing Facility Loan for OFWs where you can loan for as much as P2 million and payable up to 15 years maximum. On the other hand, PAG-IBIG also offers a housing loan facility for OFWs where you can borrow as much as P6 million. Free Language Courses at TESDA Yes, you read that right. TESDA Language Skills Institute offers free language training for Spanish, English, Japanese, Mandarin, and Arabic to help Filipinos become more equipped in terms of language. This will come in handy when you are headed to any of the countries that speak any of these languages as well as an advantage on your part as OFW. If you plan to enroll, then make sure you register early because slots are limited. Nonetheless, OFWs are given priority, but it’s best to reserve your slot early. You can check TESDA website for further details about this program. OWWA Benefits The Overseas Workers Welfare Administration or OWWA is the agency that protects and promotes the welfare of OFWs and their dependents. In line with this, several benefits are being offered by the agency such as onsite assistance, livelihood trainings, education assistance for dependents, counseling, and legal assistance among others. DFA Courtesy Lanes With the recent opening of passport renewal slots (86,889 New Slots in September!), you can now apply for your passport related concern without hassle. OFWs are given access to DFA Courtesy Lanes. You don’t need to even schedule an appointment online. No OFWs will miss a job just because of delays in Passport Application. How good is that? Low interest loans There are loan programs from the banks that are tailored for OFWs and they are giving it for very low-interest rates and flexible tenures. Flexible Investment scheme from SSS SSS provides a program they called SSS Flexi-fund where OFWs can invest their excess contributions to earn dividends and they can withdraw it anytime they wish or when they finally decided to stay home for good. Ads Filed under the category of modern-day heroes, overseas Filipino workers, working abroad, OFW remittances
Food, shelter, and clothing are the basic necessities of human lives. We can choose our lifestyle whatever we want like living in a simple yet safe home and wearing modest low-end clothing to save but the rising cost of food is a serious matter and we need to do something about it. Imagine that you are earning just enough to pay your bills, mortgages and other household expenses and your company seldom give you a raise in your salary. Even the families of overseas Filipino workers (OFW) are finding it difficult to budget the remittances they receive due to inflation. Everything has increased its prices and you need to catch up. Ads Sponsored Links Here are some practical tips to save money on food items. Make A Shopping List And Stick to It Planning your meals for the week and carefully selecting specific ingredients to buy can save a lot out of your food budget. With the list on hand, purchase only the items you need to buy and avoid impulse buys. Eat Before You Shop When you are hungry and you walk into a building full of food, it is more likely that you are going to grab unnecessary and expensive items that appeal more to your palate than your pocket. It is highly advised that you eat first and shop. Avoid Fastfoods Ready-made meals are easy to buy but come with a cost. Instead of eating in fast food or restaurant, buy the ingredients and do it at home preparing the meal yourself. It could save you a lot and still keep the leftovers for the next meal. Do Not bring Your Kids While Shopping Every extra minute that you spend in the store increases the chances of you buying more and this includes toys and snacks meant to keep the kids behave while you try to focus on your hunt for a good bargain. Do not bring your kids with you while shopping to save time and money. Buy in Bulk Buying in bigger packaging can save you a lot. You can usually find great deals in buying a larger packaging. However, pay attention to your spending habits and consider your storage capacity. Use Store Reward Cards And Coupons Coupons provide an easy way to save money. There is no harm in clipping them and using them in purchasing foods, helping you save on your food shopping cost. Buy locally produced foods Locally grown or produced food is cheaper because you don't pay for long transportation costs. You also help local farmers and food producers meet their daily needs as well. Compare Store Prices; Grab the cheapest Have an assessment of which stores offers lower prices for particular food items and buy it from them. Some grocery stores have special prices for a specific item and they are not often applicable to other stores. Be aware of the price tags and grab it where it cost the lowest. Look Down at the lower shelf Most expensive items are usually displayed at eye-level. To find less expensive items, look down. Avoid the Checkout Temptations Beware of the displays placed at the end of each aisle. They often feature premium brands and they are placed there for a purpose. Shop for Sales Pay attention to sales on necessity items and stock up on non-perishables and freezer goods. Be mindful of the expiration date because most of the sale items are often near expiration dates. Ads Shop Infrequently Reducing the number of trips that you make to the store each week or month reduces the chances of unnecessary purchases and minimizes the amount of transportation cost spent getting there. Pay in Cash Avoid using your credit card in purchasing food. If you don't pay off the card in full each month, you pay interest on the purchase. To avoid paying the extra cost, use cash when you shop. Check Your Bill Electronic scanners make the shopping experience faster and more convenient, however, scanners aren't foolproof. Take a look at the receipt to make sure your coupons and discounts were accurate. In addition to this, try planting edible plants and vegetables and use it to save on your next food purchase. Having an organic vegetable garden in your yard lets you eat your favorite veggise for free.
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