All Articles With Category : Personal Finance

The latest and the best financial news, tips and tricks.

BPI Launches Auto-Debit Facility for PEZA Locators

According to Ms. Bess J. Basa, Vice President of the Bank of the Philippines Islands (BPI) and Head of the Transaction Banking Division, BPI is the first bank to offer the Auto-Debit Arrangement (ADA) for PEZA locators. Table of ContentsWhat is PEZA?What Are the Benefits of ADA?Will Be Available Soon What is PEZA? The Philippine Economic Zone Authority (PEZA) is the government agency entrusted with responsibilities to promote investments, provide assistance and incentives, as well as facilitate the business operations of investors within the selected areas throughout the country (ecozones). As an investment promotion agency, PEZA ensures that foreign investors who intend to establish their operations in the country will have available and suitable locations in the economic zones. The investors within the economic zones can gain advantages of the incentives offered by PEZA. For the developers of the economic zones which include Industrial Estates, Export Processing Zones, I.T. Parks and I.T. Buildings as well as Locator Companies such as export enterprises and I.T. companies, they can enjoy the privileges such as exemptions from Corporate Income Tax for 4 years, permanent resident status for foreign investors and immediate family members as well as other incentives under the Executive Order No. 226. What Are the Benefits of ADA? The current method of settling bills with PEZA is time-consuming and susceptible to human errors. This is because the locators initially have to process the billings which are generated by PEZA as well as their respective payments manually, then prepare and send physical checks to PEZA. Besides, they have to line up at…

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BPI Direct Save-Up Account: Why You Should Start Saving Today

This article was updated on September 30, 2019. Life is full of uncertainties. You just never know what’s going to happen next and when the unexpected happens, your wallet should be ready to shoulder any expenses. That’s why every responsible adult tells you to set aside some money and build up your savings. Luckily, saving has never been this easy, thanks to the BPI Direct Save-Up program[1]. Offered by BPI Direct Savings Bank[2], this savings program automatically sets aside a certain amount from your BPI savings account. You can also deposit to your Save-Up account directly if you have extra cash lying around. Aside from that nifty feature, here are some compelling reasons why you should open a BPI Save-Up account. Table of ContentsBPI Direct Save-Up Account FeaturesAutomatic SavingsFree BPI-Philam Life InsuranceZero Initial DepositNo ATM CardKeep the Information CardHow to Open a BPI Direct Save-Up AccountFinal Thoughts BPI Direct Save-Up Account Features Automatic Savings   One of BPI Direct Save-Up’s main selling points is the automatic savings feature. They figured that if you remove yourself from the savings process, you’ll be able to earn more. Because let’s face it, we sometimes lack the willpower to deposit money into our savings account. So to curb your urge to spend, let your BPI Save-Up account do the saving for you. Worry not, because you can customize the way your account automates your savings. You can either set your automatic debit on the day or the day after your paycheck comes in. You can also set the amount you want to automatically save….

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How to Open a Kid’s Savings Account?

A journey of a thousand miles starts with the first step. The first step is ultimately important to steer your kids toward a bright and sound financial future. This could be done by opening a kid’s savings account for them. What are the criteria that you shouldn’t overlook so that you can ensure the safety of your child at home and the safety of their money in the bank? Table of ContentsCriteria For A Kid’s Saving Account1. Proximity to the bank2. Interest rate3. Types of bank saving accountsSTATEMENT ACCOUNT PASSBOOK ACCOUNTS4. Banking / Service Fees5. Required Documents Criteria For A Kid’s Saving Account 1. Proximity to the bank The idea of driving for several hours whenever your kids require a visit to the bank wouldn’t be an appealing for you. It is smart to ensure finding a bank in your neighborhood or at a location that’s convenient for you. 2. Interest rate In order to get your kids the best savings account, pay close attention to the following: The annual interest rate Whether it is a tax-free savings account Minimum monthly ADB requirement Minimum maintaining balance to earn interest. 3. Types of bank saving accounts STATEMENT ACCOUNT Your child will get a monthly report of the account such as the deposits and withdrawal that have been done, the interest that has been credited as well as any banking service fees.  PASSBOOK ACCOUNTS Your child will get a little booklet that every transaction such as deposit and withdrawal will be posted into. 4. Banking / Service Fees Don’t ever let any statement regarding the banking or service fees slip through your fingers. Otherwise, you…

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The UCPB Kiddie Max Savings Account

Money doesn’t fall from the sky, it doesn’t grow from trees, nor will it accumulate by just sitting in a piggy bank. If you want to educate your kid on the concept of money and how it works in real-life, you might want to consider putting money in a real bank. Table of ContentsThe Real Piggy BankUCPB’s Kiddie Max Savings AccountZero Maintaining Fees The Real Piggy Bank It is highly valuable to introduce your kids to the world of finance and banking. To ensure that their curiosity and interest towards money management remains strong, providing them with a simple, reliable – and most importantly: no-frills – kids savings account can be of great help. One product to look into is the UCPB kiddie max savings account. UCPB’s Kiddie Max Savings Account UCPB’s Kiddie Max Savings Account, the latest savings product offered by United Coconut Planters Bank (UCPB), is one of the most convenient and kid-friendly savings accounts in the market today. Age: 0-18 years old Min. Initial Deposit: 500.00 pesos Min. Balance: 500.00 pesos Annual Interest rate: 0.25% (Minimum ADB to earn interest is 10,000 peso) Monthly Maintaining Balance: None Account holders and their parents / guardians will be able to manage their funds and monitor their transactions with their own passbook or an ATM card. At the same time, parents/guardians could transfer fund from their own UCPB account by phone banking or via online. Zero Maintaining Fees Many banks charge fees for certain behaviors that customers don’t realize are actually costing them money. However, one of the most attractive attributes…

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The BDO Easy Investment Plan (EIP)

A continuous saving habit is a stepping stone for us to attain our financial goals. However, saving is not the only option when it comes to making our money grow: investment is also something you could go for. While it’s riskier than saving money, investing could bring great rewards. Have a look at what BDO has to offer for prospective investors. Table of ContentsWhat is the BDO Easy Investment Plan?The BDO Deposit AccountThe Spin-Off Amount What is the BDO Easy Investment Plan? Banco de Oro (BDO) is a full-service universal bank in the Philippines. It is a recipient of multiple awards from various local and international award-giving bodies for institutional as well as product excellence. Through its Trust and Investments Group, BDO launched an investment scheme, the BDO Easy Investment Plan (EIP). The EIP makes saving and investing automatic through its auto-debit facility. The investor can save time from making physical trips to the banks to make periodic investments as the BDO EIP account will be funded automatically through regular intervals from his own BDO deposit account. It’s up to the investor to decide the intervals for his periodic investment, whether it is once a month at the 5th, 10th, 15th, 20th, 25th or 30th, or else, twice in a month on the 5th & 20th, 10th & 25th, or 15th & 30th. The BDO Deposit Account When filling out the EIP application form, the investor can declare his own settlement account using any Savings, Checking or Payroll account that is maintained with any BDO branch. On the other hand, he…

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