All Articles With Author : Luis Tan

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

MoneyMax.ph Valentine’s Blogging Challenge! WIN P5,000

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Pinoy Money IQ Test | MoneyMax.ph

Know how good you are in terms of money matters and have fun answering our Pinoy Money IQ Test. By answering our test you can get a chance to win a MoneyMax.ph tumbler. Join now! Loading…

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Congratulations to the Winners of P2,500 Worth of Merchandise

MoneyMax.ph would like to congratulate the five (5) winners of our video challenge! We will be giving away P2,500 worth of merchandise to be shared equally, so each winner will receive P500 worth of merchandise. MoneyMax.ph would also like to thank all the participants and for those who didn’t make it, don’t worry, we have a lot of exciting promos coming soon!

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List of Public Holidays in the Philippines for 2018

Public holidays are the best time to travel, unwind, and reward yourself for your hard work and all the stress in your professional and personal life. It is also the best time to bond with your family, loved ones, and friends. In the Philippines, there are two types of holidays: regular holidays and special (non-working) holidays. Regular holidays are those that usually have a fixed date such as New Year’s Day, Independence Day, and Christmas Day. On the other hand, Special Holidays are more flexible. Apart from being enacted by Congress, they can also be declared by the President. Related: Holiday Money Mistakes You Should Avoid So there you go, the 2018 Philippine holidays. When planning your itinerary, always remember that the earlier you plan, the better. Planning your vacation ahead can also help you save money since the earlier you book your flights, the cheaper they can be. Good news, because for 2018, there are a lot of public holidays to watch for.

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Announced: Winner of Pinoy Money Myths Challenge

MoneyMax.ph, the country’s most comprehensive financial comparison platform decided to challenge the netizens. The challenge was called ‘The Pinoy Money Myths Challenge!’ and was launched last October 06, 2017 and ended on October 20, 2017. In a matter of two weeks, our contest garnered 776 likes and reactions, 874 shares, and 939 comments in total! So thank you for your overwhelming response! Once the contest ended, our team came together to judge the entries and pick the best money myth. The criteria were – 1) Cultural relevance 2) Uniqueness. Based on these two factors, the team shortlisted 8 best entries. It was a tough decision and we had a lot of debate, but finally, we have a winner – The winner is Mr. Christopher Medallo. Christopher – MoneyMax.ph would like to congratulate you for winning the 5000 peso Pinoy Money Myths challenge! Here is Mr. Medallo’s entry: ‘We Filipinos always believe in myths and superstitions. Some make sense, while most are just weird and those that involve money are definitely the ones we usually practice. With that, here are just some of my very own money myths. When full moon comes, I always put three five peso coins in my left pocket because I believe that full moon symbolizes coins and it attracts good luck and since many Filipinos believe that left hand should be used to receive payment, I use my left pocket to keep my coins. I adopted seven cats and I always gave them food because my late grandmother told me that pets were also praying to God to bless their boss…

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Hottest Halloween Parties in Metro Manila

Halloween is one of the most awaited seasons in the Philippines. Do you remember the waiting for ‘Magandang Gabi Bayan Halloween Special’ by Noli de Castro? Halloween parties in the country start typically few days before all souls day or end of October. What makes Halloween parties exciting is its festive of spookiest costumes and different themes from superheroes, Disney to spookiest haunted themes. We, Filipinos love to dress up and this is probably one of the main reasons why are we excited about Halloween season. Who’s not excited to wear those creative DIY costumes? MoneyMax.ph, the country’s most comprehensive comparison platform compiled the most exciting Halloween parties for our loyal readers out there! Party for families DreamPlay Spookfest When: October 28 to November 1, 2017 | 11 am – 4 pm Where: Dreamplay, Parañaque, Metro Manila What: DreamWorks Halloween movie at DreamTheatre, Spookfest shirt & bag, Shrek or Treat, Pumpkin Hunt, Photo with Shrek, Pumpkin cookies at Gingy’s Kitchen Fee: Php 1,500 per person Enchanted Forest When: October 29, 2017 | 1 PM – 6 PM Where: Isla Grand Ballroom, EDSA Shangri-la Hotel What: Trick or Treat and much more Fee: Php 2,200 net/person Heroes and Villains[1] When: October 28, 2017 Where: Crimson Hotel What: Costume party and trick or treat Fee: Inquire at  863-2222 local 1205 or cfcmevents@crimsonhotel.com Party for Yuppies Space Odyssey[2] When: October 31, 2016 (Monday) Where: The Palace Pool Club, 9th Ave cor 36th Street, Uptown Bonifacio, Taguig, Metro Manila What: Nightclub and Party, Costume competition, Drinks and giveaways Fee: You only need to book your reservation at poolclub@thepalacemanila.com Taste of the Halloween[3] When: October 29, 2016 (Saturday; 4:00…

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Should I Pay Cash Upfront or Pay in Instalments?

We have a lot of expenses in life but of course, we have a limited amount of money. We have a never-ending electric and water bill, loan repayments etc. But at the same time, we often have two options for paying for our purchases –  instalments or lump sum cash purchase. Question is, how should we decide as to which is the best payment option? There are many factors that play a role in determining the best payment option. This article will give you an idea on which payment option is the best for you and get the most out of your hard-earned money. 1. Emergency Fund Do you have an emergency fund? An emergency fund of about 3-6 months of expenses should be readily available to you. This helps in cases of emergencies like illness, accidents or even loss of a job. By having an emergency fund, you will have a sense of security to yourself and your loved ones. We cannot predict what’s going to happen in future. If you are buying a big-ticket item like a laptop or foreign travel, you should not dip into your emergency fund. It might make better sense to finance the purchase.  It is not a great idea to get a loan and blow up existing cash on other frivolous expenses. Instead, utilize the money you have saved via investing. Related Article: 5 Steps to Build Your Emergency Fund 2. Reasonable or no extra cost in paying in instalments Always check out the terms and conditions of the instalment payments. In some cases,…

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How many hours Filipinos need to work to afford iPhone X?

Having a mobile phone 20 years ago was not a necessity. People who had mobile phones back then were mostly businessmen and executives. Earlier, mobile phones were only being used as means for communication i.e. for calls and SMS. However, due to ever-changing and fast-paced technological advancements, owning a mobile phone nowadays is an essential part of our daily lives. Thanks to the birth of the smartphones such as the iPhone. Now, using your phone, you can book a flight, play offline and online games, read an e-book, shop online, sell your items, send money through mobile banking or even compare products. You can do so much with your smartphone! One of the hottest and in-the-news smartphones in the mobile market today is the iPhone X. As expected, it’s very expensive, and therefore the question is –  is it worth buying it? Let the numbers do the talking by simply computing how many hours you have to work before you can purchase that precious iPhone X[1]. Based on 2017 Jobstreet Annual Report[2] and the cost of iPhone X in the Philippines which is Php 50,949, you can see how much employees in different industries of the Philippines, have to work to earn an iPhone. If you are in an entry-level position, you have to spend around 231 to 352 hours of work for you to avail the Apple’s iPhone X. IT-related jobs have the highest average income per hour thus, requiring a fewer number of work hours to avail the precious mobile phone. That should be a good news for fresh IT graduates out there. For…

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Know About These Young Self-Made Pinoy Billionaires!

Building wealth requires time, patience, hard work and strong will. Some are lucky to born in a rich family but some great Filipinos have made themselves millionaires with their own hard work. Most of the Philippines’ richest persons are over 50 years old but in this article, we will be discussing those who made themselves a billionaire before they reached 50’s. Edgar “Injap” Sia II View this post on Instagram Edgar "Injap" Sia II is the youngest Filipino billionaire at 39, with P18.1 billion net worth in 2015, Forbes reported. His brainchild, Mang Inasal, which started as a small joint in Iloilo City in 2003, has since been acquired by Jollibee Food Corporations for P2 billion in April this year. Sia is now focusing on his real estate company, DoubleDragon Properties Corporation, which has been building city offices and community malls. Read his inspiring story here: http://www.entrepreneur.com.ph/run-and-grow/injap-sia-doubledragon-properties-a00033-20160402 A post shared by Entrepreneur Philippines (@entrepreneurph) on May 13, 2016 at 5:58am PDT Age: 40 years old Net worth: $820 million He runs one of the most successful young businesses in the Philippines that is a trailblazer in the fast-food industry sector.“Injap” was born in Iloilo City in 1977 and grew up in Roxas City. He was nicknamed, “Injap”, a portmanteau of “Intsik” or Tagalog term for Chinese and “Japanese”; as his father, Edgar Sr., is half Chinese, while his mother, Paz, is half Japanese. He was studying architecture but dropped out to start a small business in their province. He reinvented the fast food industry by founding one of the most…

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Pera 101 Episode III: Growing your Savings

Episode III of Pera 101 describes how to manage properly your savings and ways how to beat inflation. Hosted by Aya Laraya, one of the country’s top financial advocate, Pera 101 is brought to you by MoneyMax.ph

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2017 Best Credit Cards in the Philippines | Updated September 2017

There comes a point in every twenty-something’s life when they feel the need for having a credit card. Maybe it’s for charging expenses of an upcoming business trip or for the convenience of transacting online. Getting the credit card being offered with pre-approval at a kiosk in a mall might seem like a tempting choice, that may not be the best credit card for you. Hence we recommend you thoroughly research and compare different cards before committing yourself to one. It’s important to remember that a credit card is not access to free money, but a responsibility to be managed. Anyone looking to get a credit card should consider the following: A low annual percentage rate. Additional benefits. A rewards program specific to one’s needs. A large number of credit cards fall under these categories, especially given that some of these cards will also waive their annual fee for a year. Credit cards for those who have never had one can become ways by which one establishes a credit history, which is very critical for accessing other financial products in future such as personal loans later. Given a number of options available, it would be best to narrow down one’s choices. Here are six of the best credit cards that provide the best perks for twenty-somethings:  The Best Credit Cards for Twenty-Somethings Category Credit Card Why It’s Great Best Credit Cards for Twenty-Somethings Fully Booked-RCBC Bankard Mastercard Get additional savings of as much as 10% rebate at Fully Booked stores Special Buys/Private Sale Events Access to MasterCard’s rewards catalog Best perk: Book-loving twentysomethings get…

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WATCH: Pera 101 Episode II: 2 Effective Ways to Save Money

  The episode II of Pera 101 seeks to educate Filipinos about ways of saving money. Aya Laraya, the official host of Pera 101 give some personal tips for Pinoys on how to properly save money using 2 methods. Aya described the advantages and disadvantages among the 2 methods. Compare car insurance, credit cards, and loans. Check our products to know more.

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5 Ways to Get Your Money Back From Friends

It is a frustrating fact that Filipinos have the wrong concept of debt or utang. It is a common norm for Filipinos not to pay their debt from their family and friends. When Filipinos are short in cash, the first thing that pops in their mind is to borrow money. In fact, Manila Times cited that high levels of personal debt (excluding mortgages) are overshadowing Filipinos’ increasing financial discipline. But if you are the lender, it can be awkward to ask your friends to return money they borrowed. Oftentimes, Filipinos avoid to ask for their money back because they are afraid to destroy their relationship with their friends and relatives. Some people are also not aware that  government institutions like Pag-IBIG and SSS offer various salary loans, helping more Filipinos financially. In this article, we will discuss the most effective ways to ask for your hard-earned money without affecting a relationship. 1. Remind them politely Make use of polite words when you are reminding someone about their debt.  Simply ask if they recall their debt and ask humbly when they can pay it back. Instead of using SMS or chat, call or talk to them in person so you can express your politeness. 2. Ask for an update  People borrow money for a purpose and they usually communicate this ahead of time. Remember the purpose of that person. If the money borrowed, for example, was used to pay tuition, ask that person who owes you how school is. This will help them remember their debt as you begin such conversation. 3. Ask them to help you If it’s a small amount of…

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Requirements You Need to Prepare to Secure a Personal Loan

A personal loan has higher interest rates than secured loans like a home-equity loan, but the advantage of it is you are not required to put up any collateral to ensure repayment. Collateral means something of value, like a home or car that the lender can repossess if you don’t repay the account as agreed. Personal loans are backed only by your promise to repay, and for this reason, they are also known as “signature loans” or “unsecured loans.” Most of the banks here in the Philippines have a minimum annual salary and age requirement. Your minimum annual basic salary should be slightly higher than the minimum wage amounting to PhP180,000.00 or a basic monthly salary of PhP15,000. You must be 21 years of age and not older than 65 at the time of your application. The foregoing are the most common requirements for personal loans. Nevertheless, banks and money-lending institutions’ requirements may vary. If you are not employed and have your own business, you are still eligible to apply for a personal loan. You may contact BIR and ask for your latest ITR. Submit the required IDs. Usually, banks and money-lending institutions require government issued IDs for self-employed applicants. Final Thoughts When you apply for a personal loan, you should not think that it’s hard to apply for it. You will just simply need to prepare various documents. Your credit history will be the solid proof of your repayment behavior and ethics. An outstanding credit history will give you nothing but glory even if you think you are not getting a loan now…

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2 Simple Steps to Find the Best Credit Card for You

With tons of credit cards now offered by different banks in the Philippines, it is so confusing to decide which credit card is the best choice for you. However, you do not need to be impulsive and just avail a random credit card. Aim for the best credit card experience and make the most out of it by making the right choice. Here are the 2 simple steps to find which credit card you will choose: Step #1: Identify your needs and preferences Credit cards are made based on type of consumers. Banks based it on: spending behavior and reward preferences. Thus, you have identify firstly what is your spending behavior. Here are the types of credit cards based from consumers’ spending behavior: Travel – This credit card serves as your buddy to your travel trips. It offers great perks from airline tickets to hotel deals. If you are a frequent traveler. This credit card will offer the best credit card experience for you. Shopping – Banks do partnerships with shopping malls to offer the best shopping experience from your credit card. You just need to find which is your favorite shopping mall and know which banks are tie up with them. If you love shopping, choose this credit card and get instant discounts, rebates and freebies every time you go shopping. Gas – If you spend that much for gasoline because you use your car everyday at work and for your travel trips, this type of credit card will be the best option for you. The more you spend…

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Habits To Help You Build A Fortune On A Small Salary

Many of us assume that if you have a small or average salary, you cannot build a wealth out of it. Nevertheless, have you hear about ‘it’s not how much you earn but it’s how much you save? Imagine two employees, one with high income and the other with an average income. The employee with high income spends all of their paychecks quickly, while the other employee saves at least 30% of their salary. At the end of the year, who do you think has more savings? Live ‘secretly rich’ Some people want to show off their material possessions. It’s a mix of lifestyle inflation and trying to keep up with unrealistic societal standards. Instead, focus on your own lifestyle, and let go of the need to satisfy others. Think of it this way: even if other people look wealthy, they might be drowning in debt. You, on the other hand, live a frugal life and keep most of your money saved up for the future. Think of it like you’re living “secretly rich”. Set a saving goal higher than 20% If you ask personal finance experts on what is the ideal percentage of savings to what you are earning, their common answer is 20%. This is the set standard and can be considered as balance. Nevertheless, if you want to save more than usual people do, save higher than 20% and boost your savings in no time. Multiply your savings We all know that banks offer very low interest rates on savings accounts. Aside from this, another enemy of your savings is inflation….

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5 Wise and Inspiring Money Quotes from Billionaires

The best way to learn and be successful is to benchmark the traits and attitude of most successful people. With that in mind, our team collected some of the best quotes from billionaire to keep you inspired and learn something new you can use to be more successful in terms of personal finance. Warren Buffett Warren Buffett an American business magnate, investor, and philanthropist. He is considered by some to be one of the most successful investors in the world, and as of March 2017 is the second wealthiest person in the United States, and the fourth wealthiest in the world, with a total net worth of $73.3 billion. Oprah Winfrey Orpah Gail Winfrey, better known as Oprah Winfrey is an American media proprietor, talk show host, actress, producer, and philanthropist. She is best known for her talk show The Oprah Winfrey Show, which was the highest-rated television program of its kind in history and was nationally syndicated from 1986 to 2011 in Chicago, Illinois. Related: 8 Business You Can Start With Php 50,000 or less Mark Cuban Mark Cuban is an American businessman, investor, author, television personality, and philanthropist. He is the owner of the NBA’s Dallas Mavericks, co-owner of 2929 Entertainment and chairman of the AXS TV. Henry Sy Henry Sy is a Chinese-Filipino business magnate, investor, and philanthropist. He is involved in the industries of real estate, hospitality, banking, mining, education, and healthcare. He is responsible for the establishment of SM Malls, anchored by Shoemart Department Store and Supermarket. Related: 7 Steps to Make Your First Million Pesos Dhirubhai Ambani…

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4 Unique Traits of a Smart Shopper

Smart shoppers are not the usual shoppers you will see in the market who shops around as means to have fun and satisfy their needs and wants. They are the most keen shoppers who enjoy looking for the best deal, price and product  in the market to satisfy their standards. Fundamentally, smart shoppers have 4 unique traits in common: Loves variety Smart shoppers like to collect different product information from different brands before they make a decision or purchase. This let them feel comfortable that they are able to make the right decision especially for expensive major products. Therefore, they never buy on impulse. Seeks for quality but only willing to pay at a reasonable price They have this very strong desire to get the best quality product. They think that most of the time, top brands usually charge unreasonable price. Various smart shoppers puts time to study the product, look for detailed information and also seek other’s feedback. You will sometimes see them at the grocery stores carefully reading the product information of each brands. They will not put a product in their cart unless they read the description. Never afraid to explore Smart shoppers have this consistent eagerness to explore different products in the market. They are not afraid to try something new as long as it meets their expectations and standards. They think that because of competition, brands are producing better and better products in the market. Compare to Save They never miss comparing products before making a final decision. They believe that through comparing, they will…

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