Seller’s Quick Guide to Dropshipping in the Philippines
- By Moneymax
- December 1, 2020
Gone are the days when starting a business means finding a location where you can set up shop or scout for multiple staff members who will man your store. Doing business in this age is possible even if you’re alone and doing it within the confines of your home. All you need are these: an online shop, a strong Internet connection, and a trusty supplier. However, one thing that puts off budding online businesspeople is the product inventory. Ultimately, you will still need to source products from a supplier and find an ample space where you can keep them. You can actually solve such inventory problems when you’re dropshipping. This concept of business has been around for a long time, which proves its profitability. If you want to dip your toes into business, then dropshipping in the Philippines might be ideal for you. Read on to learn the pros and cons and how to become a dropshipper in the Philippines. What is a Dropshipping Business? Usually, online businesses always have products on hand to sell. But that is not the case when it comes to dropshipping. Dropshipping is an order fulfillment method meaning you work as the intermediary between your customer and your supplier of products. How Does Dropshipping in the Philippines Work? First, you set up your online shop and post your products there. Your customers will then place their orders at your shop. After you see your customers’ orders, you will then relay them to your supplier. Your supplier, on the other hand, accepts the orders and delivers…
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Money Market Fund: Is It the Right Investment for You?
- By Moneymax
- November 25, 2020
Are you looking for a short-term investment with higher returns compared to a regular savings account? Money market funds is a good option. It’s perfect for investors who have low to moderate risk tolerance and prefer to keep the liquidity of their funds. In this article, we will talk about what a money market fund is, how it works, and what its pros and cons are. We’ll also quickly run through a list of money market funds that you can check out so you can get investing soon! What is a money market fund? The money market is a segment of the financial market where high-liquidity financial instruments with short term (6-12 months) maturities are traded. A money market fund, on the other hand, is a type of mutual fund that invests in low-risk and short-term debt securities. For this type of fund, maturity is just 6 months to 1 year. It’s considered one of the safest and least risky investment options available because of its high liquidity. What are some money market fund examples? Investors usually use money market funds for low-risk holdings in a portfolio. Funds are invested in highly marketable and short-term debt instruments[1], like government and money market securities (treasury bills, treasury bonds, certificates of deposits, commercial paper, etc.). Read more: Complete Guide to Investing in Mutual Funds in the Philippines Is a money market fund the same as a money market account? Sometimes called a money market deposit account, a money market account pays interest based on current money market interest rates. Money market funds, on…
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7 Smart Investments for Your 13th Month Pay
- By Moneymax
- November 24, 2020
It’s that wonderful time of the year again, and it’s because most employees will receive their 13th month pay and Christmas bonuses in the next few weeks. Better not waste it on luxuries when you can spend it on more important things like real estate properties and small businesses. Want to know where to invest your 13th month pay? Explore these investment options. Where to Invest Your 13th Month Pay Financial Investments Did you know that you don’t necessarily need to work everyday to become richer than you are now? Financial investments like stocks and mutual funds are great sources of passive income, provided that you fund them on a regular basis. With your holiday earnings, you’ll have lots of choices on where to invest your 13th month pay. Mutual Funds and UITFs – You can start slow with opening either both or one of these investments, especially if you’re new to the game. You can start for as low as PHP 1,000 and expect minimal risks. Stock Investments – If you want a more complicated type of investment, try your luck on stocks. It’s a high-risk, high-reward type of investment so make sure you know how the stock market works. Pag-IBIG/SSS Investments – You can also choose to invest your money on government-regulated funds to ensure your money’s growth. You can start for as low as PHP 500. Read More: Investments for Beginners: How to Find the Right Investment for You Business Capital You can also use your 13th month pay to fund your own small business. You’ve probably played with…
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Flood-Prone Areas to Avoid in Metro Manila and Nearby Provinces
- By Moneymax
- November 20, 2020
Rainy season is here and with it comes the hassle of commuting. From June to July—even until November, people will experience more train breakdowns, more traffic jams, and worst of all, heavily-flooded roads. It’s best to avoid flood-prone areas if you don’t want to be stranded on the road hungry and soaking wet. Traffic in Metro Manila is in its worst state when it’s flooding, when it’s a Friday, and when it’s a payday. We all expect it and we prepare for it by leaving work early or by taking alternate roads. Flooding, however, doesn’t only affect traffic. It also affects vehicles–it can damage cars and make it unusable. Avoid such hassle by being a wiser driver and a smarter commuter. Below is a list of flood-prone areas in Metro Manila and nearby provinces: Flood-Prone Areas in Metro Manila Flood-Prone Areas in Caloocan Rizal Avenue ITC Compound near General Luis St. General Pio Villanueva St. to Lapu-Lapu St. Roxas St. to Baltazar St., West Gracepark Sabalo St. to Libis Talisay East Gracepark P. Rizal Extension to San Miguel St. Flood-Prone Areas in Las Piñas Naga Road Quirino Avenue Alabang-Zapote Road Tramo Line to Casimiro-Camella Subdivision and F.Santos Tiongquiao Road to CAA Flood-Prone Areas in Makati Carmona Cembo East Rembo EDSA Pasong Tamo EDSA Estrella Magallanes Tunnel Forbes Park Guadalupe Nuevo Kasilawan La Paz Don Bosco Osmeña Skyway Buendia, South Superhighway Flood-Prone Areas in Malabon Dagat-Dagatan Avenue Extension Dulong Duhat General Luna Gov. Pascual to Maria Clara Letre near University of the East M.H. Del Pilar to San Vicente P. Aquino to Tonsuya Read…
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Flooded Car Problems to Watch Out for in the Rainy Season
- By Moneymax
- November 18, 2020
The rainy season is here again and along with it comes one of the car owner’s worst enemies: flooding. Recent typhoons namely Typhoon Rolly and Typhoon Ulysses damaged hundreds (or maybe even thousands) of vehicles nationwide[1]. With the high level of water, even pick-ups and SUVs were not safe from flooded car problems. Be prepared when flooding strikes. If you live in a flood-prone area, it’s best to evacuate your vehicle to higher ground. However, there’s still a chance that flood may get inside your vehicle. So keep on reading to know what to do with a water flooded car and the problems that may arise from it. What to Do With a Water Flooded Car Floodwater causes a lot of car problems that show up long after the vehicle has been submerged. It can ruin a vehicle’s electrical systems, mechanical systems, and lubricants. Flood-damaged cars are costly to repair, so never risk it—avoid passing through a flooded area. Wait for the floodwater to subside before driving on. But sometimes, cars still get flooded while they’re stuck in traffic or parked in flood-prone areas. When that happens to your ride, inspect it afterward to spot any damage and make it roadworthy again. Here are some tips on what to do with a flooded car. 1. Dry your vehicle You can use a vacuum to dry off the moisture from your vehicle. Towels and fans can also help dry your car’s soaked seats and cushions. Once your flooded vehicle is dry, get it to higher ground. This will make it easier for…
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Handy Guide to Pag-IBIG Calamity Loan Online Application
- By Moneymax
- November 14, 2020
Were you recently affected by a calamity? It can be difficult, especially if you need financial assistance to recover. Fortunately, the Home Development Mutual Fund or more popularly known as the Pag-IBIG Fund offers cash assistance to calamity-stricken members through the Pag-IBIG Calamity Loan. Learn all about this loan program, its deadline, interest rates, and steps to applying online in this guide. What is the Pag-IBIG Calamity Loan? The Pag-IBIG Fund Calamity Loan Program or CLP is a cash loan facility that seeks to assist Pag-IBIG Fund members recently affected by a calamity. Here are the basic features and fees of this loan assistance program: Loan amount: Varies but members can borrow up to 80% of their total Pag-IBIG savings Payment terms: Up to 24 months Once the fund announces that calamity loans are now available, you can apply up until 90 days after the declaration of a state of calamity in your area. Who can avail a Pag-IBIG Calamity Loan? Pag-IBIG members who fulfill the following requirements can apply for a Calamity Loan: Must be a Philippine resident Member must reside in an area under a State of Calamity as declared by the Office of the President or the Local Sanggunian Has paid at least 24 months of membership savings Has paid at least five months of savings in the last six months Must have sufficient proof of income If member has an existing Pag-IBIG Fund loan, payments must be updated. Pag-IBIG Calamity Loan Requirements In addition to the eligibility criteria, you need to submit the following documents when…
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Debt Consolidation: Knowing Its Importance and How It Can Help Your Finances
- By Moneymax
- November 11, 2020
Debts are a fact of life. Many people, from multimillionaires to corporate employees, have it. Financially healthy people even have debts, especially if they’ve bought big-ticket purchases, such as a real estate property or a car. As a financially responsible individual, you know too well that handling your debts properly will reward you with a good credit score. However, some people find it hard to cope with debts mainly because their salary and repaying power are not proportional to the credit that they have borrowed and used. Some may be attending to other important financial obligations. Nevertheless, there is one possible solution that may make repayments much easier and more efficient. Enter debt consolidation. What is debt consolidation? Debt consolidation[1] is a method of simplifying your debts, which is done by bringing multiple debts together and turning them into one payment. This can be carried out in two ways. The first is through debt consolidation loan. The second is through the transfer of existing credit card debt to another credit card. Think of it this way: imagine putting Debt #1, Debt #2, and Debt #3 in one box. That single box will then turn the three debts into a single loan. The said box will issue an invoice that states a fixed amount that you need to pay every month. When you pay that fixed amount monthly, you are actually paying for the three debts you’ve put inside that box until the agreed term ends. When is debt consolidation a good idea? You can view debt consolidation through two lenses,…
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6 Reliable Auto Repair Shops in Metro Manila for Car Repair and Maintenance
- By Moneymax
- November 10, 2020
Car breakdowns are inconvenient but inevitable. If you drive a private vehicle, you know how frustrating it can be to deal with the hassle of taking your car to a service center and shelling out a sizable chunk of cash. That’s why smart car owners maintain their car regularly. Periodic maintenance is less troublesome than a one-time, hard-hitting repair. Typically, you can go to a casa for regular servicing as long as you’re still entitled to a warranty. However, once the warranty period is over, the more practical thing to do is to go to an auto repair shop that offers repair and replacement parts for lower prices. Why is it Important to Know a Good Auto Repair Shop? A good auto repair shop can give you the best car services, providing you some peace of mind. Proper auto repair is particularly important if you’ve been in a road accident. You may need some car parts repaired and replaced, overall decreasing the value of your vehicle. If you do not have car insurance, a car service center can ensure that you can go back safely on the road. Qualities of a Reliable Car Service Center Sometimes, when you walk into an auto repair shop, you can immediately tell the quality of service you’ll likely get there. Other time, you’ll have to learn by experience. Lucky for you, there are some signs that can give away the work ethic of a car service center and the quality of service you can expect from its workers. Here are three of the qualities…
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Investments for Beginners: How to Find the Right Investment for You
- By Moneymax
- November 9, 2020
Many of us Filipinos believe that there’s only one way to make money—by working for it. Either you’re paid to provide a service or you earn from running your own business. However, there’s a second but less popular way to make money—making it work for you. This entails investing your money so that it earns more money. When you invest, your money earns interest over time, or you buy an asset and sell it later for a higher price when its value has increased. According to the Bangko Sentral ng Pilipinas (BSP) 2019 financial inclusion survey [1] only 25% of Filipinos have some sort of investment. The number increased by 2.5% as compared to 22.5% in 2017. Although it’s true that money doesn’t grow on trees, it can definitely grow if you invest wisely. Start with knowing the basics of investments for beginners through the information in this guide. What is the Meaning of Investment? Many people use the term “investment” rather loosely for a number of things, despite not completely understanding investments for beginners. A newly bought BMW can be labeled as an investment. Buying MAC Cosmetics instead of the local brand is often considered an investment in quality makeup. You might even be guilty of “investing” on the latest mobile phone. With these labels, there’s a fine line between the difference between investing and splurging. By learning about the real meaning of investment, you can figure out exactly when a purchase becomes an investment. An investment, as defined by Investopedia [2], is “an asset or item that is purchased with…
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Quick Guide to SSS Calamity Loan Online
- By Moneymax
- November 6, 2020
Due to the rising numbers of COVID-19 cases, the entire Luzon region was put on strict quarantine last March, causing businesses to temporarily shut down and many individuals losing their employment. Indeed, the past few months was challenging financially-speaking. Fortunately, SSS members can apply for an SSS Calamity Loan, a calamity assistance package that provides financial assistance to members affected by the pandemic and other declared calamities in the Philippines. Learn all about this calamity loan below. What is the SSS Calamity Loan? Offered by the SSS or Social Security System, the SSS Calamity Assistance Program (CLAP) is for calamity-stricken members who are in need of financial aid. Below are the features and fees of this loan assistance program. Loan amount: Up to PHP 20,000 depending on your average monthly salary credit Interest rate: 10% but was recently reduced to 6% per annum Payment term: 24 months. The SSS, however, extended the SSS calamity loan payment term to 27 months. This means that loan payments will start on the fourth month after the date of loan approval. Service fee: 1% to be deducted from the total loan proceeds Get back to the main article: 10 Helpful SSS Benefits You Might Not Know Of Who can avail an SSS Calamity Loan? Below is the SSS calamity loan eligibility criteria. Make sure you qualify before applying for the calamity loan: Must be a Philippine resident Location is in an area under the State of Calamity Has paid at least 36 months of SSS contributions Has paid at least six months of SSS contributions…
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Malayan, Philippine Leader in Non-Life Insurance, Partners With Online Broker Moneymax
- By Moneymax
- November 4, 2020
MANILA, PHILIPPINES – OCTOBER 2020. Malayan Insurance, the Philippines’ leading non-life insurance company, partners with Moneymax, an online comparison platform and licensed insurance broker. The digital partnership for car insurance is part of the digital transformation plans by Malayan Insurance, accelerated even more by the community quarantine brought about by the COVID-19 pandemic. On the other hand, Malayan Insurance becomes Moneymax’s biggest car insurance partner to date. Getting the Right Car Insurance Made Easier by Malayan and Moneymax With a Gross Premium Written (GPW) of more than ₱10 billion in 2019, Malayan continues to be the country’s leader in non-life insurance products. Apart from car insurance, Malayan also offers aviation, engineering, marine, personal accident, surety, and fire insurance. The company takes pride in its ability to settle all “just and valid claims” and has taken steps to automate its claims processing. With the addition of Malayan on the Moneymax website, both companies will be able to improve their ability to help Filipinos find comprehensive car insurance coverage that fits their needs. Moneymax’s online comparison platform allows users to easily view and compare different car insurance policies as well as other financial products. Greg Aguilar, Moneymax Head of Business Development shares: “We’re incredibly excited to be partnering with Malayan, the leading non-life insurer in the Philippines, to provide greater accessibility to their comprehensive car insurance product. This partnership reaffirms our position in the industry as the leading comparison platform for comprehensive car insurance. We look forward to contributing to Malayan’s growth and to the country’s acceleration online.” Bringing Top-Notch Customer Service…
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11.11 Online Sales You Shouldn’t Miss from 17 Websites and Apps
- By Moneymax
Want to spruce up your work from home set-up? Or perhaps you want to treat yourself with some clothes and shoes? You can satisfy your shopping and dining cravings and save some money this month. Here’s a roundup of various online sales that you shouldn’t miss this November—we’ve got electronic deals, fashion deals, and furniture deals online. Check them out! 11.11 Best Deals Lazada 11.11 Sale Get awesome discounts on Lazada’s 11.11[1] online sale this year. Grab the best deals on beauty, gadgets, home, and even pet care when you shop at LazMall. There are also flash sales happening throughout the month so don’t miss out! Sale period: November 1 to 30,2020 Best Deals from Lazada 11.11 Up to 90% when you shop at LazMall Deals for as low as PHP 0.11 Use as much as five vouchers per order Use your Lazada Wallet and save up to PHP 1,111 Free shipping Shopee 11.11 Big Christmas Sale Shopee is having its 11.11 Big Christmas Sale[2] with great deals on health and beauty, electronics, home and gardening, and fashion. Enjoy free shipping with no minimum spend until November 11 and grab the best deals on Shopee’s Super Brand Day. Sale period: October 21 to November 11, 2020 Best Deals from Shopee 11.11: Free shipping Flash deals every Wednesday Exclusive discounts with ShopeePay Shopee online sale for as low as PHP 1 ShopeeHaul on ShopeeFeed to win up to PHP 1 million in prizes Read more: Lazada vs Shopee: Which is the Better Online Shopping Site? Zalora 11.11 Mega Sale Zalora’s 11.11 Mega…
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Holidays in the Philippines and Long Weekends Guide
- By Moneymax
- October 28, 2020
Any employee is looking forward to two things—paydays and holidays. Well, who doesn’t? Holidays in the Philippines allow people to spend some quality time with their loved ones, and that much-needed me-time before getting back to the daily grind. Start planning your vacations by keeping tab of Philippines holidays in 2021, as well as the remaining holidays and long weekends in 2020. To give you a glimpse, there will be 19 holidays and seven long weekends next year. Exciting, right? Here’s a quick guide to PH holidays and long weekends that can help you plan your vacations wisely. List of Official Holidays in the Philippines 2021 There are 247 working days[1] and 19 holidays in the Philippines in 2021. According to research done by Gulf Business, the Philippines is one of the countries with the most public holidays in the world[2]. India tops the list followed by Columbia and the Philippines. Holidays in the Philippines are also grouped into two—regular and special non-working holidays. Regular holidays typically have a fixed date, like New Year’s Day, Labor Day, and Christmas Day. On the other hand, special non-working holidays are more flexible. They are typically enacted by Congress or declared by the President. List of Regular Holidays in the Philippines 2021 January 1, 2021 – Friday (New Year’s Day) April 1, 2021 – Thursday (Maundy Thursday) April 2, 2021 – Friday (Good Friday) April 9, 2021 – Friday (Araw ng Kagitingan) May 1, 2021 – Saturday (Labor Day) June 12, 2021 – Saturday (Independence Day) August 30, 2021 – Monday (National Heroes’…
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5 Reasons Why Your Business Needs Commercial Auto Insurance
- By Moneymax
- October 27, 2020
We all know that having car insurance on a personal vehicle is important. It’s a requirement when you get a car loan or registering your car with the Land Transportation Office. Car insurance also helps protect you from draining your finances should an accident, disaster, or car damage happen. However, auto insurance isn’t exclusive to cars for personal use. As a business owner, you can also get commercial auto insurance meant to protect you, your employees, and vehicles while on the road. As a business owner, it’s essential to protect the vehicle that helps run your business, particularly if you use it on your day-to-day operations. Keep on reading to know more about business car insurance in the Philippines and why you need to get one. What is Commercial Auto Insurance? Commercial auto insurance is a policy designed especially for vehicles used by or for a business. Commercial vehicles are cars with commercial value and are used commercially[1]. Sports utility vehicles (SUVs), vans, pickup, and other large motor vehicles may be considered as commercial vehicles. It’s important to get commercial auto insurance if you’re a business owner who uses any vehicle for business purposes. You must also get this policy if your employees use company vehicles for business operations. Commercial auto insurance or business car insurance provides coverage for vehicle/s you use for business purposes. In hindsight, commercial auto insurance in the Philippines covers the following: Vehicle damage Vehicle theft Death or injury of passengers in the insured vehicle Death or injury of third-party individuals Medical expenses Third-party property damage…
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10 Helpful SSS Benefits You Might Not Know Of
- By Moneymax
- October 24, 2020
The Social Security System or SSS is known for providing retirement benefits or pension to retired members. However, did you know that there are other SSS benefits you can enjoy even before retirement? Keep on reading to know more about these SSS benefits and how you can claim them. What is SSS? Established in 1957, the SSS is a government-run social insurance program for employees in the Philippines. The agency provides various benefits, including sickness, maternity, and even retirement to all registered members. To become an SSS member, you must be at least 15 years old. Employed and self-employed Filipinos, OFWs, and unemployed individuals can be an SSS member. How to Become an SSS Member To become an SSS member, you must get an SSS number by either visiting the nearest SSS Branch or going to the agency’s official website. Below are the steps to SSS member registration. How to Apply as an SSS Member via SSS Branch Accomplish the SS Form E-1 (Personal Record Form)[1] Submit a certified true copy of any of the following primary documents: Birth Certificate Baptismal Certificate Passport Driver’s License Professional Regulation Commission (PRC) Card Seaman’s Book If you don’t have any of these primary documents, you may submit a certified true copy of two secondary documents. Below are some of the major secondary documents. Visit this page for a complete list. Alien Certificate of Registration ATM card with the cardholder’s name Bank Account Passbook Birth/Baptismal Certificate of children Company ID Credit Card Health or Medical Card Marriage Contract NBI Clearance Police Clearance Postal ID…
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Inheriting Property? Learn About Estate Tax in the Philippines First
- By Moneymax
- October 22, 2020
Taxes are everywhere and seemingly unescapable. From the milk tea you love to the heirloom your grandma left, you need to pay tax. Even when you’re gone, you may leave your loved ones to settle on assets you have left behind. With this, what happens when a loved one imparts property to you? And what is the role of estate tax when inheriting such assets? Keep on reading to know about estate tax in the Philippines, how much it costs, and how you can reduce the amount your loved ones may have to pay. What is Estate Tax in the Philippines? When a loved one dies, his or her assets are given to lawful heirs or beneficiaries. However, this process requires paying for tax called estate tax. Estate is everything that comprises a person’s net worth by the time of death. This includes properties, personal possessions, financial securities, and other assets that the person had control over before passing away. Estate tax in the Philippines refers to the tax on the right of the deceased person to transfer their assets to lawful heirs or beneficiaries. According to the Bureau of Internal Revenue or BIR, estate tax is not property tax but is imposed on transferring assets when the owner dies[1]. For example, when a loved one dies, their estate pays tax for the process of transferring their assets—real, personal, tangible, or intangible, to their heirs and other beneficiaries. Estate Tax vs Inheritance Tax If you inherited an asset after a loved one dies, you need to pay an inheritance tax….
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9 Pag-IBIG Benefits You Probably Didn’t Know Yet
- By Moneymax
- October 16, 2020
The Pag-IBIG fund is known for its affordable housing loans. It allows members to get their dream house without having to pay hefty interest rates. However, did you know that there are other Pag-IBIG benefits you can claim? Keep on reading to learn about these benefits and how you can avail them. What is Pag-IBIG Fund? Established in 1978, the Home Development Fund (HDMF) is a government-owned and controlled corporation under the Department of Human Settlement and Urban Development. Popularly known as the Pag-IBIG Fund, the agency addresses affordable home financing for Filipinos. Apart from housing loans, members can also enjoy numerous Pag-IBIG benefits such as calamity and multi-purpose loans, provident benefits, and death benefits. How to Become a Pag-IBIG Member Online To register for membership, go to the Pag-IBIG website at www.pagibigfund.gov.ph. Click “E-services”. On the next page, select “Membership Registration” Type in your name and birthdate. This lets Pag-IBIG check their database and ensure you don’t have an existing membership with the agency. Enter the code at the bottom to avoid spamming. Tap “Proceed” after the code. Accomplish and submit the application form. How Much is the Pag-IBIG Contribution? Your Pag-IBIG contribution depends on your employment status and whether you’re an OFW or. Here’s a quick overview: Pag-IBIG Contribution for Employees and Employers Pag-IBIG Contribution for Self-Employed Pag-IBIG Contribution for OFWs This is for OFWs with employers subject to mandatory Pag-IBIG coverage. And for OFWs whose employers are exempted from Pag-IBIG coverage. Read more: How to Make Voluntary Contributions to Pag-IBIG, PhilHealth, and SSS Pag-IBIG Benefits Summary for Contributing Members 1….
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Online Business Ideas You Can Start Even with Small Capital
- By Moneymax
- October 13, 2020
Running an online business and being your own boss definitely has its appeal. In fact, it’s so enticing that the number of registered online businesses in the country is now 40 times more in the past five months[1]. Definitely, the internet is a great medium to connect with customers without leaving home. However, starting an online business also has its challenges—the biggest one is coming up with enough money for capital. But don’t worry because there are many online business ideas you can start for as low as PHP 2,000. Want to take the leap? Keep on reading to learn more about online business ideas in the Philippines you can start in 2020. Online Business Ideas 2020 1. Make Artisanal Candles Aromatherapy candles can help people relax after a tiring day. They are perfect to cap off a busy workday, especially now that most professionals are working from home. They’re quite easy to make as well. Add your own flair and essential oil blends to create the most calming candles. Starting capital: PHP 5,000 – PHP 20,000 Materials and equipment needed: Double boiler Candle-making wax Wicks Essential oils Coloring agents Molds Dried flowers (optional) Tin can or glasses as containers Candle making is one of the easiest online business ideas out there. You can do it at home, even if you have a small space. The profit margin is also high, with quality, artisanal candles selling for as much as PHP 1,000 each. Read more: 10 Steps to Starting an Online Business in the Philippines 2. Offer Online Tutorials …
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The Importance of Car Insurance: 6 Benefits for Car Owners
- By Moneymax
You might think that car insurance is just another expense added to your monthly bills. However, vehicle insurance gives you a safety net when unfortunate incidents happen to you, your loved ones, and your vehicle. You may not prevent an accident from happing, but you can protect yourself if or when it happens. Keep on reading to know more about the importance of car insurance and how you can choose the right one for your needs. The Importance of Car Insurance: Why Should I Have One? 1. Car insurance is required by law Every registered vehicle in the Philippines must get at least a basic Compulsory Third Party Liability (CTPL) car insurance. This policy protects you from any possible liabilities to a third party—any person other than a passenger, a family member, or a household member of the vehicle’s owner. CTPL is also one of the requirements before you can register your car to the Land Transportation Office[1]. 2. It protects you from theft The importance of vehicle insurance shouldn’t be ignored, especially when hundreds of cars are stolen yearly[2]. We’ve all heard horror stories of people stealing someone else’s beloved vehicle. While no one wants their car taken away against their will, it’s a possibility that everyone should prepare for. If your vehicle is stolen or vandalized, your insurance company can cover your loss. 3. Covers damages caused by disasters On average, 20 tropical storms enter the Philippines every year, five of which are destructive. Filipinos usually have bags containing food and emergency kits in case of calamities. We…
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Prudential Guarantee Strengthens Auto Insurance Program Through Partnership with Moneymax
- By Moneymax
- October 12, 2020
MANILA, PHILIPPINES – SEPTEMBER 2020. Prudential Guarantee and Assurance, Inc. (PGAI), one of the country’s leading non-life insurance companies, partners with Moneymax to make its auto insurance program more accessible to a wider audience. Both companies aim to help Filipinos financially protect their vehicles without leaving the comfort of their homes. This is also part of PGAI’s effort to increase the use of digital processes and expansion of their car insurance services. Prudential Guarantee x Moneymax: A Milestone for Both Companies PGAI, with 41 offices operating nationwide, is the Philippines’ number one non-life insurance company in terms of Net Premiums Written based on the Insurance Commission’s 2017 to 2019 ranking. PGAI offers a complete suite of insurance products such as car insurance, property insurance, and travel insurance. The insurance provider is also an affiliate of PGA Cars, which exclusively distributes luxury auto brands like Audi, Porsche, Lamborghini, and Bentley. This partnership represents a milestone for both companies: this is PGAI’s first partnership with an online aggregator, while for Moneymax, PGAI becomes its largest insurance partner to date. Indeed, Moneymax is excited to extend the reach of PGAI’s comprehensive car insurance services to its website audience of more than half a million users per month. Greg Aguilar, Moneymax’s Head of Business Development shares, “We are excited to announce our new partnership with Prudential Guarantee. The partnership will allow Moneymax, as a registered broker, to offer PGAI’s car insurance products on its online comparison platform thereby broadening the selection for our clients. This will also enhance PGAI’s retail customer reach and accessibility….
