All Articles With Author : Venus Zoleta

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

How to Use the LTO Portal: A Guide for Motorists in the Philippines

Need to file your driver’s license or car registration application or renewal? Why spend several hours at the LTO office (while exposing yourself to the risk of getting COVID-19) when you can just transact online? The Land Transportation Office (LTO) has recently launched an online portal for processing different transactions like license applications and renewal. This new LTO online system is part of the government agency’s transition to the new normal—which means people can transact at home over the internet and minimize physical contact at an LTO branch. To avoid running into problems while using the LTO online portal, familiarize yourself with the new system. Here’s everything you need to know about the agency’s online services. What is the LTMS? The LTO portal,[1] officially called the Land Transportation Management System (LTMS), is a new web-based system that automates different transactions for motorists in the Philippines, including overseas Filipinos. According to LTO Assistant Secretary Edgar Galvante, the LTMS is a cornerstone of the LTO’s five-year modernization program to make the agency more efficient and give its clients all the convenience of online service.[2] The biggest advantage of this new portal is that you can access it not only with your desktop or laptop computer but also with your tablet or smartphone. LTO Online Services Available Through the LTMS Portal These are the services currently available in the LTO web portal. Services may change over time. Application and renewal for all types of licenses, including student permit Cashless payment for driver’s license processing fees Replacement of lost/damaged license Conversion of foreign driver’s…

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5 Convenient Ways to Borrow Money for an Emergency

“Utang” is so strongly embedded in the Filipino culture that 41% of adults have outstanding or previous loans, according to the latest Bangko Sentral ng Pilipinas (BSP) financial inclusion survey.[1] There are many options for pautang in the Philippines, the most common of which are emergency loans and personal loans. These pautangan options can be very useful when you need immediate cash, especially during this pandemic when lockdowns can happen at short notice. Or during typhoon season when flooding can happen in minutes, or anytime a natural disaster strikes. However, it’s important to understand both the benefits and risks of each loan option before choosing the right one for your immediate need. Here are just some of them. Pautang in the Philippines: 5 Ways to Borrow Money for an Emergency 1. Emergency Loans What’s an Emergency Loan? An emergency loan is an unsecured personal loan that you can borrow to cover the costs of unexpected expenses.[2] It’s a quick and easy way for cash-strapped Filipinos to fund unplanned expenses. And it’s particularly helpful when you need money to rebuild your home or repair your car after a flooding, fire, earthquake, or any disaster. Most emergency loans in the Philippines come from three sources: private lenders, government agencies, and employers. Emergency Loans from Private Lenders Of the three common emergency loan providers in the country, private lenders have the simplest application process, as well as the fastest approval and fund release as they usually do not require a bank account. Many emergency loan applications can be filed online nowadays, after which…

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Which Banks Offer the Best Car Loan Deals in the Philippines?

Shopping for the best car loan deals in the Philippines? There’s no single bank or auto loan that’s best for everybody. Auto loan providers in the Philippines offer different features and promos that cater to the needs and preferences of different car buyers. You have to consider the type of car you’re going to buy, your budget, and your qualifications. This is why researching and comparing auto loans matter a lot before you apply for a car loan. One of the most important things to know in which banks have deals that appeal to you. Which Bank is Best for Car Loan in the Philippines? Here’s a quick overview of what auto loan providers offer to vehicle buyers in the Philippines. Information are updated and accurate as of July 2020. AUB Key Car Loan Features in AUB Loan amount: Minimum of PHP 200,000[1]  Interest rate: Contact the nearest AUB branch for the best car loan offer Repayment terms: Up to 60 months Bank of Commerce Key Car Loan Features in Bank of Commerce Vehicle type: Brand-new cars only[2]  Loan amount: Minimum of PHP 100,000 Down payment: 20% to 45% Interest rate: 7.24% to 27.54% Repayment terms: 12 to 60 months BDO Key Car Loan Features in BDO Vehicle type: Brand-new and second-hand cars for personal or business use Maximum car age: Up to six years old upon loan maturity Minimum monthly household income: PHP 50,000 Loan amount: Minimum of PHP 100,000 up to 80% of the car’s selling price Down payment: Brand-new: 20% to 40% Second-hand: 30% to 50% Interest rate: Check the BDO…

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Top 3 Money Problems of Filipinos and How to Solve Them

Although there are various options for saving money and finding the best credit card for their needs, personal finance is a serious problem among Filipinos. So much so that their top concerns involve money issues, aside from fighting corruption and crime, according to a recent Pulse Asia survey. If you’re worried as well about your financial situation, know that you can get yourself out of it. Here are three common money problems that Filipinos experience and how to address them. Living paycheck to paycheck Every payday, many Filipinos treat themselves to a splurge. But when come Petsa de Peligro, they skimp even on essentials like food just to get by until the next payday. And then the nasty cycle goes on. The danger of depending solely on salary to cover all your expenses? Having no spare cash for emergencies (like an accident or illness) and falling into the debt trap. How to break free from the paycheck-to-paycheck cycle: Track your expenses. List down every monthly expense on a spreadsheet. Consider downloading a free budgeting app on your smartphone, so you can manage your finances anytime and anywhere. Resist the temptation to overspend. Even when you get a salary increase or your 13th month pay, the economy is doing well, or you’re celebrating a special occasion, you don’t need to impress anyone with expensive gadgets or signature items. Learn to say “no.” If you keep on lending money to relatives and friends, your generosity won’t help them. Instead, when people borrow money from you for a reasonable purpose such as for…

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