All Articles With Author : Venus Zoleta

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

Best Credit Cards for Grocery Shopping in the Philippines

Spending more money on groceries lately? These days, using a credit card just for grocery purchases is a wise and practical decision, whether you shop at a supermarket or on an online grocery store. A dedicated card for groceries allows you to track your grocery spending and manage your budget better. You may also get cash back, rewards, discounts, and other special offers from your issuing bank. There are plenty of best credit cards for groceries in the Philippines, but the right one for you will depend on your preference. You might want to earn cash back or rewards with your card, or you might prefer something that lets you save on credit card fees and charges. Based on such criteria, here are the best credit cards for grocery shopping in the Philippines. Best Credit Cards with Cash Back for Grocery Shopping Citi Cash Back Visa Grocery cash back rate: Up to 6% Minimum monthly income requirement: PHP 15,000 (for existing cardholders) / PHP 20,833.33 (for first-time cardholders) Citibank offers the highest rebate rate on grocery purchases in the Philippines through the Citi Cash Back Visa. To qualify for the maximum 6% rebate, the total credit card transaction (excluding groceries and Meralco bill payments) must be at least PHP 10,000 per month. As such, this is the best credit card for people who always do grocery shopping for a large family. Savings from using this cash back card can reach up to PHP 12,000 per year. Earned rebates don’t expire, so they can be used anytime making it one of the…

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Condo vs House: Which Is a Better Buy?

“A condo or house? Which property should I buy?” Welcome to the world of adulting—where making life choices involves something more crucial than your milk tea order. This time, you’re making a serious buying decision between a condo vs house. So that you won’t regret your purchase several years down the line, carefully consider the pros and cons of each option. Look beyond the price tag, as many factors will affect your home purchase. Pros and Cons of Buying a Condo in the Philippines Advantages of Buying a Condominium 1. More Affordable Than a House and Lot Condominiums are generally less expensive than houses and lots in the same area, particularly in prime locations. The exceptions, of course, are upscale condos in business districts like BGC and Rockwell. For houses in Metro Manila, the median list price is PHP 14.5 million, which is more than double the median list price of condos in the metro (PHP 5.9 million)[1]. Houses cost higher than condos because they occupy larger spaces. If you take a closer look at prices per square meter (sqm), these are lower for houses than for condos. The median list price per sqm for houses in Metro Manila is PHP 64,894, while condos cost PHP 161,236 per sqm. Prices of low-end and mid-range condos are also within reach of first-time buyers and middle-income families, starting at around PHP 1.7 million for a studio unit in Metro Manila. 2. Convenient Locations If you live in a condominium, establishments like malls, supermarkets, convenience stores, restaurants, laundry shops, transportation hubs, and hospitals…

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HSBC Credit Card Application: A Guide for First Timers

HSBC is one of the largest banks in the world and one of the leading credit card providers in the Philippines. They issue five types of credit cards that cater to different lifestyles and needs. All HSBC credit cards come with an attractive reward program, a 0% installment plan, fuel rebates, and other exclusive deals. Already got a card in mind? Here are the four steps to keep in mind for your HSBC credit card application. HSBC Credit Card Application Steps 1. Check if You’re Qualified for an HSBC Credit Card Make sure that you’re eligible to apply for an HSBC credit card—this is the first and most important step in the entire application process. You can apply for one of HSBC credit cards if you meet all these requirements: Between 18 and 70 years old A gross annual income of at least P200,000 (for Red Mastercard and Gold Visa Cash Back) or P500,000 (for Platinum Visa) An HSBC Advance[1] bank account (for HSBC Advance Visa) or an HSBC Premier[2] bank account (for HSBC Premier Mastercard) Primary cardholder of a credit card that’s issued by a bank in the Philippines and in good standing for at least 12 months (for Red Mastercard, Gold Visa Cash Back, and Platinum Visa) 2. Get All Your Supporting Documents Ready HSBC will process your credit card application only when it has received all the required documents[3]. Since some documents take a while to obtain, especially the government-issued ones, it’s best to prepare them first before you proceed with applying for a credit card. HSBC Credit…

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5 Ways to Pay for Your Etiqa Car Insurance – All Online!

Did you know that you can get your car insurance purchase done in just one sitting? Etiqa Philippines offers a fully online process for car insurance policy applications. No need to leave your home because you can complete every step—from getting a quote to paying for your premium—all in one place through the Etiqa website. Also, you can choose from an array of convenient online payment methods, with a 0% interest installment option using a Maybank or BDO credit card. Buy your car insurance online in the comfort and safety of your home. Here’s a simple guide to help you get your Etiqa car insurance policy fast. How to Get an Etiqa Car Insurance Policy Online Access the Etiqa Auto Insurance page on the Etiqa Philippines website. Click the Apply Now button. Get your Etiqa car insurance quote based on your vehicle’s brand, model, and make. If your model is not among the options, send an email request for quotation (with your full vehicle information and contact details) to generalinsurance@etiqa.com.ph. Select your vehicle’s value and coverage limits. Indicate whether you will add an Acts of God coverage to your policy. Choose your preferred payment type. If you plan to pay via credit card installment, you should also pick a payment term (the number of monthly installments you can afford to pay). Fill out the required fields with your vehicle information. If you purchased your car through a loan, provide the necessary details about your auto loan. Enter your personal information and click the Submit button (We recommend that you choose…

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How to Register Your Online Business and Pay Taxes to BIR

Online businesses are booming in the Philippines, as more Filipinos have turned to online selling after losing their jobs during the COVID-19 crisis. If you’re one of those financially struggling Pinoys trying to make a living through the internet, you’re likely to be worried about the recent BIR order requiring online sellers to register and pay taxes to the government. Online business registration and tax payment are mandated by the law, so online sellers and everyone making money online are expected to comply. Reduce your worries by knowing how to do these right. Here’s everything you need to know and do, from how to register your online business to how to pay your taxes to the BIR. Do I Need to Register My Online Business in the Philippines? According to the Revenue Memorandum Circular No. 60-2020[1], the BIR requires registration for “all persons doing business and earning income in any manner or form, specifically those who are into digital transactions through the use of any electronic platforms and media, and other digital means.” However, days after issuing the order, the government clarified that not all kinds of online sellers are required to register. Exempted from the DTI and BIR registration are those selling products “intermittently or irregularly” and those selling homemade items as a hobby. According to the DTI, they consider such online sellers to be not in business yet, so they don’t need to register. Therefore, you have to register your business if you’re earning money regularly through any online means even if your business is small. The latest BIR memo covers…

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Etiqa Car Insurance: Customize Your Policy According to Your Budget

“Is Etiqa car insurance good?” Whether you’re shopping for your first policy or switching to a new car insurance provider, Etiqa Philippines is one of the options that would pop up when you search online. You’re probably wondering if Etiqa car insurance is worth considering. Etiqa offers plenty of benefits and innovations that make getting a policy and filing a claim so much easier for its clients. Here’s everything car owners should know about this insurance company in the Philippines. What is Etiqa Philippines? Etiqa Life and General Assurance Philippines, Inc. or Etiqa Philippines (via AsianLife and General Assurance Philippines), has been in the industry for over 40 years. Etiqa’s headquarters is in Kuala Lumpur, Malaysia and currently has presence in Singapore, Indonesia, Cambodia, and the Philippines. Etiqa Philippines offers Group Life, Non-Life and Retail (Individual) products that cater to protection, savings, insurance, and investment needs for various segments in the Philippines. They offer a wide range of products, including endowment, term, education, investment-linked, and medical insurance for Life and personal accident, fire, motor, aviation, fleet management, and engineering policies for Non-Life. The company is a member of the Maybank Group. Etiqa Car Insurance in the Philippines Etiqa Car Insurance, one of Etiqa Philippines’ insurance products, provides financial protection for policyholders whose vehicles are lost or damaged due to accidents, theft, fire and lightning, and natural disasters. It also provides coverage for liabilities resulting from bodily injuries and death or damage to third-party properties. Etiqa Car Insurance Coverage and Benefits What Does Etiqa Auto Insurance Cover? You can have your…

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Reopening Your Business? Guidelines and Tips for Resuming Your Operations

Business reopening in more industries has now been allowed along with the gradual relaxing of quarantine restrictions in the Philippines. Getting back to business after a long lockdown-induced hiatus? “Business as usual” has taken on a whole new meaning during the COVID-19 pandemic. Essentially, it now means observing government-mandated minimum health protocols and doing your part in containing the spread of coronavirus in your community. How do you restart your business in the new normal? Here are the guidelines business owners should follow, plus a few tips on resuming your operations. IATF Business Reopening Guidelines  Businesses Authorized to Reopen Under Quarantine Your business may be allowed to fully or partially operate depending on its nature and whether you’re located in an area under the enhanced community quarantine (ECQ), modified enhanced community quarantine (MECQ), general community quarantine (GCQ), or modified general community quarantine (MGCQ). Before you reopen your business, make sure it’s allowed by the government to operate. Check the DTI guidelines on business reopening under community quarantine[1] for the complete list of industries allowed to resume operations under different quarantine levels. Business Reopening Guidelines for Restaurants The Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) has authorized food establishments under GCQ to offer dine-in services at up to 30% capacity starting June 15, 2020. Under MGCQ, dine-in operations in restaurants and food retail establishments are allowed at 50% seating capacity. In ECQ and MECQ areas, dine-in operations are prohibited. Only delivery and take-out services can operate at half capacity. Business Reopening Guidelines for Salons and Barbershops If you own…

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7-11 CLiQQ App Guide: Pay Your Bills and Send Money Anytime

You’re probably familiar with the 7-11 CLiQQ kiosk found in 7-Eleven stores nationwide. You might have even used one to pay bills or buy load. But have you ever heard about the 7-11 CLiQQ app? If not, here’s something that would make you interested in it: 7-Eleven says that everything its CLiQQ machine can do, the mobile app can do better. To find that out, try using the app if it’s suitable for your needs. For beginners, here’s a simple guide to using the 7-Eleven CLiQQ app for financial transactions in the Philippines. What is 7-11 CLiQQ App? The CLiQQ app is 7-Eleven Philippines’ mobile app that allows users to generate barcodes for payment, rewards redemption, and Wi-Fi access at 7-Eleven stores nationwide. The 7-11 CLiQQ app has three main features: CLiQQ PAY – 7-Eleven’s mobile wallet for fast, convenient, and cashless payments for in-store and online purchases, bills, and money transfers CLiQQ Rewards – 7-Eleven’s loyalty rewards program for earning and redeeming points CLiQQ WiFi – Provides internet access to users at all 7-Eleven stores In this guide, we will be focusing on the mobile payment feature of the 7-11 CLiQQ app. 7-11 CLiQQ Account Activation To access the different CLiQQ app functionalities, you have to sign up for an account first. You’re allowed to sign up for up to two accounts per mobile device for two SIM cards. How to Activate Your 7-11 CLiQQ Account The 7-11 CLiQQ account registration is a breeze with just a few smartphone taps. Here’s how: Download the 7-11 CLiQQ app on Google…

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Biking in Manila? Here’s Where You Can Buy Cheap Bikes Plus Safety Tips

Bicycles have long been known as an alternative mode of transportation for Filipino commuters. These two-wheelers are cheaper, more environment-friendly, and healthier to use than motor vehicles. But it’s only now during the COVID-19 pandemic—when public transport is scarce—that bikes are being used by more people to go to work or run errands. If you’re starting to bike around the city, arm yourself with knowledge about where to score cheap finds and how to bike safely. Here’s a beginner’s quick guide to biking in Manila. Where to Buy a Bike in Metro Manila Bike prices in the Philippines have surged with the rise in demand for bicycles during the COVID-19 pandemic. Thinking of buying a bike? To save money, find stores that sell cheap bikes, or at least ones that are reasonably priced. Here are some of the most biker-recommended places where you can score a quality yet affordable bicycle. Bike Shops in Cartimar and Quiapo Cartimar in Pasay and Quiapo in Manila are usually the top-of-mind choices for low-priced bikes and bicycle parts. If you leave within or near Cartimar, do your bike shopping along Leveriza Street, where you can find the largest and most popular stores for bikers: Paulina’s, Ross, and VeloCity. Will you be biking in Manila? Head over to Quiapo and go bargain hunting for bikes at stores like King’s, Cycle Art, and Bisikleta Manila. Japanese Surplus Shops Is there a Japanese surplus store in your neighborhood? Chances are it carries an assortment of Japanese bikes at budget-friendly prices. Bike prices at Japanese surplus shops range…

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BIR Online Payment Guide: Easy Ways to Pay Taxes in the Philippines

If you’ve been paying your taxes manually, you know how inconvenient it could be—not to mention that it’s risky because of the serious threat of COVID-19. This makes the BIR online tax payment a much better alternative to manual payment. Rather than line up at the bank or a BIR Revenue District Office (RDO), you can just stay at home and pay your taxes using your bank account, credit or debit card, or mobile wallet. Pay your taxes online to take advantage of its many benefits. Get started with this BIR online payment guide. Why Should You Pay Your Taxes Online? Online tax payment offers several advantages over manual payment. Here are the best reasons to pay your taxes online. Safety – Paying online helps you avoid crowds and long lines, reducing your risk of exposure to the coronavirus. You can just pay your taxes in the safety of your home. Convenience – BIR online payment facilities are available 24/7, so you can transact at your most convenient time, or during off-peak hours when the internet is faster. Meeting the tax payment deadline – Because BIR online payment is more convenient and faster than manual payment, you’re likely to pay on time and avoid penalties for late tax payment. Focusing on your business operations – Manual tax filing and payment is a tedious and time-consuming process. If you’re selling online, tax payment over the internet saves you time and allows you to focus more on growing your business. Now that the BIR wants online sellers to pay taxes[1], it will…

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How to Financially Recover from Unemployment in the Philippines

Losing your job is already stressful. What more if you’re suddenly out of work during a pandemic? This is a financially challenging time for many Filipinos. Currently, 7.3 million people are jobless. Unemployment in the Philippines has been rising during the COVID-19 crisis, hitting a record-high of 17.7% in April 2020[1]. There are also 13 million Filipinos who are still employed but are forced to work reduced hours or temporarily stop working altogether. If you’re in a similar situation, you’re likely worried about many things—how to make ends meet, how to deal with piling bills and debts, how to find a new job, and so on. But you can stay on top of your finances, whether you’ve been laid-off or furloughed[2]. Know what you should do after a job loss, so you can still provide for yourself and your family. 8 Tips to Recover from Unemployment in the Philippines 1. Know the Benefits You May Receive from the Employer Upon breaking the news of your termination, your boss or HR officer should’ve discussed with you in detail the benefits you’ll receive from the company. If your employer doesn’t provide the information on your severance package, check your employee handbook for the benefits for laid-off employees. Government-mandated Unemployment Benefits Under the Labor Code[3], employees terminated for authorized causes (e.g., redundancy, retrenchment to prevent losses, etc.) are entitled to receive the following benefits: Separation pay – Equivalent to one-half-month or one-month pay (based on latest salary rate) per year of service, depending on the cause of termination Pro-rated 13th month pay –…

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Credit Report vs Credit Score: Understanding the Difference

What’s the difference between a credit report and a credit score? It’s hard to tell because the two terms seem very similar. They’re both important for lenders in determining how responsible you are as a borrower. You also need to access both for building your creditworthiness. Not to mention that they sound pretty much the same. That’s where the similarities end, though. To help you distinguish one from the other, we’ve broken down for you the key differences between a credit report and a credit score in the Philippines. Read on as we break down credit report vs credit score in the Philippines. What is a Credit Report? A credit report is a detailed summary of your borrowing and repayment activities. It contains your personal and/or business information, as well as pertinent details of your loans, credit cards, mortgage, and other financial transactions. In a nutshell, here’s how credit reporting works in the Philippines: Banks and other financial institutions submit their clients’ credit information (both positive and negative) to the Credit Information Corporation (CIC), the public credit registry and repository of credit information in the Philippines. The CIC compiles the collected credit information into in-depth credit reports. The CIC shares credit reports of borrowers to lenders that are official accessing entities (submitting financial institutions authorized by CIC to access basic credit data), and to their accredited credit bureaus. Lenders use the information in credit reports to assess whether to lend money to a borrower or not. Read more: What is a Credit Report and Why Do I Need it? What…

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Everything You Need to Know About the PhilSys National ID

The national ID system is in the news again, with calls for fast-tracking its implementation in the Philippines. Had the PhilSys been implemented sooner, delays in the distribution of government aid during the coronavirus pandemic could have been avoided, according to some senators and even the president[1]. As the government is seeing the importance of the PhilSys ID, so should you. Registration will open to the public in the last quarter of 2020. Before it starts, it’s good to be informed about what PhilSys is, what you’ll get from it, and how to get a PhilSys identification card. What is PhilSys? The Philippine Identification System (PhilSys), also called the national ID system[2], is the central identification platform of the government for all citizens and foreign residents in the Philippines. It’s established under the Philippine Identification System Act or Republic Act 11055[3]. The concept behind PhilSys is simple: “It will only answer ‘Who are you?’ and ‘Are you who you really say you are?’” This is according to the Philippine Statistics Authority (PSA), the national ID system’s chief implementor. What is a National ID? The Philippine Identification Card or the PhilID is a nontransferable identification card that serves as a valid proof of identity for people registered under the PhilSys. Considered an official government-issued ID in the Philippines, the PhilID is not meant to replace other existing valid IDs used for a purpose other than identity verification. These government IDs include passports (for travel), UMID (for SSS/GSIS transactions), PRC ID (for practicing a profession), and driver’s license (for driving). Who is Eligible…

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Moneygment App Guide: Pay Bills, Transfer Money, and More

Mobile payment service providers are emerging in the Philippines, with GCash, PayMaya, and Coins.ph currently leading the mobile e-wallet industry. And then there’s a new mobile app that offers a range of payment, remittance, and other financial services: the Moneygment app. Looking for an alternative way to send money or pay for your bills and government contributions? Give Moneygment a try. Here’s a beginner’s guide to using the Moneygment app for different financial transactions in the Philippines. What is Moneygment? Moneygment is a mobile application that provides various financial services such as bills payment, money transfer, tax filing and payment, and more. As a one-stop-shop financial solution, this app makes financial transactions convenient for self-employed people, small and medium businesses, OFWs, and Filipinos without bank accounts. The Moneygment app is developed by Togetech, Inc., a Philippine-based IT company that creates mobile apps to make financial services accessible to more Filipinos. Moneygment App Review Should you use the Moneygment app? To know if it’s the right mobile app for you, check out the Moneygment reviews online. We’ve compiled and summarized the common feedback by Moneygment app users. Pros of Using the Moneygment App Easy to use; smooth and hassle-free transactions Very convenient (since the app allows different kinds of financial transactions), especially for OFWs Excellent customer service, especially when it comes to Moneygment account upgrade Cons of Using the Moneygment App Payment processing delays Expensive app fees (e.g., PHP 150 per send money transaction, PHP 50 per government payment of OFWs, etc.) Issues with wallet top-ups such as errors and delays…

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Business Permit Application Guide for First-Time Entrepreneurs

Opening a new business soon? A critical task you should make time for is your business permit application. This document is your proof that you can legally operate in the city or town where your business is located—whether it’s a physical store, an online shop, or any enterprise. So you can set up your business without fuss, know how to apply for a business permit properly. Here’s a simple guide for first-time business owners in the Philippines. What is a Business Permit? A business permit is a certification that your business is legitimate. Having this document means your business has the license to operate in the city or municipality where it’s registered. This official document is also called the mayor’s permit because it’s processed by the local government unit (LGU) with jurisdiction over the place of business. Business permits are issued to ensure that businesses pay taxes and comply with local regulations for safety, security, health, and sanitation. This document also entitles an individual or organization to any support provided by LGUs to businesses in their area. Running an enterprise without this permit can result in penalties such as fines and imprisonment. In worst cases, the LGU may close the operations until a business permit is secured. 3 Things to Know Before Filing Your Business Permit Application 1. Apply for one ASAP Being a new entrepreneur, you have so much on your plate as you prepare for your business launch. Despite that, it’s important to make your business permit application a priority. Why? First, it’s required by law. Sole proprietors,…

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6 Pabili Service Apps to Download So You Can Shop from Home

On-demand pabili services are heaven-sent during the community quarantine period when it’s risky and inconvenient to go outdoors. Instead of going outside to buy essentials, you can just stay at home and hire a personal shopper through a pabili service app. The benefits of using a pabili or personal assistant service are two-fold. You enjoy the convenience of shopping from home and receiving your order on the same day. Riders who have lost their source of income due to the COVID-19 pandemic can support themselves and their families through pabili requests. How Pabili Services Work Booking through a pabili service app is very convenient. Here’s how it works: Customers book their orders through the courier’s app or website with the list of items to buy. The system matches each customer with a rider closest to the pick-up location. Once a rider accepts the booking, he will go to the store and purchase the items (Usually, the rider pays for the order first). While waiting, the customer can track the order status in real-time through the app. The rider delivers the order and receives the payment from the customer. To protect their riders against fake buyers, couriers set a maximum transaction amount, usually up to PHP 2,000. Also, there’s a maximum size allowed for each order—anything bigger than the standard dimension will not fit in the rider’s motorcycle or bike. Pabili Services Comparison Pabili Service Apps Covered Areas Payment Methods Grab Express Pabili Metro Manila, Bacolod, Cebu, Davao, Iloilo, Pampanga Credit/debit card, cash, GrabPay JoyRide Pabili Service Metro Manila, Bulacan, Cavite, Cebu,…

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What are Bank Interest Rates and Why Do They Matter?

When choosing a bank, do you pay close attention to its interest rates? While they seem to barely make any difference, interest rates are not insignificant at all—they’re a crucial part of banking, whether you’re saving or borrowing money. To make the most of your savings, it’s important to understand how bank interest rates work. Here’s everything you need to know about the interest rate on savings accounts, including why you should go for a high-yielding account. What is the Meaning of Interest Rate on a Savings Account? An interest rate is the percentage of your savings that determines how much the bank pays you to keep your money on deposit. When you deposit money in your savings account, you’re lending it to the bank. Your funds are then invested through loans, credit cards, and other financial products. In return, you earn interest on your savings. How to Compute Bank Interest Rates on Savings Generally, banks use the principle of compound interest[1] based on the amount saved and all accumulated interest. Simply put, you’re paid interest on top of the interest you earned previously. To know how bank interest rates work, here’s the general formula for a savings account interest computation: A = P x (1 + R ÷ n)n Where: A = Amount of money in the savings account after interest is paid P = The principal or original account balance R = Interest rate in decimal format (e.g., 0.25% = 0.0025) n = Number of times the bank calculates interest in a year (e.g., interest calculated daily =…

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What Malls are Open Today? Mall Hours and Reopening Guidelines Under MECQ

Shopping malls have partially reopened with the easing of government-mandated restrictions in areas under the modified enhanced community quarantine (MECQ), from May 16 to 31, 2020 or until further notice. Expect big changes in your mall experience in the new normal. Complying with the government’s COVID-19 measures, malls in modified ECQ areas are implementing safety protocols such as shortened mall hours and physical distancing measures. To prevent overcrowding in malls, only non-leisure stores and essential establishments are allowed to operate under the MECQ. These include the following: Supermarkets Restaurants (take-out and delivery only) Banks Drugstores Hardware stores Clothing and accessories stores Bookstores Pet food and supplies stores Gadget stores Mall-based government frontline services Leisure establishments like cinemas and play areas remain closed throughout the quarantine period. Here’s a list of open malls in MECQ areas, including their mall schedule and safety guidelines (Note: Mall operating hours may change depending on whether the government lifts the MECQ or reverts to the stricter ECQ). SM Supermalls SM MECQ Mall Schedule Here are the SM malls in areas under the modified ECQ that are open daily from 11 a.m. to 7 p.m., unless otherwise stated. [1] SM Malls in Metro Manila S Maison SM Aura Premier (9 a.m. to 7 p.m.) SM by the Bay SM BF Parañaque SM Bicutan SM Center Las Piñas SM Center Muntinlupa (11 a.m. to 6 p.m.) SM Center Pasig SM Center Sangandaan SM Cherry Congressional SM Cherry Shaw SM East Ortigas SM Fairview SM Mall of Asia SM Manila SM Marikina SM Megamall SM North EDSA SM Novaliches…

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What is a Credit Report and Why Do I Need it?

Are you serious about getting your finances in good shape? If the answer is yes, a document you should be checking is your credit report. If you’ve never seen yours, it’s time to understand what a credit report is and why it’s important in your adult financial life. Here are the basics of credit reports in the Philippines every Filipino needs to know. What is a Credit Report? A credit report is a document that sums up your credit history including your loans and credit card accounts. An objective measure of your ability to repay a debt, it shows how much you owe and how much and when you’ve paid off the debt. What is the Difference Between a Credit Report and a Credit Score? Although they’re both used to assess a borrower’s creditworthiness, a credit report and a credit score are two different things. Don’t confuse one with the other. Your credit report is a detailed account of your credit history, while your credit score is a three-digit number that represents the data in your credit report. Your credit score is calculated based on your credit report. Read more: What is a Credit Score and Why Should I Improve It? How Credit Reporting Works in the Philippines How Your Credit Information is Collected Companies and financial institutions you do business with submit information on your financial transactions, including your payment history, to the Credit Information Corporation (CIC). The CIC is the public credit registry and repository of credit information in the Philippines. Republic Act No. 9510[1] or the Credit…

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5 Ways to Save Your Small Business from a Pandemic

Micro, small, and medium enterprises (MSMEs) are among the hardest-hit sectors during the COVID-19 pandemic. It’s literally a chain of unfortunate events, from temporary shutdowns and mass layoffs to depleting cash reserves. What to do if you’re struggling to keep your business afloat in these difficult times? From cost-cutting measures to MSME loans, here are five ways to get your business back on track during and after the COVID-19 pandemic (and any crisis in the future). MSME Loans and Other Ways to Save Your Business from a Pandemic 1. Find Ways to Cut Costs How has the pandemic affected your business? Do a financial check-up to find out the real extent of damage, so you can develop a proper recovery plan. Review your financial statements and compare your current cash flow, sales, and profits to last year’s data. This will give you a clear idea of how much your business has gone down (or maybe up). You might realize it isn’t as bad as you expect, or you might need to ramp up your funding to get through the crisis. Take a look at your business expenses. Knowing what you should be budgeting helps you maximize your revenues and minimize your losses. What are your most important and urgent expenses? Which costs can be reduced, deferred, negotiated, or avoided without compromising quality? There might be certain business costs that you’re excessively spending on. For example, office rent and utilities can drain your finances. Consider using a co-working space (for when the pandemic or quarantine is over) with cheaper and flexible payment…

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