All Articles With Author : Venus Zoleta

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

Best Credit Cards for Parents in the Philippines

Raising a family isn’t and will never be cheap. Parents have to juggle different household expenses: childcare costs, groceries, bills, rent, home upkeep, and so much more. The financial aspect of parenting is tough. But you can make things a lot easier for you, of course. A credit card for parents helps manage your household spending through billing statements. Credit cards also let you stretch your budget and save money through rewards or cashback. Whether you’re a single, expecting, first-time, or long-time parent looking for a way to keep your family finances in shape, there’s a credit card that matches your needs. Here’s a guide to help you choose the right credit card for managing your household finances. What is the Best Credit Card for Parents? 4 Features to Consider The best credit card comes with family-friendly features that allow parents to maximize their savings and make it easier for them to monitor their card spending. Look for these features when choosing a credit card for parents: 1. Money-Saving Benefits Some credit cards have waived annual fees, late payment fees, and overlimit fees, which can lead to significant yearly savings. A low-interest credit card also helps, as you won’t be burdened as much with finance charges should you fail to fully pay your bill for a particular month. 2. Perks for Your Biggest Expenses What categories do you spend the most on? Whatever they are, pick a credit card that offers the best deals for your spending categories. For example, there are cashback credit cards with high rebate rates for…

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Steps to Transfer Car Ownership in the Philippines

Is your second-hand vehicle already registered in your name? If not, you have to transfer car ownership immediately. Updating your vehicle’s ownership records with the Land Transportation Office (LTO) is among the first things to accomplish after purchasing a used unit. Generally, you can’t drive a car or motorcycle in the Philippines if it’s not under your name. Here’s everything you must know about how to transfer name of car ownership in the Philippines. How to Transfer Car Ownership in the Philippines 1. Get a Clearance from the PNP-HPG What is Motor Vehicle Clearance Certificate? A Motor Vehicle Clearance Certificate is an official document certifying that the vehicle is not in the list of wanted or stolen vehicles as of the issue date. The Philippine National Police – Highway Patrol Group (PNP-HPG) issues this certification. A PNP-HPG clearance is an important requirement for the transfer of ownership. It’s your proof to the authorities that the second-hand vehicle you’re using has neither been carnapped nor used in a crime. To confirm that, the PNP-HPG will inspect your car or motorcycle. Also, a representative from the HPG will verify your engine and chassis numbers through a process called stenciling or macro-etching. This verification uses a paint remover to check that the numbers are valid and are not tampered with. Where Can I Get a PNP-HPG MV Clearance Certificate? You can apply for a motor vehicle clearance at any PNP-HPG motor vehicle clearance satellite station. The office hours are from 8 a.m. to 5 p.m. (no noon break), Mondays to Fridays. A few…

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Here’s How You Can Buy a Home in Your 30s

Your 30s is the best age to buy a home. By now, you have a clear idea of what home-ownership means to you—whether it’s living independently, raising a family, or investing in real estate. You’re more or less financially ready to own a house. You’ve likely built a stable career or business that brings in steady income. You’ve probably established a good credit history, which can help you get a home loan. You’re old enough to make a life-changing decision like buying a house, yet still young enough to have time to pay off a home loan. As such, it’s hardly surprising that more Filipino millennials buy properties nowadays. Data from online mortgage broker Nook shows that 44% of home loans on its platform are acquired by millennials[1]. Ready to make that long-term financial commitment? To successfully buy a home in your 30s, understand how the usual home-buying process works in the Philippines. How to Buy a Home: 7 Steps for First-Time Home Buyers 1. Decide on Your Home-Buying Budget Many first-time home-buyers immediately start shopping for properties without setting a budget first. That’s a common mistake you’d want to avoid because it’ll tempt you to spend your money on something you can’t afford. It’s easy to fall in love with a stylish house with a breathtaking view. But what if it turns out to be expensive? So that your home purchase decision won’t be driven by emotion, determine a budget for buying your first house. How much can you really afford to buy a home? The rule of thumb…

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What Is Virtual Pag-IBIG and How Do I Create an Account?

Did you know that you no longer need to visit a Pag-IBIG Fund office to apply for a loan or perform any other transaction with the agency? With the Virtual Pag-IBIG portal, it’s easy and quick to access the government agency’s services online in a matter of clicks while staying at home. You won’t have to wait in line for hours on end in a Pag-IBIG branch. Because the online service is available 24/7, you can use it even when Pag-IBIG offices are closed after office hours, on weekends, and on holidays. To enjoy such a convenience, the first step you need to take is to create a Virtual Pag-IBIG account. Here’s a simple guide to help you get started. What is Virtual Pag-IBIG? The Virtual Pag-IBIG[1] is an online facility that enables members to avail of Pag-IBIG Fund services over the internet. Launched in December 2019, the online portal was intended to make Pag-IBIG services more efficient and convenient. The Virtual Pag-IBIG, which is transaction-based, is different from the Pag-IBIG Fund’s corporate website[2] that is mainly informational. Using the system allows you to transact with Pag-IBIG anytime, anywhere using your laptop or smartphone without having to go to a branch. Virtual Pag-IBIG Services Services You Can Access Without a Virtual Pag-IBIG Account You can complete the following transactions online without a Virtual Pag-IBIG account: Pag-IBIG membership registration Pag-IBIG MID (Membership ID) Number verification Modified Pag-IBIG II (MP2) enrollment Pag-IBIG housing, multi-purpose, and calamity loan application Housing loan interest rate re-pricing application Online payment for Pag-IBIG contributions (Regular and MP2…

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OFW Repatriation Guide in the New Normal

Planning to come back home during the coronavirus pandemic? Brace yourself for an entirely different homecoming experience. OFW repatriation in the time of COVID-19 is a whole new ball game. No bunch of relatives excited for your return will pick you up at the airport. Instead, government frontliners in hazmat suits will welcome you upon arrival. Airport procedures on your arrival day will be longer and more complicated than before. You won’t be allowed to go home to your family until you complete the mandatory testing and quarantine for returning Filipinos. Much of the stress and anxiety stranded OFWs are having right now comes from not knowing what to expect when they get repatriated back to the Philippines. Here’s an OFW repatriation guide to help you manage your expectations, make your arrival more bearable, and return home safely. OFW Repatriation Pre-Departure Checklist Before flying back to the Philippines, here’s what you must do to ensure your repatriation will go smoothly. 1. Request an OFW Repatriation Flight First things first: You must secure an OFW repatriation flight, and you’ll need the government’s help with that. The Philippine Embassy, Consulate, or POLO (Philippine Overseas Labor Office) is responsible for coordinating with airlines to arrange OFW repatriation flights. Find out how you can register in the embassy to make a repatriation request. You might have received a survey asking if you’re interested in being repatriated. Check the website, Facebook/Twitter account, and other official communication channels of the embassy in your host country. If you can’t find specific information on OFW repatriation, contact the…

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6 Easy Steps to Applying for an AUB Credit Card

AUB credit cards might have caught your interest because of their waived annual fees, and while that’s a big deal when choosing a credit card, there’s more to AUB cards than their no annual fee for life feature. Did you know that AUB credit cards are among those with the fastest rewards earn rate in the Philippines? Every PHP 20 spent using an AUB Mastercard earns you 1 rewards point. Other credit cards require a higher minimum spend to earn rewards. AUB also offers flexibility when it comes to paying credit card bills. Choose your own payment due date, frequency, and fixed minimum balance. If you select the right payment terms, this feature can help you manage your finances well and avoid making late payments. With all such features, having a credit card from AUB is absolutely worth it. Interested? Here’s a step-by-step guide to help you easily apply for an AUB credit card in the Philippines. AUB Credit Card Application Steps 1. Pick the Right AUB Credit Card for You AUB credit cards come in four types: Easy, Classic, Gold, and Platinum. Each card caters to a specific income bracket, budget, and lifestyle. Before you apply for an AUB credit card, it’s important to figure out which one is the best match for you. This way, you’ll avoid problems like getting your application rejected or not making the most of the card’s features and benefits. Narrow down your options. First, determine which credit card you qualify for based on AUB’s eligibility requirements, especially your gross income and source of…

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What Happens If I Stop Paying My Car Insurance?

At some point, you might be unable to pay your car insurance premium. Perhaps you ran short of cash due to a family emergency, or you can no longer afford the premium payments due to unemployment or any unforeseen event. Or you simply forgot because you’re too busy. Regardless of the reason you stop paying car insurance, it’s a costly mistake that can have serious and lasting consequences. You don’t want to be in such a situation. So it’s crucial to be fully aware of what can happen in case you miss a payment and what you can do to correct the situation. What Happens If You Don’t Pay Car Insurance on Time Not all car insurance companies give a grace period to their clients. A grace period is a span of time after the due date during which a policy stays active even though the premium isn’t paid yet. But if your insurance provider provides a grace period, it won’t cancel your policy immediately because of a missed payment. Even if you make a late payment for your car insurance—as long as it’s within the grace period—your coverage won’t end. A few days after your due date, your insurer may send you a reminder via mail or SMS to pay your premium until a certain date without your coverage lapsing. What Happens If You Stop Paying Car Insurance Altogether Paying late is one thing; stopping your car insurance payments altogether is a different story. If you still don’t pay the premium after your grace period ends, it will lead…

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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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