All Articles With Category : Government Services

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

Marriage Contract in the Philippines: How to Get One After Saying “I Do”

Marriage isn’t something people do on a whim. Just as you don’t marry someone you met only yesterday, you don’t get hitched without being legally ready. Getting married won’t be an easy ride, what with the many requirements soon-to-weds have to take care of. There’s your CENOMAR, marriage license, and after the wedding, the marriage contract in the Philippines. But that doesn’t mean you shouldn’t get married. Of course, you want your union to become legal and official. The point is, before you tie the knot, you have to be ready for all the paperwork it entails. Your dream wedding won’t become a reality if you lack even just one requirement. Here’s everything Filipino or foreign couples need to know before getting married, whether in civil or church rites, in the Philippines. Who Can Get Married in the Philippines? The Family Code of the Philippines[1] allows the marriage of people who meet the following requirements: A male and a female At least 18 years old Notarized parental consent for 18 to 20 years old Notarized parental advice for 21 to 25 years old Not blood relatives up to the fourth civil degree (i.e., cousins, siblings, etc.) Free of legal impediments such as being previously married to someone else (unless annulled, divorced, or widowed) These legal requirements mean that people under the age of 18 can’t get married even with their parents’ consent. Also, same-sex marriage is not yet legal in the Philippines. See also: Are You Financially Ready to Get Married? Financial Tips for Couples: How to Balance Love and…

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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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NDRRMC Alert: What It Means and Why You Shouldn’t Ignore It

Did you receive an NDRRMC emergency alert today? And did the ringtone almost trigger a heart attack? That’s the NDRRMC (National Disaster Risk Reduction and Management Council) doing its function as the government’s disaster preparedness arm. Whenever the country is about to experience a typhoon or a heavier than usual rainfall, the NDRRMC will send out these weather updates to all mobile phone users in the Philippines. But every time Filipinos receive an NDRRMC alert, there’s also no shortage of social media posts and hugot reactions online, ranging from amused and grateful to annoyed. Here’s the thing: regardless of what you feel about the unwelcome barrage of text messages, there’s no stopping the NDRRMC from doing its job. Better safe than sorry, right? Why You’re Receiving an NDRRMC Alert These SMS alerts you’ve been receiving lately are part of the NDRMMC’s early warning system to ensure public safety and preparedness during disasters, especially in flood-prone areas. Through these text messages, the NDRRMC keeps everyone informed about an upcoming typhoon, heavy rainfall, flooding, or earthquake. When PAGASA (Philippine Atmospheric, Geophysical and Astronomical Services Administration) issues a rainfall warning advisory, the NDRRMC translates it into a short, easy-to-understand message in Filipino and then forwards it to telecommunications providers for dissemination to the public. The Free Mobile Disaster Alerts Act (Republic Act 10369)[1] requires telcos to send out alerts from the NDRRMC and other relevant government agencies at no cost to mobile phone subscribers. Why do the rainfall warning alerts have to be so loud and panic-inducing, you might wonder. Well, that’s intentional on…

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SSS and PhilHealth Maternity Benefits Every Parent Needs to Know

Being a mother is one of the most fulfilling roles for some women. From pregnancy until the child’s maturity, mothers will never stop providing love, support, and inspiration to their children. And amid poverty, the pandemic, loss of jobs, and economic uncertainty, more and more Filipino women are still becoming mothers and considering it a special blessing.  The average number of babies born every day in the Philippines is 7,255, which is around 302 live births per hour.[1] This number contributes to the 111+ million total population of the country (as of August 2021) and composes 1.41% of the total world population.[2]  At present, the government continues to assist Filipino mothers through SSS and PhilHealth maternity benefits. The 60-day maternity leave period has also been increased to 105 days because of the Expanded Maternity Leave Law.[3]  But are Filipino mothers getting the best benefits from the government? How do SSS and PhilHealth maternity benefits in the Philippines compare to those of other countries? What forms of assistance can new and expectant mothers receive from the government, especially from the SSS and PhilHealth, and how can they avail of these? Learn more about maternity benefits in this article. SSS and PhilHealth Maternity Benefits in the Philippines vs Other Countries The Save the Children Federation published the State of the World’s Mothers Report in 2015[4] that ranked the best countries to be a mother. Rankings were based on generous paid maternity leave, maternal health, and children’s well-being, among others. The Philippines landed on the 105th spot among 179 countries.  However, the report…

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Steps to Getting a PRC ID: Online Registration and Renewal Guide

After many sleepless nights reviewing for the licensure examinations, your hard work has finally paid off. You’ve passed the exam and can now practice your profession. Congratulations! However, after donning your party hats and celebrating, you need to get your ID or license from the Philippine Regulatory Commission (PRC). This PRC ID is a requirement so that you can start practicing your profession legally. Thankfully, you can now access PRC’s online services to apply for examinations, initial registration, PRC ID renewal, and Certification of Board Rating and Passing. Here’s a step-by-step guide on how to get a PRC ID online. What is a PRC License? Created in 1973, the PRC regulates various professions in the Philippines. The Commission serves over four million professionals from over 43 regulated professions. It also caters to hundreds of thousands of aspiring professionals taking the licensure examinations every year. A PRC license proves that you’re authorized to practice your profession. It’s  issued to highly skilled professionals such as architects, engineers, doctors, dentists, accountants, and veterinarians. Read more: PRC Online Application: Guide for Professionals in the Philippines What is a PRC ID? Also called the Professional Identification Card (PIC), a PRC ID proves that you’re a registered professional in the Philippines. It also shows that you have the legal authority to practice your profession. In addition, the ID certifies that you’re in good standing, meaning your PRC license was not withdrawn or revoked. Your PRC ID is a valid government-issued ID you can use in transactions with government agencies, banks, and other institutions. The ID is…

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Handy Guide to Pag-IBIG Calamity Loan Online Application

The Philippines’ geographic location makes it vulnerable to natural calamities like volcanic eruptions, storm surges, flooding, landslides, and drought. This exposes Filipinos in any part of the country to tragic incidents and severe distress and losses. Those who are affected by these calamities are eligible for different forms of assistance, including monetary aid or ayuda from the government, Pag-IBIG calamity loan from the Pag-IBIG Fund, SSS loan, and other relief operations. In this article, we’re going to discuss the financial aid for members of the Home Development Mutual Fund or more popularly known as the Pag-IBIG Fund. The government agency 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 is a cash loan facility that assists 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. What is a State of Calamity? A state of calamity is a condition or situation where an area or people suffer terrible loss, severe impact, or lasting distress brought by natural disasters and man-made situations. The government declares a state of calamity according…

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How to Get a Community Tax Certificate in the Philippines

Filipinos began using the cedula in the 19th century during the Spanish regime. Perhaps the most notable thing we can remember about it now is how the Katipuneros, led by Andres Bonifacio, tore their cedulas, signifying their protest against Spanish colonial rule.[1] But despite the measures filed by some politicians to abolish the use of the cedula or the community tax certificate,[2] it’s still considered a valid form of identification in the Philippines. A cedula can help facilitate your transactions with the government and other private organizations. Learn how to get a cedula in this short guide.  What is a Cedula?  A cedula is a document issued to Filipinos upon payment of a residence tax. At present, the cedula is one of the basic requirements for most government transactions. It can also serve as valid identification for individuals and corporations residing or located in the same municipality where it is acquired.  Why is a Cedula Important? The cedula’s importance dates back to the Spanish era when all residents 18 years old and above were required to present it as identification and proof of tax payment.  Based on Article 6 of the Local Government Code of 1991,[3] cities and municipalities are empowered to levy an annual community tax on individuals and juridical persons.  The Local Government Code also mandates that the community tax shall accrue on the first day of January of each year, which shall be paid not later than the last day of February of each year. It also exempts the following from paying the community tax:  Diplomatic and consular…

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The Complete Guide to Claiming Your Pag-IBIG Contributions

You’ve diligently paid your Pag-IBIG contributions throughout your entire career. You’re probably wondering where your contributions went and whether you’ve already contributed enough. Most importantly, you’re also probably very eager to know how to withdraw Pag-IBIG contribution.  This detailed Moneymax guide will teach you how to claim your money from the Pag-IBIG Fund and what you need to start the claims process. What is Pag-IBIG Provident Benefits Claim? The Pag-IBIG Provident Benefits Claim is a privilege granted to members who have met the eligibility requirements to withdraw their full contribution amount plus interests earned over the years. In short, this Pag-IBIG benefit is every member’s reward for contributing to the Fund.  The Pag-IBIG Provident Benefits is part of the Fund’s Savings Program composed of member contributions made through automatic salary deduction or voluntary contribution.  Employed or unemployed Pag-IBIG members who have fulfilled 180 to 240 contributions can withdraw their savings in compliance with the claim’s terms and conditions.  How and When Can I Withdraw my Pag-IBIG Contributions? If you’ve been paying your monthly contributions for several years now, you may be eligible to file for a Pag-IBIG Provident Benefits Claim already. Here are different ways to do it. 1. Optional Withdrawal  The optional withdrawal of Pag-IBIG contributions can be done by members who meet the following requirements: Pag-IBIG member for 15 years already before the planned withdrawal  No outstanding loan with Pag-IBIG upon submission of Provident Benefits Claim 180 continuous monthly contributions Note: Pag-IBIG approves optional withdrawal only if you have contributed continuously or without any gaps from the time…

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A Complete Guide to PhilHealth Voluntary Membership Registration

As of June 16, 2021, the World Health Organization listed 5,389 new COVID-19 cases in the Philippines.[1] This number will keep on changing depending on how Filipinos are protecting themselves against the virus. Indeed, life is not certain. But if there’s one thing this pandemic has taught everyone, it’s the importance of having a health insurance plan.   PhilHealth is the government arm responsible for providing Filipinos with medical assistance and health benefits. For employed PhilHealth members, their company’s HR department handles the application requirements and process, as well as contribution payments. For the unemployed and members of the informal economy, application and membership contributions are done by the member under PhilHealth voluntary membership.  What is PhilHealth Voluntary Membership? PhilHealth voluntary membership refers to the privilege extended to individuals who are not formally employed by a registered company or by an employer in the Philippines. Unlike employed individuals who get automatic membership, voluntary members register and pay for their contributions on their own.  Who Can Apply as a PhilHealth Voluntary Member? Any Filipino who doesn’t have a fixed employment term and is not a senior citizen, indigent member, or sponsored member can register as a voluntary member. Collectively categorized as members in the informal economy, qualified voluntary PhilHealth members include the following: Overseas Filipino Workers / Migrant Workers Filipinos working in other countries are eligible to apply for PhilHealth voluntary membership. These can be documented and undocumented OFWs who are not citizens in their current location. Informal Sector These are self-earning individuals who produce or deliver goods and services. They have…

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DTI Business Registration Guide for Entrepreneurs in the Philippines

What’s in a name? In a business, it means a lot. Your business name is your company’s branding, so it should catch attention and can be easily recalled. A business without a name is barely a business because it doesn’t have an identity that customers can remember. Moreover, two businesses with identical names can confuse potential customers and might put all marketing efforts to waste. Thus, the Department of Trade and Industry (DTI) encourages every entrepreneur to get a DTI Certificate of Registration. Aside from spending time coming up with a name for your new business, you also need to register it with the DTI, if you’re a sole proprietor. You can never imagine how having a unique business name duly registered and trademarked can create an impact on realizing your dream business. For instance, in March 2021, Prince Harry and Meghan Markle were in a dispute with a Filipino entrepreneur after discovering that a DTI registration application was submitted for the term Archewell Harvatera.[1] The application was opposed by Harry and Meghan’s Cobblestone Lane LLC. What is a Business Name? A business name is any name that you use to connect with your business. Technically, it refers to the word or words that your potential customers can associate with your products and services. Even a franchise business requires the franchisee to come up with a distinct trade name. For example, a typical Pinoy would normally buy Colgate from a sari-sari store. When asked which type of Colgate he would want to purchase, he would reply with the name of…

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SSS Online Employer Registration: A Guide for Companies and Employers

As an entrepreneur, HR officer, or someone who employs household workers, you know how tedious it can be to transact with multiple government agencies. So many reports to process and submit, so little time. Good thing, the Social Security System (SSS) has an online facility that literally does away with the paperwork for busy employers in the Philippines. All you have to do is to go to their official website for an SSS online employer registration. Keep on reading to learn more about SSS’s online portal and how you can register as an employer. What is My.SSS? My.SSS is an online portal that allows SSS members to access contributions and membership records. Through the website, members and employers can make online transactions, set appointments with their SSS servicing branch, and request copies of records. Members and employers are required to register for a My.SSS account to ensure that their information is secured, preventing identity theft. The following can register for a My.SSS account: Regular employers Employed members who have been reported by an employer for coverage to the SSS Paying members such as those self-employed, non-working spouses, and OFW Household employers Household helpers or employees Other voluntary members who have at least one month of posted contribution If you want to get a My.SSS account, you need to create a username, activate your account, and provide your preferred password. For SSS employer registration, you need to create your own username upon registration. An initial system-generation password will also be sent to you via email upon successful registration. Benefits of My.SSS…

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How to Make Voluntary Contributions to Pag-IBIG, PhilHealth, and SSS

Did you resign from your job to become a full-time freelancer, OFW, or a business owner? Paying your Pag-IBIG, PhilHealth, and SSS contributions is no longer your former employer’s responsibility—you have to do voluntary contribution from now on. It’s important to continue your contribution payments with these government offices as a voluntary member. You can avail of a personal loan or housing loan, benefits (such as sickness, maternity, and retirement benefits), and health insurance—only if you meet the required minimum number of contributions. Here are the things you need to do if you’re planning to continue your voluntary contribution to Pag-IBIG, PhilHealth, and SSS. How to Update Your Membership Records for Voluntary Contribution Before you can start remitting your voluntary contribution, you need to update your membership status with Pag-IBIG, PhilHealth, and SSS from employed to self-employed or OFW. It involves going to each of the government agency’s branch and filling out a form. You may be also required to present supporting documents. How to Change Your Pag-IBIG Membership Information Download and fill out the Pag-IBIG Member’s Data Form (MDF)[1]. Under Membership Category, mark the appropriate status (OFW or Self-Employed). Submit the accomplished MDF together with your supporting documents to the nearest Pag-IBIG branch. Get a Payment Order Form and proceed to the Cash Division to pay your Pag-IBIG contribution. Pag-IBIG Requirements for Changing Membership to Self-Employed: Two (2) valid IDs Latest income tax return (ITR) with last year’s CPA-certified financial statement Employee Statement of Accumulated Value (ESAV)* Business Permit or Mayor’s Permit DTI or SEC registration under your name…

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DTI Loans for Small Business: How to Apply for P3 CARES 2 Program

Since the implementation of community quarantines, small businesses continue to be affected by business closures, shortened operating hours, reduced workforce, and continuous expenses. All these business challenges have resulted in unstable cash flow and income losses.  Because of this, many businesses have implemented adaptive business measures, like implementing work-from-home arrangements, using online platforms for all transactions, reducing costs, and diversifying products and services. Aside from these, the government continues to provide financial assistance to help small businesses recover from the adverse impact of the pandemic.  The Department of Trade and Industry’s P3 CARES Program offers collateral-free and interest-free loans to micro, small, and medium enterprises (MSMEs) in the Philippines. Find out how these DTI loans for small businesses work and how you can avail of them.    DTI Loans for Small Business in the Philippines The Department of Trade and Industry (DTI) and Small Business Corp. (SBC) launched the COVID-19 Assistance to Restart Enterprises (CARES) Program. The SBC CARES Program helps entrepreneurs get back on their feet. CARES offers DTI loans of up to PHP 500,000 and is part DTI’s Pondo sa Pagbabago at Pag-Asenso, also known as P3 Program, first launched in 2017. The P3 and CARES programs are quite similar. However, CARES Program specifically accommodates entrepreneurs whose businesses were affected by the lockdown. Keep reading to know more about these DTI loans for small business and if you should apply for them. Read more: Business Loans for Startups in the Philippines DTI P3 Program What is the DTI P3 Program? DTI launched the Pondo sa Pagbabago at Pag-Asenso or P3…

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Affected by the Pandemic? Get Help Through COVID-19 Government Assistance Programs

Infected or not, Filipinos are grappling with the impact of the COVID-19 pandemic in one way or another. The public health crisis has disrupted the lives of many. From simple inconveniences like getting stuck in one’s home to more serious problems like the increased risk of COVID-19 infection and loss of income, every day has been a challenge for most. To help Filipinos recover from the loss of economic opportunities due to the pandemic, the government continues to provide unemployment benefits, financial aid, and other forms of assistance. We compiled them into one place so you know which ones you can avail and benefit from. COVID-19 Government Assistance in the Philippines Free Medical Consultation Do you or any family member have possible COVID-19 symptoms? Call any of the following DOH COVID-19 emergency hotlines[1] to ask about your condition: DOH COVID-19 Hotline: (02) 8 952-6843 For PLDT, Smart, Sun, and TNT subscribers: 1555 This free service is available 24/7 for questions from people who suspect they might be infected with COVID-19. Through this emergency hotline, DOH also accommodates requests from those with symptoms and/or known exposure to positive cases and/or patients under investigation (PUIs). Requests are forwarded to the COVID-19 Emergency Operations Center and other relevant agencies, which will provide an immediate response. Related articles: 15 Online Drugstores in the Philippines for Medicine Delivery and Pickup Where to Buy Face Masks and Face Shields in the Philippines What You Need to Know About COVID-19 Vaccines in the Philippines PhilHealth Coverage for COVID-19 Patients PhilHealth covers COVID-19 testing and hospitalization for its…

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SSS Pension Computation: How Much Will You Receive When You Retire?

It’s better to just set things straight away: the pension you’ll receive from the SSS won’t be enough to fund your retirement plan. As early as now, invest in a retirement savings plan to provide for your future self to live comfortably beyond 60 years. Having said that, you should learn how to compute your SSS pension since it will become a consistent source of income when you’re past your prime. The amount you’ll receive may not be ideal for an extravagant lifestyle, but it’s better than not having any pension at all. As per Republic Act 11199 or the Social Security Act of 2018, SSS monthly premiums increase by 1% every other year until 2025. However, the Senate has recently approved Senate Bill 2027 that seeks to authorize the President to hold off the SSS contribution hike for a limited period of six months. The deferment could be extended for a further six months.[1] How will this contribution hike affect your SSS pension in the future? If you want to know how to compute your retirement pay from SSS, keep reading. Get your calculator ready and start planning the future with this helpful SSS pension computation guide. How to Compute Your SSS Pension There are two ways to calculate your monthly SSS pension. You can either compute manually or online using the SSS website. Manual SSS Pension Computation The big question you’re probably asking yourself is, “How much is my SSS pension?” Your SSS monthly pension will depend largely on your paid contributions, your number of active years as…

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Bayanihan 2 Loan Extension and Grace Period: What Borrowers Should Know

Last year, the unprecedented effects of the pandemic hit everyone financially. Due to lockdowns and restrictions in mobility, a lot of economic activities were either completely halted or temporarily discontinued. This caused people to tighten their belts, which in turn had directly affected their capacity to pay their debts and settle financial obligations, such as loans and credit card bills. To address the Filipino borrowers’ common dilemma, the government had implemented the Bayanihan to Recover as One Act or Bayanihan 2. You might have already heard about it, but what exactly is it? This article will fill you in on the details of the said law and how it affects your loan or credit card payments. FAQs on Bayanihan Act 2 Loan Extension and Grace Period 1. What is the purpose of Bayanihan Act 2? Formally known as Republic Act 11494,[1] the Bayanihan to Recover as One Act (Bayanihan Act 2) is created to provide a response that will deal with the effects of the COVID-19 pandemic in the Philippines. The Act’s Section 4 directs all banks, quasi-banks, financing companies, lending companies, real estate developers, insurance companies, pre-need companies, GSIS, SSS, Pag-IBIG, and similar entities to implement a one-time 60-day grace period for the payment of all existing, current, and outstanding loans. This provision covers the following types of loans: salary, personal, housing, commercial, motor vehicle, amortizations, financial lease payments, premium payments, and credit card payments. Basically, the law allows you to delay your loan payments under specific conditions, which will be tackled later in this article. 2. How does the…

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SSS Salary Loan vs. Pag-IBIG Multi-Purpose Loan: Understanding the Differences

At some point, you’ll find yourself struggling with money. It’s either an unexpected expense has come up or you’re trying to fund a major project and your budget can’t accommodate all your plans. If you’re currently cash-strapped, two financing options may help you out: the SSS Salary Loan and the Pag-IBIG Multi-Purpose Loan. To help you decide which one will work well for your situation right now, we’ve come up with a simple guide that covers all you need to know about these loans. Read on to learn more about SSS loan vs Pag-IBIG loan. SSS Loan vs Pag-IBIG Loan: An Overview Confused about the SSS Loan vs Pag-IBIG Loan? Let’s start with the similarities. Basically, both SSS and Pag-IBIG loans provide short-term financial assistance to their members. The Pag-IBIG Multi-Purpose Loan or MPL is a cash loan that qualified members may apply for to help them with any immediate financial need.(1) The SSS Salary Loan, on the other hand, is a cash loan given to an employed or self-employed/voluntary member to help them meet short term credit needs.(2) Here’s a list of situations where you can use the proceeds of your Pag-IBIG Multi-Purpose Loan: Minor home improvements Car-related repairs Additional capital for your small business Education-related expenses, such as tuition fee Purchase of furniture, electronic gadgets, or appliances Payment of credit card bills and similar utilities Other needs that require cash Why Get an SSS Salary Loan or Pag-IBIG Multi-Purpose Loan? While banks and informal lending institutions can loan borrowers some money, they may not be the best option…

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How to Get PWD ID: Benefits and Application Guide

Been putting off your PWD ID application? Get one as soon as you can. Whether your medical condition is visible or not, you’ll benefit a lot from having a PWD ID. It’s your proof of your entitlement as a PWD, so you can get discounts that can greatly help in easing your medical expenses and other types of purchases. What is PWD ID? The PWD ID is the standard identification card for persons with disability (PWDs) in the Philippines. It can be used to avail of PWD discounts and other benefits as mandated by the law. What is the validity of the PWD Card? This ID card is valid for three years and free of charge when issued for the first time. There’s a minimal fee for PWD ID renewal due to expiration, damage, or loss of card. Who can get a PWD ID? Any Filipino with a permanent disability can apply for a PWD ID. Republic Act 10754[1] defines persons with disability as those with “long-term physical, mental, intellectual, or sensory impairments” that interfere with their interactions in society. PWD List of Disabilities The Department of Health (DOH) considers the following types of disabilities as eligible for a PWD ID: Psychosocial disability – Includes bipolar disorder, depression, ADHD, schizophrenia, epilepsy, and other long-term and recurring mental or behavioral issues Disability resulting from a chronic illness – Includes orthopedic disability due to cancer, blindness due to diabetes, and other disabilities due to a chronic disease Learning disability – Includes processing problems that hinder learning math, reading, writing, and other basic skills…

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Pag-IBIG Acquired Assets: Homebuyer’s Guide to Availing Foreclosed Properties

Pag-IBIG acquired assets are ideal for both low-income earners who want to own an affordable home and real estate investors who want to maximize their returns. Interested in buying an acquired asset from Pag-IBIG? Here’s everything you need to know about Pag-IBIG Fund acquired assets to make an informed buying decision. What are Pag-IBIG Acquired Assets? A Pag-IBIG acquired asset is a property that’s foreclosed because the original owner who availed of Pag-IBIG housing loan failed to pay the monthly amortizations. The Pag-IBIG Fund normally gives delinquent borrowers a chance to buy back their foreclosed property when they default on their payments. It also offers this buy-back option to tenants who occupy and rent the foreclosed properties. If the buy-back option doesn’t work out, Pag-IBIG offers the foreclosed property to new buyers at a lower price via public bidding to recover the unpaid loan and generate income for the Fund. If the sale via auction fails for a certain property, it is then put up for negotiated sale in which buyers can get as much as 30% discount. Should I Buy an Acquired Asset from Pag-IBIG? Purchasing a foreclosed property from Pag-IBIG makes financial sense for two reasons. First, Pag-IBIG acquired assets are sold at prices below the market value. This enables you to afford a home if you don’t have enough money to purchase a brand-new property. If you avail of Pag-IBIG housing loan to finance a foreclosed property, you’ll have lower monthly amortizations. Second, Pag-IBIG foreclosed properties are a great investment. Buying one gives you an opportunity to…

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OWWA Benefits Guide: 8 Ways to Maximize Your OWWA Membership

As an OFW, it’s reassuring to know that help will be on its way when you need it, like when you’re having employment-related problems and concerns while working abroad. That’s what the Overseas Workers Welfare Administration (OWWA) is for. This government agency is mandated to develop and implement programs that protect your rights as an OFW. If you become an OWWA member, you can avail of different forms of financial assistance and other OWWA benefits before, during, and after your overseas employment. Here’s a comprehensive guide to help you make the most of your OWWA membership. OWWA Benefits for OFWs 1. OWWA Loan for OFW What is OWWA OFW Loan? The OWWA loan for OFW members, officially called the Overseas Filipino Workers – Enterprise Development and Loan Program (OFW-EDLP), is a business loan that allows OFWs and their families to borrow money at a low interest rate for starting a business. Part of OWWA’s reintegration program, the OWWA loan is provided to balik manggagawa or returning OFWs and those currently working abroad. OWWA Loan Features Loan purpose: Working capital (for financing day-to-day operations) and fixed asset acquisition (for funding production or supply of goods or services) Project cost-sharing: Borrower’s equity: At least 20% of the total project cost OWWA OFW loan: Up to 80% of the total project cost Loan amount: For single proprietors: PHP 100,000 to PHP 2 million For partnerships, corporations, and cooperatives: PHP 100,000 to PHP 5 million Interest rate: 7.5% per annum Loan terms: Short-term: Up to 1 year Term loan: Based on cash loan up…

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