Best Investments in the Philippines for Your Short-Term to Long-Term Goals
- By Moneymax
- July 11, 2022
Investing allows you to make money work for you rather than the other way around through the power of compounding interest. But with so many options for the best investments in the Philippines, you’re left wondering where to put your money and what your investment portfolio should look like. In an interview with Moneymax, Marvin Fausto, founding President of the Fund Managers Association of the Philippines (FMAP), advised to “invest with a purpose.” So whether you’re building your retirement fund, saving up for your child’s education, or funding any financial goal, here are some of the best investments in the Philippines with great earning potential in 2022 and beyond. What are the Best Investments in the Philippines for 2022? Best Investments in the Philippines for Short-Term Goals Short-term goals include saving for your upcoming wedding or a baby’s arrival. If you need the money in three years or less, it’s best to invest in safer and liquid investments. Liquid assets are those that are easy to buy and sell, such as time deposits and money market funds, which make your money grow through set interest rates and maturity dates. On the contrary, a house is not a liquid investment because it can take months or even years to sell. If you need your money in less than three years, don’t go into risky investments such as the stock market. This will not give you enough time to recover your losses if you enter the market at its peak and then it crashes. You may end up losing your hard-earned money….
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Back Pay Computation Guide for Filipinos Leaving Their Jobs in 2022
- By Moneymax
There’s a myriad of reasons employees leave their employers. You know the common ones—poor management, impractical office locations, career dead ends. COVID-19 just added another one to that list: pandemic epiphanies. According to a report by Sprout Solutions, a significant percentage of human resources (HR) professionals—i.e., 63% in small and medium enterprises and 58% in large enterprises—saw an uptick in employee turnover during the pandemic. The same professionals claimed that 65% of employees prefer hybrid work.[1] The connection between the two is evident, as more employees seek the most fulfilling jobs in the world that can give them better autonomy, greater flexibility, and more financial freedom. This movement that calls for better employee well-being has ushered in a mass exodus from the workplace—a phenomenon dubbed the “Great Resignation.”[2] If you plan to jump on this bandwagon, start crunching the numbers now and do a back pay computation to know exactly what you’ll get before running away to greener pastures. Here’s all you need to know about how to compute your backpay in the Philippines in 2022. What is Back Pay? According to the Department of Labor and Employment (DOLE), back pay (otherwise known as last pay or final pay) refers to the total monetary compensation that an employer must pay a former employee, regardless of the cause of separation from the company.[3] Back pay is by definition the last cash transaction between the employer and employee after the latter’s exit. Who is Eligible to Receive a Back Pay? Any resigned or terminated employee—regardless of the cause of separation from the…
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Planning to Resign? Here’s How to Prepare Your Finances Before Quitting Your Job
- By Adji Hendrawan
- July 8, 2022
To leave or to stay? Resigning from your job is probably on your mind for weeks, months, or even years now, and you can’t wait to try something new in your career. You have to think it through because it’s a life-changing decision. Not only will you make a major career shift, but your finances will also take a different direction, depending on your next move. So as early as now, you should know how to prepare your finances before quitting your job. A recent study found a 176% increase in voluntary resignation across all industries in the Philippines even during the pandemic.[1] The signs of the “Great Resignation” phenomenon are upon us this year, but that doesn’t mean you should immediately join the bandwagon. How to Prepare Your Finances Before Quitting Your Job So that you won’t end up struggling with money, feeling stressed, and regretting your decision, you have to be financially prepared to leave your job. Here are five practical tips to help get your finances in order before your resignation. 1. Have a New Source of Income Lined Up Do you have a new stable job waiting for you as soon as you leave your employer? Most companies in the Philippines require their employees to give a 30-day notice for resignation. But one month isn’t enough time to find a job that’s a good fit for you. It could take three months or longer. While you’re still employed, start looking for a new job at least three to six months before you resign. Being unemployed or…
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How to Survive Inflation: Wise Tips for the Hard Times
- By Moneymax
- July 6, 2022
An age-old nugget of wisdom says that nothing is certain but death and taxes. This is definitely an understatement, as reality paints a different picture. Inflation is also among the things that everyone is bound to face. From the stock market to real estate, inflation has always been a major factor that influences the prices across different aspects of life. And since it’s inevitable, it’s just right to know what it really is and how it affects you and your family. In this article, you’ll get to know this economic phenomenon much better. Along the way, you may also find a solution to inflation in the Philippines that your household can adopt. What is Inflation? Inflation is the increase in the prices of products and services over a given period of time. It causes the value of your money to weaken, meaning that the same peso you have today will only be able to afford less in the future. Case in point, the average jeepney fare before the pandemic was ₱10. But that same amount won’t afford you a ride this time, as the minimum fare is already ₱11.[1] According to recent reports, the Philippines’ inflation rate was 6.1% in June 2022. This was evidently much higher than the inflation rate in May, which was 5.4%.[2] The Philippine Statistics Authority (PSA) says that this is the highest recorded inflation since November 2018. What are the Causes of Inflation in the Philippines? Inflation is influenced by various factors, which can be either local or global in nature. But if you put…
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Moneymax Celebrates 8 Years of Helping Elevate Filipinos’ Financial Lives
- By Moneymax
- July 5, 2022
Manila, Philippines – July 2022. Founded in 2014 as a financial comparison portal with only 10 employees and 65,000 monthly visits, Moneymax has grown into the Philippines’ largest personal finance platform powered by over 100 employees and visited over 3 million times per month. Such tremendous growth has been fueled by the company’s mission to help Filipinos lead healthy and rewarding financial lives through free, fair, and fast access to financial products and information. Marking its eighth anniversary with the theme #ElevateAt8, Moneymax celebrates all the ways it has leveled up as an organization and has helped improve the financial well-being of over 40 million Filipinos. “As we reach another milestone year for Moneymax, we’re excited for more years of helping Filipinos make smarter financial choices through our platform, rewards, and content. Putting the Filipino people at the heart of everything we do, we’re looking forward to continuously improving and exploring even more ways to uplift their financial lives,” shares Jessica Faye Tan, Head of Marketing at Moneymax. Elevated as a Company 2022 is a big year for Moneymax, hitting an all-time high 3+ million monthly website traffic with nearly 300% growth from the previous year. The company’s newsletter subscribers have also increased to 1 million. This means that more Filipinos are taking their finances to greater heights with the help of Moneymax’s educational content and financial products. This is amid the consumer behavior shift to “revenge spending” as the economy rebounds from the COVID-19 pandemic. Filipinos planned to increase their spending on retail shopping, discretionary expenses, retirement funds, and…
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Meet Your Blockchain Pet: How to Earn in My DeFi Pet
- By Jay Pagkatotohan
- July 4, 2022
Tamagotchi and Pokémon are often cited as the poster children of virtual pets. These games remain popular to this day because they appeal to people’s nurturing side and tendency to collect things. Seeing your Tamagotchi grow can make you feel accomplished. In Pokémon’s case, you get to go on adventures and battles with your “pocket monsters,” and in a way, you establish a bond with your fictional fur babies. If you love Tamagotchi and Pokémon, you may want to take things to the next level by having blockchain pets. Enter the metaverse of My DeFi Pet. One interesting aspect of non-fungible tokens (NFTs) is that they focus on the culture of collecting. The game My DeFi Pet leverages that feature, ultimately establishing a venue that allows players to have fun, build a community, and somehow cultivate their parental instincts. This article outlines all the important things you need to know about this game. You’ll also learn how to earn in DeFi Pet. What is My DeFi Pet? Launched in 2021, My DeFi Pet is a blockchain game that allows players to own virtual pets, which they can breed, collect, evolve, and trade. Moreover, pet owners can join battles to earn rewards. If you’ve played Pokémon at some point, you’ll easily grasp the concept My DeFi Pet. The difference is that the pets and items you own in the My DeFi Pet metaverse are NFTs, meaning they have real-life value. My DeFi Pet adopts the concept of “Seasons,” which breaks down the game progress into smaller segments. Such a model is…
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[Battle of the Brands] Cebu Pacific vs. AirAsia: Which Budget Airline Flies Higher?
- By Jay Pagkatotohan
- July 2, 2022
When you were a kid, you probably had the impression that traveling via plane is a privilege only the rich can afford. After all, tickets were insanely priced back then. But thanks to the proliferation of budget airlines, a lot of people can now explore the world. Tickets can still be a tad expensive at times, but you can’t deny that flights have become much more inclusive these days. In the Philippines, Cebu Pacific and AirAsia are the go-to low-cost carriers of many flyers. The flights are significantly cheaper compared to those offered by full-service airlines. However, keep in mind that there are several trade-offs and minor inconveniences that you need to weather (We’re looking at you, insufficient legroom and unreliable customer service). The comparison between the two aviation players can’t be helped, especially if you’ve experienced both carriers’ services. To give you a much more objective perspective, this Cebu Pacific vs AirAsia comparison review covers various aspects of both airlines’ services. This article will also benefit travelers who are used to one carrier but are looking to expand their alternatives. Number of Destinations and Flight Routes Fondly called Ceb Pac, Cebu Pacific claims that it’s the leading airline in the Philippines. This homegrown carrier currently operates flights to more than 60 domestic and international destinations across 14 countries, including China, Japan, Vietnam, Singapore, Malaysia, Indonesia Australia, and United Arab Emirates, among others.[1] AirAsia Philippines, on the other hand, has around 30 destinations across 12 countries. But note that AirAsia has already evolved from being an air carrier into an…
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Dealing with the Unexpected: What Happens to Your Money When a Bank Closes
- By Jay Pagkatotohan
- July 1, 2022
The idea of your money being safe in the bank lets you sleep peacefully at night. You know that no one can ever touch your hard-earned money—unless there’s a massive system breach or your bank suddenly ceases to operate. You can easily wrap your head around the cases of system breaches. After all, your bank still stands and it’s bound to settle the issue. However, a bank shutting its operations is a different story. Depending on how you receive the news, it can be quite panic-inducing. The very institution that’s supposed to help you manage your financial affairs is ending things with you. What now? This guide details what happens when a bank closes. Also outlined are the important bits of information about what will happen to your deposit accounts and loans in such cases. A Tale of Two Banks: ING and Citibank Exiting the Philippine Retail Operations It’s all over the news. ING Bank, The Netherlands-based financial firm, will quit its four-year-old retail banking operations in the Philippines before 2022 ends. This means that its more than 380,000 customers will eventually have to switch to another bank.[1] It may appear that ING’s retail banking in the Philippines is following in the footsteps of Citibank. Last year, Citibank announced that it would leave its consumer banking business in 13 Asia-Pacific markets, including the country.[2] These two consecutive departures from the Philippine banking industry have undoubtedly sent shockwaves across their consumer base. And if you have deposit accounts at both banks, it’s understandable for you to worry. Read more: Compare the…
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Got Bills to Pay? Here’s Your Guide to Bills Payment Centers in the Philippines
- By Moneymax
- June 30, 2022
Hate rushing between different banks or offices to pay your bills? Or maybe you loathe dealing with overdue bills and disconnection notices? Good thing bills payment centers are accessible to Filipinos who need to settle their utility, government, and credit card bills all at the same time. These one-stop bills payment facilities are located in malls, supermarkets, convenience stores, and commercial buildings in cities, and even in remote towns. Not only can you do your shopping and perform other errands, but you can also save a separate trip just to pay off bills. Additionally, bills payment services also provide other financial services such as money remittance, money exchange, e-loading, and airline ticketing. So instead of making a trip to your nearest Meralco Bayad center, for example, you can just go to a bills payment center. Certainly paying bills online is the faster option, but there are still a lot of people who prefer to pay bills in cash or check over-the-counter. So if you’re one of these people, these are some bills payment centers that you can go to before your next due date. 9 Bills Payment Center Options in the Philippines Bayad Bills Payment Service Bayad Center, which rebraded to Bayad in 2021, is the largest payment center in the Philippines with more than 40,000 branches nationwide.[1] You can easily find a Bayad payment center in malls, supermarkets, rural banks, pawnshops, and select Ministop branches nationwide. To make bills payment even more convenient for customers, Bayad has a mobile app that lets you pay bills anytime and anywhere using…
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Is Polkadot a Good Crypto Investment? A Beginner’s Guide
- By Moneymax
- June 29, 2022
Cryptocurrencies can pique curious minds, especially when you relate them to investments and new payment methods—for a good reason. They offer a new way to handle transactions and interact with the digital world. If you’re reading this, there’s a good chance you have heard of Polkadot—and you may even have some questions about it. Polkadot is a blockchain platform that connects different blockchains, allowing for more seamless and secure transactions. Because of its unique abilities, Polkadot has the potential to revolutionize the world of crypto. In this guide, we’ll break down everything you need to know about the Polkadot coin, including how it works, where to buy it, and what makes it unique. So whether you’re just starting in crypto or looking for a new investment opportunity, read on to learn more about it. What is Polkadot? Polkadot[1] is a next-generation protocol that enables scalability, security, and interoperability for blockchains. It does this by connecting disparate blockchains into one cohesive network. It can facilitate an internet where independent blockchains can exchange information and transactions transparently and allows users to have a decentralized web where everyone has control. Pioneers in the blockchain industry[2] such as Gavin Wood, who also co-founded Ethereum; Robert Habermeier, a Thiel fellow who has a background in research and development on blockchain technology; and Peter Czaban, the Technology Director of Web3 Foundation were the ones who created Polkadot. In 2016, Polkadot was launched, and it has been under the great minds Web3 Foundation, an organization that fosters innovation and growth. The native currency of Polkadot is DOT,…
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How to Buy Ethereum and Other Things to Know About This Popular Altcoin
- By Moneymax
- June 24, 2022
The crypto market has been relatively quiet the past few weeks since the bear market (market that has lost more than 20% in a given year[1]). The latest updates you’ll find are price dips of Bitcoin and alternative coins or altcoins. The last downturn began in 2018, and investors say this could last for two years.[2] Still, this doesn’t mean crypto investors shouldn’t be optimistic. It’s a good time to explore and learn more about cryptocurrency. For example, Ethereum, which has gained the attention of crypto enthusiasts and traders alike in the past years. If you’re interested in buying Ethereum, this guide will teach you the basics of this altcoin. We’ll also cover some of the other things that make Ethereum so intriguing for investors and users, and how to buy your first Ethereum, among others. What is Ethereum? Ethereum is a decentralized blockchain platform that runs smart contracts. These contracts are programmable and can be used to run decentralized applications (dApps). Ethereum was proposed in 2013 by Vitalik Buterin, and it went live in 2015. It’s the second-largest cryptocurrency by market capitalization after Bitcoin and has a native currency called Ether (ETH). Transactions on the Ethereum network are processed by miners, who are rewarded with ETH. Ethereum is unique in that it allows for the development of decentralized applications or dApps. These dApps are different from traditional apps because a single entity does not control them. Instead, they are run on a decentralized network of computers, making them more resistant to censorship and fraud. How Does Ethereum Work? Like…
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College Scholarships in the Philippines Parents and Students Should Know
- By Moneymax
Did you know that a student from Isabela recently received a scholarship from Duke University[1] in Durham, North Carolina? Edrian Paul Liao, a Philippine Science High School graduate, dreams of creating innovations combining technology with agriculture to help farmers like his dad. Edrian’s story can be every Filipino student’s story, too, if you start searching for the right scholarships in the Philippines. It’s interesting to know that there are scholarship programs for incoming college students in the Philippines. You need not look far for financial assistance for students to pursue your dreams because we’ve compiled a list of where to apply for scholarships in the Philippines, from government agencies to private institutions. What are the Available Scholarships in the Philippines for 2022? Government Scholarships for College Students in the Philippines CHED Scholarship 2022 The Commission on Higher Education (CHED) is currently accepting applications for scholarships and grants for SY 2022-2023 under the State Scholarship Program (Full Scholarship and Partial Scholarship) and Private Education Student Financial Assistance (PESFA). Deadline of application: August 15, 2022 Total benefits: ₱120,000 for private colleges and universities ₱80,000 for public colleges and universities Primary qualification: General weighted average (GWA) of 93% Other qualifications: Filipino citizens graduating from high school General weighted average (GWA): Full scholarship: 96% Half-merit scholarship: 93%-95% Must enroll in recognized priority programs in Private Higher Education Institutions (PHEI) or State Universities and Colleges (SUCs) or accredited Local Universities and Colleges (LUCs) with Certificates of Program Compliance (COPC) Parents of applicants must have a maximum combined annual gross income of ₱400,000 (Solo parents and…
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Choosing the Best Money Changer in the Philippines: Things You Need to Know
- By Adji Hendrawan
- June 22, 2022
According to the Philippine Statistics Authority (PSA), the Philippines has an estimated number of 1.77 million OFWs.[1] With this figure alone, you can easily say that a lot of families here in the country receive dollars, yen, dinars, and wons regularly. Our country also has a lot of freelancers working for foreign companies. Thus, they’re earning in foreign currency, too. Whether you’re receiving OFW remittances or getting paid by international clients, chances are you’ve also kept the money because you’re waiting for the value of its peso equivalent to get higher. You’ll then have it exchanged when the right time comes. But getting the most out of your foreign currency doesn’t stop there. You also need to have it exchanged at the best money changer in the Philippines with good rates. The same rule applies if you’re exchanging your pesos with another currency. With that, we’ve come up with a list of the country’s top currency exchange centers, as well as other places where you can buy or sell dollars and other currencies. They offer reasonable foreign exchange rates, convenience, and safe transactions. What is the Best Money Changer in the Philippines? Say you’ve just flown in from the U.S. The very first thing that you’ll need to do is look for the best exchange rate of the dollar currency to peso. The money exchange booths in the airport may offer unparalleled convenience. But you may want to think twice, as their rates are usually expensive. So, if you’re not in a hurry, you can always scour the city for…
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What Happens If I Don’t Pay My Taxes? Tax Evasion Penalties Every Taxpayer Must Know
- By Moneymax
- June 21, 2022
It’s easy to disregard your tax obligations when you’d rather focus on running your business or earning more from your freelance gigs. Not to mention that it’s hard to part away with your hard-earned money, and you aren’t sure whether the government will put it to good use if you pay taxes. Filing and paying taxes in the Philippines can be really daunting and stressful. But that’s nothing if you compare it to the troubles you might encounter if you don’t pay your taxes. Tax evasion penalties are something you wouldn’t want to deal with. If you’re a taxpayer, it’s important to be aware of the consequences of tax evasion. You must avoid taxation woes that may hurt your finances. In this article, we’ll take a look at what tax evasion is, its consequences, the penalties for tax evasion, and how you can avoid it. What is Tax Evasion? Tax evasion happens when a person intentionally avoids paying any tax under the Tax Code of the Philippines[1]. This can be done through various means, such as not reporting income, claiming false deductions, or hiding assets and income. Because tax evasion is a criminal offense, tax evaders are subject to serious penalties and criminal charges. In the Philippines, tax evasion is punishable by a penalty of up to ₱10 million or imprisonment[2], depending on the offense. The government has been cracking down on tax evaders in recent years, with new laws and regulations making it easier to prosecute offenders. While some people view tax evasion as a victimless crime, the reality…
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Wield Your Virtual Sword and Earn: Your Guide on How to Play CryptoBlades
- By Jay Pagkatotohan
- June 17, 2022
Non-fungible token (NFT) games are all the rage these days. A lot of people dabbling in crypto are branching out to blockchain games to diversify their investments. Some seasoned gamers are even looking into various NFT titles, knowing that sooner or later, the gaming sector will fully embrace the metaverse. There are a lot of NFT games to choose from. But since you’re putting time and money towards this endeavor, it’s just practical to go for something simple yet potentially lucrative, such as CryptoBlades. If you want to learn how to play CryptoBlades, let this guide give you a walkthrough. What is CryptoBlades? Developed by Riveted Games, CryptoBlades is an NFT role-playing game (RPG) that incorporates medieval aesthetics and fantasy elements. If you’re into the likes of Game of Thrones, this game may appeal to you. CryptoBlades’ main appeal is a reward system that allows you to earn the game’s tokens every time you defeat enemies, complete quests, and take part in other activities in the metaverse. And since it’s a blockchain game, you have actual ownership over the assets that you create and earn in this game. These include the in-game currency, characters, and weapons. Furthermore, such assets have real-life values. CryptoBlades is initially started on the Build and Build (BNB) Chain, which is Binance’s blockchain.[1] However, the game has expanded to other networks to offer players more options for transactions and help them increase their earnings. With that, CryptoBlades is now available on the following blockchains. Avalanche Polygon OEC Chain HECO Blockchain Avalanche CryptoBlades is a web-based game,…
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LGBTQ Financial Planning: How This Couple Manages Their Money Wisely
They met in 2008 and quickly struck up a friendship when they realized they were both from the same neighborhood in Bulacan. The rest, as they say, is history. For the past 14 years, Moneymax’s Telesales Manager Warlough Madali and Jhayson Opimo have been navigating life and finances together like a well-oiled machine. And to celebrate Pride Month in the Philippines, this money-savvy couple shared their lessons and experiences with LGBTQ financial planning and wealth management. If you’re an LGBTQ single or couple with questions about LGBTQ finance, learn and be inspired by Warlough and Jhayson’s story. Budgeting and Cash Flow Warlough and Jhayson had completely different views about money early in their relationship. Maybe because they came from different family backgrounds, and Warlough is older by 10 years and had more experience with money management. Jhayson was at that stage where he wanted to enjoy what he earned. He didn’t think much about saving and budgeting. Warlough, on the other hand, was done with the mindless spending and the happy-go-lucky stage. He was taking his finances more seriously. But with Warlough’s encouragement and help, Jhayson began to be more conscious of his spending and saving habits. Being in a long-term relationship also played a big factor because they now have the same views and agree on most things about money. Money is Not an Issue When it comes to money management, Jhayson lets Warlough take over. Since day one of their relationship, they share everything money-wise. They have money in their wallets for both of them whenever they need…
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All the Important Things You Need to Know About Abra Wallet
- By Jay Pagkatotohan
- June 16, 2022
In the crypto world, there’s a sea of virtual wallets promising reliability and protection―as they should. But finding the right one can be quite overwhelming. If you’re already an experienced crypto investor, you’ve probably heard of Abra Wallet. But in case you’re a newbie and the name doesn’t ring a bell, you’ve come to the right place. Outlined below is your guide to Abra Wallet. It covers all the essentials, from signing up to withdrawing your funds. Keep reading to learn more. What is Abra Wallet? Founded in 2015, Abra claims that it’s the world’s first global investment app designed for the future of finance. While it’s branded as a crypto wallet, Abra actually doubles as an exchange. This means that you can also store and trade cryptocurrencies anytime, anywhere.[1] Currently, the Abra crypto wallet app is available for Android and iOS smartphones. It’s a must that you download the app if you want to make the most of Abra’s services and privileges. Is Abra Wallet Legit? Yes. Its registration with the U.S. Department of Treasury Financial Crimes Enforcement Network (FinCEN) as a money service business is proof that its operations are legitimate.[2] Moreover, it’s supported by some of the world’s largest financial technology investors and institutions. These include American Express (AMEX) Ventures, FBS Capital, and Pantera, among others. Why Should I Use Abra Wallet? Using Abra Wallet comes with some benefits, such as the following: 1. The App Supports More Than 100 Cryptocurrencies Through Abra Wallet, you can trade over 100 cryptocurrencies. Here are some of its most popular…
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How Much Money Should I Save for a Child’s Education?
- By Moneymax
Have you started saving for your child’s future? If so, are you saving enough? To say that the cost of education in the Philippines is expensive is an understatement. Higher Education Institutions in the country increase their tuition and other fees by about 10% year-over-year.[1] However, financially preparing for your kid’s future is doable, if you do it early. You might think that tuition fees in the Philippines have become lower because students don’t go to school physically and are instead taking distance learning or online learning classes at home because of the pandemic. However, this is not the case for most schools because other facilities like internet connection and equipment need to be upgraded to facilitate online classes. As we gear up for the reopening of classrooms for face-to-face instructions, ask yourself: How much do I really need to prepare for my child’s education? The Differences Between Private Schools and Public Schools Knowing how much you need for your child’s education depends on your choice of school. Are you planning to enroll your kid in a private school? Or are you looking forward to making them a part of the public school system? The rising cost of education in the Philippines depends on so many factors, including whether you’ll send your child to a private or public educational institution. To help you decide, here are a few of the similarities and differences between public and private schools in the Philippines that you must consider. Higher Tuition Fees in Private Schools Public schools don’t charge tuition fees while private schools…
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Transferring or Receiving Money? Check This Complete SWIFT Code and Bank Code List
- By Adji Hendrawan
- June 14, 2022
When making international money transfers, you’re usually required to enter the bank SWIFT code (or bank code for PayPal transactions). Just what are these codes and what are they used for? How can you find them? Fortunately, these unfamiliar codes are actually simple to decode. This guide provides everything you need to know from SWIFT code meaning to the different SWIFT codes and bank codes in the Philippines. SWIFT Codes (BIC) in the Philippines What is SWIFT Code? The SWIFT code is an international code used for identifying business parties—usually banks—and routing financial transactions worldwide. This ensures that funds are transferred quickly and securely to the right bank. This code is also known as BIC (Business Identifier Code), BIC code, SWIFT-BIC, or SWIFT ID. It consists of eight to 11 characters with the following format: Four-character bank code Two-character country code Two-character location code Optional three-character branch identifier For example, BPI SWIFT code: BOPIPHMM BOPI = Bank of the Philippine Islands PH = Philippines country code MM = Metro Manila SWIFT stands for the Society for Worldwide Interbank Financial Telecommunication, a network based in La Hulpe, Belgium that manages SWIFT codes. When Do You Use a SWIFT Code? The BIC tells banks and remittance companies where to send the money. This is why you need this code each time you transfer funds internationally. If you’re sending cash abroad, you need to get the recipient’s bank SWIFT code before you can make a money transfer. On the other hand, if you’re receiving money from abroad, you need to provide your bank’s BIC code in…
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[Battle of the Brands] Globe vs Smart: Which Mobile Network Reigns Supreme?
- By Adji Hendrawan
- June 10, 2022
It’s either you’re a Globe user or a Smart loyalist—that’s the reality for many of us. After all, these two telecommunications juggernauts are the only ones dominating the game. Globe Telecom, which is owned by the Ayala Corporation, is undoubtedly one of the biggest and most profitable companies in the country. As of 2021, it has more than 86 million subscribers.[1] PLDT-owned Smart, on the other hand, trails behind, racking up over 71 million users last year.[2] But things are certainly about to change with the entry of DITO Telecommunity, the third major telco player. It has already launched its mobile data, 5G home WiFi, and basic text and call services.[3] For now, let’s just focus on the duopoly of Globe and Smart. This edition of the Battle of the Brands will compare the two networks’ prepaid and postpaid mobile services. Moreover, this comprehensive Globe vs Smart guide will help you decide whether it’s much wiser to stick to your current network or make the switch. We’ve also looked into the travel SIM packages offered by these companies to help OFWs/balikbayans and foreign tourists decide which service is much better for them. Globe vs Smart Prepaid Services As a regular consumer, you’re surely wondering which network offers the better prepaid service. Of course, you’re going to determine it through the rates and corresponding bundles of Globe Telecom vs. Smart Communications. Prepaid Rates With regard to prepaid offerings, both networks have almost identical services. But they differ in terms of the rates of calls to the same network and text roaming….
