Cost of Dying in the Philippines: How Much Does a Funeral Cost?
- By Moneymax
- April 28, 2021
An old saying goes that nothing can be certain except death and taxes, which are both components of a functioning society. However, talking about taxes is just natural while discussing death is considered taboo. Yes, death is a very touchy subject. But now’s the time to change how you view it. If you keep on sidetracking this subject, it will only get stuck at the back of your mind. When that happens, you won’t be able to plan for it properly, thus leading to some problems that may disrupt your family should you pass away. The best time to plan for your funeral is any time—except at the time of your wake, of course! So that you can plan things properly, you need to have an idea about the cost of a funeral in the Philippines. We got you covered. Here are some of the things you may want to take note of. Disclaimer: Prices stated in this article are just rough estimates. If you want to get specific prices, we recommend that you visit the website of your prospective provider or get in touch with its authorized representative. Table of ContentsCosts of Treating Terminal IllnessesStroke-Related CostsAcute Heart Attack-Related CostsLung Cancer-Related CostsThe Cost of a Funeral in the Philippines: Expense BreakdownCasket: PHP 3,000 – PHP 100,000+Clothing: PHP 1,000 – PHP 3,000 Memorial Chapel Rental: PHP 1,000 – PHP 10,000 per NightFuneral Ceremony: PHP 8,000 – PHP 500,0000Food and Refreshments: PHP 5,000 – PHP 30,000 Burial Cost in the PhilippinesMemorial Lot: PHP 1,000 – PHP 10 million+Burial-Related Services: Up to PHP…
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Build Financial Freedom: How to Start an Emergency Fund
- By Moneymax
- April 27, 2021
By now, you already know the importance of setting aside money for savings. But what about an emergency fund? You might end up with a medical emergency, or you might end up losing your job. It’s always best to prepare your wallet for the worst. Admittedly, setting up an emergency fund is going to leave yet another dent in your wallet. But you’ll be getting financial adulthood security in exchange. If you didn’t know about this type of savings fund, you’re not alone. More importantly, it’s not too late to build one. Get started with your own rainy day fund and follow these helpful tips on how to start an emergency fund. Table of ContentsWhat is an Emergency Fund?What is the Difference Between Savings and Emergency Fund?Do You Really Need an Emergency Fund?Who Needs to Have an Emergency Fund in the Philippines?How Much Emergency Fund Do You Need?Why Do You Need an Emergency Fund?Cover Medical Expenses When You or Your Loved Ones Get SickBuy Essentials and Pay Bills When You Lose Your JobPay for Home, Car, or Gadget RepairsCover Any Unforeseen ExpenseHow to Start an Emergency Fund in 5 Ways1. Adjust Your Monthly Budget2. Aim for a Lower Initial Amount3. Cultivate a Culture of Saving4. Don’t Pressure Yourself5. Avoid Spending It UnnecessarilyWhere Should You Put Your Emergency Fund?How Much Money Should You Have in an Emergency Fund?3 Steps to Compute How Much to Save Up for EmergenciesHow to Grow and Maintain Your Emergency Fund1. Set Up Reminders to Deposit to Your Emergency Fund2. Earn More to Save More 3. Keep Building…
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14 Pandemic-Proof Business Ideas You Can Start Today
- By Adji Hendrawan
- April 24, 2021
If there’s anything that this COVID-19 pandemic has taught everyone, it’s that an economic crisis can happen anytime and cause you to shut down the business you’ve worked so hard to build. Is your business pandemic-proof? Does it have what it takes to survive or even thrive in this pandemic? If you own a pandemic-proof business, may it continue to fare well and prosper. But if not, we’ve listed down some pandemic-proof business ideas that you can consider for your next business endeavor or for when you want to put up your own business. Table of ContentsWhat is a Pandemic-Proof Business?Pandemic-Proof Business Ideas in the Philippines1. Online Grocery Store / Market2. Online Bakery 3. Online Retail Store4. Food and Beverage Delivery Service5. Mobile / Pop-Up Coffee Shops6. Online Plant Store7. Online Reselling / Buy-and-Sell 8. e-Loading Service 9. Transport / Delivery Service 10. Money Transfer / Remittance / Bills Payment Service11. Professional, Technical, and Lifestyle Services12. Online Pet Supplies Store13. Cleaning Services14. Hardware and Construction SuppliesFinal ThoughtsCompare Personal Loans at Moneymax! What is a Pandemic-Proof Business? A pandemic-proof business can withstand the shocks of a pandemic and still retain a strong position in the market. This can be achieved by having the right business strategy, introducing creative, diverse, and in-demand products and services, and using the internet to reach and engage with customers. Pandemic-Proof Business Ideas in the Philippines Despite the many challenges brought on by this pandemic to businesses, there are those that continue to thrive and operate as usual. Some are also more in demand now. 1. Online Grocery Store / Market An online…
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How Contactless Payment Works and Why It’s a Necessity Today
- By Moneymax
- April 22, 2021
Most Filipinos use cash for transactions, but more people are now embracing contactless payment. Almost eight of 10 Filipinos plan on using their cards for payments instead of cash, according to data from the 2018 Visa Consumer Payment Attitude Study[1]. The COVID-19 outbreak has also made establishments switch to contactless transactions. Because this method doesn’t require entering a PIN or using a pen for signature, physical contact is minimal. Contactless payments are not new but are becoming more significant in the world we live in. Keep on reading to know how this payment option works, why it’s important today, and what contactless payment options you can use for products and services in the Philippines. Table of ContentsWhat is Contactless Payment?How Do Contactless Payments Work?The Importance of Contactless Payments TodayWhere Can I Use Contactless Payments?Advantages and Disadvantages of Contactless ServicesAdvantages:Disadvantages:Contactless Payment Options in the PhilippinesContactless Credit CardsContactless Payment AppsFinal Thoughts What is Contactless Payment? Contactless payment is a type of payment available in credit cards and debit cards. With this method, you can pay for services and goods by simply holding the card near a payment terminal or a Radio Frequency Identification (RFID) reader. Such terminals process the payment through a chip card. This payment method has been around since the 1990s, with only a few establishments using the technology at the time[2]. Nowadays, more merchants and retailers offer contactless payment for their customers around the world. Other contactless payment solutions that are becoming more widely used are digital wallets such as GCash, PayMaya, and GrabPay. These options require using a…
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Grow Your Money Faster with These High-Interest Savings Accounts
- By Moneymax
- April 15, 2021
Most savings accounts from major banks in the Philippines grow funds at a measly rate of 0.10% to 0.25% per year. It is good enough to keep your money for daily expenses but not for other financial goals in which you need to grow it faster. Good thing, there are quite a handful of high-interest savings accounts, offered by both traditional and digital banks, that provide faster returns on deposit. These bank accounts earn seven to 10 times higher interest rates than the regular ones. You can even open a high-interest savings account in the Philippines in the comfort of your home. Table of ContentsHigh-Interest Savings Account in the Philippines: 17 High-Yield Options1. Tonik Bank Stash2. DiskarTech3. CIMB GSave4. CIMB Bank UpSave5. Komo6. Citibank Peso Bonus Saver7. Sterling Bank Bayani OFW Savings8. Citibank Peso High Rate Saver Account9. Citibank e-Savings10. CIMB Bank Fast Plus Account 11. RCBC Dragon Peso Savings12. CIMB Bank Fast Account13. BPI Family Savings Bank Advance with Passbook14. Equicom Kiddie Builders15. PNB Top Saver16. BPI Advance with PassbookFinal Thoughts High-Interest Savings Account in the Philippines: 17 High-Yield Options Here are 17 peso savings accounts to consider if you want to grow your funds faster in a bank. 1. Tonik Bank Stash Interest rate: 4% (Solo Stash) / 4.50% (Group Stash) Initial deposit: Not required Maintaining balance: None Interest-earning balance: None Tonik, the first digital-only bank in Southeast Asia, has just been launched in the Philippines this year. Other than convenience, Tonik offers the highest interest rate savings account in the Philippines, particularly its so-called “Stashes.” The bank describes Stashes…
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[Battle of the Brands] PayMaya vs GCash: Which Mobile Wallet App is Right for You?
- By Adji Hendrawan
- April 10, 2021
PayMaya and GCash are the biggest rivals in the Philippine mobile wallet market today. These e-wallet apps enable Filipinos—especially those without bank accounts and credit cards—to make cashless transactions. These apps have been popular over the past few years, as more Filipinos have embraced online shopping.[1] A lot of online retailers and shops have also decided to include mobile wallets in their payment options. Add to that the fact that the pandemic has forced people to stay home, which means that going online and cashless is the safest way to transact. If you have never used a digital wallet but want to try one, you’re probably searching for a PayMaya vs GCash comparison review online to know which is the better mobile wallet app. This Battle of the Brands edition looks closely at the difference between PayMaya and GCash, the two leading mobile money services in the Philippines. Table of ContentsMobile App Usage and RankingWinner: GCashSecurityWinner: BothAccount RegistrationDownload the GCash AppWinner: BothMobile Wallet App FeaturesPayMaya vs GCash Comparison: Which App Provides More Services?Winner: GCashConvenienceWinner: PayMayaCash In and Cash Out FlexibilityPayMaya vs GCash Comparison: Cash-In OptionsPayMaya vs GCash Comparison: Cash-Out OptionsWinner: GCashBills Payment ServiceWinner: GCashFinal Thoughts: Which is Better, PayMaya or GCash? Mobile App Usage and Ranking Which mobile wallet is used more in the Philippines? While having more users doesn’t make an app superior to the other, it does speak about the app’s popularity and to some extent, trustworthiness. If an app has garnered lots of users, it may mean that people have found something useful and helpful in it….
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Digital Banking in the Philippines: Everything You Need to Know
- By Ricky Publico
- March 29, 2021
“The reality is that nobody wants to spend time on banking, especially when it means taking time to visit the bank branches and waiting in line,” ING Bank’s Head of Retail Banking Mohamed Keraine said in an interview [1]. This is where digital banks in the Philippines come in. In a recent McKinsey study, researchers found that only 14% of Filipinos with bank accounts are taking advantage of their respective banks’ online capabilities. The researchers attributed this to the country’s lack of initiative in providing a digital banking experience. But banking institutions should stay optimistic. In the same McKinsey study, they found that 65% of the respondents will consider opening an account with a trusted digital bank. While traditional banks relied on online banking websites and apps to make banking easier, they are without their limitations. These limitations brought us to the technology we have right now: digital banking. As a flashy new tech, digital banking will definitely be a challenging concept to explain to the common Filipino. To help educate the masses, here’s a primer on how digital banks in the Philippines are changing the way we bank. Table of ContentsWhat is Digital Banking?Advantages of Digital BankingDisadvantages of Digital BankingDigital Banking vs. Online BankingTop Digital Banks in the PhilippinesCIMB BankTonik BankDiskarTechKomoComparison of Digital Banks in the PhilippinesFinal Thoughts What is Digital Banking? In a nutshell, fully digital banking allows you to do all banking transactions right on your smartphone. It sounds too simple, but that’s pretty much what it is. Download the bank’s app, open a bank account, deposit money,…
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Should I Borrow Money from Private Lenders?
- By Moneymax
- March 10, 2021
Looking for private lenders that offer personal loans in the Philippines? When times are hard and cash flow is a problem, it’s helpful to know what options are available to you. But before you borrow from a private lender, you have to know first what you’ll be getting into. Table of ContentsWhat are Private Lenders?Advantages of Borrowing Money from Private Lenders1. Fewer Requirements and Restrictions2. No Credit History Check3. Fast ApprovalDisadvantages of Borrowing Money from Private Lenders1. High Lending Interest Rates2. Short Repayment Period3. Risk of Losing Collateral4. Risk of Getting ScammedPrivate Lenders in the Philippines2. Cash Mart Personal Loan3. Cashwagon Instant Cash Loan4. Robocash Instant Loans5. Vidalia Online Loans6. First Circle7. Radiowealth Finance Corporation8. Global Dominion Financing Corporation9. AEON Credit Service (Philippines) Inc.10. Quickloanprovider.comFinal Thoughts What are Private Lenders? Private lenders in the Philippines are non-banking companies or individual investors that provide short-term personal loans, mostly catering to OFWs, small business owners, and car buyers. Filipinos who can’t qualify for bank loans often turn to these money lending companies in the Philippines to cover their urgent financial needs. Is it really better to get a private loan from such entities than from a bank? Consider the pros and cons of getting personal loans from private lenders to make the right decision. Advantages of Borrowing Money from Private Lenders Private lending institutions in the Philippines attract borrowers because they offer easy access to funds by simplifying their loan application process. Below are some advantages of borrowing money from a private lender. 1. Fewer Requirements and Restrictions Compared to banks, private…
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The Importance of Vaccination and Prices of Vaccines in the Philippines
- By Moneymax
- March 6, 2021
As cliché as it may sound, health really is wealth. But the sad thing is that no matter how much we take care of our health, we’re still not 100% immune to diseases. We can still get sick, and we don’t know how sick we can get. This is why it’s important to take extra measures to protect ourselves. Aside from living a healthy lifestyle and having a balanced diet, getting vaccinated should also be on top of the list. Increase your protection from the get-go. In this Moneymax guide, learn how vaccines work against diseases and how much you’ll spend to get the necessary shots. Table of ContentsHow Vaccines Work: A Brief ExplainerAre Vaccines Safe?How Much Do Vaccines Cost in the Philippines?Vaccine Price List in the Philippines1. Influenza or Flu 2. Human Papillomavirus (HPV) 3. Hepatitis B 4. Tetanus, Diphtheria, Acellular Pertussis5. Chickenpox 6. MMR (Measles, Mumps, Rubella) 7. Rotavirus 8. 6-in-1 9. Varicella or Chickenpox When Should I Get Vaccinated?Where to Get Vaccines in the PhilippinesCOVID-19 Vaccine Updates1. Novavax2. AstraZeneca 3. Gamaleya 4. Pfizer BioNTech5. Sinovac Biotech 6. Moderna 7. Johnson & JohnsonWhat You Should Do Before Getting VaccinatedFinal Thoughts How Vaccines Work: A Brief Explainer The World Health Organization explains vaccines as a simple and effective way to protect people from harmful diseases — even before they come in contact with them. It uses the body’s natural defenses to resist certain infections and strengthen the immune system.[1] Vaccines have the same germs that cause illnesses and diseases. For instance, measles vaccines contain the measles virus. But because traces of the virus…
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Craving Samgyupsal? 12 Affordable Korean BBQ Restaurants in the Philippines
- By Moneymax
- March 5, 2021
The hallyu or Korean wave has not only brought K-Pop and K-dramas to our shores. The Korean barbecue, which many thought would be just a fad, has already become a fixture in the local culinary scene. Who couldn’t resist the sizzle of the griddle, the mouthwatering scent of the meat being grilled to your liking, and the fresh flavors of the banchan or side dishes? And after all the meat madness, you can wash down the feast with soju or finish the meal on a sweet note with a bungeoppang (the fish-shaped ice cream)! Filipinos have undoubtedly fallen in love with the flavors of Korean barbecue. It’s no wonder that unlimited samgyupsal restaurants are everywhere. The choices can overwhelm you, but we’ve come up with a list of affordable “unli samgyup” restaurants, so you can easily plan your next food trip with your family and friends. Note: Due to the pandemic, some restaurants may close earlier than expected. The prices may also change without prior notice. Thus, we recommend that you contact your preferred restaurant before heading there. Table of Contents12 Unlimited Samgyupsal Restaurants1. UKB1992. Koreyan Unlimited BBQ3. SamgyeopMasarap4. Wang Pau Samgyupsal5. Uncle Hwangso Jip Restaurant6. Sojubang7. Premium Sodam8. Matgalne9. Samgyupsalamat 10. Romantic Baboy11. Oh! Samgyupsal House12. Leann’s Tea HouseSafety Tips for Dining at Korean BBQ RestaurantsFinal Thoughts 12 Unlimited Samgyupsal Restaurants 1. UKB199 Unlimited Korean BBQ prices: Unlimited samgyupsal: PHP 199 Unlimited pork and beef: PHP 299 UKB199 is the cheapest unlimited samgyupsal restaurant on this list. For only PHP 199, you’ll enjoy unlimited servings of pork with generous helpings…
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What is the Best Life Insurance in the Philippines?
- By Adji Hendrawan
- March 2, 2021
Congratulations on making that decision to get a life insurance plan! As a breadwinner, being insured means sparing your loved ones from financial burden when something unexpected happens to you. When life throws a curveball, you can lose your investments. Your savings can also run dry. Everything you’ve worked so hard to achieve can be quickly wiped out by an accident, permanent disability, critical illness, or death. So it just makes sense to know your options and get the best life insurance in the Philippines. But before you sign up for a policy, compare life insurance options just like you would compare credit cards and other financial products. You’ll be spending your hard-earned money on insurance, so make sure that your choice will be worth paying for. Table of ContentsWhat is Life Insurance in the Philippines? Why Compare Life Insurance?How to Choose the Best Life Insurance in the Philippines3 Things to Consider When Choosing a Life Insurance CompanyBest Life Insurance Companies in the PhilippinesLife Insurance Companies with Highest Premium IncomeLargest Life Insurance Companies Based on AssetsLife Insurance Companies with Highest Net WorthLife Insurance Companies with Highest Net IncomeLife Insurance Companies with Highest NBAPEWhat is the Best Life Insurance Type for Me?Life Insurance Considerations4 Types of Life Insurance in the PhilippinesBest Life Insurance with Investment in the PhilippinesSun Maxilink PrimePRULink Assurance Account PlusManulife FreedomAxa Life BasiX PlusPhilam Life Family SecureTips on Comparing Life Insurance PoliciesFinal Thoughts What is Life Insurance in the Philippines? Life insurance is a contract between the insurance company and the insured. It guarantees a sum of money…
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CIMB Online Banking: Beginner’s Guide to Account Application and Using CIMB App
- By Moneymax
- February 26, 2021
Convenience is among the things that banks promise or sell to their customers. However, only a few actually deliver. This is because a lot of banks still have complicated bureaucracies and unnecessary processes, which undeniably make banking a burdensome chore. If you’re after total convenience when it comes to banking, going digital is a great choice. In case you’re looking for a bank whose operations are completely online, CIMB Bank is worth considering. Here are all the important things you need to know about CIMB Bank, particularly how to use the CIMB Online Banking app, from opening an account to carrying out some basic banking transactions. Table of ContentsWhat is CIMB Bank?Is CIMB Bank Legit?How Safe is CIMB Bank?What are CIMB Banking App Features and Services?1. Cash In2. Fund Transfer3. Pay Bills4. Mobile Reload5. Cash Out6. Debit Card ManagementWhat are CIMB Bank’s Major Products?1. UpSave Account2. Fast Account3. GSave Account4. Personal LoanHow to Create a CIMB AccountUpSave Account Registration StepsFast Account Registration StepsGSave Account Registration StepsHow to Cash In Using CIMB AppSteps to Deposit Money OnlineSteps to Make an Over-the-Counter DepositHow to Cash Out From Your CIMB AccountHow to Transfer Funds Using CIMB AppCIMB Personal Loan GuideHow to Apply for a CIMB LoanHow to Pay Back CIMB Loan OnlineHow to Pay Back CIMB Loan Over the CounterFinal Thoughts What is CIMB Bank? CIMB Bank Philippines[1] is a completely digital and mobile-first bank. It is part of the Malaysian universal bank CIMB Group Holdings Berhad. CIMB stands for Commerce International Merchant Bankers. Related: Fully Digital Banking: What You Need To Know…
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16 Savings Accounts with No Maintaining Balance
- By Adji Hendrawan
- February 15, 2021
The Philippines is still a largely unbanked country. Data from the latest Bangko Sentral ng Pilipinas financial inclusion survey[1] show that 77% or 52.8 million adults don’t put their money in a formal bank account. Out of those who are unbanked, 60% said they didn’t open an account due to lack of money. This is a common misconception about having a savings account in the Philippines. In fact, Filipinos have many affordable banking options at their disposal. There are bank account types that make saving easy through no or low maintaining balance and initial deposit. No need to worry about not having enough money and having your account closed. You just need to know where to look for savings accounts with no maintaining balance. Here are the banks with no maintaining balance in the Philippines. All accounts listed below are insured by the Philippine Deposit Insurance Corporation (PDIC). Table of ContentsSavings Accounts with No Maintaining Balance1. ING Savings Account2. GSave Account3. CIMB Bank UpSave Account4. CIMB Bank Fast Account5. Maybank iSave6. AUB Starter Savings7. PNB TAP Mastercard Account8. PNB Debit Account Lite9. UnionBank Personal Savings Account10. China Bank Savings Easi-Save Basic11. DBP EC Card Account12. EastWest Bank Basic Savings AccountSavings Accounts with No Maintaining Balance for OFWs1. Bank of Commerce Sikap Pinoy OFW Account2. Sterling Bank Bayani OFW Savings Account3. Metrobank OFW Peso Savings Account4. BPI Padala MoneygerSavings Accounts with Low Maintaining Balance for Pensioners1. Metrobank SSS Pensioner Account2. DBP Pensioner’s Account3. PNB Pensioner Savings AccountFinal Thoughts Savings Accounts with No Maintaining Balance 1. ING Savings Account ING Philippines makes…
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Filipino Financial Bloggers You Should Follow in 2022
- By Adji Hendrawan
- January 29, 2021
One of the best ways to handle your finances better is to learn from the experts and follow the journey of those who are on their way to financial freedom. There’s no shortage of good financial blogs and you can learn a lot from top financial bloggers in the Philippines who offer their knowledge, experience, and advice for free. So who are the best financial bloggers that you should follow this year? We’ve handpicked the best personal finance blogs in the Philippines that are worth bookmarking, as well as vloggers and influencers in the personal finance niche. Table of Contents1. Fitz Villafuerte of Ready To Be Rich2. Tyrone Solee of Millionaire Acts3. Randell Tiongson4. Chinkee Tan5. Dr. Pinky De Leon-Intal of My Finance MD6. Marvin Germo7. Izza Glino of SavingsPinay8. Rose Fres Fausto of FQMom9. Burn Gutierrez of Rock To Riches10. Jill Sabitsana of Frugal Honey11. Ameena Rey-Franc of The Thrifty Pinay12. Omeng Tawid of Smart Pinoy Investor13. Thea Sy-BautistaFinal Thoughts 1. Fitz Villafuerte of Ready To Be Rich One of the first and top financial bloggers in the Philippines, Fitz Villafuerte started his career as a civil engineer and left the corporate world to become a freelancer. Now a full-time entrepreneur and registered financial planner, he has been named as among the 12 most influential people in personal finance, along with the late Senator Edgardo Angara and former Bangko Sentral ng Pilipinas Governor Amado Tetangco. Fitz shares his tips on business, investments, and saving money on his blog, Ready To Be Rich[1]. It won the Best Business Blog at the Philippine…
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7 Financial Goals to Aspire to Before You Turn 30
- By Ricky Publico
- January 28, 2021
So how does being young feel like? You’re probably fresh out of college or maybe you’re in the middle of your 20s. But at the same time, being in your 20s is also the perfect opportunity to make financial goals because let’s face it, you’re not getting any younger. Have you got any financial goals by 30? Start planning your future with these goals in mind. Table of Contents7 Ideal and Realistic Financial Goals By 30Maintain a Monthly BudgetBuild an Emergency FundStart a Small InvestmentStart a Small BusinessOwn Your First VehicleSave Up For Your HomeAfford Insurance For YourselfFinal Thoughts 7 Ideal and Realistic Financial Goals By 30 Maintain a Monthly Budget What you can and can’t do in life will be determined by how much your budget for anything is. That’s why as early as now, you should familiarize yourself with budgeting your expenses. Start small if you have to, as long as you get the basics[1]. Remember what the anime SlamDunk taught us? Rebound controls the game. Likewise, budgeting controls the game of life. Add this to your financial goals by 30 as well as other healthy money habits. Build an Emergency Fund It’s one thing to save up for the future, it’s another to save up for the near future. For the uninitiated, an emergency fund is reserved for unforeseen situations like a medical bill, job loss, or house repair. The rule of thumb for an ideal emergency fund should amount to 3-6 months worth of your salary. But in reality, you can just set aside whatever amount…
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What is a Credit Score and Why Should I Improve It?
- By Adji Hendrawan
- January 19, 2021
Do you know what your credit score is? You may not realize it, but this number can make or break your finances. Let’s say you’re applying for a loan to start a business. You’re confident that you’d be approved because you met all the qualifications and submitted all the requirements. Your income documents also prove that you can repay the loan. Much to your surprise, the bank denied your application. What could be wrong, you wonder. Banks consider a variety of factors to decide whether to lend money to someone or not. Apart from the financial information submitted via a loan or credit card application, banks also use a borrower’s credit report and credit score to gauge his or her ability to pay back a debt. “Banks lend other people’s money to borrowers. Therefore, they’re accountable. People should understand that banks cannot just lend to anyone without any basis,” said Credit Information Corporation Board Member Suzanne Felix in an ANC interview[1]. Keeping track of your credit score in the Philippines is crucial to managing your personal finances. It’s important to understand what it is, how it works, and why you need to check yours. Table of ContentsWhat is a Credit Score and How is It Computed?What is a Good Credit Score?What Factors Affect Your Credit Score?What Factors are Excluded from Your Credit Score?What’s the Difference Between a Credit Score, Credit Report, and Credit History?Credit Reporting and Scoring System in the Philippines: How Does It Work?Why is a Good Credit Score Important?Why You Should Improve Your Credit Score in the Philippines1….
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5 Best Reasons Why OFWs Should Invest in Real Estate
- By Moneymax
- January 13, 2021
While Filipinos are known to be tight-knit, one cannot deny the fact that a lot of us need to leave home to seek greener pastures. Overseas Filipino Workers or OFWs are indeed modern-day heroes as they sacrifice a lot of things to give their loved ones a comfortable life. Some will miss their kids growing up while waiting for their contracts to be over before they can finally fly home. OFWs have to brave loneliness and homesickness to secure their family’s future. And because the future is at stake, they plan things carefully to make sure that the money they send does not go to waste. OFWs like you have surely been thinking of investing. Chances are, you have already put your money in investments such as mutual funds, VUL, stocks, bonds, and even dollar funds. But if you’re looking for another long-term investment, you have to consider buying a real estate investment in the Philippines. When you buy a house and lot or a condominium, you are not just buying an asset. You are actually getting an investment, knowing that the value of these properties appreciates given favorable market conditions. If you want to know more about why real estate makes a great investment choice for OFWs, we’ve got you covered. Table of ContentsWhy Consider Real Estate Investment in the Philippines?Top Five Reasons for Investing in Real Estate1. Property value appreciates over time2. You can make money from it3. It diversifies your investment portfolio4. Your property’s equity has a lot of uses5. You can maintain control over itReal Estate…
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Quick Guide on How to Load Your PayMaya Account
- By Adji Hendrawan
- January 9, 2021
Find out where and how to load PayMaya in this nifty guide. Since it’s a very popular mobile wallet, you can benefit from its many features and offers of convenience. Even before the COVID-19 pandemic, PayMaya has been a hassle-free option when it comes to paying bills, shopping online, withdrawing and transferring funds, booking flights, and many more. Moreover, there’s even a physical PayMaya card that you can use to pay for in-person purchases. In case your PayMaya balance is running low, we have listed down the easiest ways to add money to your wallet. So read on to find out how to top up your PayMaya wallets using different channels. Table of ContentsWhere to Find a PayMaya Loading StationConvenience stores:Pay&Go self-service kiosks at:Top up at the following department stores:Add money to your PayMaya account at these remittance centers:Load up online via InstaPay:Cash in via PesoNet:Reload at other PayMaya Partners:How to Load PayMaya via 7-ElevenHere’s how you can load via 7-11 through SMS: How to Load PayMaya Using Cliqq AppPayMaya Cash In Through BanksUsing BDOUsing MetrobankUsing LandBankHow to Cash In PayMaya Using SMART MoneyHow to Load via Smart PadalaHow to Send Money to PayMaya Using GCashHow to Send Money to PayMaya Using Globe LoadExtra: How to Load RFID Using PayMaya Final Thoughts Where to Find a PayMaya Loading Station Convenience stores: 7-Eleven Ministop Alfamart Pay&Go self-service kiosks at: Mercury Drug Super 8 Lawson Landers Touchpay eTap Zoompay Top up at the following department stores: Robinsons Department Store The SM Store Gaisano Add money to your PayMaya account at these remittance…
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10 Best Investments for Magastos Millennials
- By Moneymax
- January 8, 2021
Adulting is tough, more so for young adults who spend beyond their means. Easier to be magastos than matipid, right? Are you a 20- or 30-something who’s struggling with finances? A recent study[1] noted that Filipino millennials aren’t saving and investing enough, even if they’re aware of their future needs. You may have heard it from baby boomers already, but it’s worth emphasizing this financial advice: don’t just save—invest your money! If you’re not sure what to invest in your twenties or thirties in the Philippines, here are 10 investments for millennials. Table of ContentsBest Investments for Millennials 20211. Investing in Yourself2. Small Business3. Pag-IBIG or SSS Investment Program4. Variable Universal Life Insurance (VUL)5. Bonds6. Mutual Funds7. Unit Investment Trust Fund (UITF)8. P2P Lending9. Website Flipping10. Retirement FundFinal Thoughts Best Investments for Millennials 2021 1. Investing in Yourself Your own skills and knowledge are your greatest assets besides money. So it makes sense to begin your investing journey from within. Learn new skills or pursue higher education related to your field to prepare yourself for career growth. Surviving the cutthroat competition in the corporate world is difficult as it is—growing professionally will give you a competitive advantage. With career growth, better income opportunities will open up for you. It’s one of the best investments for millennials because you learn something new and meet people who can help you with your goals, too. If you need some ideas on where to invest 10k pesos in the Philippines right now, start with yourself first through the following: Take a graduate degree if…
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Everything You Need to Know About Checking Accounts in the Philippines
- By Moneymax
- December 21, 2020
Even though banking has gone digital these days, traditional financial products like checking accounts are still common in the Philippines. Some businesses and lending institutions even prefer payments in checks that serve as tangible proof of transaction. For regular folks, the need for a checking account in the Philippines may not be as urgent as that of a savings account, except for borrowers who are required by lenders to issue post-dated checks.[1] Want to know what are the requirements and how to open a checking account? Here’s everything you need to know about checking accounts in the Philippines. Table of ContentsWhat is a Checking Account?How Does a Checking Account Work?What is a Checking Account Used For?How to Access Funds in a Checking AccountBenefits of Having a Checking AccountChecking Account vs Savings Account: What’s the Difference?5 Types of Checking Accounts in the Philippines1. Entry-Level Checking Accounts2. Personal/Individual Checking Accounts3. Business/Corporate Checking Accounts4. All-in-One Checking Accounts5. US Dollar Checking Accounts3 Factors to Consider When Choosing a Checking Account1. Checking Account Initial Deposit and Maintaining Balance Requirements2. Checking Account Fees and Charges3. Checking Account Interest RatesHow to Open a Checking Account in the PhilippinesChecking Account Requirements Steps to Opening a Checking AccountTips for Managing Your Checking AccountFinal Thoughts What is a Checking Account? A checking account, also called current account, is a type of bank account that enables the holder to make over-the-counter deposits and withdraw funds through writing checks and/or using a card. Aside from a checkbook, many checking accounts nowadays come with an ATM or debit card for withdrawals, point-of-sale (POS) transactions, and…
