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Business tycoon and philanthropist Washington SyCip passed away at the age of 96, while on a flight to Vancouver from Manila last Sunday, October 7. SyCip founded and was part of many notable businesses such as SGV & Company, Asian Institute of Management, BDO Unibank, and Philippine National Bank. He was a legendary mentor and an advocate of public education, public health, and poverty alleviation. In this article, let us remember his key contributions and legacy. Founded SGV & Co. In 1946, SyCip established SGV & Co after his stint with the US Army and after earning a degree in Columbia Business School. SGV is the Philippines’ largest and oldest accounting firm that audits a large number of publicly listed companies in the Philippine Stock Exchange. Established the SGV Foundation In 1966, SyCip established the SGV Foundation for community and social development and to provide support and financial assistance for education and entrepreneurship. Founded the Asian Institute of Management SyCip founded The Asian Institute of Management[1] (AIM), an international business school in Makati, in partnership with Harvard Business School and the Ford Foundation. He also established the Washington SyCip Graduate School of Business to develop future leaders in the country. The Washington SyCip Park In 2006, Ayala Land developed the Washington SyCip Park to recognize the outstanding contributions of SyCip to the business community. It was launched on June 30, 2006 as part of SyCip’s 85th birthday celebration. Key Business Associations Selected Awards and Recognitions Ramon Magsaysay Awardee for International Understanding (1992) New Silk Road Award from the California-Asia Business Council…
It’s Christmas shopping time again! Though it’s really the thought that counts, some gifts cost very little, some can cost your entire year-end bonus, if not, an entire year’s salary – and then some. In this season of giving, have you ever wondered about the most expensive Christmas gifts are? This infographic has it covered: [tags] MoneymaxWith a goal to help Filipinos lead healthier financial lives, Moneymax regularly publishes tips and tricks on personal finance and lifestyle, among many other topics. For more finance-related news and articles, follow Moneymax on Linkedin. www.moneymax.ph
“Kunin ko yung toy!” – every parent has heard this at least once while ordering the kids’ meal at a fast food chain. The little ones are obviously referring to the collectible plastic goodies that come with the kids’ meals. So let’s explore – McDonald’s vs. Jollibee: who offers a better kids’ meal? McDonald’s and Jollibee are the two top rivals in pitting toys from upcoming movies or cartoons against each other. The former currently offers Adventure Time-themed mini-game keychains. The latter boasts impressive collectible music box paperweights that feature Jollibee’s mascots. Here’s how they stack up in a battle to determine which makes the best pasalubong. Round 1: Food and Toy Variety McDonald’s Happy Meals® come in the Breakfast and All-Day variants. The Breakfast variants are typically available from 5 AM to 11 AM, while the All-Day variants are served throughout the day. They offer 9 different combinations of favorites such as the Pancakes, Orange Juice, and Hash Browns Breakfast Happy Meal®. A Happy Meal® and includes one variant of the Adventure Time mini-game keychain, of which there are eight designs. You can play tic-tac-toe with Jake or escape a maze with Finn. The Jolly Kiddie Meals® have three choices: the Yum Burger, Spaghetti, or Chickenjoy®. All come with pineapple juice and one of five music box toys, each depicting a different mascot and playing a different instrument. Jollibee is the lead vocalist in the five-person band, of course. Winner: McDonald’s The variety of food available (particularly in the early morning), as well as the ability to pick and…
Having a mobile phone 20 years ago was not a necessity. People who had mobile phones back then were mostly businessmen and executives. Earlier, mobile phones were only being used as means for communication i.e. for calls and SMS. However, due to ever-changing and fast-paced technological advancements, owning a mobile phone nowadays is an essential part of our daily lives. Thanks to the birth of the smartphones such as the iPhone. Now, using your phone, you can book a flight, play offline and online games, read an e-book, shop online, sell your items, send money through mobile banking or even compare products. You can do so much with your smartphone! One of the hottest and in-the-news smartphones in the mobile market today is the iPhone X. As expected, it’s very expensive, and therefore the question is – is it worth buying it? Let the numbers do the talking by simply computing how many hours you have to work before you can purchase that precious iPhone X[1]. Based on 2017 Jobstreet Annual Report[2] and the cost of iPhone X in the Philippines which is Php 50,949, you can see how much employees in different industries of the Philippines, have to work to earn an iPhone. If you are in an entry-level position, you have to spend around 231 to 352 hours of work for you to avail the Apple’s iPhone X. IT-related jobs have the highest average income per hour thus, requiring a fewer number of work hours to avail the precious mobile phone. That should be a good news for fresh IT graduates out there. For…
The rags to riches trope is something that gets explored often in fiction just like the Money Heist series. The thing is, as much as life can imitate art, there are some things that just do not happen without putting effort, time, and dedication into the endeavor. Filipino rags to riches stories can sometimes have a different effect than is intended. Some people who read them might fail to take away the key lesson of these stories, and focus on the worst aspects. It’s important to remember that these stories are supposed to be something to fuel one’s drive to succeed, no matter how stacked the odds might be, just like these three did. Mariano QueFounder – Mercury Drug Corp. At his funeral in April, many people had a lot to share about the late founder of the country’s largest player in the pharmaceutical retail game – all of it positive. Among these stories is how Mariano Que started the multi-billion Peso company with Php 100, used to purchase a bottle of sulfathiazole pills, which he then sold off piece by piece. The single bottle funded a small round of various medicines that grew to be sold out of a pushcart, then eventually the very first branch of Mercury Drug in Bambang, Metro Manila. Named after the Roman messenger god, Mercury Drug is a household name throughout the country, known for selling medication per piece, and delivering medicine straight to one’s doorstep. His is the lesson of perseverance, kindness, and giving back to the community. Under his leadership, Mercury Drug…
In the wake of the sanctions being levied on ride-sharing apps – the most recent of which involved Uber’s suspension for a month – people are looking for alternatives that allow them to travel the metro in relative safety and security. The Land Transportation Franchising and Regulatory Board (LTFRB)[1] has proposed that the majority instead rely on already available methods of transportation, such as the LRT/MRT, PUVs, and Taxis to get around. Taxi operators and the Philippine National Taxi Operators Association (PNTOA) have been at the forefront of the argument to prevent Transport Network Companies (TNCs) like Grab and Uber from taking away their business. Apps for taxis Uber may have been suspended, but Grab continues to operate in the country, though trying to get one at the moment can be twice as difficult, and twice as pricey. Apps to call a taxi cab have been made available before – such as Easy Taxi, and MGE’s own app. Read more: How Safe Is it to Ride with Grab in the New Normal? Both were met with limited success – the former has since pulled operations in the country, the latter was eventually phased out in favor of the company’s call-a-cab hotline MiCab[2], on the other hand, is a mobile app that works similarly to ride-sharing apps like Uber and Grab, but for Taxis. Its founder, Eddie Ybanez, started the app in Cebu in 2013 and since then expanded to Iloilo before formally signing an operations agreement with the Philippine National Taxi Operators Association (PNTOA) and the Association of Taxi Operators…
At some point, you might be inclined to book a ride via ride-sharing apps like Grab that take you further north or south. In cases of trips like these, you might encounter toll gates and wonder who has to pay for it. There’s some confusion in this area if you read user accounts. Some accounts of riders say that the fee is computed in their fare – others have said that they had to pay. Who pays the toll fees? Between Grab and Uber, there are very different ways that they determine who pays toll fees should the rider’s trip take them through a toll gate. Rider accounts online have stated that they weren’t asked to pay during one ride, and asked to pay for it during another ride. Uber’s policy is stated on its website: Uber’s policy is that riders shouldn’t have to pay toll fees because it’s supposedly included in the fare that riders get on punching in their pick-up and drop-off points. On the other hand, Grab’s policy is as follows, also stated on its website: Note: To make sure GrabPeers can accommodate all GrabCar riders, they implement Rush Hour Rates temporarily. The rates may go up at certain times of the day. Toll charges are not included in the fare estimate. In this case, it may be up to riders to pay for any toll fees incurred. It may also be possible to settle the matter by driver/passenger negotiation, something that can be approached easily by both parties. Understanding service areas It isn’t that there are…
Just like any business, handling a real estate business and its tenants entail a tedious organization procedure. Even a small-time landlord that rents out rooms or apartments next door or a developer that owns a 40-floor condominium needs an adequate property management service. While it is true that you can earn easy money if you have extra space, land or property to rent out it doesn’t necessarily follow that it is effortless to do so. For instance, a property owner has a land that he converted into a three-door apartment. He lives in one of the units and plans to lease out the other two. It seems like a perfect scenario where cash will flow in monthly, but in truth, there is more to the job when you hang that apartment for rent sign on your door. Same goes with large-scale investors who have several properties and live far from them. In all cases, you must seriously consider if you have the capabilities and the time to manage the business rather than risk running down the value of the property. Be Familiar with the Law First, there are laws concerning tenancy and habitation that are specific to rental properties. Some of the basics include the need for fire exits, numbers of floors allowed before elevator installation, the maximum number of residents in a unit or permission to rent to individuals or families. Consulting a lawyer or a licensed real estate agent will be very helpful to understand all the laws governing real estate rentals. Apart from rental legalities, lessors and…
There are a few ways by which self-driving vehicles can change the way people get around. One is the fact that you won’t have to deal with drivers, then there’s also the fact that you’ll never have to get lost – the onboard software does all the driving for you. It’s a race, plain and simple, for some of the biggest tech companies and car companies in the world to develop the right balance of technology and mobility to go into their cars. Perhaps unsurprisingly, it’s the tech companies who’ve made greater strides in the race. The full impact won’t really do much to the general public for a while, at least according to a report by Goldman Sachs. But here are some things that could be impacted by the rise of self-driving cars. Related reading: The Manila International Auto Show is Back! Here’s Why You Should Visit Now Jobs In a society where cars will basically drive themselves, there won’t be a need for people behind the wheel. Self-driving vehicles are set to displace about 300,000 drivers a year in the United States alone when autonomous vehicles begin to saturate the general market. The Goldman Sachs Economics Research report reads that the bulk of the losses will be from the long haul truck driving market, amounting to 2 percent of the total employment population. With that, the report estimates that semi- and fully autonomous vehicles will be among 20 percent of car sales beginning 2025 to 2030. Locally, there are an estimated 10,000 buses operating within Metro Manila, and…
In order for us to decide which product or service we will avail, we often look for testimonials from our friends or on the internet. This is a very good way to ensure that the product you will avail is trusted by others and you are secured with your decision. This is applicable when selecting which auto service provider you will get since this a big factor as they are the key to help you maintain and preserve your car. Rapide Baesa Town Center offers both quality service and value for money which is a great alternative for expensive casa repair shops. Here are some of the happy customers from Rapide Baesa Town Center: Hands-on service This branch is highly recommended! The owner is really accommodating and hands-on, such a great service. He also has the nicest staffs. Thank you so much, Sir Henry Tan and the rest of the team for a very very good service. Sa uulitin Sir! I will definitely come back for my car’s PMS. – Rhej EsquiLona A burning passion for excellence This branch deserves to be spared from previous Horror Stories happened to other early branches there is. Calling the Attention of #Rapide Center Owners: You could learn a thing or two from this young branch. They keep their passion burning. I personally thank Mr. Henry Tan for being professional and hearing us out. Please continue to live up what true Rapide Service should be. Thank you. -Christian Fernandez Free tutorials offered Everyone is very accommodating! Free tutorial from the big boss all the way to the crew! Highly…
You’ve been told that travel broadens your horizons, that working abroad could help with that. Most people are usually okay with working in an office on a daily basis, the routine of travel being the only tedious thing about them and the job that they love. For others, it isn’t enough to just sit in one place and work. People like to wander, and you might know a few. Your friends who’re rarely ever in the city when it’s the weekend, they’ve been out of the country more times than you have over the course of the last few years. It’s not that they’re spending all their money on it, it’s that their wanderlust is strong enough that they save up to actually travel and experience different cultures. Sometimes, a career change is in order when you feel like taking the world by storm. If you want to travel more, here’s a look at jet-setting jobs that might get you from your desk to Denver in a few years. ESL Teaching You’ve probably heard of teaching English as a Second Language (ESL). These jobs can be based locally with one-on-one sessions between you and your student happening via video sessions. It’s great, but you can also teach English in other countries. It’s perfect for teachers, but most people with a great command of English can get certification and many of these certification courses also help out with job placement. You can also visit websites like GoAbroad[1] to look for jobs that let you teach English in other countries. Flight Attendant Globe-trotting is a requirement of working…
Catching up over food, or commiserating over food is something most people can count on. There are moments when food can get expensive, such as when there are celebrations or when there’s a family gathering. Moments like these could definitely be helped out by a few deals and discounts, whether on your credit card or via coupons! Here’s a look at some pretty fabulous deals you can sink your teeth into. Big Meals Nearly everyone’s first reaction will be to hit the buffet on celebrations with friends or family. Shave off much of the cost with these coupons from Metrodeal. You can get coupons for a buffet at The Café at the Hyatt City of Dreams[1] for as low as Php 999 per person, that’s a 37% discount from Php 1,588. The voucher is valid from March 7, 2017 to May 6, 2017, and to guarantee you seats, you’ll have to make a reservation. Another big buffet deal that you can consider is the fusion flavors of The Pantry at Dusit Thani[2]. Get their buffet for as low as Php 1,170 per person, valid from March 1, 2017 to May 15, 2017, with blackout dates of April 16, 2017 (Easter Sunday) and on May 14, 2017 (Mother’s Day). If you’ve got a BDO Credit Card, you can use a BDO World Elite, Platinum, Titanium or Gold Mastercard variation to get 50% savings on buffet every Monday, Tuesday, Friday (lunch and dinner) and Sunday (dinner only) at Spectrum and get a chance to win an overnight stay with breakfast for two (2) at…
Take a second. If you’re with someone, or if you’re dating someone, the conundrum of having money for date night is a constant. It’s more so when it’s Valentine’s Day. You become very concerned with the funding you might need to make this particular occasion extra special. It’s at this point you might be considering some additional income ideas for Valentine’s Day. Sure, you might’ve already prepared for this day in advance, but every couple (or couple-to-be) should have a buffer fund for the day itself (or after, in case you’d rather have your V-Day date after February 14) because it really does help to be prepared. Here are a few ideas to help bolster your income fast enough to make date night a little less tight. Sell unwanted stuff Nothing says extra money like a “rush” sale on unwanted things via sites like OLX or eBay Philippines[1]. For starters, it’s a free platform that doesn’t require you to pay items that you want to sell-off. Selling “pre-loved” items means that their value will definitely take a drop, but then if you sell unwanted items in bulk, you might be able to line your wallet with enough of a buffer fund in case date night doesn’t go completely according to plan. A quick tip for when you want to sell something fast: mark it “rush” and cap the price at the lowest you’re willing to go for it to deter people who might want to bid on it – in the case of EBay, anyway. Another way to go about this is to look up buy and sell groups on social media….
During his time as mayor, one of President Rodrigo Duterte’s statements to supporters included the possibility of a shift into Federalism. When he did finally decide to run, a reason he gave was that he was prompted by his party – the Partido Demokratiko Pilipino-Lakas ng Bayan (PDP-Laban) – to carry the torch of federalism. Months into his presidency, the topic of a federal government taking root in the country has once again become a focal point of debate. A shift like this would not only change the way resources are distributed, but also affect almost everything. In particular, business in the country could be heavily affected moving to federalism. What is federalism? To understand what federalism could mean for business and the country as a whole, the system of government must be explained. In a nutshell, federalism splits the power of government between the central government and local state government. This means that state governments would have the power to better establish local government, to regulate and tax businesses, set up courts, infrastructure alongside the central government. The central government, on the other hand, retains the power to print money, declare war, maintain the armed forces, conduct treaties with foreign governments, etc. Why the debate? A report from the Department of Budget and Management (DBM) revealed that this year alone, approximately Php 428.5 billion has been allocated to the National Capital Region (NCR). This has prompted conversation over the unequal distribution of the budget to what many critics call “Imperial Manila.” This is owing to the fact that the budget for the NCR accounts for 14.27 percent of the national budget, whereas other regions like Caraga, only receive Php 53.5 billion. The topic of debate is whether or not Metro Manila’s economic powerhouse…
When searching for the best place to buy gadgets online, Kimstore.com is the first stop for many of us. The online marketplace started by Kim Lato while she was in college has been around for almost nine years, offering great deals on cameras, smartphones, tablets, and other accessories. Starting a business isn’t easy; sustaining one is even harder. MoneyMax.ph sat down with Kim herself to talk about the rise of Kimstore, the challenges of starting a business, and what it takes to succeed as an entrepreneur. When you were growing up, did you already know you wanted to start a business? KL: I came from an entrepreneurial family, so it was normal for me to see my parents running their own businesses. Then when it came time to start my own, it was easy for me to welcome the idea of having my own business. How did you get the idea for Kimstore? KL: When I was in college, I loved photography. I had a pool of friends on Multiply, which at the time was the fastest-growing social network, and it was a marketplace. Usually, people just blogged on it, but it came to my mind that “Hey, I have friends on Multiply, so why not sell in this community?” So I started selling camera lenses, cameras, and other accessories. Then I grew my network. People who bought cameras from me were also looking for phones and tablets, so in a way, customers also dictated what I was going to sell. My camera store became a more full-fledged online store….
Earlier this year, Ako-Bicol partylist Representative Rodel Batocabe proposed a bill that would levy taxes on cosmetic products and other aesthetic services. The said tax would be in place of a tax on petroleum, as Batocabe stated that “it would only hurt the poor.” He further stated that tax revenues from this industry may surpass the sin tax revenue from alcohol and tobacco products if properly collected. The bill has since been shelved amid protests from the general populace, many of whom took to social media, labeling their posts with the tag #DontTaxMyBeauty. Why argue for it? The argument for the “Vanity” tax, which was proposed to be 10% to 30%, was that it would bring in a projected Php 6 to 9 Million in revenue. Proponents of the bill also stated outright that it would affect mostly the affluent and wealthy, who could afford aesthetic services such as spa treatments or liposuction and other forms of plastic surgery. Rep. Batocabe also stated that people should pay for the cost of being physically beautiful, something echoed in the statement of Batangas Rep. Raneo Abu who said that he supports the aesthetic tax and other taxes, such as the proposed ones on sweetened beverages. He also said that while “poor people can avoid the use of beauty products, they cannot avoid using public transportation or purchasing basic commodities. So why not impose the additional tax on an equally stable industry?” Other lawmakers further stated that there should be a push for a vanity tax because that is “what we call luxury.” Batocabe went on to explain that the proposed higher excise tax on petroleum products would trigger higher fares and higher consumer prices. There is also no existing…
This Christmas season, chances are that you’ll attend a lot of Christmas parties and potluck get-togethers. You can bring a no-fuss and easy-to-make contribution through this No-Bake Cake under Php 200. Most of the ingredients can be easily bought through supermarkets, convenience stores, and sari-sari stores. This makes the ingredients very accessible which is perfect for people on-the-go. You can also use this for ordinary days when you want to treat your family or friends. Here are the easy steps to make this No-Bake Cake: Ingredients and Costs 500mL All Purpose Cream – Php 45.50 500mL Condensed Milk – Php 51.25 10 pcs Fudgee Bar – Php 57.00 6packs of 3-piece Cream-Os – Php 30.50 Cooking Instructions Slice the Fudgee bars evenly in half. This will serve as your main cake layers for this recipe. Crush the Cream-Os until it becomes a fine powder. This will serve as the top layer of the cake we’re making. Combine the all purpose cream and condensed milk in a bowl. You will use this as the icing on the cake. Start building the layers of your no-bake cake in this order: sliced Fudgee bars, mixed cream, and crushed Cream-os. Repeat the 2 base layers depending on the size of the container you are using. Refrigerate the cake for at least 5 hours. Final Thoughts Celebrations with your loved ones or friends do not need to be expensive. You can use this money-saving recipe for birthdays, parties, and Christmas celebrations. Need car insurance? A credit card? Or a loan? Moneymax got you covered. Check our…
It’s not surprising if you’ve encountered a lot of tourists in the Philippines. In August 2016, there were 502,739 tourist arrivals in the Philippines and a total of 4,042,049 from January 2016 – August 2016 according to the Department of Tourism (DOT) Industry Performance Report. You might be wondering on what keeps tourists coming back to the Philippines or exploring the country for the first time. We asked 10 foreign bloggers who have been in the Philippines to share their experiences and what they loved most about our country. Phil of Escapology.eu[1] What would be your most favorite part of your visit to the Philippines? Why? Apart from the beautiful landscapes and wonders of nature, it was probably the many memorable interactions with the locals. They always gave me a warm welcome and showed me a good time. It was great to get to people a little bit better, which is sometimes hard to do in other Asian countries. What would be the one budget travel tip you could give to those who are traveling around the world on a budget? The one tip would be to spend consciously. Really question every expense and ask yourself if you really need it at that moment. Let that sit for a few minutes, and usually, you will realize, that you can actually do without it. I would also strongly advise keeping a journal to track your expenses. I had mine in a Microsoft Excel sheet and I updated it almost every night. It makes budgeting so much easier. Dave of Jonesaroundtheworld.com[2] What would be…
Filipinos are all familiar with the big names of business tycoons and how successful they are today. However, not all people heard about their life stories before they attained their huge success in life. By examining the life stories of some of these richest men, you will learn a lot of inspiring things to them especially, in money matters. Henry Sy Believe it or not, Henry Sy’s story was a ‘rags to riches’ kind of tale. Sy was born in China, he was not born rich. Wanting to escape poverty, Sy followed his father to the Philippines only to find out his miserable state in another country. Determined and inspired to become successful, Henry worked hard day and night to provide for his needs. After a series of failures in his business, Henry Sy stood back up and persevered to attain his goal and he is now the richest man in the country. According to Sy, there is no such thing as overnight success or easy money. If you fail, don’t be discouraged; try again. When you do well, do not change your ways. Success is not just good luck: It is a combination of hard work, good credit standing, opportunity, readiness, and timing. Success will not last if you do not take care of it. You have to dream, whether big or small. Then plan, focus, work hard and be very determined to achieve your goals. -Henry Sy Read more: Know Your Candidate Better: The Net Worth of 2022 Presidential Candidates Lucio Tan Lucio Tan was born in China’s Fujian…
Travel tends to be one of the big-ticket items for a lot of people. Flying out of the country to destinations you’ve always wanted to means planning thoroughly and doing a lot of research to make the most out of the trip. You’ll want to know what the country you’re visiting has to offer, one of the things being sampling the local food, because it’ll be a waste to eat at the same fast food places all the time. But before you go about planning the food you want to eat, there’s the small matter of finding a flight to get there. There are some secrets to finding these flights on the less expensive side, but when you’re looking, you’ll eventually find yourself online. Which websites offer the cheapest flights? Here are four websites that cater to the Filipino wanderlust. Trip Advisor TripAdvisor[1] – founded in 2000 – offers more than just a look at round-trip airfare; the site also provides services that allow travelers to compare hotels at their destination, along with reviews of said accommodations. Carriers on the website sort it all by price, so you immediately know how much it’s going to cost you to get from here to your destination. Being a one-stop shop, you can also book hotels, find out where the nightlife is, or which tourist spots and attractions to hit when you get to your destination. Perhaps one of the biggest lures for TripAdvisor is that you can see user reviews and ratings for locations – letting you plan your getaways accordingly. Cheapflights Where TripAdvisor prides itself on being very detailed in its user…