11 Best-Tasting Yet Affordable Ramen in Metro Manila
- By Adji Hendrawan
- November 7, 2018
Nothing like a warm, comforting bowl of ramen can chase your blues away. With every sip and slurp, you get a feeling that everything’s gonna be all right in the world. Well, except for your wallet if you’re ordering a pricey ramen. How do you satisfy your ramen craving without wrecking your budget? First, you can download a food app that provides dining deals and discounts at your favorite ramen restaurants. Second, choose your ramen wisely. You don’t want to waste your money on something that’s cheap but bland. Fortunately, several affordable ramen options in Manila give a gourmet dining experience on a budget. Here’s a list of the best, value-for-money ramen dishes in Metro Manila priced under PHP 500. 1. Ippudo’s Shiromaru Motoaji Price: PHP 385 Make no mistake—Ippudo’s plain-looking tonkotsu ramen may not be as photogenic as other popular ramen dishes. But what the Shiromaru Motoaji lacks in color and appearance, it more than makes up for its broth and noodle quality. The classic Hakata-style ramen’s broth is cooked for 15 hours to bring out a rich flavor. Its chashu is boiled and stewed for more than two hours. The ultra-thin noodles are made fresh daily. If that doesn’t make you drool, we don’t know what will. Tips: Order extra-firm noodles, so you can take your #foodstagram shots without getting your noodles soggy. Want extra toppings to go with your bowl? Try the Shiromaru Special (PHP 490) with extra pork belly and pork loin, soft-boiled egg, and seaweed. Worth the additional cost! Ippudo branches: SM Megamall, SM Mall of…
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4 Compelling Reasons to Get Life Insurance for OFW
Do you know who needs life insurance the most? Yes, it’s you who have to endure homesickness and loneliness working abroad to give your family a better future. If you still can’t see the point in paying premiums, consider the real-life story of a fellow OFW. Remember the news about Joanna Demafelis, a domestic helper who was found dead in a freezer in Kuwait last February 2018? Because Demafelis was an agency-hired OFW, she’s covered by the government’s Compulsory OFW Insurance Program[1]. Her family received death benefits under the OFW life insurance program even if the date of death was unknown. While not everyone will have the same fate, it pays to be financially prepared for when something unthinkable happens. Here are six strong reasons OFWs must get life insurance. 1. Your Family Needs Protection When There’s Sudden Loss of Income Most OFW families—extended families included—rely solely on OFW remittances for their household income. If you’re an OFW who’s the sole breadwinner, imagine how much your loved ones would suffer when you can’t earn income anymore due to serious illness, disability, or death. Having an OFW life insurance policy protects your family from the financial impact of sudden income loss. Your beneficiaries will receive a lump-sum benefit to help them cope when you’re gone. Even if you have savings and investments, the money you’ve worked hard for many years will deplete fast if you don’t have life insurance. Any asset you leave behind will be subject to a 6% estate tax. In the Philippines, life insurance for OFW typically covers…
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7 Little-Known Budget Airlines That Fly to and from the Philippines
- By Adji Hendrawan
- November 6, 2018
Cebu Pacific and AirAsia are the top-of-mind budget airlines in the Philippines. But they aren’t the only ones that offer cheap flights. Apparently, seven other low-cost carriers serve the Philippines. Most of them are based in Singapore and South Korea. On the hunt for affordable flights for your next trip? Consider one of these budget airlines. 1. Jetstar Asia Main hub: Singapore Changi Airport Jetstar Flights: Between Clark and over 20 destinations in Australia, Cambodia, China, Indonesia, Japan, Malaysia, Myanmar, Singapore, Thailand, and Vietnam Between Manila and over 40 destinations in Australia, Cambodia, China, Indonesia, Japan, Malaysia, Myanmar, New Zealand, Singapore, Thailand, and Vietnam Jetstar Asia[1] is known for its year-round low fares, especially flights to and from Singapore and Japan. Unlike Cebu Pac and AirAsia, Jetstar doesn’t have an in-house airline loyalty program. But it holds a weekly promo, the Friday Fare Frenzy, as well as seasonal sales during holidays like Christmas, summer, and Valentine’s. The Singapore-based budget airline departs from and arrives at Ninoy Aquino International Airport (NAIA) Terminal 1 in Manila and at Clark International Airport in Angeles City, Pampanga. 2. Scoot Main hub: Singapore Changi Airport Scoot Flights: Between various locations in the Philippines (Manila, Caticlan, Cebu, Clark, Davao, Kalibo, Tagbilaran, etc.) and over 60 destinations across the Asia Pacific, Australia, and Europe Scoot[2], which merged with TigerAir in 2017, is Singapore Airlines’ low-cost carrier. Like other budget airlines, Scoot regularly holds seat sales for bargain-hunting travelers. The Singapore-based budget carrier offers medium to long-haul flights between the Philippines and international destinations. In Manila, Scoot operates…
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8 Salary Increase Negotiation Tips to Get the Pay You Deserve
- By Adji Hendrawan
- October 23, 2018
Don’t you just wish asking for a raise was as easily done as said? Negotiating a salary increase can be extremely uncomfortable. Understandably so, as Filipinos are generally non-confrontational. There’s no shame and harm in asking for something you deserve. Besides, negotiation is a must-have skill not just for a salary increase but also for other aspects of your career and personal life. However, you can’t go ahead at the negotiating table and just wing it. You have to be both prepared and strategic. Here are tips to help you effectively negotiate a higher pay: 1. Check Company Policy on Salary Increase Start by knowing your employer’s policy and practices on salary adjustments. If this information isn’t in the employee’s handbook, consult with your HR department. Find out how strict or flexible your company is when it comes to salaries and raises. You might need to meet certain company guidelines to qualify for a salary increase. Or there may be documents to prepare and procedures to go through. Whatever the company rules are, you want to make sure to follow them so that you’ll be considered for a raise. 2. Know What You Want—and Deserve While some companies do give employees significant salary increase without them asking for it, this is an exception rather than the rule. Do you believe you deserve a raise? You have to put it out there and negotiate. It’s easier to get exactly what you want if you have an exact amount ready during your negotiations. But how much is a reasonable increase to request? Of…
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Crazy Rich Filipinas: 6 Wealthiest Women in the Philippines
- By Adji Hendrawan
- September 25, 2018
Can you guess who’s the richest woman in the Philippines? Clue: She’s neither a celebrity nor a politician. In fact, the wealthiest Filipino women are owners and shareholders of the largest companies here or abroad. Some of them inherited their fortune; others are self-made billionaires. These female tycoons have something in common: their success stories that can inspire anyone who wants to succeed as an entrepreneur. Six of the male-dominated Forbes’ 50 richest list in the Philippines are women. Let’s take a look at each of them. 1. Mercedes Zobel Forbes 2018 rank: 11 (with sibling Iñigo) Net worth: USD 2.5 billion (PHP 135.69 billion) Source of wealth: Diversified Company: Top Frontier Investment Holdings Inc. The richest woman in the Philippines is Mercedes Zobel, who holds the 11th spot on Forbes’ 50 richest list with her brother, San Miguel Corporation Director Iñigo Zobel. Mercedes and Iñigo are from the Zobel de Ayala family that founded the Ayala Corporation, one of the Philippines’ oldest and biggest conglomerates with business interests in finance, real estate, and telecom, among others. They’re cousins of Jaime Augusto Zobel de Ayala, chairman of Ayala and Globe Telecom. The Zobel siblings inherited shares in the Ayala Corporation from their late aunt. Eventually, they founded the Top Frontier Investment Holdings Inc., the largest shareholder of San Miguel Corporation. San Miguel is one of the largest and most diversified conglomerates in the Philippines. 2. Mercedes Gotianun Forbes 2018 rank: 17 Net worth: USD 1.15 billion (PHP 62.42 billion) Source of wealth: Real estate, self-made Company: Filinvest Development Corporation Mercedes…
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Paluwagan: Understanding What You Can Gain and Lose
- By Adji Hendrawan
- September 18, 2018
Not sure whether to accept or decline a friend’s invitation to join a paluwagan? Like anything that involves money, it’s something you must consider carefully. Understand its mechanics, as well as pros and cons, before engaging in it. Here’s everything you need to know about the paluwagan system. What is Paluwagan? Paluwagan is an informal group saving or money-lending system in the Philippines. It has an English equivalent, the Rotating Credit and Savings Association (ROSCA), which operates in different parts of the world. This Filipino tradition still exists despite the presence of many other savings and investment programs in the country. The latest Bangko Sentral ng Pilipinas (BSP) financial inclusion survey found that 4% of adult Pinoys save money through the paluwagan system, while 9% have bank savings. How Does It Work? Paluwagan works based on trust and commitment among its participants who are typically friends, neighbors, co-workers, or classmates. A group consists of at least three members who pool their contributions into a common fund and take turns receiving the lump-sum payout weekly, twice a month, or monthly. A cycle goes on until the last member in the queue gets paid. Paluwagan members decide and agree on these important details: Fixed contribution amount Remittance and payout schedules The order of payout redemption (who will be the first, second, and so on to get it) The member who will collect the contributions, handle the funds, and give the payout to the person scheduled to receive it A higher contribution amount and more participants mean higher pooled funds and payouts. Let’s say…
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10 Spending Habits to Break Before You Turn 30
- By Adji Hendrawan
- September 14, 2018
Are you a few years’ away from hitting adulthood? How are your finances shaping up? If you’re already in your mid or late 20s and always short of money, it’s time to take a long, hard look at your spending habits. Filipino millennials spend more freely than older generations and are the least financially literate, according to a survey by the Social Enterprise Development Partnerships, Incorporated (SEDPI). We can do better, right? It takes curbing these 10 bad spending habits that hinder financial independence. 1. Splurging to Keep a YOLO Lifestyle Live in the moment. Enjoy the present. Because you only live once. This seems to be the mantra of young adults today. Living in the moment is actually good for your overall well-being. But what’s the point of enjoying life when you spend sleepless nights worrying about money problems? An online survey by Rappler[1] reveals that most millennials choose passion (43.1%) over financial independence (37.9%). Many other studies on millennial spending habits found that this young generation is more willing to spend on experiences (travel, hobbies, dining, gym memberships, etc.) rather than prepare for their future. Life is meant to be enjoyed, but it shouldn’t make you broke. Strike a balance between enjoying life today and saving for tomorrow[2]. Spend within your means. If you want to explore the world but aren’t earning much, limit your travels in a year and find ways to save money while traveling. There are many other ways to enjoy new experiences without spending much. You just have to know where to look. 2. Impulse…
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6 Ways to Use Your Beep Card Other Than in LRT and MRT
- By Adji Hendrawan
- August 31, 2018
That Beep card in your wallet is more powerful than it seems. What started as a stored value card for exclusive use in LRT and MRT has evolved into a tap-and-go payment card in more places—from bus terminals to convenience stores and even cinemas. If you’re using that blue card only as a train ticket, you’re missing out on the convenience it brings. Like a contactless credit card, the beep™ card eliminates the hassles of cash payments. No more awkward moments with the cashier after handing a 1,000-peso bill. No need to fumble for coins. How else can you use a Beep card? Let’s count the ways. 1. Pay Fares in Select Bus Lines Similar to Hong Kong’s Octopus card and Singapore’s EZ-Link card, the Philippines’ Beep card is made for seamless commutes in the Greater Manila Area. Getting around the city is easier with this reloadable card. Bus Lines That Accept Beep Card Payments Many bus lines—including P2P buses, BGC Bus, Citylink buses, and Airport Loop buses—accept fare payment with Beep cards. They typically have the beep™ logo on their windshield or side window.Here’s a list of buses where you can tap your Beep card to pay fares: Bus Lines Routes BGC Bus All routes within BGC Citylink Coach Services McKinley Hill to San Lorenzo Place and vice-versa McKinley Hill to MRT Guadalupe and vice-versa Newport City to Eastwood City and vice-versa DNS P2P Buses U.P. Town Center to Glorietta 3 and vice-versa Lake Front to Glorietta 3 and vice-versa Froehlich P2P Buses Glorietta 5 to Trinoma and vice-versa…
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Open a Savings Account Anytime, Anywhere with Maybank MOVE
- By Adji Hendrawan
- August 16, 2018
Ever wished you could open a bank account without so much hassle? With Maybank MOVE, you can do so without going to the bank. No rushing through traffic just to get to a branch and no time wasted lining up. Just download Maybank’s mobile banking app on your smartphone, and you’re all set. Maybank Philippines recently launched the Maybank MOVE, a convenient way to open a savings account on the go or from the comfort of one’s home even after banking hours. What’s in it for you and how can this mobile banking innovation help you start saving minus the stress? Keep reading to find out. What is Maybank MOVE? Maybank MOVE (Mobile Optimized Virtual Experiences) enables anyone with a smartphone and internet connection to open an online-only savings account called iSave—the first of its kind in the Philippines—through the Maybank2U PH mobile app. The iSave Savings Account is a new feature in the Maybank2U app[1] that provides more Filipinos with access to banking services, staying true to Maybank’s reputation as the most accessible foreign bank in the Philippines. All the steps for opening a Maybank savings account are done through the Maybank2U PH app—from filling out the forms to submitting the required documents. This simplifies the traditional over-the-counter process of opening a bank account in the Philippines. Maybank iSave Savings Account Features Fully digital account opening using a smartphone No initial deposit No maintaining balance Earns interest at an average daily balance[2] of at least PHP 20,000 Free interbank withdrawals via any ATM in the Philippines Free withdrawals via…
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Understanding the Salary Deductions on Your Payslip
- By Adji Hendrawan
- August 1, 2018
What could be more cringe-worthy than a payslip with lots of salary deductions and a low net pay? Times are tough these days with the rising inflation and the declining peso. If you’re trying to stretch your monthly budget for the family, it’s important to track your monthly take-home pay. Scrutinize the earnings and deductions on your payslip to make sure your salary isn’t deducted more than what’s authorized by the law. In doing so, you might also catch errors in the computation of your payroll deductions. Also, some employers deduct the mandatory government benefits from their employees’ payroll but fail to remit the contributions to the respective agencies. Keep an eye out for that, too. Here’s a basic guide to help you make sense of salary deductions in the Philippines and learn how to compute them. Allowable Salary Deductions in the Philippines Employers are required by law to deduct the following items from employee salaries every month: Employee’s share of SSS, PhilHealth, and Home Development Fund (HDMF)/Pag-IBIG contributions Withholding tax Loan payments Tardiness Absences Other deductions from company-specific policies Read more: Understanding Social Classes in the Philippines: Which Class Do You Belong to? Mandatory Government Contributions Employers and employees share the latter’s total monthly contributions to SSS, PhilHealth, and Pag-IBIG. Only the employees’ share of government contributions is deducted from their monthly salaries. The salary deductions for SSS, PhilHealth, and Pag-IBIG contributions are computed based on an employee’s monthly basic salary. The higher the pay is, the higher the deductions. 1. How to Compute the SSS Deduction The amount…
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8 Sulit and Useful Rewards Cards for Pinoy Shoppers
- By Adji Hendrawan
- July 21, 2018
Do you regularly buy from a particular store? Take advantage of the rewards, discounts, rebates, and other perks from the customer loyalty program of your favorite retailer. Rewards cards (also called loyalty cards) aren’t something to shy away from, especially if you’re trying to save money and stretch your budget. Rewards cards in the Philippines typically provide points, each equivalent to a peso, that can be redeemed for future purchases with the store and its partner merchants. Simply present your rewards card to the cashier when you pay for your purchases. Most customer loyalty programs allow others to use rewards cards aside from the cardholder. So you can lend yours to family, friends, or even random customers at the cashier counter to increase your points. Here are the rewards cards you might find useful and worth keeping in your wallet. 1. Pag-IBIG Loyalty Card The Pag-IBIG Loyalty Card allows Pag-IBIG members to save money on a wide range of expenses such as food, fuel, medicines, and travel. It works just like any rewards card—just present your card every time you purchase at any of the 237 Loyalty Card partners to get a discount or earn rewards points. Pag-IBIG Loyalty Card Benefits Up to 50% discount on tuition fees, medicines, hospital bills, restaurant bills, gadgets, airline tickets, tour packages, hotel accommodations, spa services, remittance fees, and more Rewards points on groceries and fuel purchases How to Get a Pag-IBIG Loyalty Card Submit an accomplished Pag-IBIG Loyalty Card application form at an enrolment kiosk in select Pag-IBIG branches. Pay the PHP 100…
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Ask Greg: 5 Best Questions (Winners Announcement)
- By Moneymax
- July 18, 2018
To continue our #MoneyMaxPHAnswers series, we had another Instagram Live session last July 12 but this time with our Call Center Manager, Greg Aguilar. Greg answered car-insurance related questions sent by our followers in advance. Were you one of those who joined and tuned in? Did you send in a question? If yes, you might be one of our chosen winners! Below are them, each receiving PHP 1,000 worth of gift certificates, plus Greg’s answers. 1. Worth how much po ang minimum para masabing pwede mag-claim [ng] insurance? – Chonalyn Alibio, @tzunah_oibila I think what’s she’s asking here is what’s the least amount you should claim for. That really depends on you. If the amount that you are trying to claim is equal to or less than the deductible that’s on your policy, we would recommend that you cover that yourself. To give you an example, most deductibles probably float around the two to four thousand peso range. Let’s say you had a scratch and you could go to your local shop or local talyer and have it fixed for PHP 500, it’s probably not worth it to file a claim. Outside of that, anything more expensive than the worth of the deductible or the value of the deductible, that’s the time you should probably consider to send a claim request. 2. I have an older car whose current market value is very low – do I really need to purchase car insurance? – @givemeonekizz[1] That’s a really good question. What this depends on is your comfort level in terms of…
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Ask Moritz: 5 Best Questions (Winners Announcement)
- By Moneymax
- June 29, 2018
Last June 22, we had our first #MoneyMaxPHAnswers featuring our Country Manager, Moritz Gastl. For about an hour, Moritz answered finance-related questions via Instagram Live. Other than sharing finance tips, he also chose five (5) best questions sent by our Instagram followers. Each of them will receive PHP 1,000 worth of gift certificates. Below are their questions and Moritz’s answers to each of them. 1. In managing your personal finances, how do you balance between seizing the moment and preparing for the future? – Navi Gustillo[1] I would apply that to my personal finances, and how I manage my life and my expenses. First, it’s important that you’re structured with your finances. You need to create a stable base so you’ll be able to have a solid amount of income that brings you through your day. You have your housing expenses, your normal living expenses. By the time you’ve deducted all of that you [should] still have enough money to go out with your friends, go out for a drink. Once you have that solid base covered, it’s important that you have a certain percentage that you can use for unexpected things. Unexpected can mean in a bad case—let’s say you need money for when someone gets into an accident—and can also mean on the good side, like if there’s a business opportunity. You should always have a bit of money on the side to be able to use to seize an opportunity. It’s important that you always have control of your finances. For some of you, it might work…
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Your Best and Worst Financial Decisions Compiled
- By Moneymax
- June 20, 2018
We’ve all made good and bad decisions in life. Some of them we learn from, some of them we regret for a long time. Perhaps one of the biggest decisions we’ve made involved money. From getting a house to buying an expensive phone, such decisions made us pause and think: is it right or wrong? Last week, as part of #TanongTuesday, we put up a quick survey on our Facebook page, asking about the best and worst financial decisions you’ve made. We received a bunch of insightful answers and decided to share them here. See our compilation of best and worst financial decisions below. Best Financial Decisions Investing in a Business “The best financial decision I’ve made is when I decided to invest my savings in a small business [with] good profit. My worst financial decision was being an impulsive buyer. I bought some things that weren’t essential to me.” — Grace Ortencio Escano “Best financial decision I’ve made is when I invested my money on a grocery business. The one I regret the most is when I joined networking and money lending.” — Edwin Aquino “Best financial decision is opening a small business. What I regret is spending my money on gadgets.” — Zettesu Tan Bondoc Investing on a business is a good financial move, especially when you have enough funds and fully understand the nature of your venture. If you’re a first-time entrepreneur, start small. There are many businesses you can put up even with a small capital. Getting Life Insurance “The best financial decision I’ve made is getting a…
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Types of Bank Accounts in the Philippines: Which One is Right for You?
- By Adji Hendrawan
- June 13, 2018
When opening an account with a bank, you’ll have to choose from among various types of bank accounts. Should you have a savings account or a checking account? If you’re getting a savings account, should you go with an ATM card or a passbook? Or is a time deposit the better choice? Before you make that crucial decision, understand first the key differences between the common types of bank accounts in the Philippines. This will help you figure out which bank account type best fits your needs and purpose. Read More: 6 Things to Consider When Choosing the Right Bank for You What is a Bank Account? Bank accounts include a broad range of financial products such as credit cards, prepaid cards, loans, and investments. But in the Philippines, bank accounts are usually associated with deposit accounts that allow customers to keep their money for saving or spending, manage funds, and perform a variety of financial transactions. Having a bank account is more secure than storing cash under the mattress. All deposit accounts in the country are insured with the Philippine Deposit Insurance Corporation for up to PHP 500,000 per depositor per bank. So when the bank where you have an account with closes down, you’ll get to recover your money. Ironically, more Filipinos prefer to keep their money at home rather than place it in a bank. The Bangko Sentral ng Pilipinas Financial Inclusion Survey found that 32.7% of adult Pinoys have bank accounts while a majority (68.3%) don’t. So if you’re planning to open a bank account, pat yourself on the…
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8 Steps to Prepare Financially for the Freelancer Life
- By Adji Hendrawan
- June 8, 2018
Becoming a full-time freelancer without financial preparation is like driving while blindfolded—it’s risky, unpredictable, and nerve-racking. While you may manage to survive even if you haven’t saved up for it, you’ll always get stressed and worried about money. Over time, you’ll be drained not just financially but emotionally as well. It’s tough to be a freelancer in the Philippines. There’s no law yet protecting the rights of freelance workers. No regular paychecks, no paid leaves, no benefits, and even no free coffee. Your income will only be as steady as you make it. Here’s how to make your transition to freelancing a successful one. 1. Weigh the Pros and Cons of Freelancing Is freelancing for you? Think about its possible impact on your finances before you start sending out your resume and portfolio to prospective clients. Although living the freelancer life is exciting and rewarding, it also comes with certain financial risks. Know what to expect to decide if freelancing is really worth pursuing. 2. Assess Your Financial Status Knowing where you stand financially can be painful, but it’s extremely crucial to preparing for your freelancer life. Track your expenses for at least a month to know how much money you’ll have to save to cover all your needs, what expenses you can cut down, and how much you’ll have to save. This will also help you figure out how much your freelancer salary should be and when the best time is to quit your 9-5 job, among other important freelancing considerations[1]. Read more: Want to Join the Gig Economy?…
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Filipino Financial Gurus You Need to Follow Today
- By Moneymax
- April 4, 2018
For some Filipinos, the inclination to save comes naturally. However, for most of us, saving and investing is not as easy as they seem. Although there are many materials that we can use to educate ourselves financially, most of these materials are of foreign context. Good thing there are Filipino financial gurus out there who take these principles and the things they have learned over the course of their careers and tailor them to meet the needs of the average Filipino. However, with the many people claiming to be financial gurus, it can be difficult to sort out who to follow. To give you an idea, here’s a list of the people whose knowledge in personal finance and budgeting will help you manage your finances better: 1. Randell Tiongson[1] Randell Tiongson is a household name when it comes to personal finance coaching in the Philippines. Currently the Director of the Registered Financial Planner Institute Philippines, he has 30 years of experience in the financial service industry making him one of the most credible Filipino financial gurus in the country today. He also has a soft spot for OFWs, advocating financial education for this sector. Tiongson is also an author of several books namely No Non-Sense Personal Finance: A Step by Step Guide, Money Manifesto: Lessons in Personal Finance, and Everyday Moneyfesto: 365 Days of Financial Wisdom. 2. Fitz Villafuerte[2] A registered financial planner, investor, and entrepreneur, Fitz Villafuerte is one financial guru you should follow. His blog is filled with informative content that is easy-to-understand and that is relatable. Having found his way out of the…
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Traditional vs. Online Money Transfer: Which Works Better for OFWs?
- By Adji Hendrawan
- March 31, 2018
Send money online or the traditional way? If you’re torn between these two choices for sending remittances to your loved ones in the Philippines, consider the benefits and drawbacks of each option. This way, you can decide which one better fits your needs (as well as your recipient’s). Courier or postal services are definitely not an option. They may be cheaper than other remittance channels, but the lower price isn’t worth it. According to the Bangko Sentral ng Pilipinas, postal services don’t provide protection for cash packages the way formal remittance services do. Your hard-earned pera padala may get lost or stolen while it’s being shipped, not to mention that it takes longer for the money to reach the recipient. Thus, you’re better off sending through conventional or online money transfer services. Let’s take a closer look at the advantages and disadvantages of each OFW remittance option. Sending Money via Traditional Agents Cash is king in the Philippines—no wonder most OFWs opt to send money home via traditional money transfer services, which allow their families to receive them over-the-counter at brick-and-mortar pick-up locations such as pawnshops and local branches of remittance companies. Pros of Traditional Remittance Services Flexible remittance channels. OFWs can choose to pay with cash or online via bank deposit, credit card, or debit card. Their loved ones can claim the money in person at one of the remittance center’s local branches or partner outlets. Service accessibility to senders and recipients. Leading traditional money transfer companies like Western Union and MoneyGram have hundreds of thousands of branches worldwide. Fund…
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Weighing the Financial Pros and Cons of Freelancing
- By Adji Hendrawan
- March 24, 2018
Thinking about leaving your nine-to-five job to start a freelancing career? Is it really worth quitting your stable job? Before you take the plunge, carefully weigh the pros and cons of freelancing. You’re making an important, life-changing decision, so you’d better know what you’ll get yourself into. Know the benefits and drawbacks of your career shift, whether you’re a would-be stay-at-home mom, former OFW, or employee who’s itching to leave the corporate rat race. The Financial Advantages of Freelancing 1. Saving Money on Various Expenses The biggest difference you’ll feel when you work from home versus the office is that you get to save money on a lot of things. You’ll enjoy zero commuting cost, and if you’re driving a car, you’ll save money on gas and parking. No more eating out with colleagues—instead, home-cooked meals will keep your food expenses to a minimum. Shopping for new work attire will become a thing of the past. You can work in your pajamas! No need to hire a housekeeper or nanny to look after your kids because you’re at home to take care of them. 2. Higher Earning Potential A home-based career can pay more than a nine-to-five job, if your skill is in demand and you play your cards right. Filipino freelancers enjoy higher earnings than average rank-and-file employees, notes a Payoneer report[1] on the state of freelancing in the Philippines, with IT professionals and programmers being the happiest with their income. Another study shows that Pinoy freelancers earn an average of PHP 39,000 monthly. According to the 2017 Philippine State of Freelancing study,…
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OFW Health Insurance: 3 Ways to Protect Yourself from Financial Risks
- By Adji Hendrawan
- March 11, 2018
Are you ready financially for when you get sick or hospitalized abroad? Without a health insurance, your savings may get depleted and your family may suffer financially when you’re hospitalized. You know how expensive medical bills are. Even if your overseas employer pays for your OFW health insurance, you can’t rely on that forever. How will you take care of your medical bills when your contract has ended and you’ve returned home? So as early as now, get your OFW health insurance in place. Here are three ways to do that. PhilHealth Benefits for OFWs Members of PhilHealth who are employed abroad may avail of OFW health insurance benefits when they’re confined in an accredited healthcare facility in the Philippines and abroad. PhilHealth benefits for OFWs consist of the following: Inpatient benefits: Doctor’s professional fees and hospital charges Outpatient benefits: Minor and major outpatient surgeries, radiotherapy, hemodialysis, blood transfusion, and primary care benefits Z benefits: Leukemia, breast cancer, prostate cancer, etc. MDG-related benefits: Select medical services for treatment of malaria, HIV-AIDS, tuberculosis, surgical contraception, and animal bites Requirements to Avail of PhilHealth Benefits OFWs can avail of PhilHealth benefits only if they meet these requirements: Registered PhilHealth members Updated PhilHealth Member Data Record (Fill out the PhilHealth Member Registration Form and email it to ofp@philhealth.gov.ph.) PhilHealth membership is within the validity period (Make sure to pay your annual PhilHealth contribution through the agency’s local and overseas collecting partners.) Availment doesn’t exceed the 45-day benefit limit per year for hospital room and board allowance How OFWs Can Claim PhilHealth Benefits If…
