Is it still safe to put your money in the bank?
Filed under: banking, Economy, entrepreneur, feedback & reviews, finance, Money, Philippine, Reaction, roysville
With, yet again, the closure of Banco Filipino Savings and Mortgage Bank last week by the Bangko Sentral ng Pilipinas (BSP), the simplistic mind of Juan Dela Cruz cannot help but ask, “Is it still safe to put your money in the bank?”
True, bank deposits are insured by the Philippine Deposit Insurance Corp. (PDIC) to a MAXIMUM of P500,000 PER depositor. In fact, PDIC is now already processing deposit insurance payments to the depositors of Banco Filipino. But we all know that claiming your money from a closed bank is not a walk in the park.
Investing in pre-need companies have failed us. IT FAILED ME! I wanted to be a responsible father who prepared for his kids’ future, so invested in CAP… and BANG! Just like that. Everything went down the drain. No thanks to our government who seems to do nothing to help alleviate our plight.
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Checking account management
Filed under: entrepreneur, finance, management, Money, roysville
In my early years in the bank, one of my first assignments was as a CA/SA bookkeeper. One of my duties then was to monitor the balances of checking and savings accounts of our clients. Although I was more particular on the checking accounts, and I have closed quite a number of accounts then because some people don’t how to manage checking accounts.
We all know that a checking account is an important tool to an entrepreneur. Aside from it being a convenient way of paying obligations, it also allows for easier recording and monitoring of expenses. However, as great as a financial tool it is, the checking account can cause the entrepreneur’s downfall when improperly handled.
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BIR expands coverage of its electronic filing and payment system (eFPS)
Filed under: Announcement, Business news, finance, Government, Legal, Money, Taxes
The Bureau of Internal Revenue (BIR) issued a new taxpayer rule that aims to expand the coverage of its electronic filing and payment system or eFPS.
eFPS, which was launched by BIR in 2001 to simplify filing and payment of taxes as well as improve taxpayers’ compliance, used to require only large taxpayers to use the system, or those with net worths of at least P300 million, insurance companies, and banks.
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SSS set P500-million emergency loan fund for displaced members
Filed under: Announcement, Business news, Entrepreneurship, finance, Funds Sources, Government, Money, self-help
The Social Security System (SSS) has set aside an emergency loan fund of P500-million for the displaced workers of private companies who have closed down due to the effect of the recession.
SSS president and chief executive officer Romulo Neri said that the agency has already opened the emergency loan window and displaced workers can now for a loan of up to P15,000 from the emergency fund.
However, only those who lost their jobs from January 1, 2009 are qualified for the emergency loan.
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