Paglingap Power Saver Program

[zashi143a]

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walay mawala kung mo apil ta ani...ni apil nko last month! thanks ry!

[Ryze]

More power to everyone who already registered under this program! You have made the right decision.

In this program, you have nothing to lose but so much to gain!


Every Filipino A Saver!

[Ryze]

House panel OKs P500,000 bank deposit insurance



House panel OKs P500,000 bank deposit insurance
« on: December 10, 2008, 01:44:57 PM »

Updated December 09, 2008 12:00 AM


The House committee on banks and financial intermediaries approved yesterday a bill doubling the amount of insured bank deposits from P250,000 to P500,000.

The approved amount is half the level of insured deposits that President Arroyo had proposed, which is P1 million.

Speaker Prospero Nograles is the bill’s principal author. His brother Jose is president of the state-owned Philippine Deposit Insurance Corp. (PDIC).

Manila Rep. Jaime Lopez, committee chairman, said the bill “is intended as a confidence-building measure to stave off the adverse effects of the worsening global financial crisis and sustain the stability of our financial system.”

To boost PDIC’s finances in the event it would have to pay the higher amount of insured deposits, the Lopez panel decided to recommend the increase in the deposit insurance fund from P3 billion to P24 billion.

The additional P19 billion will come from the national treasury, and therefore from taxpayers.

However, the committee’s recommendation is subject to the approval of the committee on appropriations.

During the hearing on the Nograles bill, some bankers and several members of the Lopez committee said there is no need to increase the amount of insured bank deposits since the banking system is stable and depositors are not panicking and withdrawing their money.

They warned congressmen that doubling the insured amount could send the wrong signal that something is wrong with the banking system.

Besides, they said the proposal would entail the expenditure of a huge sum of taxpayers’ money, which could further bloat the P75-billion projected budget deficit.

They said ordinary taxpayers would not benefit from the Nograles proposal since most of them do not have P500,000 in bank deposits.

They added that if PDIC wants a higher insured amount, it should generate the needed funds by selling idle assets. – Jess Diaz

House panel OKs P500,000 bank deposit insurance | The Philippine Star >> News >> Headlines

[Ryze]

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[windsong]

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[Ryze]

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[Ryze]

Help promote financial stewardship to all Filipinos.

[Ryze]

How safe is my money in the bank?

INQUIRER.net First Posted 09;58;00 09/30/2008
(This is part of Take Charge of Your Money , a partnership between INQUIRER.net and Citibank to help readers handle their personal finances well.)
Question; The current financial crisis in the US has made many people panic there. I have read of the value of Americans� retirement funds going down. Just how safe is my money in Philippine banks? Are we headed for a similar crisis? � Daniel
Answer; The recent events in the United States have certainly affected many economies. Because of the subprime crisis (many real estate loans left unpaid), US banks had to bear the loss, thus affecting their liquidity. And since banks have transactions with other banks, many other financial institutions were affected in other countries.
Some Philippine banks also have an exposure to the US banks in crisis. However, as revealed by the Bangko Sentral ng Pilipinas, the Philippine banking system is safe since the local banks� level of exposure to the troubled US banks is just a small percentage of the Philippine banks� total assets.
Aside from this, our local banks and insurance companies follow strict restrictions imposed by governing bodies regarding investment and loans, keeping exposure manageable.
Your money is considered safe in Philippine banks because of the above reasons. But even if a bank fails for some reason, your money is protected all the more if it is kept in bank deposits. This is because peso and foreign currency deposits in bank accounts in the Philippines, from savings to checking to time deposits, are backed by insurance coverage from the Philippine Deposit Insurance Corporation (PDIC).
The government created PDIC by law in 1963 through Republic Act 3591 to insure bank deposits. In the event that a bank gets closed by the Monetary Board, the governing body of Bangko Sentral ng Pilipinas, depositors will be able to get back their money up to a set amount. In 2004, the maximum deposit insurance coverage was increased to P250,000 per depositor as specified in Republic Act 9302.
In computing the insured deposit, a person�s deposit accounts in a closed bank will be added together, adding interest, deducting withholding taxes, unpaid loans and other obligations of the depositor to the closed bank.
Money invested through trust accounts in banks, either through money market placements or participation in unit investment trust funds (UITF), are not covered by the PDIC. Trust products carry with them a certain amount of risk. Because the yield from these investment products is determined by the market, you may have gains or losses. It is possible to gain more than what savings accounts may give you. In the same manner, you may lose a part of your principal also when the markets are down.
When thinking of investing in trust products, study all options carefully. Ask yourself how much risk you are willing to take to let your money grow, then decide on which product(s) to invest in. It may be good to take on some risk, since not taking any will let you miss out on the possible gains you may earn through trust products. If you decide to invest in trust products, just invest for the long term so as to ride out the volatility in the markets.
Another important thing to remember is to diversify. Invest in a number of asset classes to spread out the risk. By also investing in UITFs, you achieve diversification since the fund invests in not just one, but many instruments.
The current financial crisis abroad has spooked some investors, and some of them pulled out their investments locally. By pulling out at this time, investors will not be able to realize the gains that they may have once the market rallies. And banks, since they are stable, do not need to be shaken up.
So our advice is; Stay cool. The crisis will pass. The Philippine banking system is stable. Your money is safe, subject to the usual risks in trust products. Invest for the long term and join the upswing ride when the market rallies.

[Ryze]

If you want to turn your CASHFLOW to positive, you can follow these simple steps.

C - Change your lifestyle
A - Always be open-minded for other opportunities
S - Save as much as you can
H - Have a long term perspective

Tips from Mr. Chinkee Tan

[Ryze]

Save Now! Spend Later!

Invest for your future.