Tag: Investment and Finance

Retirement Savings Strategies for Filipinos

Posted on By Kuya Well No Comments on Retirement Savings Strategies for Filipinos
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Retirement is a period that many Filipinos either look forward to or dread to happen. I guess it all depends on how well-prepared you are when that time comes. Hence, it’s imperative to plan ahead and consider various financial factors that can affect your retirement income. For this particular blog post, let’s discuss the financial … Read More “Retirement Savings Strategies for Filipinos” »

Investment and Finance

All articles related to investment and finance are listed here. From topics we’ve covered about high-yield savings accounts to discussions on how to invest in the stock market, you’ll find them all here… somewhere I hope. 🙂

How to create a Pag-IBIG MP2 account online

March 19, 2023 ,MP2,Pag-IBIG MP2
Are you ready to start saving but don’t know how to create a Pag-IBIG MP2 account? You’re in luck since this article will give you detailed step-by-step instructions on how to create your…
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How to enroll or invest in SSS WISP Plus

March 15, 2023 WISP Plus
Do you want to invest in SSS WISP Plus but don’t know how to do so? The steps are actually easy and can be done through the SSS online portal. Brief Background about the SSS WISP Plus program…
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How to pay Pag-IBIG MP2 contribution through Virtual Pag-IBIG website

March 10, 2023 contribution,Pag-IBIG MP2,pay Pag-IBIG MP2
Paying your Pag-IBIG MP2 contribution can easily be done through the Virtual Pag-IBIG website. Here are the steps: Step 1 Log in to your Virtual Pag-IBIG account. If you don’t have a Virtual…
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Earn 4% interest on deposits with GoTyme Bank

March 8, 2023 gotyme,gotyme bank,high interest,high-yield savings
GoTyme Bank is a licensed digital bank in the Philippines, offering convenient banking services to Filipinos through its mobile app. As a regulated bank by Bangko Sentral ng Pilipinas (BSP), all…
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Shari-Shari: Investing in US Stocks for Filipinos

March 6, 2023 PSEi,Shari-Shari,stock market,US Stock market for Filipinos
Investing in the stock market has become a popular way for individuals to grow their wealth and secure their financial future. In the Philippines, accessing international stock markets, such as the US…
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SSS Portal Registration Made Easy: A Step-by-Step Guide

February 26, 2023 sss contributions,sss loan status,SSS Portal,step-by-step guide,Tutorials
The SSS Portal offers a range of services that allow members to access their Social Security System (SSS) records and perform various transactions online. Here are some of the things you can do using…
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Save More with SSS WISP Plus Program

February 26, 2023 government pension plans,Investment and Finance,Pag-IBIG MP2,Retirement,SSS WISP Plus,WISP Plus Program
The Social Security System (SSS) offers various programs and benefits to its members, including the SSS WISP Plus Program. This program is designed to provide a source of additional income and savings…
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Virtual Pag-IBIG Account Creation Guide

February 19, 2023 Loyalty Card Plus,Pag-IBIG,savings,Tutorials,Virtual Pag-IBIG
Creating an online account on Virtual Pag-IBIG is a convenient and secure way to manage your membership. You can easily check your contributions, apply for a loan, and update your personal information…
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The Ultimate Guide to Using GCash App in the Philippines

February 12, 2023 GCash,investments,mobile wallet,money,online payment,online shopping,personal finance,Tutorials
GCash is a mobile wallet and online payment platform in the Philippines that allows users to pay bills, buy load, send money, make purchases online, and more. Features of the GCash app Bill Payments…
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How to Invest in Pag-IBIG MP2

February 8, 2023 GCash,high interest,high-yield savings,investing,Investment and Finance,Pag-IBIG MP2,savings
Pag-IBIG MP2 (Modified Pag-IBIG II) is a government-guaranteed savings program offered by the Home Development Mutual Fund (HDMF), more commonly known as the Pag-IBIG Fund. This investment opportunity…
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Maximizing Your Savings: What You Need to Know About Pag-IBIG MP2

Posted on By Kuya Well No Comments on Maximizing Your Savings: What You Need to Know About Pag-IBIG MP2
Investment and Finance, Posts

Curious about Pag-IBIG MP2? Then you’re on the right page since we’ll discuss some of the most frequently asked questions about Pag-IBIG MP2 here. FAQs about Pag-IBIG MP2 Is Pag-IBIG MP2 a good investment? Yes, Pag-IBIG MP2 is widely regarded as a good investment option for Filipinos who want to save and earn more than … Read More “Maximizing Your Savings: What You Need to Know About Pag-IBIG MP2” »

Pag-IBIG Regular Savings: What You Need to Know

Posted on By Kuya Well 2 Comments on Pag-IBIG Regular Savings: What You Need to Know
Pag-IBIG, Posts

The Pag-IBIG regular savings is one of the most overlooked investment vehicles by Filipinos. Most people think that the mandatory contribution is simply a requirement in order to be able to get a housing loan. But do you know that the monthly 100-peso mandatory Pag-IBIG contribution deducted from your monthly salary is actually held in … Read More “Pag-IBIG Regular Savings: What You Need to Know” »

Save More with SSS WISP Plus Program

The Social Security System (SSS) offers various programs and benefits to its members, including the SSS WISP Plus Program. This program is designed to provide a source of additional income and savings for SSS members.

What is the SSS WISP Plus Program?

The SSS WISP Plus Program is a voluntary savings program that offers higher returns compared to the regular SSS program. It is open to all SSS registrants and SSS members with no final benefit claim, regardless of the amount of declared monthly earnings and last posted monthly salary.

If you’re familiar with Pag-IBIG MP2, this is somewhat the SSS equivalent of it.

How to Enroll?

SSS registrants can enroll in the WISP Plus Program through the online application for an SS Number via the SSS website. Once issued with an SS Number, they are automatically enrolled in the WISP Plus Program.

Eligible SSS members can enroll in the WISP Plus Program through the My.SSS portal by accepting the Terms and Conditions of the program.

For detailed steps on how to enroll, you may refer to our other article: How to enroll or invest in SSS WISP Plus

Contributions

The minimum contribution for the SSS WISP Plus Program is ₱500 per payment. The contribution payment of the WISP Plus enrollee/member is subject to the guidelines for each SSS payment channel in terms of maximum amount per payment, manner of payment (e.g., manager’s check), daily limits, and others, in compliance with applicable laws and regulations.

The WISP Plus enrollee/member can pay contributions anytime, subject to the following rules at the time of generation of the Payment Reference Number (PRN) through the My.SSS portal under the SSS Real-Time Processing of Contribution (RTPC):

  • For employed members, they must have at least one (1) posted regular SSS contribution applicable in the last three (3) months.
  • For self-employed (SE), voluntary member (VM), or land-based overseas Filipino worker (OFW) members, they must have a posted regular SSS contribution for the current applicable month of payment. Otherwise, they must pay or include payment for both the regular SSS contribution and the WISP Plus contribution for the current applicable month.

Withdrawal

The SSS WISP Plus member can withdraw their total accumulated account value anytime under the following conditions:

  • They have been a WISP Plus member for at least one (1) year.
  • Partial withdrawal is allowed, provided that:
    • The amount is based on the total accumulated account value posted prior to the month of partial withdrawal.
    • Partial withdrawal is only allowed once a month.
    • The remaining balance in the accumulated account value after partial withdrawal is not lower than ₱500.
  • Partial or full withdrawal within the first year of WISP Plus membership is only allowed for extreme hardship conditions such as critical illness, involuntary separation from employment, repatriation of OFW members from the host country, and other analogous conditions as may be determined by the SSS.

The WISP Plus member shall receive adjusted earnings based on the following proportions:

  • 1 to <2 years of membership will receive 60% percent of earnings.
  • 2 to <3 years of membership will receive 70% percent of earnings.
  • 3 to <4 years of membership will receive 80% percent of earnings.
  • 4 to <5 years of membership will receive 90% percent of earnings.
  • 5 or more years of membership will receive 100% percent of earnings.

Can I join again if I withdraw my earnings?

Yes, you can! After the full withdrawal of the total accumulated account value, the SSS member must re-enroll to become a WISP Plus member again. They will be subject anew to the guidelines of the WISP Plus Program.

Benefits of the SSS WISP Plus program

The basis for WISP Plus benefits is the total accumulated account value of the WISP Plus member at the time of the approval of the final benefit claim. WISP Plus benefits shall be automatically processed when the WISP Plus member, or his/her beneficiary, files for the final benefit claim. The benefits shall be paid in a lump-sum amount at the same time as the initial final benefit claim.

Conclusion

The SSS WISP Plus Program is a great opportunity for SSS members to secure additional income and savings for their future. The program offers higher returns compared to the regular SSS program, and the withdrawal and benefits processes are straightforward and convenient. With the flexibility of contributions, any SSS member can enroll in the program and start saving for their future today.

How to Invest in Pag-IBIG MP2

Pag-IBIG MP2 (Modified Pag-IBIG II) is a government-guaranteed savings program offered by the Home Development Mutual Fund (HDMF), more commonly known as the Pag-IBIG Fund. This investment opportunity is designed for those who are looking to save money while earning higher returns compared to traditional savings accounts.

Pag-IBIG Fund, as stated in its Charter, invests at least 70% of its funds in the housing finance sector. Additionally, it also invests in government securities and corporate bonds.

What is Pag-IBIG MP2?

Pag-IBIG MP2 is a type of savings program that offers higher dividends compared to regular savings. The dividends earned are tax-free and can be withdrawn annually or after the 5-year maturity period.

Historical Dividend Performance

The average performance of the Pag-IBIG MP2 program has been consistently growing over the years, making it an attractive investment opportunity for those looking for steady returns.

Eligibility

The following are eligible to join the Pag-IBIG MP2 program:

  • Active Pag-IBIG Fund members who have made at least one savings contribution within the past six months.
  • Former members who have already retired or are receiving a pension and have additional sources of monthly income. They must have made at least 24 monthly savings contributions prior to their retirement.
  • Individuals who were born Filipino (but have since become citizens of another country) and have reacquired their Filipino citizenship through the Citizenship Retention and Reacquisition Act of 2003, provided that they have made at least 24 monthly savings contributions before their permanent migration to another country.

It’s important to note that membership in the Pag-IBIG Fund is mandatory for all employees, and contributions to the Pag-IBIG MP2 program are voluntary.

How to Create a Pag-IBIG MP2 Account

To open an MP2 savings account, you have two options:

  1. Online via Pag-IBIG Fund Services website.
  2. At any Pag-IBIG Fund branch by submitting the MP2 Savings Enrollment Form, which you can download from the Pag-IBIG Fund’s website.

Note: Multiple MP2 Savings accounts can be opened and maintained by an individual.

How to Fund

When it comes to funding your MP2 account, there are several options to choose from:

  1. Salary deduction, if you’re employed
  2. Online remittance through authorized online payment channels such as Virtual Pag-IBIG, GCash, Moneygment App via Cashpinas, Coins.ph via Bayad, or PayMaya
  3. Over-the-counter (OTC) remittance through any Pag-IBIG Fund branch, or authorized collecting partners’ outlets such as Asia United Bank, Robinsons Bank, United Coconut Planters’ Bank, SM Business Centers, Bayad, M. Lhuillier, ECPay, Philippine National Bank, Asia United Bank, IRemit powered merchants, Ventaja powered merchants, and Cashpinas powered merchants.

It’s important to note that there’s no penalty for not contributing on a regular basis. You can actually contribute to your MP2 account anytime you want. You may also choose to remit a one-time lump sum amount for the whole 5-year period of your MP2 Savings.

When is the Dividend Credited

The MP2 savings program has a 5-year maturity, and dividends are credited annually. The dividends earned are tax-free and can be withdrawn annually or after the 5-year maturity.

In conclusion, Pag-IBIG MP2 is a government-guaranteed investment opportunity that provides higher returns compared to traditional savings accounts. It is easy to open an account and there is no penalty for not contributing regularly. With multiple funding options and the ability to open multiple accounts, the Pag-IBIG MP2 is a great option for those looking to save money and grow their wealth.

Investing in the US Stock Market with eToro: A Guide for Filipinos

Investing in the US stock market is a great way to diversify your investment portfolio and potentially increase your wealth. However, without prior knowledge and the right resources, investing in US stocks can be a challenging and confusing process. This is where eToro comes in. As a user-friendly platform, eToro makes it possible for Filipinos to purchase US stocks with ease.

What is eToro?

eToro is a leading global investment platform that offers a wide range of assets for trading, including stocks, commodities, currencies, and cryptocurrencies. It’s a social trading platform where you can copy the trades of top investors or trade on your own. With eToro, you have access to a large pool of assets from around the world, including the US stock market.

Why use eToro for investing in the US stock market?

There are several reasons why eToro is a good choice for Filipinos looking to invest in the US stock market:

Pros of using eToro for Filipinos

User-friendly platform

eToro is designed to be user-friendly, making it easy for Filipinos to start investing in US stocks, even if they have no prior knowledge of the stock market.

Wide range of assets

eToro offers a wide range of assets, including stocks, ETFs, commodities, and cryptocurrencies. This gives Filipinos the opportunity to diversify their portfolio.

Social trading

eToro offers a unique feature called social trading, which allows Filipinos to follow and copy the trades of other successful investors on the platform.

Regulated

eToro is regulated by the Financial Conduct Authority (FCA) in the UK. This ensures that Filipinos’ investments are safe and secure.

Cons of using eToro for Filipinos

Complex platform

While eToro is user-friendly, it still requires some prior knowledge of trading and investing to fully utilize all its features.

Higher costs for some investment options

While eToro offers low costs for its services, the fees for some investment options, such as cryptocurrencies, can be higher compared to other platforms.

How to Open an eToro Account in the Philippines

To start trading with eToro, follow these steps:

  1. Visit the eToro website and click on “Sign up”
  2. Fill out the registration form with your personal information
  3. Verify your account by providing a government-issued ID and proof of address
  4. Fund your account with a minimum deposit of $50

Funding and Withdrawing from an eToro Account

eToro allows traders to fund their accounts using credit/debit cards and bank transfers. To withdraw funds, you must have a minimum balance of $30 in your account. Note that eToro may charge fees for both funding and withdrawing, so be sure to check their fee schedule before making any transactions.

Conclusion

In conclusion, eToro is a great platform for Filipinos who want to invest in US stocks and other financial markets. With its user-friendly platform, extensive investment options, low costs, and extensive resources, Filipinos can now start growing their wealth and securing their financial future with ease.

Furthermore, with multiple options for funding and withdrawing from your account, eToro offers convenience for Filipinos who want to start their investment journey. While the platform may be too complex for some users and the fees for some investment options can be higher compared to other platforms, eToro’s wide range of investment options and extensive resources make it a great platform for Filipinos who want to diversify their portfolio.

Invest in PSE with BPI Trade

BPI Trade is an online stock trading platform provided by the Bank of the Philippine Islands (BPI). It is an easy and convenient way to invest in the Philippine Stock Exchange (PSE). With BPI Trade, you can access real-time stock quotes, place orders, and monitor your investments from your computer or mobile device.

Steps to Open a BPI Trade Account

  1. Go to the BPI Trade website at www.bpitrade.com and click on “Open an Account”.
  2. Fill out the BPI Trade Client Account Information Form, which can be found on the website.
  3. After completing the form, download, print, and sign it three times on the designated lines.
  4. Submit the scanned form and other required documents to bpitradeapplications@bpi.com.ph. You can also visit any BPI Branch near you or personally go to the BPI Securities Office in Makati City to submit the original form and other requirements.
  5. It usually takes three banking days to process the opening of your account, provided that the submitted requirements are complete and correct. Once your application is approved and the account is opened, you will receive a confirmation email with your User ID.

Funding Your BPI Trade Settlement Account

Your BPI Trade Settlement Account (SETA) is a separate account from your BPI savings or checking account. This is where your cash balance will be reflected, and this is also where you will transfer funds when you buy stocks.

There is no minimum amount required to fund your Settlement Account.

Ways to Fund Your BPI Trade SETA

  • BPI Online
  • BPI Mobile
  • E-Wallet (GCash, etc.)
  • From Other Bank (InstaPay, PESONet)

When will the amount be credited?

Deposits made to your Settlement Account through any of the channels (i.e. BPI Online, BPI Mobile, E-Wallet) before 10:00 PM on a banking day shall be reflected in your Cash Position on the next trading day. Any deposits made beyond 10:00 PM on a banking day, on a weekend, or on holiday shall reflect after two (2) banking days.

How to withdraw

Here are the steps to withdraw funds from your BPI Trade account:

  1. Log in to your account at www.bpitrade.com.
  2. On the MAIN tab, go to Account Info, then click Withdrawal. You can also click on “Withdraw Funds” located on the right corner of the Main Page, under Account Balances.
  3. Select the amount you wish to withdraw from the available funds and click the “Next” button.
  4. Enter your account password to confirm and submit your request.

The funds will be transferred to the Beneficiary Account that you nominated in your application form.

Pros and Cons

One of the advantages of BPI Trade is its accessibility, as you can trade stocks online from your computer or mobile device. Another is its user-friendly interface, which makes it easy for investors to manage their portfolios. However, one disadvantage is that it does not currently have a mobile app, which could be inconvenient for those who prefer to manage their investments on the go.

Conclusion

In conclusion, BPI Trade is a convenient and accessible platform for investing in the Philippine Stock Exchange. With its user-friendly interface, you can easily manage your portfolios and trade stocks online. Despite its lack of a mobile app, it is still a competitive option compared to other platforms such as BDO Securities or COL Financial.

Maximize Your Savings with Maya Bank: Earn high-interest rates

Maya Bank is a digital service bank supervised by the Bangko Sentral ng Pilipinas. They offer a base interest of 3.5% per annum on your deposits (up to 5 Million) for their “My Savings” account.

The base interest rate can be boosted wherein you can earn an additional 1, 2, or 6% interest by completing missions or tasks. Take note that the boosted interest is usually applied to a certain amount of your balance only. The mechanics of these missions/tasks (including the amount it will be applied on) are based on their current boost promo which you will see once you check your Savings account in the app.

The interest on your savings is computed and credited on a daily basis (around 12 MN but it’s usually reflected in your account 2-3 hours later). The boosted interest is given sometime during the day.

On top of their regular savings account, you can create a “Goal account” which will give you a 4% interest per annum with the interest credited on a monthly basis. This allows you to create a special account, as the name dictates, for your goals (i.e., Travel fund, new phone). However, this particular account is only good for 6 months or until you’ve reached your goal amount. The total amount (deposits plus interest) will then be automatically transferred to your Regular savings account. You can create up to a maximum of 5 goal accounts.

Quick Background

Maya Bank is the digital banking arm of Voyager Innovations which PLDT owns. You can access deposit money into Maya bank through the Maya app. However, unlike GSave of GCash wherein they are simply partnered with CIMB, BPI, and Maybank for their savings program, the Maya app has its own digital bank in itself.

How to open an account?

  1. Download the Maya app on Google Playstore for Android, AppGallery on Huawei devices, and App Store for iOS.
  2. Once you have the app installed, tap on “Start an Account”.
  3. Provide your personal information, then tap “Agree”.
  4. You’ll be asked to key in a verification code which will be sent to your registered mobile number.
  5. To get additional rewards, enter my referral code: Y6L9DXVXZW81

Benefits of having a Maya account:

  1. Higher earnings interest rate. You’ll get a base interest of 4% per annum which can be boosted to 10% through their promos.
  2. Interest is credited on a daily basis (around midnight).
  3. Their goal account allows you to earn 6% per annum without any other requirements, albeit the interest is credited on a monthly basis.
  4. Compounding effect – since you get daily interest, you’re actually earning more than 4% per annum base interest due to compounding.
  5. No minimum balance requirement to earn interest, unlike commercial banks that require a certain amount before you can start earning their measly interest.
  6. No maintaining balance, unlike commercial banks where you get penalized if you go below their minimum maintaining balance.
  7. No fees for deposits. Note: fees that you may incur when you transfer from another bank to your Maya account is actually a charge imposed by the other bank. 
  8. (At the time of posting) No fees for transfers via PESONet.
  9. No dormancy account fees. Note: if your account is dormant for 5 years, it will no longer earn interest.
  10. Aside from the virtual card, you can also get a physical Maya card and may even get it for free through the occasional promos they offer.
  11. Deposits are insured by PDIC up to 500K per depositor.

Additional Benefits:

On top of the savings program, the Maya app is similar to that of GCash wherein you can do various transactions like:

  • Send/receive money to other Maya users
  • Pay bills using the app
  • Buy load
  • Purchase Bitcoin and other Cryptocurrencies
  • Shop online using the Virtual card and/or the physical card
  • Pay via QR code on participating merchants

Cons

  • Compared to Seabank or CIMB, there’s a 15-peso fee for transferring money to other banks via InstaPay.
  • Since it’s a digital bank, there is no physical bank that depositors can go to for account concerns.

What else to consider?

Just like any other bank (including Digital banks like Seabank or CIMB), there’s a 20% tax deducted from your earnings interest.

Maya App Interface:

  • Maya High-yield savings account
    Main section to show all your Maya savings accounts.
  • Maya Savings account
    Main Savings page
  • high-yield savings
    This is the transaction history for interests earned.

Boost Your Savings with Seabank’s High-Interest Rate

Seabank offers a high-yield savings account where you can earn 4.5% interest per annum on your deposits (first 250 thousand). The fraction of the interest per annum on your deposited money is credited on a daily basis (usually between 12MN – 12:10 AM).

Brief Background

Seabank is a registered Rural bank in the Philippines which you can confirm on the Bangko Sentral ng Pilipinas website. It is under Sea Limited which has a headquarters in Singapore and is currently listed on the New York Stock Exchange (stock code: SE).

If you haven’t guessed yet, Shopee is also a part of Sea Limited. Another business under Sea Limited is Garena. Yup, the online games developer and publisher company.

How to Open an Account with Seabank?

Creating an account is relatively easy. Simply do the following:

  1. Download the Seabank app on Google Playstore for Android, AppGallery on Huawei devices, and App Store for iOS.
  2. Select your sign-up option: Shopee, Mobile number, and Apple ID (for iOS devices).
  3. Next, you’ll need to undergo a facial verification.
  4. Upload your valid ID and fill out your personal details. And that’s it.

Benefits of having a Seabank Account

  1. Higher earnings interest rate per annum – it’s currently at 4.5% per annum which is 80 times higher than that of a commercial bank that offers 0.0625% p.a. Note that the 4.5% rate is applicable only up to 250K. Any amount beyond that will earn 3% interest p.a. instead.
  2. The interest amount is credited daily to your account (between 12MN and 12:10 AM). To make it simple, you will get 0.0123% interest on your current account balance.
  3. Compounding effect – since you get daily interest, you’re actually earning more than 4.5% per annum due to compounding.
  4. No minimum balance requirement to earn interest, unlike commercial banks that require a certain amount before you can start earning their measly interest.
  5. No maintaining balance, unlike commercial banks where you get penalized if you go below their minimum maintaining balance.
  6. No dormancy account fees. However, if your account is dormant for 2 years, it will no longer earn interest.
  7. You can have up to 15 free transfers (no transaction costs) every week. This refreshes every Monday.
  8. Deposits are insured by PDIC up to 500K per depositor.

Additional Benefits

The Seabank app allows you to do the following transactions:

  • Buy Load
  • Buy goods/services from merchants with QR PH code

Cons

  1. They don’t provide ATM cards. So in order for you to cash out, you’ll need to transfer the amount to a 3rd party bank account where you have the means to cash it out.
  2. Though they have physical banks/branches (since it’s a Rural bank), you can’t go to those banks for your concerns regarding the app or your transactions even. It’s not necessarily a “cons” per se since it’s not expected for a digital bank to accommodate support concerns through a physical bank. That said, I’ve added it here since there are depositors who are still enamored by a physical bank that they can go to when they have concerns.

    Anyway, for any account concerns, you can use the live chat support on the app or contact them via email: contact@cs.seabank.com.ph. You can also call their local hotline at  (+632) 8891 7927 or their local toll-free number (for PLDT landline and Smart mobile) which is 1800-1-110-2957.

What else to consider?

Just like any other bank (including Digital banks like Maya or CIMB), there’s a 20% tax deducted from your earnings interest.

Seabank App Interface

  • High interest rates
    Daily interests transaction history
  • Seabank High-yield savings account
    Seabank’s Main Page