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Showing posts from August, 2016

Benefits and Programs of PAG-IBIG/HDMF

A) Multi-purpose Loan - is a cash loan that aims to provide financial assistance to qualified members for house repair, minor home improvement, home enhancement, tuition/educational expenses, health and wellness, livelihood and other purposes. Qualifying conditions:  has made at least 24 monthly mandatory savings (MS) has 5 MS for the last 6 months prior to date of loan application if with an existing Housing Loan and/or MPL and/or Calamity Loan, the account/s must not be in default prior to loan application. Amount: the borrower's loan value shall be a percentage of his Total Accumulated Value (TAV) Interest rate: 10.75% per annum, paid equally for the duration of the loan Repayment period: 24 months with a grace period of 2 months B) Affordable Housing Program - may be used to finance any one of the following: purchase of a fully developed residential lot or adjoining lots not exceeding 1,000 square meters, purchase of a residential house and lot, townhouse, or condominium unit; co…

OWWA (Overseas Workers Welfare Administration)

The Overseas Workers Welfare Administration (OWWA) is an attached agency of the Department of Labor and Employment (DOLE) and a membership institution. OWWA focuses on the welfare of the OFWs and their families.  It is present in all three stages of migration: pre-departure, on-site, and upon arrival. Before the first-time workers leave, OWWA educates them on the realities of overseas work.  They also undergo basic language training.  Abroad, OWWA assists the OFWs whenever they encounter concerns with their employers .  Finally, when the OFW is back, OWWA is ready with its livelihood trainings and programs for the OFWs’ reintegration. OWWA membership, either through the compulsory or voluntary coverages, shall be effective upon payment of membership contribution up until expiration of the employment contract.  The member is covered for a maximum of two years after which the membership has to be renewed. Benefits Death Benefit An active member is covered for the duration of his employm…

All You Need To Know About SSS

We all know that SSS is not only for those working in the private sector but also those self-employed, OFWs and separated members (voluntary). The monthly contributions are based on the compensation of members (please check SSS for the schedule of contributions table).

Once you become a covered SSS member, you become a member for life. The contributions that you remit become savings for the future that will serve as basis for the granting of social security benefits in times of contingencies. Membership cannot be withdrawn and contributions paid cannot refunded.

What are the benefits and conditions? A) Sickness Qualifying conditions: unable to work due to sickness or injury and confined either in a hospital or at home for at least four (4) days has paid at least three (3) months of contributions within the 12-month period immediately before the semester of sickness or injury; has used up all current company sick leaves with pay; and has notified the employer regarding hi…

Why Is Financial Literacy Important?

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Many of us really don’t know what personal finance is. We thought that having savings is already enough, however, if we are going to look at the definition of personal finance, it is more than that. According to Wikipedia, personal finance is the financial management which an individual or a family unit performs to budget, save, and spend monetary resources over time, taking into account various financial risks and future life events or to better understand it, personal finance defines all financial decisions and activities of an individual or household including budgeting, insurance, mortgage planning, savings and retirement planning (Investopedia).

Personal finance is about proper money management in all aspects that will lead you to financial freedom or being financially stable. And to be able to understand this further, one needs to be financially literate. Financial literacy is having the knowledge of understanding financial matters and making proper decisions pertaining to c…

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