There seems to be a consensus that certain practices of some credit card collection agencies go beyond what is fair and reasonable, something which is officially recognized when no less than the Bangko Sentral ng Pilipinas issued the rules prohibiting certain unfair collection practices. For a change of perspective, put yourself into the shoes of [...]
Archive for the ‘Money & Finance’ Category
Entrepreneurship and Job Contracting
The entrepreneur who starts a small business is almost always an owner-employee, performing the tasks of that business in addition to managing the business itself. A webpage creator or a software programmer who starts out his own business does the programming and, in addition, does the marketing and management of the business.
Tax Amnesty Available until May 2008
The last day to avail of tax amnesty is 5 May 2008. Now, before you get excited because you may happen to have failed to file your income tax return by 15 April 2008, this tax amnesty refers to all national internal revenue taxes for the taxable year 2005 and prior years that have remained [...]
Ponzi Scheme: The Panata Foundation and Menil Cases
There are of discussions on the Ponzi and pyramiding scams at the Pinoy Entrepreneurs blog (see “Scams and Schemes“). There’s a discussion of an actual case, the Panata Foundation case. The 2000 case of People vs. Menil, Jr. involves a strikingly similar scheme. It’s really amazing how this scam still works despite almost a [...]
Ramdam ko ang Pag-Asenso
Please don’t get the idea that I’m even talking about myself. The title refers to a government-sponsored commercial which centers around businessmen and ordinary workers saying “Ramdam ko ang Pag-Asenso.” Some say this reflects the general economic condition of the Philippines, while others say this is bull.
Negative impact of Peso appreciation: OFWs appeal to Pres. Arroyo
(I received this email from Mr. Bong Amora, one of the active movers of the OFW Political Party. Bong and his group are encouraging their fellow OFWs and readers to copy the letter and send copies of it to H.E. Philippine President Gloria Macapagal Arroyo, copy furnished the Honorable Members of the Senate, and Congressmen [...]
Insolvency and Criminal Cases
One concern of creditors in filing a case for collection is the possibility of getting nothing in the end because the debtor has no properties to satisfy the judgment award, while spending more money for legal fees. A pyrrhic victory, so to speak. In fact, I often come across debtors dropping the hint of filing, [...]
Credit cards and unfair collection practices
There are a number of good reasons in favor of having and using a credit card. It’s like owning a gun – it’s really a matter of how you use it. I know, not because I own a gun, but because I’ve handled an international credit card institution for years.
Still, we all know the possible [...]
Lending interest rates
Everybody knows about “5-6” and similar lending schemes. Everybody also knows that, ironically, those who are in financial trouble are forced to accept ridiculously high interest rates – which, in many (almost all?) instances, leads to more trouble (financial or otherwise).
Cash price vs. credit card price
In an Administrative Order recently issued by the Department of Trade and Industry (DTI), stores are now prohibited from imposing any extra charges, on top of the cash price, for purchases of consumer goods or services using credit card, automated teller machine (ATM) cards and debit cards. In other words, stores cannot impose any extra [...]
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