A scam is always waiting to happen. It pounces on the vigilant and clueless alike. In this era of [presumably] secure money transfers in business transactions, it’s amazing to see a simple scheme hit one company after another. This scam is really not a new but we’ve seen an alarming rise of incidents in the past months. The modus operandi goes like this. Continue reading
On 22 August 2013, the Bureau of Internal Revenue (BIR) issued a new set of regulations that cover tiangge or privilege stores, basically the payment of business/income taxes and the obligations of organizers/exhibitors/operators of the tiangge. This is Revenue Regulation No. 16-2013. RR 16-2013 provides that it shall take effect 15 days after its publication in a newspaper of general circulation. Since it was published in the Manila Bulletin on 27 September 2013, it took effect effect on 12 October 2013. Continue reading
Insolvency is the state of of insolvent, defined as the financial condition of a debtor that is generally unable to pay its or his liabilities as they fall due in the ordinary course of business or has liabilities that are greater than its or his assets. Insolvency proceedings may cover: (a) an individual debtor, referring to a natural person who is a resident and citizen of the Philippines that has become insolvent as defined under Republic Act No. 10142; or (b) a debtor, referring to, unless specifically excluded by a provision of Republic Act No. 10142, a sole proprietorship duly registered with the Department of Trade and Industry (DTI), a partnership duly registered with the Securities and Exchange Commission (SEC), a corporation duly organized and existing under Philippine laws, or an individual debtor who has become insolvent as defined in Republic Act No. 10142. Continue reading
The Department of Trade and Industry (DTI) and the Securities and Exchange Commission (SEC) issued a joint warning (“babala”) against pyramid scams, ponzi scams and related fraudulent schemes. The warning contains tips and pointers on how to identify fraudulent schemes.
Ponzi schemes have been in existence for almost a hundred years. It’s amazing how these fraudulent “investment” schemes are still flourishing to this very day, even with the fast dissemination of information through social media and other modern means of communication. Let’s take a look at the documented Ponzi schemes in the Philippines. Continue reading
As noted in the primer on the New Generation Currency, Philippine banknotes contain design elements that pay tribute to Filipinos who played significant roles at various moments of our nation’s history. World heritage sites and iconic natural wonders of the Philippines are also proudly highlighted. These are the design highlights for each of the banknotes, reproduced from the documents issued by the central Bangko Sentral ng Pilipinas:
To introduce the new set of Philippine currency notes and coins, the Philippine central bank, the Bangko Sentral ng Pilipinas (BSP), released a primer on the New Generation Currency (NGC) Program of the Philippines. We are reproducing the primer in full to disseminate the information and for easy reference of the public.
The ease in getting a credit card these days, as well as the greater ease in swiping it to purchase goods and services in lieu of hard cash, inevitably results to various problems. Here are some important tips or must-do’s when handling or using credit cards [see also Credit Card Dont’s; please feel free to add other credit card DON’Ts through the comment section below].
We have a separate list of important tips or must-do’s when handling or using credit cards. You must know many, if not all, of these reminders. It is better, however, to err on the side of caution, so it might be a good idea to go through these important reminders [read also Credit Card DO’s; please feel free to add other credit card DON’Ts through the comment section below].
The usual reason given by Overseas Filipino Workers (OFWs) in leaving the Philippines, and enduring the separation from their families, is the greener pasture at the other side of the fence, wherever in the world that may be. We’ve previously noted that perhaps it would help OFWs to become entrepreneurs. Invest or start a business, whether in the Philippines or abroad, and create a financial buffer in case they decide to “retire” from work abroad and return to the Philippines. Someone asked how to start a business in the Philippines. We’ll put ourselves in the shoes of our OFW brothers and sisters, then ask: what would we do?