Tag Archives: finance

Electronic Clearing of Checks in the Philippines Starts January 2017

[The Bangko Sentral ng Pilipinas (BSP) has approved the implementation of the electronic clearing of checks, starting January 2017. This will speed up the clearing of checks from 3 to 5 banking days, down to 1 day. Issuers must consider the faster clearing of checks to avoid bouncing checks. To assist in the dissemination of this information, we are reproducing the media release of the BSP.] Continue reading

Personal Finance: Pay Yourself First

The concept of “Pay Yourself First” sounds weird, beyond normal. The usual concept of savings is to spend so long as there’s cash in the wallet or ATM, with whatever money left considered as savings. This strategy appears sound — allocate a percentage for savings, control spending, then save what is left. But it’s not uncommon to end up saving nothing, using the usual strategy, primarily because by the end of the salary/pay cycle, all salary had been spent and nothing is left for savings. Continue reading