Paypal Withdrawal to Philippine Local Bank

It has been several months now since Paypal allowed direct fund withdrawal to Philippine local banks.

This afternoon, I made another withdrawal from my Paypal account to my BPI Family Savings Bank account. According to our online currency converter, today's exchange rate is 1 USD = 47.825 PHP.


The amount I transferred from Paypal to BPI is 230 USD. Though aware that Paypal's conversion rate is a bit below than the exchange rate given by the online currency converter, today's rate is even lower based on conversion difference. In my September transaction, there was just a conversion difference of approximately 1 PHP -- while, this time, Paypal's conversion rate is 1 USD = 46.1715 PHP, which gives a 1.6535 PHP difference.

Here's the full screen shot of my Paypal transaction details:
<-- Click image to see bigger picture.

It normally takes about five to seven days to complete the whole fund transfer transaction. Now, since today is a Saturday, the soonest I can expect to get the amount credited to my BPI account will be around Friday.

I will just update this post once the entire process is done.

Business Registration Guide (Philippines)

The following are the government agencies that a start-up business in the Philippines needs to register with:

1. Department of Trade and Industry (DTI)
This is where you register if your enterprise is a single proprietorship. The agency will issue a certificate of registration of business name.

2. Securities and Exchange Commission (SEC)
If your enterprise is a partnership or a corporation, this is where you will register. It will issue a certificate of registration.

3. Cooperative Development Authority (CDA)
If your set-up is a cooperative, register with this body. The agency will issue the certificate of registration.

4. Local Government Unit (LGU)
You register with the municipality or city where you will set up your business. This office will issue the business permit.

5. Barangay
You register with the specific barangay in the municipality or city where you will operate your business. This office will issue the barangay clearance.

6. Bureau of Internal Revenue (BIR)
You register your business with this office and apply for your business’s taxpayer identification number (TIN), registration of books of accounts, authority to print.

7. Social Security System (SSS)
You register your business as an employer, yourself as a self-employed or as employee, and your workers as employees. This office will issue an SSS number for your business, for yourself, as well as for your workers.

8. Department of Labor and Employment (DOLE)
If you employ five workers or more, register your business with this agency. The DOLE is asked to promote gainful employment opportunities, protect workers and promote their welfare, develop human resources, and maintain industrial peace.

9. Home Development Mutual Fund (HDMF)
RA 7742 requires all SSS members earning at least P4,000 a month to register with this agency. HDMF administers the Pag-Ibig Fund.

10. Philippine Health Insurance Corp. (PhilHealth)
The New National Health Insurance Act (RA 7875) as amended by RA 9241 requires all employers of the government and private sectors and their employees to register with this agency. PhilHealth manages and administers the government health care system.

SOURCE: http://www.business.gov.ph

G-Cash: A Mobile Money Experience

Only a matter of time, Pinoys may walk around with no need for cash in their pockets anymore. It has been happening in other countries so it can be possible in our country as well. What do you think?

For one, there is G-Cash. It is a service that turns your cellphone into an electronic wallet and it is a first from Globe.

My Globe SIM Card has been registered to G-Cash since late last year though it is only a week ago that I finally had it funded. Well, it seems quite a wise decision on my part as I've already made a few successful G-Cash transactions in such a short time. Based on actual experience, the service comes so handy that it saves time, money and effort.

1. My cousin who is studying in Manila gets her weekly allowance only on weekends when she comes home. Although my aunt is ready for my cousin's regular allowance, considering the present economic crisis, she's not prepared for other expenses such as an expensive subject requirement at school. One time, my cousin was told that her Dad will deliver the money to her as soon as they have collected enough funds. When I learned about the situation, I advised that there is no need to personally deliver the cash as it can be easily done through text using G-Cash. It was really fast and easy!

2. I need to make a call but I do not have enough balance to do so. It's a good thing I have G-Cash funds -- I was able to buy prepaid load through my own cellphone and I even got 10% rebate from that purchase. It's so convenient!

3. I am doing necessary preparations for a new business project. I visited the official website of the Department of Trade and Industry (DTI) for my new business name registration application. The online application was completed successfully and the application fee of P300 was paid through G-Cash. It really saves time, money and effort!

4. For ages now, I've been wanting to donate even just a small amount to UNICEF but maybe that desire is not so great that going to any bank or Bayad Center which accepts payments for such donation is always set aside. I'm glad to have finally accomplished the task through G-Cash. It feels great!

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Well, for those interested about G-Cash, the following are some useful information. The following is taken from the Globe G-Cash website FAQs section.

What is G-Cash?

G-Cash is the brand new service that turns your cellphone into an electronic walleT and it’s a first from Globe!

With G-Cash, Globe and Touch Mobile subscribers to can easily and conveniently

1. send G-Cash both here and abroad
2. receive G-Cash and exchange it for cash
3. make payments just by texting

It’s fast, secure, and reliable, all made possible by the banking institutions and money transfer services you’ve come to trust over the years.

Non-subscribers can also send cash electronically to Globe and Touch Mobile subscribers through authorized G-Cash outlets.

How do I activate my G-CASH service?

First, a Globe or Touch Mobile subscriber should register to be able to cash-out their G-Cash at authorized G-Cash outlets or send G-Cash to another Globe or Touch Mobile subscriber. A subscriber doesn’t have to register to receive G-Cash. However, he must register to be able to cash-out or send G-Cash to another subscriber.
To register, send REG (4-digit M-PIN)/(Mother's Maiden Name)/
(FirstName)/(LastName)/(Address)/Tel No. with area code to 2882

The subscriber will then receive an acknowledgment receipt of the successful registration.

Also, it is important that the subscriber registers his real name and details as the information will have to match his I.D.

Are there any limits to the amount of transactions?

Minimum amount for person-to-person transfer is P1.00. However, minimum cash-out or cash-in transaction will depend on the outlet where you are cashing-in or cashing-out.

For Globe Business Centers, there is no minimum cash-in and cash-out amount. However, the fee for cash-in/cash-out transactions below P1,000 will be a flat P10.00 while for transactions P1,000 and above, the fee will be 1% of the amount being cashed-in/out (Ex. P10.00 for a P1,000.00 transaction). Maximum cash-in and cash-out at a Globe Business Center is P10,000.

Maximum amount for single cash-in, cash-out, or person-to-person transfer transaction is Php 10,000. A subscriber can accumulate only a maximum of Php 10,000 worth of G-cash in his wallet; thereafter he must cash-out or transfer G-cash to another person before he can accept more G-Cash. Maximum amount of cash-out or person-to-person transfer per subscriber per day, regardless of number of transactions, is Php 40,000. Maximum amount that can be transacted, regardless of number of

How do I claim my G-CASH?

You may go to a Globe Business Center or you may go to any G-Cash outlet which is authorized to do Cash-out (Please see attached list, rates will depend on each partner).

A. For Business Center

1. Fill up a G-Cash service form (name, amount to be cashed-out and mobile number of subscriber).
2. Present required identification to the frontliner (please see attached list of valid ID’s).
3. Subscriber pays processing fee (For amounts below P1,000 there is a flat P10.00 fee. For amounts P1,000 and above, 1% of amount will be the fee, for ex. P10.00 for every P1,000.00 being cashed-out).
4. Frontliner will write down a unique transaction code on the service form.
5. The business center will send a text message to the subscriber requesting to deduct the G-Cash from their wallet. The subscriber simply has to reply with his MPIN to confirm.
6. Frontliner will then print an acknowledgement receipt for the cash-out and an official receipt for the transaction fee.
7. Subscriber receives the cash. Note: Maximum cash-out is Php 10,000 (which is also maximum amount that a regular subscriber’s G-Cash wallet can hold at any given time).

B. For authorized G-CASH Outlet

1. Fill up a service form (ex. name, amount to be cashed-out and mobile number of subscriber).
2. Subscriber presents required identification to the frontliner.
3. Subscriber pays processing fee (this will depend on each outlet). He can either pay it in cash or include it in the G-Cash amount that will be sent to the outlet’s mobile phone no.
4. Frontliner will show outlet’s authorized mobile number to subscriber.
5. Subscriber sends the following message: and send to 2882+<10 digit mobile number of authorized outlet>
6. Subscriber receives the cash from authorized outlet. Note: minimum and maximum cash-out depends on each outlet.

How do I send G-CASH to a Globe or Touch Mobile subscriber?

Just send the following message: (amount to be sent) (M-PIN) (70 character message) and send to 2882+(10 digit mobile number of recipient. 70 character message is optional

How do I load G-Cash into my phone?

Just go to any Authorized G-Cash outlet which accepts Cash-in transactions. Show required identification to frontliner. Give the frontliner the cash plus the processing fee and the outlet will send the G-Cash to your mobile phone number directly.

Local non-subcribers

1. How do I send G-Cash to a Globe or Touch Mobile subscriber? Can I send to a non-Globe or Touch Mobile subscriber?

G-Cash can only be received by Globe Handyphone and Touch Mobile subscribers.

a. Just go to any Globe Business Center or Authorized G-Cash Outlet who accepts Cash-in transactions.

b. Fill up a G-Cash Service Form which will require you to give your full name, address and telephone number, your beneficiary’s name, address, telephone number and mobile phone number as well as the amount that you would like to send. Please make sure to present a Valid I.D.

c. Pay the Cash-in fee to the frontliner.

d. Frontliner will send the G-Cash to your beneficiary and give you an acknowledgement receipt for the transfer and an O.R. for the processing fee.
2. What if the G-Cash is sent to an expired number? Can my beneficiary get the amount? Can I get back the amount?

Please ensure first that the recipient of your G-Cash is an active number, and please advise your beneficiary to claim the G-Cash promptly. If the number you sent G-Cash to is expired, your beneficiary will have to go a Globe Business Center or Globelines Payment and Service Cetner to claim the remittance. You cannot claim back the amount from the cash-in outlet.

International non-subscribers

1. How do I send G-Cash to a Globe or Touch Mobile subscriber? Can I send to a non-Globe or Touch Mobile subscriber?

G-Cash can only be received by Globe Handyphone and Touch Mobile subscribers.

Just go to any Authorized International G-Cash Outlet who accepts Cash-in transactions (please see attached list).

Fill up a Cash-in Form which will require you to give your full name, address and telephone number, your beneficiary’s name, address, telephone number and mobile phone number as well as the amount that you would like to send. Please make sure to present a Valid I.D.

Pay the Cash-in fee to the frontliner.

Frontliner will send the G-Cash to your beneficiary and give you an acknowledgement receipt for the transfer and an O.R. for the processing fee.
2. What if the G-Cash is sent to an expired number? Can my beneficiary get the amount? Can I get back the amount?

Please ensure first that the recipient of your G-Cash is an active number, and please advise your beneficiary to claim the G-Cash promptly. If the number you sent G-Cash to is expired, your beneficiary will have to go to a Globe Business Center or Globelines Payment and Service Center to claim the remittance. You cannot claim back the amount from the cash-in outlet.


* For more information, visit the Globe G-Cash website FAQs section:
http://www.myglobe.com.ph/gcash/faqs.asp

BPI Direct Save-Up

The Bank of the Philippine Islands (BPI) introduced a unique way of encouraging Filipino wage-earners to save -- that is, through the BPI Direct Save-Up service.

BPI Direct Save-Up is an interest-earning Peso savings account that is linked to another Peso savings or checking account with ATM card.

- Save automatically from your account
- Save what you can, when you can.
- No initial deposit required.
- Enjoy higher interest rates.
- Plus, get FREE Ayala Life Insurance up to 10x your account balance

Its required monthly Average Daily Balance (ADB) is PhP 1,000.00 which is to take effect on the fourth month from date of opening.

Well, I gladly welcome this new service from BPI. Being a home-based freelance contractor, I have no fix monthly income and I don't have any of the benefits enjoyed by regularly employed individuals, so I must be wise in managing my finances. In doing so, BPI Direct Save-Up is definitely one very useful tool -- setting aside even just a small amount for the future is now automatically done for me.

To learn more about the BPI Direct Save-up service, just click here.

THE BASICS OF CASH FLOW

I received this article in my e-mail through the Binangonan Tambayan yahoo group. According to the sender:

"Simple and funny but true... See article below, from an unknown author daw."

Well, the following article is actually written by Mr. Butch Salvador -- a former pastor who is now making waves with his business ideas. I am an avid reader of his posted articles. I have even added him in my Yahoo Messenger list some time ago as I was then thinking of asking details about his Spa Magic business.

Anyway, here goes the article. Please read on...


THE BASICS OF CASH FLOW
by Butch Salvador
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There are those who e-mailed me asking about the basics of cashflow. I'm really sorry that I assumed everybody already understands it. Anyway, by demand ... here it goes...
May isang bata... joke lang.

The basic is... What pattern do you see if you will get a P100.00 bill and monitor where and how it is transferred from 1 possessor to the other? How does it flow? The pattern for a typical Pinoy is: You earn from your work, you spend it on food, gadgets, clothing and other basic needs. Before you reach the next payday, paubos na yung pera mo. But that's ok payday is just a few days ahead and it doesn't matter if I run out of money, I am expecting money again any time soon.

This cycle goes on and on and you make some sidelines or create other ways to earn but it seems that money was never enough. (I am tempted to explain further pero usapan... basics lang). So you can't leave the job that you have because a week without work would affect the cash flow you have to support your family and needs. As much as you wanted to accept another job, the gap would make you pay less for a couple of days, which makes you a slave to your boss. At least, you have a job to support your needs. So to illustrate.. .Cash is flowing inside your pocket.
Years have gone by doing your monotonous routine.

Question... what if you get fired? Or you were forced to retire because there are new and younger people ready to take your place. What would you do?

As an OFW, Makati Executive, Top Salesman, Engineer, Attorney, Teacher, etc... What if it all ends? The sweet cash that enters your pocket every 15 th and 30th suddenly comes to a halt. There are two things you can buy with your money... An asset and a liability. To describe each... An asset brings money inside your pocket; a liability takes money out of your pocket.

Another way to see, it is that an asset if you buy one, will bring the money you spent for it back to you 2 or 3 folds. A liability, when you buy it will not give your money back at all. Sa ilocano... idjay ti kwa... djak maawatan... (joke lang po, seryoso na kayo eh...) Sa madaling salita... kapag asset, maibabalik ang pera , pag liability, goodbye sa pera...

Ang problema kay JUAN DE LA CRUZ, habang may trabaho ipon ng ipon at bili ng bili ng liability! I have seen OFWs get back to the country with gold chains at kung pwede lang limang shades ang isuot ng sabay-sabay gagawin nya eh... dvd, component, jackets, clothes, inuman, pulutan, party, pabango -- hindi na makalakad sa dami ng bitbit...

At s'yempre mga empleyado natin dito sa bansa na lingo-lingo bago cell phone at mags ng kotse… hindi na nga magkasya ang damit sa aparador, tapos pag umaga sasabihin...wala na akong maisuot.
Guys, esep-esep... what you bought... will it bring money back to you? I know what you have in mind... you have to enjoy what you worked hard for. That's right, but think of something that will last... think of your future.

I have seen the worst of people who were abogado de kampanilya, executive secretaries of top rank business men, people who worked for big companies, earned a fortune and got a big retirement pay by the millions... Now... Wala na.

Why? Because of their cash flow... went in... went out.

I need not to mention basketball players, actors, singers, etc... Check what is their career path... next after acting, singing and playing... POLITICS. Kasi, 'yung million na kinita nila, puro liability ang binili.

Going back... all the liability they bought, ibinenta ng mura! I'm wearing a gold chain now, which I got from a seaman... he bought it for P35,000 and sold it for 8,000 to me. Hindi po asset ang alahas! Bakit? Totoo na tumataas ang value n'ya pero kapag gutom ka na, kahit palugi ibebenta mo! (wala bang aaray?) Cell phones... dvd players etc. pati bahay at kotse... that's the cash flow of most OFWs...

The question is ... "WHAT IF THE INCOME STOPS?"

Sa Pinoy, ganito: anak... mag-aral kang maigi, at pag tanda namin... ikaw na bahala sa amin ha.... Hindi po ba maling-mali. ..

You have to establish something today that will take care of your future.

Teka, teka... eh ano ang dapat gawin para hindi mangyari yan?

You must create a source of income that will continually make money flow inside your pocket. Start a business! While you are working as an executive or an OFW, or a professional. .. START A BUSINESS and MASTER that business till you get out of that company. Para kapag tumigil ang income mo sa kanila... may susuporta pa din sa iyo hanggang pag-tanda mo!

Now don't tell me to invest my money on pensions and plans... NO WAY! Narinig n'yo na siguro yung... Naku ayaw ko na magbanggit... 'yung mga nagbayad at hindi nakapag-claim. Sila pa ang idinemanda at nag-piyansa! !!

HUWAG MO IASA ANG PAGTANDA MO SA IBA! GUMAWA KA NG SARILI MONG BALON NG PERA! KAHIT MALIIT PA 'YAN, SARILI MO AT HINDI KA AASA SA IBANG TAO...

Imagine yourself when you reach an older age... (aruy ko,,, baka yung iba sa inyo about that age... tabi tabi po...Ako po sa mga nagtatanong. .. I'm 37 years old. Naabutan ko pa si Michael Jackson at hinele po ako ng nanay ko sa mga kanta ng hagibis...). You have money that the company gave you as your retirement pay... what will you do? You can consume the money till your old... eh kung hindi umabot? Masamang damo ka pala... at hindi ka kaagad kinuha ni Lord. Eh pang age 65 lang yung naipon mo na budget.

Or maybe, you can start a business and use the money for capital... Kapatid... 9 out of 10 businesses, FAILED... yung isang magsa-succeed, gagayahin pa ng kapitbahay mo instead na mag-franchise sa 'yo... think! At age 50, you are struggling trying to make a business work! What if it fails?!

Eh ano nga ba ang sagot?

The answer is, stop buying liabilities and instead buy assets now. I don't care if it is a banana-Q store, balot, ice candy or a sari-sari store, etc... start now! Because your experience here will teach you what to do in the future. It's so hard to struggle in business when you are 60 yrs old.

You have to create a source of income separated from the source of income from your work. That when the time comes that you have to stop working, you will have your own source of money! Create assets, start a business that will be there to support you and your family. I AM NOT TELLING YOU TO QUIT YOUR JOB! I'm telling you to start a business while you're working and stop spending your money on liabilities and start putting them on assets!

Ang pera kapag pinambili mo ng LIABILITY... hindi na babalik... ang ASSET... BABALIK. Teka... masama ba bumili ng mga magagandang gamit? Hindi! Siguraduhin mo lang na ang pambili mo nun ay galing sa asset mo. The business has to be prioritized! Mawalan ka man ng trabaho, may negosyo kang palalaguin.

If before, nabubuhay ka naman ng iisa sapatos mo, huwag mo baguhin 'yun... dati, nagdyi-jeep ka lang... 'wag ka na munang mag-FX...

Create assets and lessen liabilities. Invest and learn now... mag-negosyo! Eh anong negosyo? Any, as long as you think it is work and doable! I am still looking for partners for my HOME MASSAGE SERVICE! SPA MAGIC! And my business CAR MAGIC is still franchising. .. (joke lang ... baka sabihin nyo nagpro-promote lang ako eh...But I AM PROUD TO SAY THAT ALL MY BUSINESSES ARE ORIGINAL AND ALL ARE GRAND ASSETS!

I started all my businesses with a very small capital. If I used that money to buy a gadget, new shoes or any liability... baka wala lahat ng negosyo ko at wala na akong makain ngayon. Again, I hope that this BASIC CASH FLOW article helps.... I wish all of us become financially free!