Why our neighbors are richer than us | Inquirer Business

Question: Why are the citizens of our Asian neighbors much richer than us Filipinos?—Name withheld by request

Answer: This is a question that ‘hits the spot,’ as the saying goes.

I just read an article stating that Singapore has the highest concentration of millionaires in the world with 16 percent of its households having at least $1 million in assets, as determined by a study released by the Boston Consulting Group.

Switzerland comes next on the list with 9.9 percent of its households having $1 million in assets. Hong Kong comes in at fourth with 8.7 percent and the United States is at 7th with 4.5 percent.

Don’t even ask where the Philippines ranks as I can’t seem to find it in the news feeds… ouch!

I was in Singapore last weekend on a business trip and whenever I am there, I marvel at how progressive a tiny country with hardly any natural resource can be. I enjoy going to Singapore because it gives me an image of how the Philippines can be when we put our acts together.

We don’t need to limit our sights to Singapore; we can also look at Thailand, Hong Kong, Malaysia and Indonesia and use them as a benchmark.

The answer to the question of why our neighbors are drastically richer than us partly lies with issues on economics.

I can cite many economic facts like low GDP, infrastructure, population and fiscal policy to explain why we have remained poor. However, economic facts are merely indications of some realities that go beyond economic matters and are more social in nature.

One report we can look at is the national savings rate of said countries. Singapore leads the pack with an average savings rate of 50 percent.

This means that on the average, Singaporeans spend half of their income and save and invest the other half; which is probably a huge reason why there are so many millionaires there.

In personal finance, we espouse a 70-30 rule in terms of spending and saving; if you spend 70 percent of your income and you save and invest the remaining 30 percent, you will most likely have a good future.

Facts will show that the savings rate in Hong Kong, Indonesia, Malaysia and Thailand hovers between 30 and 40 percent, really encouraging statistics.

According to the 70-30 rule on spending and savings, said countries will likely have a good future—well at least in theory. A quick visit to these countries will validate their economic conditions in a visual and experiential manner, even if you don’t ogle at boring statistics.

How about the Philippines? This is actually the hard part to write.

Neda reports place the savings rate in the Philippines at between 12 and 16 percent. Following the 70-30 rule on spending and savings, there’s not much promise for our nation. It is unfortunate that many Filipinos have embraced a First World consumerism lifestyle but have a Third World income. We simply do not save enough.

Does this mean we are hopeless? Definitely not. All we need to work on is our savings rate and we can best do so with financial education. We must embrace principles of proper budgeting, controlled spending, financial planning and we can start improving our surplus that will guarantee a better future for all of us.

In time and with the proper stimulus, the nation’s savings rate will improve as our income improves and our spending becomes wiser. It may be too simplistic but I firmly believe that is the answer to our many problems.

Otherwise, we will keep on asking the question why our neighbors are richer than us.

Source: http://business.inquirer.net/3554/why-our-neighbors-are-richer-than-us

As a Finance graduate. Education and survival are the only thing to enlighten the Filipinos to save and realize the importance of money. However, when temptation strikes you. Burned money.

Let's not forget our basic needs:

Shelter

Food

Clothes

Only 3things to ponder on but how come we are still overspending?

You have to think that..

• Earn more of what you have
• Don't put your money at risk (Gamble, networking etc.), trust me, your money will go *poof*
• Do not hoard your money, put it in the bank
• Budgeting is the key
• Buy things that can be needed anywhere, anytime.
• Do not bring all your money at mall! You'll overspend. Believe me.
• Always monitor and compute your money.
• DISCIPLINE. No discipline, no savings. (I really have to exaggerate that because money declines exaggerated too.)

As simple as that! Be a thrifty happy person :)
We Filipinos must practice saving money.
"We don't live to spend but spend to live"

Work vs.school

Been hiatus for 2 weeks cause' I have now a job! *clap clap*.

 As of now, I'm still on training and learned a lot of stuff. It is different between studying at school and learning at work!

I will show you why.


 AT SCHOOL:

1. You compete with your classmate about grades.
2. More lax
3. You can go in/out the classroom whenever your prof is teaching
4. Cut class/absences/late whenever you want to
5. You either depend to your classmates or yourself
6. You can choose your group/friends
7. You receive BAON!

AT WORK:

1. You compete with your officemates about promotions
2. More stressful
3. You cannot go out while you work
4. SL's / VL's / leaves/ absences must be monitored
5. You can only depend to yourself
6. You'll be able to encounter lots of worst/kind officemates or even clients. And of course, you have to FACE IT :)
7. You receive SALARY!

See? It depends on how you'll be able to adapt these. From the beginning, it is for sure kinda shocking that you thought "I shouldn't make mistake or else I'm doomed!"


Everyone makes mistake. Just be yourself.

That's it for now.
Take care!

Getting a TIN number for the first time

I will share this post in a very simple manner.

1.My employer provided me a copy of BIR 1902. If not, you can download the form 1902.

2. Which and where at BIR? Your employer will (should) inform you about that. And I assume that it's not just any BIR places to process your TIN  because RDO number indicates specific BIR location.

3. Fill up the form, make sure you know your RDO (You can ask your employer about it) and your zip code.

4. Before going to BIR, prepare you birth certificate (true copy) photocopy, a photocopy of your marriage cert/contract (If married), birth certificate of your independent/s. I forgot the last one (Oh man, slap me.), it's about your previous employer thingie.

5. Submit it. Wait for it. Like, an hour for me.

6. As you got your TIN number, apply for your TIN card.

Applying for TIN number is like a breeze, but for TIN card. I guess a week to some? Me? they said, a day. I hope!

Crazy little thing called love

Crazy little thing called love a.k.a first love

You see, I used to not loving this movie, t'was like, "What the hell is that?", "Way too cute for me. Sheesh.."
As days went by, my facebook wall has been proliferated by P'shone and Nam! My oh my. I ignored it.

After a month or so.. curiosity strikes me on why do girls are so crazy about this?


I watched it.




Then I watched it again..




And again..




Will watch again..



Well, thanks to my friend who endorsed it to me that I'm now one of 'em.

ABOUT THE MOVIE: (romance, comedy)

Nam is a straightforward, overt and an ugly duckling girl who loves P'shone
P'shone is an easy-go-lucky, sweet guy and a campus crush. And a dork as well.

Yes, they are cute highschool kids. But the gist is, it's all about love triangle and cannot express his feelings thingie.

Love triangle? 2 bestfriends having the same crush. Complicated

And a guy (P'shone) who cannot even express his feelings to a girl (Nam). Unpredictable

So what made this movie so fad to asian (most especially girls)?
Because,

The above 2 statements has been experienced by most girls.

Well,

Better watch P'shone on how he truly loves Nam and gathered courage to express his love for her.

NBI Clearance (First time)

One of the important document is NBI Clearance for pre-employment requirements.

My experience:

I went to Quezon City hall at 12nn (late again!)
As I went through at the back of Civil Registry.. OMG! There was so many crowds out there! I glanced side by side to know which step to go first. There were 6 counters/steps to go through before you receive your NBI Clearance.

1. Payment counter (Pay 115Php before you receive your application form for NBI clearance. Expect to receive a receipt and form) And Valid ID's to present
2. Data check (make sure you fill up the form, if you're not sure ask the guy,the one who marks fingerprints)
3. Finger Printing (10 fingers)
4. Image capture (Submit your form to take your photo, I guess this was 5 seconds? hee hee)
5. Data Encoding (submit your form and receipt. The person will get your form, expect to receive your receipt) The person will also write the date/time of releasing at the back of your receipt
6. Releasing (Present your receipt)

I finally received my clearance at 5pm! Been standing and waiting for 5 hours, hell yeah! Not to mention being sticky after that haha :D
This experience is to test your patience haha, really! I thought of applying for NBI clearance will cause you varicous veins. By the way, the place is so hot (good thing there's a roof) but still it's hot. If you expect me to describe falling in line? Heck, It was like  one foot forward per 15mins times a hundred + people of waiting. Do the math.

And that was my awesome experience, cool huh? Lesson learned, Be early as much as possible.

Be there before City hall opens, as much as possible, be the one to open the city hall LOL. :D  Another reminder is to bring your fan, water, food and something that'll entertain you while waiting.

Don't worry if ever you forgot to bring your food and/or water, your savior's always be there for you. The vendors.


If you ask me about renewals.. na-ah, AS OF NOW, I DON'T KNOW ABOUT THAT.

That's it for now. Take care!

Hachiko: A dog's story

Do you want some drama?

I hope the trailer gives an impact to you. It will, don't worry. :D

*sniff..sniff* I watched this movie with a bucketful of tears beside me. I don't have anything to describe this movie.. its just that..that.. HUHUHU.

How to apply for SSS ID (First time) / E-1 Form

THIS IS ONLY FOR FIRST TIMERS OKAY? AND THIS IS ONLY BASED ON MY EXPERIENCE.

E-1 form is usually asked for fresh grads or for those who do not have one. This is one of the pre-employment requirement.


Just awhile ago,I had my E-1 form done at SSS fairview branch

At first I alarmed my clock at 7AM so I can be early at SSS because I heard that the waiting time is so distressful. Unfortunately...I slept again :)

I went to SSS at 2PM!
Here's what I did:

• Make sure you have these documents before you go to SSS.
• Documents such as: Birth Certificate, Baptismal certificate ( In absence of Birth certificate), Passport.
• I asked the person at the information desk for an E-1 form. (He/she will give you a number and fill up form)
• Then I filled up the form, also make sure you know your zip code.
• Thumbmarks at both papers, most especially the pink one! people usually forget that. (Just like me :D)
• After you sort the documents in order, proceed to the information desk then submit it.
• Wait for your name to be called of course..
• Expect to receive a pink paper and check it before you tootle-too! :)

I waited for 1.5hours, hmm..not that bad for me. If you're impatient, bring something that will entertain you. (Books, ipod, mobile internet, or even your lover (something huh?)

Haha, well that's it for now.


What you read is what you get.