how tos

How to Avail the Government Funded SSS Educational Loan

August 27, 2017 By proudbrown

Being educated is the key to achieve a better future. But, not everyone is given the opportunity to enroll due to the high cost of education particularly in college level.

There are many ways to find financial assistance such as applying for scholarship grants. However, not all students are qualified for scholarship. Another way is to become a working student, but it’s quiet difficult to work and study at the same time. That’s why the last option that students seek is to apply for educational loan.

Fortunately, there are government-assisted education loans that help students in their school expenses. The SSS Education Loan is one of those options that students can avail.

Read: How to Avail the ASENSO Loan Program of SSS

Who can apply for SSS Education Loan?

This is one of the loan programs offered by SSS to its members or beneficiaries. Aside from the members, the spouse of the member, children, brothers, and sisters of the member can avail such loan.

Amount of loan

The amount of loan granted to applicants varies depending on the level of education.

Technical/vocational course

A member or his/her beneficiary who want to enroll in a technical/vocational course for a minimum of 2 years are qualified to avail the educational assistance. The allowed loanable amount is Php10,000 per semester, or the actual amount of the tuition fees and miscellaneous fees.

Degree course

For those applicant who will take a degree course can avail the maximum amount of Php20,000 per quarter term or semester.

This loan program is funded by the SSS and the National Government. If the loanable amount is not sufficient to cover the entire tuition and miscellaneous fees, it will be shouldered by the member or beneficiary.

Requirements for the SSS Education Loan

The applicant should secure and submit the following documents to the SSS office.

SSS ID or two government issued IDs
Completed application form
Billing/Assessment statement from the school
Proof of income or monthly salary; if the applicant is employed
Affidavit or income or Income Tax Return; if the member/applicant is voluntary paying or self-employed

The government funded amount is 0% interest, but the SSS funded has 6% annual interest. The repayment term for a degree course is 5 years and the payment schedule varies as follows;

Semestral courses – the payment schedule starts after 18 months or from the last release date of the fund.
Trimestral courses – the borrower will pay the loan after 15 months from the last release date.
Quarter term courses – the payment commences after 14 months and 15 days from the last release date.

For technical/vocational course, the loan is payable up to 3 years and starts after 15 months for trimestral courses and 18 months for semestral courses. If the member/borrower will not completely pay the educational assistance loan, the balance will be deducted from other benefit of the member.

BDO Reminders : How to Avoid the Monthly Deduction of P300 from your BDO Kabayan Savings Account

August 12, 2017 By proudbrown

Banco De Oro reminds those account holders of BDO Kabayan Savings Account that in order to avoid the monthly deduction of P300 pesos, account holders must continue the BDO Zero maintaining balance featured. To do that account holder must have to remit at least once a year. BDO advice no activity in your account for a year will automatically change it to regular savings account type in which the account owner must maintain P10,000 maintaining balance.

If your account has no activity for one year or no remittance for a year then the balance of your account is below the minimum P10,000 maintaining balance then that’s the time the bank will do the monthly deduction.

Take note that the account cannot be reverted once it was converted to regular savings account as well as the amount deducted.

Guide and Safety Tips in Using ATM

August 9, 2017 By proudbrown

Using ATM is a convenient and quick way of withdrawing money. This is essential particularly during financial emergency. As many people were using ATMs, the number of unscrupulous individuals who steal the identity of the owner also increases.

This can be threatening that’s why many individuals were hesitant to use cash machines to withdraw cash. But, this should not be the case provided that you’ll be practicing the safety tips when using ATMs.

Check the machine

Before inserting your card, make it a habit to check the machine. As much as possible, use ATMs located in well-lit areas, inside a building or monitored by CCTV. Check for any suspicious appearance of the machine.

Protect your PIN

While typing your PIN, try anything to cover or shield the keypad especially if there are people close to you. To avoid identity theft, you should not reveal your PIN even to the bank staff. Avoid writing down your PIN, otherwise other people may have the chance to see it. Use PIN that is easy to remember. It is important to protect your PIN to prevent identity thieves to access cash from your account.

Be observant to your surrounding

It is always important to be observant to your surrounding every time you will use ATM. If you notice anyone who looks suspicious, don’t proceed your transaction. Having someone with you such as a friend or anyone you trust while taking cash from ATM will make a fraudster to have second thought of doing something bad.

In case your card is stuck in the machine, never ask help from a stranger. The best thing to do is to report it to the bank, but never leave the card. Again, never divulge your PIN to anyone.

Don’t withdraw cash if you’re drunk

Being drunk impairs your judgement and makes you unable to notice suspicious activities or individual. Likewise, if your drunk you might forget to take off your card from the machine.

Request for receipts

It’s important to request for a receipt after making withdrawals. This way you can check your bank statement. You can use the receipt if ever you encounter losses in your account.

Aside from using ATM, there are also shops and some retailers to withdraw cash with minimal charges. If you think that this option is safer, then avoid using ATM on the street.

Investing in PAG-IBIG Savings Program | The Modified Pag-IBIG MP2

July 24, 2017 By proudbrown

Saving your money in commercial banks allows you to earn some from the compounded interests. But, it also involves 20% tax. In spite of the current inflation rate, it is also expected that your money will eventually depreciates

The good news is that PAG-IBIG offers several savings programs that carry higher interest rates. Some of the programs offered by this organization include salary and home loan, multipurpose loan, and calamity loan.

To provide better services to their clients, PAG-IBIG started to offer the Modified PAG-IBIG MP2 savings program that offers higher dividend rate of 5.44% per annum. PAG-IBIG members who were members of the PAG-IBIG 1 can apply for membership in MP2.

These two are different programs since the PAG-IBIG 1 is mandated by the government for employed individuals. The minimum monthly contribution is Php200 shared by both the employee and employer. To avail the MP2, you need to ensure that you’re updated in paying the PAG-IBIG 1 contributions.

On the contrary, the MP2 carries higher interest rates as compared to commercial banks and even with time deposit accounts. This is a profitable way to expand your investment portfolio and ensure that your money will grow and generate more income.

Advantage of upgrading to PAG-IBIG MP2 savings programs

The advantage of signing up to MP2 savings program is that your loanable amount will also increase. Aside from the higher dividend, it is also tax-free. Likewise, you can ensure that your investment is secured by the government.

How to Avail the OFW ID Card or iDOLE

July 18, 2017 By proudbrown

The OFW ID is one of the key programs of the Duterte administration that was launched recently. According to Silvestre Bello III, Labor Secretary, the OFW ID will be granted to all bonafide OFW for free and it will serve as OEC or overseas employment certificate of every OFW.

If you’re one of the millions OFW, you should know the procedures on how to avail the said OFW ID.

Step 1.

The first thing to do is to retrieve your current OEC number as you’ll need it when applying for the OFW ID. If you possess a receipt-only OEC, you can use the receipt number as your OEC number.

Step 2.

Visit the iDOLE services website.

Step 3.

Click the CREATE A NEW ACCOUNT box and choose the appropriate identification that you want to submit. If you choose the OEC number, you’ll be required to fill out the needed details.

Step 4.

Once you successfully register your account, you will receive an activation link directed to the email that you provided. Open your email and activate the link. You can also find the activation link in the SPAM folder.

Step 5.

Continue the registration process using your bmonline registration. Choose the SELECT TRANSACTION option.

Step 6.

The next step is to select the OFW Card Application box. You are given two options on how you’ll receive the OFW ID. You can select either PICK UP or DELIVERED to your home address. If you choose PICK UP, you will be charged Php501 for the card. (This is contrary to what Secretary Bello have said). On the contrary, if you select DELIVERY option, an additional Php200 for Philpost will be added to the card fee.

Step 7.

There are several payment options to choose from including bank payment, online payment, mobile payment, Bayad Center, Multipay Wallet, 7-Eleven outlets, ECpay, Bancnet, and Credit/Debit card. However, International credit or debit cards are not accepted. Thus, OFWs should coordinate with their families in the Philippines to make the payment or use Philippine bank accounts.

Step 8.

You will receive a confirmation of your payment through your email.

However, OFWs who want to avail the OFW ID were facing difficulty due to insufficient detailed guidelines. Likewise, many OFWs were hesitant to avail the OFW ID after knowing that there will be fees collected.