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Usapang Pera Sa “Sosy Problems”

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ni: Arthur Noel B. Ladaga

Uso na naman ang mga pelikula sa Metro Manila Film Festival. Marami pa rin ang tumatakbo ngayon sa mga sinehan. Maraming dahilan para manood- maglibang, makasama ang pamilya/kaibigan, masilayan ang galing ng Pinoy sa sining ng pelikula atbp. Kung tutuusin, isang beses lang sa bawat taon hindi makakakita ng anumang pelikulang banyaga.

Ikaw? Sossy ka ba?

Isa sa mga pelikulang naitampok ay ang Sosy Problems. Pinagbidahan nito nina Heart Evangelista (Claudia), Solenn Heussaff (Margaux), Bianca King (Danielle) at Rhian Ramos (Lizzy). Simple lang naman ang kuwento. May apat na dalagang laki sa layaw na kailangang itigil ang demolisyon ng paborito nilang social club. Hindi nila matanggap na gagawing non-sossy mall ang tambayan nila.

Bagaman walang natanggap na parangal, marami kang mapupulot dito. Halimbawa ay ang mga isyu ng mga taong laki sa layaw. Kung susuriing mabuti, halos lahat ng mga isyung yun ay naka-ugat sa isang bagay: PERA! Ano ba ang mga usapin tungkol sa pera ang makikita sa pelikula? Napakaraming puwedeng makita pero tatlo ang halatang-halata!

  1. Pagsabay sa uso: Maraming tao ang nadadala rito. Kapag may bagong cellphone, damit, atbp., hindi sila nag-aatubiling bilhin ang mga ito. May isang eksenang nahumaling sina Claudia sa mga mamahaling sapatos sa isang cut-out book. Ang problema sa nakiki-uso ay hindi talaga madalas kailangan ito. Nagagasta lamang ang pera nang hindi pinag-iisipan. Walang masama sa nakiki-uso paminsan-minsan. Ayon kay Francisco Colayco, dapat lang may plano ka at sapat na pagkukunan ng pondo (passive income) maliban sa perang pinagpaguran mo!
  1. Simpleng pamumuhay: Karaniwan sa pelikulang Pinoy ang tungalian ng buhay siyudad at probinsya. Tulad ng maraming laki sa layaw, hindi sanay si Lizzie sa pagtitiis at pagtitimpi sa probinsya. Ngunit natutunan niya rin ito mula sa kanyang lola (Nona Villa) at pinsan (Barbie Forteza). Maraming tao ang nabubuhay lang ayon sa kanilang mga pangangailangan. Gumastos nang hindi hihigit sa iyong pangangailangan. Live within your means ika nga. Magugulat ka nalang sa dami ng perang maiipon mo!
  1. Kahalagahan ng pagpaplano:  Importante ang pagpaplano sa buhay pinansiyal. Kung kapos ka sa pera, magplano ka para makabangon muli. Nakakagulat na hindi ito ginawa ng mga magulang ni Danielle. Kinukuha na ang kanilang ari-arian, ngunit patuloy pa rin sila sa dating gawi. Ang ama ni Danielle (Ricky Davao), na dating pulitiko, patuloy pa rin sa pag-iinom. Ang nanay naman, gustong sumama sa European cruise. Maayos sana kung nagpakonsulta sila sa isang financial planner (kay Francisco Colayco sana) ngunit hindi. Si Danielle pa ang naglakas-loob para saluhin ang buong pamilya. 

Sa madaling salita, may problemang pinansiyal pa rin ang mga taong sossy. Hindi dahil may pera ka ay wala ka nang iisipin. Kung paano mo gagamitin ang pera mo ang magpapalaya sa iyo sa kakapusan. Ito ang susi para yumaman!

Huwag nang magpahuli ngayong 2013! Sumali na sa Pera Mo, Palaguin Mo Workshop ngayong ika-19 ng Enero, 2013. Tumawag sa 637-3731 o 637-3741 para mag-reserba! Pumunta rin sa link na ito para sa iba pang detalye.        

*Si Arthur Noel B. Ladaga ay ang kasalukuyang Programs Officer ng Colayco Foundation for Education.

2013: New Year’s Resolutions

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by Guita T. Gopalan

Whether you want to be thinner, be richer, learn more, go to new places…whatever resolution you have for 2013 isn’t going to happen unless you’re serious… and I mean really serious about it. A list you make 3 minutes to New Years isn’t going to stick.

A resolution (whether it was made in New Years or any other time of the year) has to matter as in really matter to you. It should motivate you to action…

If your resolution from New Year’s 2012 was unresolved by the end of 2012 then IT DOESN’T MATTER TO YOU – NOT REALLY. Don’t kid yourself! You had 365 days of 2012 to get it done and you didn’t! If it were important enough you’d be celebrating success already, not adding it to your 2013 things to do.

So what do you do about your resolutions this 2013? Trim it down…limit yourself to 1 resolution and work on it with tenacious focus until you accomplish it, and follow these five tips below:

1.    Be specific. Be as descriptive as possible with what you want! Identify indicators for success, use numbers.

2.   Write it down – use an illustration board (don’t print it out… use your actual pen/marker holding hand). Make it as colorful or drab as you want. The important thing is to display that illustration board strategically so you can be reminded of what you want to achieve.

3.   Identify steps 1-3. Just 1-3…don’t stress yourself out (or psych yourself out) by making this resolution this big big big unsurmountable thing which requires 24 hours of your day! Start with the 3 things you need to do in the next week and a half… when 1-2 are accomplished add two more to your list.

4.   Stop complaining and ranting – If it was something easy it wouldn’t be a resolution. These are things we resign ourselves to do (force ourselves)… most of the time it’s things we want, really want but are afraid to have or pursue. Complaining will just give you a temporary and useless feeling of relief.

5.   Get over yourself – So you failed in the past, you didn’t get it right this time, you need other people’s help. There’s no room for ego in making your dreams come true. Forgive yourself, accept help from others and work with others to make things happen.

Now when you’re done with one resolution, you can now move on to a new resolution… Do this and for sure… at the end of 2013 you’ll be able to celebrate a brand new you.

Guita T. Gopalan is the Managing Director of Colayco Foundation and is a member of the OneCORE Success Center. 

Can Savings Cripple or Disable You?

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by: Francisco J. Colayco

This was a question asked in one of our radio interviews. Here we are always talking about savings and how it can help you now and in the future. Then suddenly a question like this seems so unthinking. But in truth, it is a very interesting question.

Remember that the first Commandment of Savings: “Pay yourself first.” This means that you follow the main formula: “Income minus Savings equals Expenses.” You make a budget where you deduct maybe 10-20% of your savings first before you even start thinking of your budgeted expenses.

If you are following the foregoing advice, then you should be so happy and secure, right? WRONG!

You cannot end there. You need to invest your savings in an option that will surely earn you an amount higher than inflation. Remember that there is sure inflation where the value of your money will slowly erode through the years. If you kept it in your closet or pillow or just in a savings account, then the amount you saved will buy you much less in the future. And if your savings are not sufficient when you cannot earn money anymore, then you will suffer as you will not have enough to sustain your desired lifestyle. This simply means that you need to lean how to invest your savings properly. We will talk about some ways of investing in the next article.

I just want to remind you about budgeting for your expenses. Sometimes, you are following the formula of keeping your savings first but you think that you are suffering because you need to put aside so much in savings. This feeling can make you feel depressed and it is not good for your psychological health. However, in many cases, it is just a matter of understanding what your expenses are really for. If you are giving up expenses for Wants to be able to save, you should be congratulating yourself and not feeling bad. Your savings are actually your expense to buy yourself a good future.

If you are saving but not even meeting your needs, then that is also not good. For example, if you don’t even eat the right kind of food at the right time just to save, you may want to think that over more. If you get sick, then all your savings will go to your medical expenses instead of improving your future.

What are some tips you can give to properly save up hard earned money?

First, here are ways of not investing properly:

  1. Keeping your money in the closet or pillow or just a savings account earning less than inflation. You need to invest to earn higher than inflation. We discussed this last week.
  2. Borrowing money at a higher rate to invest in a business or an option that will earn just the same or lower than the interest rate that you are paying. Believe it or not, some people do this. This can happen when you invest in a business that is not properly analyzed, inadequately prepared for and thus, badly managed. Putting your own business carries high risks.
  3. Investing in scams are sure ways to lose your savings. Even if many scams have been exposed, many news ones are coming up. The people who invent these scams are getting better and better especially since they learn from how past scams were exposed. It is so sad but that is the fact of life and we always have to guard against this by keeping ourselves informed.
  4. Choose the right people to ask advice from or to partner with. An adviser should be someone who really knows the subject matter for which you need advice and who can be objective. You can pay him to give you the service of advice but it is better if he will not earn extra if you buy some products from him. Otherwise, he might convince you to buy his products even if you do not need them.

In the case of partners, even I have been a victim of choosing the wrong partners especially when I just use my head alone. Sometimes, all the numbers and plans are good on paper and even based on experience. However, when you take a partner, these good plans can change if your partner does not have the same objectives as you have. A friend advised me: “Choose partners using your instincts and your heart and not just based on what you hear.” It is easy to believe especially if the information is basically correct but if your adviser/partners are not right for you, then they can lead you astray.

Visit our website www.colaycofoundation.com or call 6373731 or 6373741 for details on how you can join our seminars and buy our books at special discounts. You will be surprised about how reasonable the price is to help you quickly understand what you can do with your savings.

* First published on April 2, 2012 at the Good News Pilipinas Website

5 Rules on Investment Instruments

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by: Guita T. Gopalan

Investments are TOOLS, and just like any tool you need to know how to use it effectively.
For example, if you are a carpenter you must learn how to hammer and remove nails correctly otherwise you could hurt or injure yourself. You also wouldn’t use a hammer to place a screw otherwise it won’t work.
The same is true for investment instruments, treat it as a set of tools ready for you to use depending on your purpose.
5 Rules for Treating Investment Instruments as Tools
#1 What is your purpose? Target? Timeline? You should have a goal – how much and by when do you want something.
#2 Redeem your investments based on that purpose/goal AND NOT the condition of the market…
#3 The ideal would be is if you meet your goal in time. Redeem when you need it!
#4 If you reach your monetary goal early i.e. in 8 instead of 10 years – then redeem your investment and keep your hard earned and well invested money safe in a savings or time deposit account until you need it. Or you can reinvest all or some of the money, if you can afford to take some risk.
#5 If you reach 10 years but not your monetary goal then you decide whether you will keep it invested or redeem it already, whether the amount is sufficient or not. BUT if you are a prudent investor 1-2-3-4-5 years prior you would have already made adjustments to your investing (i.e. use a different instrument, increase your savings, etc.) so that you can meet your goal. (Remember investments are tools! Sometimes you need to use a small hammer to set a nail in the wall, then drive it in with a big hammer).
Wealth will be within reach if we manage our personal finances well and make money work for us!
Join us for our upcoming Pera Mo Palaguin Mo! Workshop on January 19, 2013. For more info email marketing@colaycofoundaton.com or SMS 09178088857. Slots at 75% OFF discount for 2013 are still available. 

Guita T. Gopalan is the Managing Director of Colayco Foundation for Education. 

Ondoy Shows That Emergency is a Fact of Life

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Aerial view of an area devastated by typhoon Pablo (photo c/o CBCP News Website)

In lieu of the recent events that happened due to typhoon Pablo’s destruction, we again present Mr. Colayco’s advice on how to better prepare yourself against typhoons and other natural calamities. This may have been written during the time of typhoon Ondoy, but Mr. Colayco’s financial wisdom knows no bounds!

The floods of Typhoon Ondoy were extremely devastating. This time, Ondoy did not choose only the poor and marginalized. For the first time, even exclusive villages were flooded. In many cases, both personal and household items were swept away by the flood.

For most, even if the items are still there, they are no longer usable or cannot even be repaired. So many thought they were going to die and being alive seems to be the greatest blessing of the day.

The response to help each other was also overwhelming.

Neighbors opened their homes to strangers who needed a second or third floor or even a roof to evacuate to. The sharing of money and food is awesome as we see so many people in the supermarkets buying boxes and boxes of foodstuffs not for themselves but to give away.

Soon, the reality of having been caught unprepared for much needed expenses to repair homes, offices, buildings, factories, cars, etc. will settle in.

Nobody wants to suffer and certainly nobody wants to be caught unprepared when natural calamities strike our homes and communities. We know these things happen and that they happen with regularity. They are a fact of life and we must accept it and do something about it.

And yet, why do so many of us always get caught unprepared? We seem to think that when these calamities strike, we will be spared and that it is the others that will bear the brunt of the problem. It’s never us.

We grieve for the victims of Ondoy especially those who had family who lost their lives. Losing them is trial enough but for those who lost their breadwinner, moving forward will be so much more difficult. There are several financial reminders needed while the lessons are fresh in our minds.

Reminder on Insurance

Ondoy’s devastation should remind us to take a second look at the importance of insurance. Those who have family dependent on them should taking life insurance to somehow lessen the pain of their loss. Term insurance does not cost very much. Another is property insurance, specifically for our home, its contents and our cars.

For house insurance, the most common perils that you should cover are fire, typhoon, and earthquake.

Fire, in particular, can render one completely devastated because, most of the time, you can lose almost everything permanently including your memories (pictures and mementos). But the floods of Ondoy reminded us that floods can be just as devastating as fire. If you had insurance against typhoon, the losses you incurred with the floods would have been covered.

Whether or not you own your house, you can consider covering it with insurance. As always, you do not want to claim on insurance and it is difficult to spend on premium payments because you might feel that you are throwing away money for nothing. After all, you do not get any part of your premium payment back. These premium payments are one hundred percent expenses. However, if you can afford it, it is better to be protected.

If you don’t own your house, you can cover the contents of your house like furniture, equipment and personal effect. If you do own your house, you should be covered as well for the house itself.

Coverage means that if the items covered are damaged by the perils covered, the insurance company pays. While you do not really recover the real things that matter after a fire or typhoon or earthquake, at least the insurance payment will help you buy back some of it and replace to a great extent the physical assets damaged or lost.

Word of caution though, read the fine print in your insurance document to make sure you are really covered for what you want.

Car insurance has many types of coverage. The most common are for third party liability, theft, and own damage. Insurance coverage for the devastation type by Ondoy must specifically be defined in the policy acquired. As a minimum, it should cover the cost of restoring your car damaged by floods or typhoons.

Car accidents can be painful physically to the people involved. It also involves a lot of reporting, documentation with the police and other authorities. However, it becomes even more troublesome it you are not insured. If you own a car, insurance is one of the required costs of ownership.

Reminder: Set up cash reserves for personal emergencies

One of the very first rules about money management is to pay yourself first so that you can set aside at least six months salary or earnings precisely to cover emergencies. For most income earners, it takes years to build up a six-month cash reserves. If you save ten percent of your monthly earnings, it will take you five (5) years to accumulate six months cash reserves for emergencies.

Practically speaking though, there are faster ways to accumulate this goal.

For those who did not lose all their assets in the flood, one way is to dispose of some assets we may have acquired and which we do not really get to use today. I am sure, most of us have some idle assets that we can sell and convert to cash now. Look around you. Make an inventory of things like appliances we have more than what we need, e.g. an extra TV, radio, excess furniture, clothes, gadgets, electronic “toys”, etc.

Have a good look at these possessions and choose what you can afford to dispose of now. Chances are, losing some of these assets will not diminish or hurt your present lifestyle. Selling theses assets will most certainly contribute to building up cash reserves for emergencies right away.
Get started and build your personal cash reserve now! Do not procrastinate. One of these days, it may be too late and you will no longer be able to recover from your emergency losses.

* First published on September 30, 2012 at the GMA Network website

The (Spiritual) Deal on Financial Planning

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by: Arthur Noel B. Ladaga

Here at the Colayco Foundation, we are often asked a lot of questions. Most of it has to do with the best investment option. There’s nothing really wrong with the question. With all different kinds out there it’s hard to choose the right one. Each has its strengths and weaknesses. Different people also have different of preferences. What is it that really helps in choosing the best one? The answer is simply first and foremost, to know one’s financial objective

Your financial objectives revolve around three things: Purpose, Target, and Time. Purpose is the reason why you are investing in the first place. Target is your desired amount to reach. And lastly, time is the period you have to achieve your target.  Knowing your financial objective helps in choosing the best instrument around because each instrument is unique

And yet when most people are asked of their financial objectives, most people cannot give a straight answer. Some people reply “I want to be rich.” There’s nothing wrong with it but it’s still not well defined. Others are absolutely clueless, as if staring at an imaginary wall. And there are those who get upset and say “I don’t have one! I just want to have more money!”

Time and time again we emphasize the need to know to one’s financial objectives. Its usefulness knows no bounds. The most successful individuals are those who know their goals by heart. They can even say it while they’re sleeping. And yet at the heart of proper financial planning lies a spiritual essence that many ought to discover. Religious or not, you must realize that money is also a spiritual matter that needs to be dealt with. Knowing the spiritual aspects of financial planning will enable you to realize its importance in a more profound sense.

Separation from Money

When we do financial planning, we are actually separating ourselves from money. Most people will find this absurd. “I want to have more money. Are you telling me that I shouldn’t want it?” To separate yourself from money simply means not desiring money for its own sake!

Some of you may recall the quote “the love of money is the root of all evils…” (1 Tim 6:10, New American Bible). Money itself is not evil if you read the verse carefully: “For the love of money is the root of all evils, and some people in their desire for it have strayed from the faith and have pierced themselves with many pains.”  The real evil is to desire money for itself that one forgets the most essential things in life. One writer cleverly summarizes it this way: “What is essential is invisible to the eye (De Saint-Exupery)”

When you do financial planning, you are telling yourself not to seek money for itself. Seeking money for its sake can corrupt the human soul. How many important relationships have ended because of the distorted desire for money? How many people are miserable despite having lots of money? Self-mastery is an important trait to have when dealing with money. Money is a powerful ally to wealth but it can distort you when not properly handled.

Purpose-Driven Money

The second spiritual aspect of financial planning is to make your money purpose-driven. Once you have self-mastery over your need of money, it should be clear why you need it. You may need it to buy a house for your family. You may need it to finance your children’s education. Or you may need it to give more to the less fortunate. Any attempt to a financial endeavor without a clear purpose for your money can be likened to blind spending!

Money with a clear and noble purpose can help achieve the ultimate end of human life. Humanity only has one particular calling: to live an authentic life in accordance with the divine will. You can find this at the beginning pages of the Bible:

God created man in his image; in the divine image he created him; male and female he created  them. God blessed them, saying: “Be fertile and multiply; fill the earth and subdue it. Have dominion over the fish of the sea, the birds of the air, and all the living things that move on the earth. (Gen. 1:27-28)

To “be fertile and multiply” not only implies an increase in physical number. Being created in the image and likeness of God, you are expected to live up to it. You must continuously develop yourself to live up to your first true calling. This is what it means to “be fertile and multiply!” When you do financial planning, you make your money help you become a well-rounded person in many aspects: financially, emotionally, spiritually, and others. The same expectation applies when you use your money to help the people around you, particularly your loved ones and your community.

The Impermanence and Giftedness of Money

Lastly, financial planning reminds you of money’s impermanence and giftedness. Like everything else in this world, money lasts temporarily. You cannot take it to the grave with you. It will eventually decay regardless of what kind of physical protection it has.

Nevertheless, money is also a gift. It may be a man-made invention used to purchase
 goods or services, but it is essential in daily living. People need it to buy their needs and wants. In addition, many people have difficulty earning money. The fact that you are able to obtain money legitimately (whether through active or passive income) makes you realize the importance of it in your life. You are given opportunities to earn and grow it so that you can utilize it better. This is the essence of money’s giftedness!

Saint Ignatius of Loyola, the founder of the Jesuits, gives a wonderful insight regarding the giftedness of all created things:

All the things in this world are gifts of God, presented to us so that we can know God more easily and make a return of love more readily. As a result, we appreciate and use all these gifts of  God insofar as they help us develop as loving persons. But if any of these gifts become the center of our lives, they displace God and so hinder our growth toward our goal.

Financial planning helps you value your money in a proper way. Because money is not permanent, it’s important to know precisely how it should be used. It must never be treated as your god (Matt. 6:24)! At the same time, you become obligated to grow it. You are responsible to grow your God-given gifts (Matt. 25:14-30, Luke 19:12-28) to live authentically. Money, at its innermost essence, is God-given! You are given legitimate opportunities to earn and grow it. Having a feasible financial plan helps and keeps you responsible over your money!

To See With New Eyes

Planning is a vital aspect in any endeavor that you take. It is not just about making everything clear and specific. It also involves continuously reminding yourself of the most important aspects of life. This is what financial planning does. It may seem to be a dull and boring process, but the challenge is to look at it with new eyes! There’s much more to financial planning than what meets the eye. In knowing its spiritual aspects, you empower yourself further to reach your true wealth!

Sources:

De Saint-Exupery, A. (n.d.). The Little Prince. Swansea: Department of Computer Science. Retrieved from http://cs.swan.ac.uk/~cswill/The_little_prince.pdf

Saint Ignatius of Loyola (n.d.). The First Principle and Foundation of the Spiritual Exercises. Ignatian Spirituality Institute. Retrieved from http://sites.jcu.edu/isi/

 

Arthur Noel B. Ladaga is the current Programs Officer of the Colayco Foundation for Education, Inc.

From BSP: Are You A Co-Maker?

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ARE YOU A CO-MAKER?
REMINDER TO THE PUBLIC

Released by the Bangko Sentral ng Pilipinas to the public on 10.10.2012

version in FILIPINO follows

Consider the following when signing as a co-maker:

  • What is a co-maker?

A co-maker is a person who, by contract, promises to pay another person’s (principal borrower) loan if that person fails to do so.

  • Is a co-maker required in all transactions?

Different lending institutions (lenders) have different policies.  A lender may require a co-maker if the principal borrower is unable to meet its credit criteria.  A co-maker does not necessarily receive or benefit from the proceeds of the loan but is equally responsible for ensuring that the full amount of the loan, including interests and other charges, is paid.

  • When the principal borrower fails to pay the loan, is the co-maker required to pay it?

Yes, the lender does not need to proceed or collect first from the principal borrower and may immediately take the following actions against the co-maker if the principal borrower is unable to pay:

• Collect the full amount of the loan, including interests and other  charges, from the co-maker; or
• Sue the co-maker along with the principal borrower in an attempt to collect payment; and
•  Demand the payment of late fees or collection costs from the co-maker

  • What is the remedy of a co-maker who is made to pay the loan and the interest thereon?

The co-maker can demand the principal debtor to reimburse whatever amount he was made to pay.

For further clarification, please contact:

The Head
Financial Consumer Affairs Group
Supervision and Examination Sector, BANGKO SENTRAL NG PILIPINAS
A. Mabini St., Malate, Manila  1004
E-mail: consumeraffairs@bsp.gov.ph  I  Tel. No.:  708-7701 local 2584

 

 

ISA KA BANG CO-MAKER?
PAALALA SA PUBLIKO

Tandaan  ang  mga  sumusunod  bago  pumayag maging isang “co-maker”:

  • Sino ang co-maker? / Ano ang ibig sabihin ng co-maker? / Ano ang kahulugan ng co-maker?

Ang co-maker ay isang tao na nangangakong magbabayad ng utang ng ibang tao kapag hindi nito nakayanang bayaran ang nasabing utang.

  • Kailangan bang may co-maker tuwing uutang?

Depende sa patakaran ng institusyong nagpapautang.  May mga nagpapautang na humihingi ng co-maker mula sa umuutang lalo na kung ito ay hindi nakapasa sa batayan sa pagpapautang ng nasabing institusyon.  Ang co-maker ay hindi kailangang makinabang sa pagkakautang ngunit siya ay may obligasyong tiyakin na mababayaran ang utang, kabilang ang interes at iba pang kaakibat na bayarin sa pagkakautang na kanyang pinirmahan bilang co-maker.

  • Kapag  hindi  nakabayad  ang  taong  nangutang, dapat bang ang co-maker ang magbayad nito?

Oo. Hindi kinakailangang singilin muna ang pangunahing nangutang upang mapanagot ang co-maker.  Bilang co-maker, siya ay maaaring pagbayarin sa pagkakautang tulad ng pangunahing nangutang.  Maaaring gawin ng nagpautang ang mga sumusunod na hakbang kapag hindi nakabayad ang nangutang:

• Singilin ang buong halaga ng utang, kabilang ang interes at iba pang kaakibat na bayarin sa pagkakautang sa co-maker; o
• Ihabla ang co-maker kasama ang pangunahing nangutang upang masingil ang utang; at
• Singilin ang co-maker ng mga “late fees” o “collection costs”.

  • Ano ang maaaring gawin ng co-maker na nagbayad ng utang ng pangunahing nangutang?

Maaaring singilin ng co-maker ang pangunahing nangutang para sa halagang kanyang binayaran sa nagpautang.

Para sa mga karagdagang katanungan, maaari kayong makipag-ugnayan sa:

The Head
Financial Consumer Affairs Group
Supervision and Examination Sector, BANGKO SENTRAL NG PILIPINAS
A. Mabini St., Malate, Manila  1004
E-mail: consumeraffairs@bsp.gov.ph  I  Tel. No.:  708-7701 local 2584

From BSP: Unfair Credit Card Collection Practices

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Credit Card Debt Collection Practices Considered Unfair Under BSP Regulations
Released by the Bangko Sentral ng Pilipinas on 01.13.2011

Do you know that there are existing regulations that are meant to provide for credit card debt collection methods that are reasonable and legally permissible?Do you know that credit card issuers and their collection agents should observe good faith and refrain from engaging in unscrupulous or untoward acts, to the extent of harassing and humiliating the credit card holder?

For the information of the public, existing Bangko Sentral ng Pilipinas regulations prohibit credit card issuers and their collection agents from engaging in the following instances of unfair collection practices:

• The use or threat of violence or other criminal means to harm the physical person, reputation, or property of any person;

• The use of obscenities, insults, or profane language which amount to a criminal act or offense under applicable laws;

• Disclosure of the names of credit cardholders who allegedly refuse to pay debts;

• Threat to take any action that cannot legally be taken;

• Communicating or threat to communicate to any person credit information which is known to be false, including failure to communicate that a debt is being disputed;

• Any false representation or deceptive means to collect or attempt to collect any debt or to obtain information concerning a cardholder; and

• Making contact at unreasonable/inconvenient times or hours which shall be defined as contact before 6:00 A.M. or after 10:00 P.M., unless the account is past due for more than sixty (60) days or the cardholder has given express permission or said times are the only reasonable or convenient opportunities for contact.

FOR FURTHER CLARIFICATION AND INQUIRIES, PLEASE CONTACT:

FINANCIAL CONSUMER AFFAIRS GROUP
Supervision and Examination Sector
BANGKO SENTRAL NG PILIPINAS
5th Floor, Multi-Storey Building, BSP Complex
A. Mabini St., Malate, Manila
E-mail address: consumeraffairs@bsp.gov.ph
Tel. Nos.: Direct Line: (+632)523-3631• Trunkline (+632)524-7011 local 2584