The Economic and Financial Learning Center (EFLC)

By Doris Dumlao
Philippine Daily Inquirer



An interactive one-stop shop FOR economic and financial education run by the central bank, Bangko Sentral ng Pilipinas (BSP), will open its doors to the public this month.

The Economic and Financial Learning Center (EFLC), one of the central bank’s biggest programs in its financial literacy crusade, was launched in October and will be fully operational this year.

“The launching of the EFLC symbolizes BSP’s commitment to institutionalize and sustain a comprehensive financial education program for Filipinos,” Monetary Board member Juanita Amatong said.

The EFLC is a one-stop center where researchers, students, visitors and BSP staff may access data and information produced and acquired by the BSP in the areas of central banking, economics and finance. It integrates modern technology by providing information through conventional books and magazines, multimedia formats such as CDs, digitized books and interactive learning modules.

“Through the interactive modes of learning, including computer-based games and multi-media learning tools, we hope that knowledge about economics and finance can become more exciting for visitors,” Amatong said.

The center will also consolidate materials on economic and financial education programs undertaken by various departments of the central bank, including digital archives of BSP video materials to make them more accessible to the public.

Amatong said financial education is crucial for a population that has been traditionally underserved by the financial system, making them more vulnerable to making uninformed financial decisions.

“The financial landscape we are in today is much more complicated than ever,” Amatong said. “As a result, financial know-how has become not just a matter of convenience but an essential tool for ordinary people to cope with normal and abnormal fluctuations in economic activity.”

She noted that lack of financial knowledge could lead to poor financial choices which could be harmful, not only to the individuals concerned, but to the nation at large.

“Regrettably, low-income families that lack basic financial literacy are the most vulnerable to sudden economic shocks. This, in turn, may have significant implications on social dynamics. I believe that through financial education, we can change financial behavior for the better, and ultimately ease social and economic tensions,” she said.

The other steps taken by the BSP to contribute to better financial literacy are the following:

• Through a partnership with our Department of Education, it has developed teaching guides and pilot tested them in nine regions around the country.
• It has conducted financial literacy campaigns for overseas Filipino workers (OFWs) and their families to inform them of alternative uses of their dollar remittances, including savings, investments in financial products and business ventures as well as to familiarize OFWs with the consumer laws and BSP issuances relating to consumer protection
• It has also conducted a financial education program for microfinance clients.

Jollibee franchise

How to get a Jollibee franchise
By Ike Señeres
INQUIRER.net
First Posted 14:06:00 01/18/2008

OVERSEAS FILIPINO WORKERS all over the world now have a chance to own or co-own big or small franchised businesses, through payment schemes and acquisition terms that are very friendly to them.

Leo Hernandez, a management consultant, business school lecturer and cooperatives expert, has come up with an innovative program that would enable OFWs to become part owners of leading fast food franchises, by investing any amount they can afford. Hernandez said the key to the success of the program is the cooperative approach, because it is the only way of opening the opportunity to small investors while protecting their investments with ownership certificates at the same time.

As an initial goal, Hernandez is now organizing the first cooperative that would buy a Jollibee franchise located in Metro Manila. Hernandez said that the franchise is sure to cost millions of pesos, but “there is nothing that the OFWs could not afford to buy if they would just put their money together, ambag-ambag (contribution) style.”

Citing some figures, Hernandez said that 100 OFWs investing $1,000 each could already generate close to P5 million. He said that this could have a multiplier effect according to him, since it would be very easy to add more OFW investors to the original 100 because of the security conferred by the ownership certificates.

Hernandez also said that being a part owner of a Jollibee franchise is definitely a better and safer investment than owning a tricycle or taxi, the usual choices of returning OFWs without an investment plan. “That is basically going to be our appeal, our ability to channel their hard earned money into investments that have more chances of earning, and therefore with lesser chances of failure,” Hernandez added.

source: http://globalnation.inquirer.net

related online discussion @ Pinoy Money Talk
Topic : Pooling resources to setup a franchise

New Rules For OFW Hiring

New rules on OFW hiring issued
Saturday, January 19, 2008

Stricter rules on direct hiring of OFW was issued recently by the Philippine Overseas Employment Administration. The rules which takes effect on January 15, 2008 allows direct hiring of OFWs by foreign employers only upon approval by the Secretary of Labor and subject to screening of employers and employment contract verification by the Labor Attaché or the Philippine Embassy.

Direct hiring may be allowed only for members of the diplomatic corps and of international organizations, government officials of ministerial level, and employers who are hiring on one-time or trial basis. The number of employees to be hired directly shall not exceed 5.

Employers will likewise comply with stricter documentation and processing requirements which include the posting of repatriation bond in the amount of US$5000 per employee to guarantee the repatriation of the worker or of his remains, in the event of death, and performance bond of US$3000 per employee to guarantee payment of the employee's salary for the duration of the employment contract. The bonds should be secured from local bonding companies. They will also provide the employees with health and medical insurance.

Employers who do not want to comply with the bonding and insurance requirements or with the standard employment contract will not be allowed to hire OFWs directly. But they may hire thru licensed placement agencies which are willing to assume responsibilities over the employees, including payment of salaries and other employment benefits.

DOLE Secretary and POEA Board Chairman Arturo Brion announced that the adoption of a stricter policy on direct hires is aimed at strengthening the protection mechanisms for the OFWs.

OFWs with employment contracts and work visas issued after January 15, 2008 will be covered by the new guidelines. The new guidelines for direct hiring is posted at the POEA website (www.poea.gov.ph).

Source: http://www.dole.gov.ph/news/

Gusto Mo Bang Yumaman ? (Video Part 2)

Philhealth OWP (Overseas Workers Program)

Nakaseguro pati kalusugan ng iyong pamilya… Kasama rin sa iyong PhilHealth coverage ang mga sumusunod: • Legal na asawa (hindi miyembro ng PhilHealth) • Mg a anak na mababa sa 21 taon gulang, walang asawa at hindi nagtatrabaho. Kasama ang illegitimate, legitimated, adopted o step children. Mga anak na 21 taon na o pataas ngunit may kapansanan (pisikal o sa pag-iisip) o congenital illness ay kasama rin. • Mga magulang 60 taon gulang o pataas na hindi miyembro ng PhilHealth. Kasama ang step parents (kung patay na ang tunay na magulang) at adoptive parents (kung may adoption papers). Mga benepisyo sa ilalim ng OWP ng PhilHealth Out-patient Care • Libreng check-up at routine laboratory exams and medicines na hindi lalagpas sa P500/pamilya kada isang taon sa mga accredited OPD clinics. (sa Pilipinas lamang) • Reimbursement sa day surgeries, kasama pati chemotherapy, radiotherapy at dialysis sa mga accredited free-standing dialysis clinics at ospital. Special Benefit Packages • Maternity Care Package – P4,500 para sa bawat unang dalawang normal deliveries sa mga accredited lying-in clinics at hospitals • TB-DOTS (Directly Observed Treatment Shortcourse) Package – P4,000 para sa gamutan ng pulmonary at extra pulmonary tuberculosis sa mga accredited TB-DOTS Centers. (sa Pilipinas lamang) • SARS Package na aabot sa P50,000. • Avian Influenza / Influenza Pandemic o Bird Flu na aabot sa P50,000 In-patient Care Ang mga sumusunod ay ang iyong benepisyo sa bawat single period of confinement o serye ng confinements sa Pilipinas at abroad sanhi ng iisang sakit sa loob ng 90 araw. Mga dapat tandaan sa pagkamit ng benepisyo Local confinement a. Upang makamit kaagad ang benepisyo ng PhilHealth bago lumabas ng ospital,isumite sa PhilHealth Section ng ospital ang mga sumusunod: • Original PhilHealth Claim Form 1 • Valid Medicare Eligibility Certificate (MEC) o Enhanced Member Data Record (MDR), PhilHealth Premium Payment Receipt (i.e. E-receipt, PhilHealth Official Receipt, MI-5) • kopya ng dokumentong magpapatunay sa relasyon ng legal na dependent sa miyembro (kung wala pa ito sa Enhanced MDR) b. Kung binayaran ng buo ang ospital (no PhilHealth deductions), isumite ang mga sumusunod sa Tanggapan ng PhilHealth sa loob ng 60 araw pagkalabas ng ospital upang makamit ang karampatang PhilHealth benefits: • Original PhilHealth Claim Form 1 na napunan ng miyembro o ng kamag-anak ng miyembro • Original PhilHealth Claim Form 2 • Original PhilHealth Claim Form 3 (para lamang sa na confine sa level 1 hospital (primary) o naospital na hindi lalagpas ng 24 oras. • Valid Medicare Eligibility Certificate (MEC) o Enhanced Member Data Record (MDR), PhilHealth Premium Payment Receipt (i.e. E-receipt, PhilHealth Official Receipt, MI-5) • Original Official Receipt (OR); o kaya Waiver na galing sa ospital na nagpapatunay na walang naibawas na PhilHealth benefits sa kabuuang babayaran. • Hospital Operative Record (kung may ginawang surgical procedure) Note: Maaaring pirmahan ng tinalagang kinatawan ng miyembro ang PhilHealth Claim Form 1(mahihingi sa ospital, PhilHealth Office at maaaring mada-download sa Forms page kung ang member ay nasa abroad. Confinement abroad Isumite ang mga sumusunod sa Tanggapan ng PhilHealth o sa Consular Office sa abroad sa loob ng 180 araw pagkaraang lumabas ng ospital upang makamit ang karampatang benepisyo: • Original PhilHealth Claim Form 1 • Valid Medicare Eligibility Certificate (MEC) o Enhanced Member Data Record (MDR), PhilHealth Premium Payment Receipt (i.e. E-receipt, PhilHealth Official Receipt, MI-5) • kopya ng dokumentong magpapatunay sa relasyon ng legal na dependent sa miyembro (kung wala pa ito sa Enhanced MDR) • Official Receipt ng binayarang bill sa ospital at duktor • Statement of account (may kaukulang singil para sa kwarto, gamot, X-ray at iba pang laboratory examinations, operating room at bayad sa duktor). • Medical Certificate mula sa attending physician kung saan nakasaad ang final diagnosis, petsa ng pagkakaospital at mga iba pang serbisyong natanggap. Note: Nakasalin dapat sa English ang mga dokumentong nakasulat sa ibang wika.

Philhealth Claim Requirements for Hospitalization Abroad & Contact Detail

This email was forwarded to me by my colleague, and i decided to post it as it is useful info for fellow OFW- Overseas Filipino Workers like me.

Please be advised that Hospitalization done abroad is covered by PHILHEALTH. All you have to do is to submit the following documents for your claim:

1. Properly accomplished Claim Form 1 (available at Philhealth Office Manila)

2. Original Official Receipts

3. Medical Report

4. Operative Record/Technique if with Operation

5. Anesthesia Record

6. Copy of Member's Data Record (Philhealth)

7. Copy of Marriage Certificate (if wife/husband is claiming on behalf of OFW)

8. Statement of Account with Breakdown of Charges

Notes:

* All documents in foreign language must be translated in English.
* Filing period is 180 days from the date of discharge from the hospital.

For further information you may visit Philhealth website at www.philhealth. gov.ph or call Philhealth hot line telephone number 6373754/6379999 local 1122/1124. or Cell No. 09189635396

Contact Person

Ms. Elizabeth S. Fernandez, M.D.

Manager, Overseas Workers Program

Email: phic-owp@philhealth .gov.ph

Cell No. +63 9189635396

Or Ms. Tin-Tin

Pag-IBIG Overseas Program

The Pag-IBIG Overseas Program (POP) is a voluntary savings program which aims to provide Filipino overseas contract workers ,immigrants and naturalized citizens the opportunity to save for their future and the chance to avail of a housing loan of as much as P 2,000,000.00

MEMBERSHIP

Coverage:

Membership under the Pag-IBIG Overseas Program (POP) shall be open to all Overseas Filipino Workers (OFWs) with valid visas or employment contracts. Likewise, it shall be open to Filipino immigrants and to Filipinos naturalized in other countries.

Contribution Rate:

The POP member shall contribute monthly an amount equivalent to US $5. Should a POP member decide to apply for a housing loan and which to avail of a higher loanable amount, he would be required to upgrade his membership contribution as follows:

CONTRIBUTION RATE PESO EQUIVALENT LOAN ENTITLEMENT US $5 Up to P250,000 US$ equivalent at point of availment P300 Over P250,000-P375,000 400 Over P375,000- P500,000 600 Over P500,000 - P750,000 800 Over P750,000 - P1,000,000 1000 Over P1,000,000- P1,250,000 1,200 Over P1,250,000-P1,500,000 1,400 Over P1,500,000-P1,750,000 1,600 Over P1,750,000-P2,000,000

The upgraded membership contribution shall be incorporated as part of the housing loan monthly amortization Dividend Rate: Variable dividends from surplus earnings of the Fund shall be distributed annually to all POP members, to be credited to their Total Accumulated Values (TAV). Membership Term/Maturity: The accumulated savings under the program may only be withdrawn at the end of five (5), ten (10), fifteen (15), or twenty (20) years at the option of the member upon membership registration. Withdrawal of contributions shall be in Philippine peso. Contributions in foreign denomination shall be converted to Philippine peso based on the prevailing US dollar exchange rate as of payment date. LOAN AVAILMENT POP members may avail themselves of the housing loan benefit, subject to the provisions of the existing Consolidated Guidelines of the Pag-IBIG Housing Loan Program, through their immediate family members with the execution of a Special Power of Attorney (SPA), duly certified by the Philippine embassy or consulate in the country of their workplace. They can also avail of the Multi-Purpose Loan (MPL), subject to the existing guidelines of the MPL Program WHERE CAN MEMBERS FILE THEIR APPLICATION FOR MEMBERSHIP, WITHDRAWAL OF SAVINGS, REMIT OR PAY THEIR MONTHLY SAVINGS? Pag-IBIG Overseas Program Office POP Overseas Offices Accredited Overseas Marketing Representatives Metro Manila and Provincial Offices Accredited Collecting Banks/Remittance Companies WHAT DOCUMENTS TO SUBMIT TO APPLY FOR REFUND OF SAVINGS? -Original copy of POP Passbook -Application for Provident Benefit -Special Power of Attorney ( if applicable) HOW LONG IS THE PROCESSING PERIOD? Three (3) working days WHERE CAN I PAY? Remittance of Contributions may be made through our accredited collecting banks: Europe PNB London (Savings Acct. No. 0725-219601-401) ABC UK (UKD 2000097) Asia Pacific PNB HK (Savings Acct. No. 0730-475270-501) United States of America Oceanic Bank (Savings Acct. No. 3700143) PNB New York (Savings Acct. No 1713) ABC Guam (Savings Acct. No. 5000-00355-4) Middle East BPI - Atrium (Savings Acct. No. 3124-0221-09) Speed cash ABC Head Office (Savings Acct. No. 1002-071759) Canada Bank of Nova Scotia (Savings Acct. No. 2164-10) Remittance may also be made to any of the following banks: RCBC (Savings Acct. No. 8000-08787-5) PNB Makati Ave. (Savings Acct. No. 265706641-1) LBP (Savings Acct. No. 2204-008496) PCIB (Savings Acct. 5463-00176-8) source: www.pagibigfund.gov.ph Related online discussion @ Pinoy Money Talk Applying for a Housing Loan in Pag-ibig/SSS Pag-Ibig cuts housing loan rates