SSS Newly Updated Contribution Table for 2019

The Social Security Act of 2018 or the Republic Act No. 11199, which is “an act rationalizing and expanding the powers and duties of the Social Security Commission to ensure long-term viability of the Social Security System”, a new SSS contribution schedule will take effect starting April 2019.

Below is a quick rundown of the important changes brought about by this law:

1. Empowers the Social Security Commission to raise benefits, condone penalties, rationalize investments, among others
2. Ensures the compulsory SSS coverage in favor of overseas Filipino workers (OFWs)
3. Gradual increase of monthly contributions from the current 11 percent to an additional 1 percentage point starting on the year of implementation until it reaches 15 percent in 2025
4. Gradual adjustment of the minimum and maximum monthly salary credit
5. Displaced workers will get financial assistance from SSS in the form of cash equivalent to half of their average monthly salary credit for two months
6. Lowered the penalty rate for late payment of contributions to 2 percent from the current 3 percent, and condonation of penalties will no longer require Malacañang’s approval

For reference, below are the new SSS contribution tables for 2019 which takes effect starting April 2019:

How to Generate Passive Income this 2018

“Don't let the opinions of the average man sway you. Dream, and he thinks you're crazy. Succeed, and he thinks you're lucky. Acquire wealth, and he thinks you're greedy. Pay no attention. He simply doesn't understand." -- Robert G. Allen

Cost-Effective Ways to Purchase Overseas Stocks

Successful investors, over time, have stressed on the importance of not putting all your eggs
in one basket. Have you ever looked at the American market, with its stocks, bonds, and currencies, as a single basket? While this might not seem like the case, especially when the market is going great guns, bear in mind that the American market witnesses downward spirals too.

If you ignore investment opportunities outside of the country, you are basically missing out on a significant chunk of the developed global investable stock market. It comes as no surprise that an increasing number of Americans are looking at investing in foreign shores, although not everyone know how to make their trades cost-effectively.

How To Raise Financially-Savvy Children in the Philippines

Parenthood is a unique career. You don't get to resign. You're not entitled to retire. It's a role that you commit yourself into until the end. Your child may have attained the age of majority, started paying his taxes, and have settled down with a family of his own, but your guidance as a parent remains as important as ever. It's your task to ensure that the lessons you impart will serve them in the future.

In the Filipino culture, children tend to live under the protection of their parents even when they reach adulthood. The Filipino family, in consonance with Asian practices, is close-knit. While this strengthens kinship, the safety net offered by an ever-supportive family can be detrimental to a child's readiness to face the challenges of the “real world.”

Help your child make sound financial decisions when he enters college and embarks into adulthood. Here are invaluable tips for you.

What You Need to Know About The Benefits of Comprehensive Car Insurance (Infographic)

As a car owner, you’re bombarded with many decisions – oftentimes small ones – concerning your vehicle and its needs. What brand of gasoline will give me the best mileage for its cost? How dark should the window tints be? Should I keep the leather upholstery bare or cover it up? What kind of gadgets will make my driving experience better? Is my car tire still fine or do I need to have it replaced already? What should I do with the scratches and paint chips?

Everything you need to Know about Microinsurance in the Philippines

People with low income are highly vulnerable to health problems and the destruction of their assets, harvest or livestock and homes due to natural and man-made catastrophes. And there is, of course, the looming danger of a sudden accident or death that practically every human being are all at risk.Unfortunately, low income people often do not have insurance coverage to protect them. This does not have to be the case though, as many different types of affordable and accessible microinsurance policies are now available. You can even purchase a microinsurance policy for as low as P20 in a nearby Palawan Pawnshop! Read more to learn about microinsurance and your options.

Photo courtesy of Geralt via Pixabay

4 Tips for an Easier Credit Card Approval

Qualifying for a credit card doesn’t mean that your application is approved. It means that you have basic qualifications like job tenure and income in order to apply for the credit card you’ve been eyeing.

Banks that issue credit cards will usually look at your credit history, records that all banks have access to which show whether you’ve had debt, how much was your debt, and if you were able to pay them off on time.

If you want to get your credit card approval without hassle, here are things to keep in mind:

Pay bills on time

Image source: wonderwomanimnot.com

7 Ways to Prepare Your Finances for 2017

In just a few weeks, 2016 is coming to an end. Now, it's time to prepare for 2017. The New Year brings with it a renewed sense of inspiration and aspiration to fulfill a list of resolutions that we would work on to improve our health, skills, and talents.

While it's great to invest in ourselves, we should also remember to invest in our future. Sometimes, in that long list of resolutions, we forget to include our financial milestones. In this article, we share with you how you can prepare financially for 2017.

Four Practical Tips for Real Estate Investors

Achieving success in the real estate industry does not necessarily mean relying solely on your capacity to produce capital

With the real estate industry continuously showing an upward trajectory and being one of the Philippines’ major sources of economic growth, many people understandably are venturing into the business, either as owners of rental properties, real estate speculators, or even small to mid-scale property developers.

How OFWs Can Multiply Their Earnings and Save for the Future

For many OFWs, spending their money instead of saving it is a normal thing. Most of them primarily work abroad in order to earn money they can spend for their families. But what typically happens with earning just enough for spending is that OFWs end up constantly working with too little saved for future use.

None of us can work forever, and no matter how much you may be earning abroad the fact is sooner or later you will have to retire. You’ll have to depend on whatever you’ve saved in previous years. If you’ve spent more than you’ve saved, chances are, your golden years won’t be as golden as you wish they could be.

With this mind it’s important for OFWs like you to start making the most of your earnings while you still can. This doesn’t necessarily mean saving instead of spending everything earned, but it does mean putting away a portion of those earnings into smart investment outlets that will grow your money over time.

How do I know if I’m financially compatible with my partner?

Getting into relationships also entails getting into a financial commitment. Having dates, celebrating milestones together, and potentially being lifetime partners does not come cheap. Preparing financially for your relationship will help you relieve stress and make your relationship happier.

Another thing to consider aside from your financial state is how your financial habits match your partner’s. You may have different financial goals and practices, and most couples may not admit it but it will have a huge impact on your relationship’s well-being.

UK Prepaid Card From Bank4you

*This is a sponsored post.

The global market of financial and banking services is getting even more international. The financial services market in the Philippines is not an exception.

A fresh, but ambitious UK-based start-up Bank4You enters the Southeastern Asian prepaid cards market in general, and the Philippines in particular. This Company specializes in development of niche products for different groups of clients.

Live Rich While Spending Like a Peasant

Ever dream of living lavishly like a king? Dream no more, because now you can live like one without paying the full price for it.

However, this article does not encourage you to spend all your hard earned money away to live a comfortable life. Instead, it is the exact opposite.

It gives you the opportunity to hold on to your Pesos while gaining luxurious benefits. With that being said, here are 4 ways to enrich your life with less than ₱5,000!

Cheap Yet Creative Ways To Promote Your Startup Business

If you don't have the ideal financial situation to engage in a costly all-out marketing campaign for a new and exciting business, be creative. You may not have the same financial resources other more established companies have, but what you have and can gain a lot from is an inventive and resourceful mind.

Work with what you have and find creative and inexpensive ways to promote your products and services. It's a challenging feat, considering the limited resources, but think of the countless non-paid strategies you can leverage your business on.

Here are some creative and low cost ways to get you started.

7 Things We Can Do Every Day to Help Out the Philippine Economy

Financial management as it relates to Philippine economy is too much for me really, especially in aspects that involve stock market, inflation, currency rates and GDP. These concepts are way too complicated to understand.

Instead, I’m more into personal financial management because it’s something I can relate to as I go about my daily life. It’s something very practical, I can say. However just recently, I happened to read a blog by Valeriano Avila published by The Freeman. In a nutshell, Avila says:

We can change our government if we Filipinos change ourselves first. Right now we are a very tolerant people, even if our political leaders are stealing the nation’s coffers blind.

And as a personal finance advocate, I can’t help but agree. These words got me thinking that it’s weird to separate Philippine economy and personal finance, considering that our everyday spending habits affect the country’s economic performance.

7 Tips for Getting Your Personal Loan Approved

Personal loans are people’s go-to fix if there’s a major expense that has to be paid such as bills and high-interest credit card debt. However, others may also choose to use it even for basic expenses.

Getting a loan approved is easier said than done, considering the process included in it, as well as having solid proof that you’re capable of paying for it.

So, if you’re planning to get a personal loan from a lending company, make sure to follow these tips to ensure that you’ll have your personal loan approved.

EntrepZone Helping SMEs Move Forward

*This is a Sponsored Post
Empowering entrepreneurs during the critical stages of their business, EntrepZone.com is a marketplace for those who want to sell their businesses and for startups looking for investors.

MANILA, January 25 – No one wants to read about failed businesses. Everyone wants to read about the next Henry Sy or Injap Sia, but most of the time, things don't work out as planned for the SME business owner.

Enter EntrepZone.com, an online marketplace for business owners looking for loans, investors, or other businesses to buy. It is mainly targeted at SME owners who want to sell their business and those who want to reach out to banks and financial institutions.

A Visual Roadmap for Your Finances This 2016

We’re almost a month down to 2016, and I'm sure many of us are both excited and nervous of the coming months. For most, a new year means a blank slate. 2016 gives us twelve new months to take on new challenges and new risks. This includes the financial aspect of our lives.

When it comes to money matters, the new year is twelve new months to help us reach our financial goals. According to Digimind, an online monitoring and competitive intelligence agency, one of the top 5 New Year’s resolutions (across the world) for 2016 is to ‘save money’.

In an infographic created by MoneyMax.ph, the visual guide below serves as a monthly roadmap for your finances – from when to rebalance your investment portfolio to revising your budget with the season (e.g. summer, school year, Christmas).

10 Tax Facts in the Philippines Every Business-Minded Employee Needs to Know

It’s not uncommon to find salary earners taking on other sources of income to supplement their take-home pay. Regardless of how you make your extra cash, whether as a freelancer, small business owner, or consultant—the government classifies you as a mixed income earner.

If you belong to this category, then that means that you have additional tax requirements to abide by. Do you know what your tax obligations are? Here are a few things you need to be aware of if you aren’t yet.

Seven Myths about Personal Cash Loans in the Philippines

1.  MYTH: The interest rates charged for a personal cash loan are too high and inflated.
     FACT: The interest rates are reasonable and at a minimum. They are computed fairly for the customer's ease and capacity. The main aim of providing the loan is to help curb financial worries; thus, unreasonable rates will only defeat its purpose.