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Friday, July 18, 2008

UITF Performance, Balanced Funds (First Half, 2008)

With a gloomy market, the first half results is almost the exact reverse of the standings for the year 2007. BPI stays at second.

PNB Mabuhay Prestige: 1.47%
BPI Balanced Fund: -20.19%
Metro Capital Growth Fund: -20.26%
BDO Balanced Fund: -26.92%

Source: UITF Online

Thursday, July 17, 2008

PERA Is Getting Closer!

The Philippines has one of the lowest savings rate for a nation. Poverty is a clear excuse but even those who are getting paid well seems to be not taking it seriously either. Based on this article, only one of out 10 Filipinos are preparing for retirement. That means, if I say that YOU have a low financial IQ, I have a 90% chance of being right. That's not a pretty sight.

Don't feel too down though. Senator Angara is trying to pass a bill called PERA (Personal Equity and Retirement Account) that will significantly improve the savings culture of Pinoys.

I'm crossing my fingers on this one.

PERA bill to hike savings rate, says lawmaker

MANILA, Philippines - The country’s savings rate is expected to increase once the bill allowing tax-free personal retirement accounts from taxes becomes law, a lawmaker said.

Senator Edgardo J. Angara said the country’s savings rate would go up to about 30% of gross domestic product (GDP) from 19-23%. He noted that the country’s savings rate is among the lowest in the region, with Malaysia, Singapore and Vietnam at 34-40% of GDP.

"[The Personal Equity and Retirement Account or PERA] is one of the best ways to accumulate savings. It will greatly augment Filipinos’ retirement plan," Mr. Angara told a briefing Friday.

The PERA bill was approved by a bicameral conference last June 10. Mr. Angara, who heads the Senate Committee on Banks, Financial Institutions and Currencies, said the law will likely take effect within the year after the Bangko Sentral ng Pilipinas and the Department of Finance come up with implementing rules.

PinoyMoneyTalk thread: Do we have a retirement plan like in the US called 401(k)?

Sunday, March 2, 2008

UITF Performance, Balanced Funds (Year 2007)

Just sharing performances of Balanced Funds UITFs, year 2007.

BDO Balanced Fund: 18.93%
BPI Balanced Fund: 12.16%
Metro Capital Growth Fund: 14.36%
PNB Mabuhay Prestige: -0.02%

There are other balanced funds out there, but these are the only ones available at UITF Online.

Friday, February 15, 2008

NBA Millionaire Gone Broke?

If a former NBA superstar can start pulling out his dreadlocks as he faces foreclosures, just imagine how much panic that can subject average income earners like us who have families to feed.

Ex-NBA star Sprewell sells $1.5 million yacht, home could be foreclosed

MILWAUKEE -- Former NBA star Latrell Sprewell's home is up for foreclosure and his yacht sold at auction to help pay off the $1.3 million he owes on the boat, according to court filings.

Sprewell, who once turned down a three-year, $21 million contract extension saying, "I've got my family to feed," has apparently fallen on tough times.

RBS Citizens NA, or Citizens Bank, filed a foreclosure suit last week in Milwaukee County for the $405,000 home Sprewell bought in the Milwaukee suburb of River Hills in 1994.

In court documents, the bank said Sprewell owed $295,138 in outstanding payments plus interest.

I think it's important to learn at least two important lessons here, so we don't fall into the same trap. One, living beyond our means is never a good idea. I don't know how common sensical enough that is. Two, I guess out of so much money he was able to amass during his glory days, he never spent time to being financially literate; or maybe he has a financial planner that he just didn't pay attention to. A "Rich Dad, Poor Dad" book only costs less than $20.

Please take these two lessons to heart. It could be all that Latrell needed to have prevented him from being in this rut.

As they say, "It's not the money you earn, it's the money you keep." I'd rather be financially literate with little money, than be financially stupid with a winning lottery ticket.

Philippine Time Deposit Rates (February 2008)

I asked around for current TD rates, with a minimum placement of P100,000 on a 90-day term. These are not comprehensive, just sharing what I was able to research:

First Country 8.25%
China Bank 3.88%
PBCom 3.75%
The Real Bank 3.50%
Planters Bank 2.75%
BPI 2.50%
BDO 2.25%

There were some concerns on First Country Rural Bank (and perhaps rural banks in general), so please refer to the PMT thread "First Country Rural Bank" for some background. There's also a "Peso Time Deposit Rates" thread you might want to check out.

Hope this helps.

Friday, January 11, 2008

New Journey Vocalist Comes From The Zoo

This guy's unbelievable! I'm a fan of Steve Perry's high pitches, but finding a Pinoy out there to match his vocals was just stupefying. Listen closely to the clip around 4:20...

I have no idea where he gets his wind... There's some unwelcome feelings from some hard-core Journey fans in the US (issues on maintaining the image of "an American band", his shortness and accent), but you just can't ignore this talent.

Here's the news from Inquirer.net: Filipino rocker hits global stage

Speaking of Filipino talent, a 15-year old made waves in the Ellen Degeneres show last month. She got two standing ovations, nothing serious.

If these didn't get you goosebumps, get your ears checked!

All the best, Arnel and Charice!

Paris, A Simpler Life

Paris Hilton's "A Simpler Life" reality TV might turn out closer to becoming a reality after all. Her grandfather, Barron Hilton, pledged to donate a big chunk of his wealth to charity. Given Paris' high profile misadventures, I think any granddad would've done the same.
Paris Loses Out; Hilton Fortune Pledged to Charity

U.S. hotel heiress Paris Hilton's potential inheritance dramatically diminished after her grandfather Barron Hilton announced plans on Wednesday to donate 97 percent of his $2.3 billion fortune to charity.

That wealth includes $1.2 billion Barron Hilton stands to earn from both the recent sale of Hilton Hotels -- started by his father Conrad in 1919 when he bought a small hotel in Cisco, Texas -- and pending sale of the world's biggest casino company, Harrah's Entertainment.

That money will be placed in a charitable trust that will eventually benefit the Conrad N. Hilton Foundation, raising its total value to about $4.5 billion, the foundation said in a statement.

Barron Hilton, chairman of the foundation, intends "to contribute 97 percent of his entire net worth, estimated today at $2.3 billion, including the created trusts, at whatever value it is at the time of his passing," the foundation said.

Ooh... that's hot!