Showing posts with label Banking and Finance. Show all posts
Showing posts with label Banking and Finance. Show all posts
Jul 24, 2021

Take Control of Your Finances: Financial Planning in Three Life Stages

 Take Control of Your Finances: Financial Planning in Three Life Stages


 

Everyone’s life journey is different. The many choices and decisions you make along the way will lead you to different paths and produce different outcomes. But it’s safe to say that everyone wants to live a secure and comfortable life from here on out.

 

With smart financial planning, you can be in control of your finances and live a worry-free life. The sooner you get started on securing your future, the earlier you will reap the rewards.

 

If you’ve lost track of your finances because of the demands of life, that’s okay. You can take back control and change your life’s trajectory. It’s never too late to start and make better decisions that will positively impact your financial future.

 

From early career to retirement, you can map out your future with a solid and comprehensive financial plan.

 

Early Career




Your early career is very important when it comes to financial planning. This is the period of your life where you lay out your plans and work to turn them to reality.

 

Because you’re starting on a clean slate, anything is possible! Just remember that the decisions you make during this stage will lay the groundwork for your financial plans and impact your long-term financial health.

 

In short, this is where your ‘adulting’ begins. There will be bills to pay now, and you’ll be shouldering most of the expenses at home to help your parents out (if you haven’t moved out to get your own place already).

 

Thus, your main focus during this period is managing your cash flow to make your budget work.

 

But the truth is it’s easier said than done. Since you’re just starting out in your career, it can be challenging to meet all your financial goals, especially on an entry-level salary.

 

Whether you’re earning ₱15,000 or ₱150,000 a month, the prices of commodities are the same for everybody. The prices of goods and services will not adjust to your income.

 

But even with a meager salary, you can still make it work by managing your finances. Plan your short-term and long-term goals. List down your monthly financial priorities, making sure to pay off your bills first. Then decide what you want to do with the money you have left.

 

Why not open your own savings, checking, or time deposit account to kickstart your savings goals? If you have ₱5,000, ₱10,000, or ₱25,000 saved up, you have many savings options that will suit your lifestyle and boost your savings goals.

 

For instance, RCBC's OneAccount combines the features of savings, checking, and time deposit in a single account. It also allows you to earn higher interest as well as customize its features according to your needs or preference--from choosing between having an account with zero maintaining balance or no annual fees, to which you can add-on features such as free life insurance coverage, card insurance, personal accident insurance, and free withdrawal at any Bancnet ATM. It comes with an ATM Card, Transaction Journal and Checkbook. Base rate is P10,000 but you can increase it if you want to avail the full features of this type of account.

 

You may also opt to put your money in low-risk investments that can help your money grow over time. For example, you can invest in RCBC Unit Investment Trust Funds (UITFs) for as low as ₱5,000. Money market UITFs are low-commitment investments that are also convenient and accessible.

 

Enjoy what you earn, but think about your future as well. The important thing is to spend responsibly and save money so you can afford to spend guilt-free!

 

Mid-Career


By the time you reach your mid-career, your focus will shift to building your wealth for the long-term and protecting yourself financially. 

 

From buying the latest gadgets to saving up for exciting barkada trips, the next life stage will have you saving up for your wedding, your first home, your first child, or your first business.

 

During this stage, your income will have increased, and you’re likely to hold a better and more stable job.

 

Because of your increasing financial responsibilities, you should also prioritize maximizing your savings, increasing your income sources, and growing your investments.

 

This will not be easy, especially when your household income is only just enough for your daily expenses. But if you were able to save during the early career stage, you can now use a portion of your savings to pay for the down payment of your house or your child’s tuition. You can even get that business started.

 

The goal is to earn more passive income, preferably on a low-risk investment product. If you have ₱100,000 to invest, you can explore RCBC’s fixed income securities, such as Treasury Bills, Retail Treasury Bonds, Local Corporate Bonds, Fixed Rate Treasury Notes, or Foreign Currency Sovereigns. Or if you are looking for more affordable investment options with higher earning potential, you can also try the more aggressive UITF products such as the Bond or Equity Funds.

 

Moreover, your life and health insurance coverage should be sufficient and in force in case anything happens to you. No one knows what the future holds. In the blink of an eye, you can lose everything you’ve worked so hard for, so it’s a must to have protection.

 

At the same time, start saving up for your own retirement. It may seem many years away, but it’s sooner than you realize. While you still have the earning capacity, prepare for your comfortable golden years.

 

Pre-Retirement

 


By the pre-retirement stage, your children will be almost finished with college. Your mortgage will also be almost fully paid.

 

For a lot of Filipinos, there will still be plenty of financial strains in the pre-retirement stage. Especially when there are just too many financial obstacles and not a lot of income opportunities.

 

Your retirement is something you prepare for as soon as you receive your first paycheck. Your current age and the age you want to retire will help you create a retirement strategy that works.

 

Don’t panic if you’re only ten or fifteen years away from retirement. This is still a lot of time to build a retirement fund.

 

A pro-tip is consistently and regularly building up your retirement fund overtime. For example, investing P5,000 in RCBC Equity Fund every 1st of the month for over fifteen years, without fail, is a sure way to build your fund.  You accumulate P900,000 in principal plus the unlimited potential earnings of your investment over fifteen years!

 

If you have a more substantial savings at this point, Investment Management is another option that can help maximize the earning potential of your portfolio. A team of financial experts can guide you based on your investment preferences and parameters or they can also make investment decisions on your behalf.

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Evaluate your progress regularly to make sure you’re on track and see if you need to change anything in your financial plan. Consider present risks that may prevent you from reaching your financial goals, and then do everything right now to fill in the gap. Even if it means getting a side gig, changing your investment strategy, or even pushing back your retirement date.

 

Set clear financial goals when you reach these life stages and strive to achieve them. This way, you can worry less about your finances and be in control whenever you encounter financial hurdles.

 

Jan 20, 2021

UnionBank continues as Asia’s digital trailblazer beyond the tipping point of digital adoption



UnionBank continues as Asia’s digital trailblazer beyond the tipping point of digital adoption


From its entrepreneur-focused solutions to its heavy investments in AI and blockchain, IDC Asia/Pacific Digital Trailblazer awardee Union Bank of the Philippines (UnionBank)’s SEVP, Chief Technology and Operations Officer and Chief Transformation Officer Henry Aguda talked about the Bank’s digital plans for this year in the eighth installment of its E-TalkTales series.


One of the main points of Aguda's discussion was UnionBank's commitment to supporting the country's micro, small, and medium enterprises (MSMEs) through various digital solutions designed to address the different pain points of their businesses. “These are all geared towards a focus of helping the MSMEs not just survive, but thrive during this pandemic,” Aguda said.

UnionBank’s current solutions offered to entrepreneurs include the newly launched SME Business Banking app, which is equipped with features for improved security and convenience such as biometrics, as well as platforms such as Bux, SeekCap, and Sentro, which are offered by the Bank’s fintech spinoff UBX, that enable customers to build secure foundations for their e-commerce ventures.
In addition to these topics, Aguda talked about the Bank’s plans for two of the biggest focus areas in the next phase of its digital transformation roadmap, which are AI and distributed ledger technology (DLT), particularly blockchain and cryptocurrency, two technologies enabled by DLT.

For AI, Aguda said the Bank plans to utilize the said technology so that its services can become even more personalized for customers. Aside from this, the Bank is also creating solutions that help address cybercrimes committed against customers, including a concept the Bank calls “integrated financial crimes framework” where all types of cybercrime are analyzed by the Bank’s AI engine to anticipate fraud patterns.





Aguda underscored the importance of being a vigilant and responsible digital banking account owner given the ever-growing threat of cybercrime, saying that malicious entities are becoming even more creative in finding new ways of exploiting vulnerabilities in digital ecosystems through user endpoints, especially those of banks and other financial institutions. He added that the best way to keep them at bay is for stakeholders to work together in creating a safe digital ecosystem for everyone.
“Threat actors will only prey on the weak, but if it’s a community that’s protecting everybody, they will move to a different jurisdiction altogether.”


In terms of DLT, the Bank is now working on expanding its blockchain-based digital financial network i2i in scope and scale, as well as expanding its proprietary stablecoin PHX. UnionBank is also testing various other blockchain use cases and proofs of concept that the Bank plans to share with partner government agencies and corporate clients in the coming months.


When asked if UnionBank is planning to apply to become a digital banking entity under the recently approved regulatory framework of the Bangko Sentral ng Pilipinas (BSP) that classifies digital banks separately from commercial banks, rural banks, thrifts, and cooperatives, Aguda said that the Bank is now reviewing all possible options.

“UnionBank is excited because it’s a validation and affirmation of the things that we’ve been doing. And if we do get a digitalized license, we’ll welcome it and we will continue to advocate the adoption of digital banking services,” Aguda said.

Jun 16, 2020

Stay home, send money online with LBC’s Instant Peso Padala


Stay home, send money online with LBC’s Instant Peso Padala

LBC rolls out online remittance service, offers free transaction fee until July 5

In its effort to make sending money safer, faster, and more convenient for every Filipino, LBC Express Inc. rolls out its Instant Peso Padala (IPP) online service, the company’s latest move in bringing digital solutions closer to everyone. 

As COVID-19 remains a threat, the leader in the remittance space sees the need for a service that will allow Filipinos to send money easily. “At a time when everyone’s move is limited and even sending your padala to your family members or relatives seems challenging, we recognize the need for an online remittance service that will allow you to send money without leaving your house. With just a click, you’re sure that you’re able to look after your loved ones wherever you may be,” says Mr. Oliver Valentin, Executive Vice President and Chief Operating Officer for Philippine Branch Operations of LBC.

LBC also announced that it is waiving the transaction fee for those using the service from June 5, 2020 to July 5, 2020.

To start sending money using IPP online, simply follow these steps:

1. Visit: https://www.lbcexpress.com/ippbanktransaction
2. Provide your details including the sender and the receiver’s name and the amount of money you’ll be sending
3. A Reference Number will be generated for you.
4. You will receive the Reference Number via email and SMS.
5. Use the Reference Number to deposit your transaction amount to any LBC express bank account.
6. Send the proof of credit by uploading your receipt to the link found in the confirmation.
7. You will receive a confirmation via SMS and email that transaction had been processed.
8. The recipient can now claim their money at any branch or partner remittance center.

LBC ensures that the process is easy enough to take away the hassle from both the sender and the receiver. To claim funds, recipients just need to go to the nearest LBC branch or partner remittance centers such as Cebuana Lhuillier, Palawan Express, and MLhuillier.

LBC has over 1,400 branches nationwide, all maintain stringent measures and protocols set by the government including social distancing and regular fumigation and sanitation. Employees are also well-equipped with safety and protection gear.

“This is just one of the several digital transformation initiatives that we are introducing at LBC as the needs of our customers evolve. We are committed to bringing the best and most meaningful solutions to LBC users as we continue to move with them, and for them, during this challenging time,” adds Mr. Valentin.

For the latest updates on LBC’s services, visit https://www.lbcexpress.com/ and https://www.facebook.com/LBCExpress/.
May 8, 2020

Stop opportunistic scammers: Know the basics of what your bank will never do and ask from you

Stop opportunistic scammers: Know the basics of what your bank will never do and ask from you

Stop opportunistic scammers
Know the basics of what your bank will never do and ask from you



Every crisis presents an opportunity. Unfortunately, this holds true even for scammers. They are very opportunistic even during the most trying situations like a pandemic.

While we hear about the ingenuity of a lot of people these days to augment or protect their finances like converting their own kitchen into small-scale bakeries to sell baked goods online, or converting a garment shop to produce and sell face masks, or shifting to a digital business model like an online palengke, scammers have become very creative, as well, in their modus operandi. 

From their usual scheme of sending out threatening “deactivation” emails to force bank clients to unwittingly give their personal information and card details, also known as phishing, to launching fake COVID donation drives, scammers are now sending emails and texts that warn clients of unauthorized transactions in their credit or debit cards. 

Sounding like what a bank might actually say and do, the email or text would go as far as telling cardholders what items were purchased, where, and when they were bought. But here’s the catch, if a cardholder would like to confirm or reverse such transaction, he or she will have to click a link to an “official” refund page. This link then leads to a FAKE landing page, where clients’ personal bank details are going to be “phished” or stolen if provided.

Truth is, opportunistic scammers are learning how to commit crime by adjusting their schemes to how banks do their advisories. Phishing emails and texts have recently become so professionally written that clients really need to spot fake links and websites than grammatical errors.  

Outsmart scammers by taking these reminders to heart


There is, however, no reason to feel helpless. Phishing and vishing (the telephone equivalent of phishing) are still easy to spot if bank clients just go back to the basics of what their banks will never do or ask from them.  

First, banks will never send deactivation threats. According to BDO Unibank, banks do not deactivate accounts or ask clients to “verify” via email, text, or call. Banks, it added, will also never send a link, not even to a “refund” page as now being circulated by scammers. These will lead to a fake website where clients’ personal information will be stolen.

Second, banks will also never ask for personal bank details through an embedded link. Reminding its clients and all cardholders as well, BDO said, banks will never ask for card details, such as account number and the CVV (3 digit number at the back of the card). These important details will allow scammers to make unauthorized transactions using other people’s cards.

Third, BDO said, banks will never ask for login details and more importantly the One-Time PIN (OTP). An OTP is sent by a bank once clients successfully log in using their username and password. This is the bank’s final security measure. Providing these details to scammers, is like handing them access to money and credit.

BDO believes that scammers will run out of opportunities if all people are armed with these three basic but very important reminders.
Feb 28, 2020

CBIC Marks 60th Milestone Anniversary in October

Country Bankers Insurance Corporation (CBIC) is one of the country’s leading affordable insurance companies, offering a variety of insurance products that gives protection to properties and assets.

Celebrating its 60th milestone year in October, Country Bankers Insurance Corporation (CBIC) a subsidiary of Country Bankers Insurance Group (CBIG), offers non-life insurance such as a motor vehicle, personal accidents, bonds, and fire insurance, among others.
 
“It is time that Filipinos change their old view of insurance as something unnecessary or not a priority. Whether big or small, properties should be covered by insurance because accidents or calamities occur anytime, anywhere and to anyone. It is best to be ready at all times,” says Geraldine Desiderio-Garcia, Senior Vice President & General Manager of Country Bankers Insurance Corporation.
 
Insurances in the Philippines have evolved over the years, says Garcia, improving the quality and scope of insurance and providing affordable options that fit various lifestyles. Staying true to its promise to be relevant yet affordable, Country Bankers’ scope of benefits and coverage carries benefits that can compete with other insurers.


Raising Awareness: For instance, March being Fire Prevention Month, it is the perfect time to discuss and raise awareness about the causes, hazards, and dangers of fire, and the most auspicious occasion to make decisions about insuring your properties. CBIC’s fire insurance coverage may be extended, upon payment of additional premium to allied perils such as earthquake, typhoon, and flood. Optional supplementary covers for fire insurance include burglary, cleaning of debris, fire-fighting expenses, rental expense or income and household employee belongings.  

“Filipinos have learned from their experiences and are now more informed and aware of the importance of getting insurance.  There are many insurance products that cover your needs in times of calamities" Garcia concluded.

For inquiries on life and nonlife insurance products, visit Country Bankers Centre at 648 T.M. Kalaw Avenue, Ermita, Manila or call 8523-8611 for life and 8524-0621 for nonlife. 
Sep 12, 2019

Easy ways to teach kids about money

With so many online sites and television shows advertising toys, clothes and gadgets for children, today's kids are tempted to buy all sorts of things at a very early age. 


It is important that parents teach their children as early as possible how to manage money well.

Sep 3, 2019

RCBC leads the way to open banking in the country

RCBC Branch Facade 
Imagine being able to secure loans with some of the lowest interest rates in the banking industry. Or conveniently transferring funds from one bank account to another, or perhaps, experiencing the best possible customer banking service around.