Saturday, February 27, 2010

Pacquiao vs.Clottey LIVE Update

Manny “Pacman” Pacquiao

Age: 31

Division: Light welterweight

Country: Philippines

Record: 50 – 3 – 2

KO: 38 (76.0%)

Rounds Boxed: 305 rounds

Height: 5′6 1/2″

Reach: 67″

Last five Opponents:
Miguel Cotto – Win by TKO in 12th round
Ricky Hatton – Win by TKO in 2nd round
Oscar De La Hoya – Win by TKO in 8th round
David Diaz – Win by TKO in 9th round
Juan Manuel Marquez – Win by Split Decision

Real Name: Emmanuel Dapidran Pacquiao

Nicknames: Pac-Man, The Destroyer, The Mexi-cutioner, The People’s Champion, Pambansang Kamao (National Fist)

Rated at: Light Welterweight

Nationality: Filipino

Birth Date: December 17, 1978 (1978-12-17) (age 31)

Birth Place: Kibawe, Bukidnon, Philippines

Stance: Southpaw

Joshua Clottey

Age: 32

Nationality: Ghanaian

Born: Accra, Ghana

Record: 35-2-0 (20 knockouts)

Losses: Carlos Manuel Baldomir, disqualified 11th round, London, November 29 1999; Antonio Margarito, unanimous decision 12th round, New Jersey, December 2 2006

Stance: Orthodox

Height: 173cm

Reach: 70 inches

Last fight: Zab Judah, won by technical decision 9th round, Las Vegas, August 2 2008

Previous title: IBF welterweight

Friday, February 26, 2010

Mutual Fund

Should you invest in Mutual Funds?

The first time I heard about mutual funds was during the Think Rich seminar of Bo Sanchez in Dubai in 2008. I got excited when I learned that if I invest, my money will grow as much as 12% interest. Not bad considering that a time deposit of 1K to less than 10K for 364 days in BPI ( will yield a meager 2.25% interest per annum with 20% government tax.

But what is Mutual Fund? A quick search in wikipedia reveals that a mutual fund is a professionally managed type of collective investment scheme that pools money from many investors and invests it in stocks, bonds, short-term money market instruments, and/or other securities. The mutual fund will have a fund manager that trades the pooled money on a regular basis. The net proceeds or losses are then typically distributed to the investors annually.

So when I went home for a vacation I went to a PAMI office (Philippine Asset Management, Inc.) a subsidiary of Philamlife, to entrust my hard earned savings of P 40,000.00. I put P 20,000 in GSIS Mutual fund at about P 360.00 at that time and 20,000 in Philippine Strategic Growth Fund at NAV of about P 2.50.

Stepping out of the door, I had a feeling of pride within me. I became an investor of sort for the first time. At last my money will grow faster than time deposit.

Well, not really a good timing for me! After few days, NAV started to slide far away into the oblivion. And a few more months my PSGF NAV hit a depressing P 216.00. As of this writing my PSGF NAV is P 325.00.

I think before investing you must know how much risk you can tolerate, whether it is for long term or short term goal. Don’t forget to research a good fund manager which is very important. You can start for as low as P 5,000.00 investment and minimum additional investment P 1,000.

For more information on Philam funds visit For comprehensive list of mutual funds and fund managers visit

Thursday, February 25, 2010

Pag-IBIG expands mandatory coverage to include OFWs

February 1, 2010

Bigger and better benefits for new members
“Be a Pag-IBIG member and secure a bright future for yourself. Your savings with the Fund earn double and even triple. These savings are guaranteed by the government and earn tax-free dividends. More importantly, as a member you have access to benefits no banks can give such as the lowest interest housing loans, fast salary loans and reliable calamity loans. ”
This was the statement of Jaime A. FabiaƱa, chief executive officer of the Home Development Mutual Fund or Pag-IBIG Fund, in his meeting with representatives of Filipino communities in Hong Kong Sunday.
Fabiana met with Hong Kong-based Filipinos to inform them that with the passage of Republic Act No. 9679 (also known as the Home Development Mutual Fund Law of 2009), signed by President Gloria Macapagal Arroyo on 21 July 2009, “Pag-IBIG is now opening its doors to all types of Filipino workers, both from the formal and informal sectors, in the country or overseas”.

Under the universal membership coverage which takes effect beginning January this year, the following are mandatorily covered by the Fund: all employees who are compulsorily covered by the SSS; all employees who are subject to mandatory coverage by the GSIS; uniformed members of the Armed Forces of the Philippines, the Bureau of Fire Protection, the Bureau of Jail Management and Penology, and the Philippine National Police, Overseas Filipino Workers, and Filipinos employed by foreign-based employers, whether deployed in the country or abroad.
Membership of OFWs used to be voluntary under the old Pag-IBIG Overseas Program, with terms of five, 10, 15, and 20 years.

With the mandatory coverage, OFWs can enjoy the various benefits of being a member which include:

Savings. Members’ contributions are credited to their savings or the total accumulated value that earn dividends and fully guaranteed by the national government. In 2009,

Pag-IBIG declared tax-free dividends amounting to P8.5 billion with a dividend rate of 5%.

“At this dividend rate, an OFW member will generate savings amounting to P40,753 if he contributes P100 monthly for 20 years; P81,507 if he contributes P200; and P203,768 at P500 a month. The bigger the contribution, the bigger the savings,” Fabiana explained.

He assured that Pag-IBIG savings are portable, meaning, “these remain in the name of a member even if he transfers employers, works abroad or becomes self-employed or even unemployed”.
Short Term Loans. OFW-members can also avail of short-term loans that will help address their immediate financial needs such as payment for tuition fees, hospital bills, appliance purchases, minor home repairs, and even for small business capital.

Housing Loan. A member of good standing is eligible to avail of a home financing loan that has an interest rate of as low as 6% to 11.5% payable in 30 years. The maximum loan amount is P3 million. The loan can be used for the purchase of a fully developed lot within a residential area not exceeding 1,000 sq.m., purchase of a residential house and lot, townhouse or condominium unit, construction or completion of a residential unit on a lot owned by the member, home improvement and refinancing of an existing loan.

Fabiana said that in 2009, Pag-IBIG extended a total of P9.6 billion in housing loans to their OFW members which financed 12,233 housing units. “No other financial institution, government or private, has extended this much for OFWs’ housing,” he stressed.

He attributed the 68% increase in housing loan availment of OFWs in 2009 to the housing reforms initiated by Pag-IBIG’s Board Chairman Vice President Noli “Kabayan” De Castro, primarily the low interest rates and long repayment period, which makes it the most affordable home lending program in the country today.

To register for membership and for other inquiries, OFWs can call 724.4244 or visit the Pag-IBIG office located at the 6F, Justine Building, Gil Puyat Avenue, Makati City (beside Land Bank). They can also register through the Pag-IBIG satellite offices at the Philippine Overseas Employment Agency (POEA) and the Ninoy Aquino International Airport (NAIA) or coordinate with the Pag-IBIG information officers who conduct the Pre-Departure Orientation Seminar for OFWs

Tuesday, February 23, 2010

Overseas Employment Certificate

Click here for the Latest update for OEC in Dubai.

What is an OEC?

An overseas employment certificate (OEC), is a requirement under POEA Rules and Regulaitons to help ensure that Filipino overseas workers (OFWs) are properly documented and protected.

Only OFWs are required to get an OEC. In this case, OFWs would include: work permit holders such as domestic helpers, etc. as well as S-pass and E-pass holders. PRs, EPEC holders and OJTs are not required to get OECs.

Used OEC, whether regular or multiple, is a requirement to be submitted to the Department of Tourism to avail travel tax reduction for OFW dependents.

What are the requirements for Issuance of Overseas Employment Certificate (OEC)?

Domestic Workers

a.1. Accomplished application form

a.2. Valid Employment Contract (processed by POEA or the Philippine Embassy – if there is no valid authenticated employment contract, please proceed to OEC for domestic worker for the checklist of requirements)

a.3. Work Permit Card

a.4. Passport

a.5. Two-way ticket or Itinerary issued by travel agency

a.6. Proof of OWWA valid membership (i.e. official receipt, certificate of coverage); worth S$42.00 renewable every 2 years.

Others applicants

b.1. Accomplished application form

b.2. Employment Card, S Pass, Work Permit Card

b.3. Passport

b.4. Two-way ticket or Itinerary issued by travel agency

b.5. Proof of OWWA valid membership (i.e. official receipt, certificate of coverage); worth S$43.00 renewable every 2 years)

Where and when to file an OEC?

OEC applications can be filed at Window 2 of the Philippine Embassy (Sundays from 9:00 a.m. to 12:30 p.m. and 1:30 p.m. to 4:30 p.m. / Mondays to Thursdays from 9:00 a.m. to 12:30 pm and 1:30 p.m. to 5:00 p.m.)

How long will it take to process an OEC?

During ordinary days (not peak season) 5 to 10 minutes, provided the documentary requirements are complete.

Can a domestic worker apply directly with the Embassy to secure an OEC, without passing thru Singapore agent (SinAgent)?

Yes, provided she has a valid employment contract processed by the Philippine Embassy, in addition to other documentary requirements stated in item I-A.

How much is the processing fee for OEC?

S$5.50 payable in cash only.

Multiple OEC

An OFW who will travel to the Philippines twice or more in a year may apply for and will be issued multiple OECs. The copy of the multiple travel exit clearance (OEC) shall be validated on the date of departure by the POEA Labor Assistance Center at the appropriate international airport and copies of the same shall be submitted by the OFW/s to the Philippine Tourism Authority (PTA) and the Ninoy Aquino International Airport to avail of the exemptions from payment of travel tax and airport terminal fee pursuant to Sec. 35, R.A. 8042 (Migrant Workers and Overseas Filipinos Act of 1995).

What are the requirements for the application of a multiple OEC?

The issuance of “Multiple Travel Exit Clearances’ (Multiple OECs) is governed by POEA MC No. 12 (2005) which allows OFWs provided with short contract durations and frequent vacations to avail of the same with one year validity upon submission of the following:

c.1. Valid Passport (Original)

c.2. Valid Work visa

c.3. Proof of Current Employment (Contract for Domestic Workers/EP/S-pass , etc.) with more than a year’s validity; and

c.4. Proof of OWWA membership (Official Receipt or Certificate of Membership Coverage) with more than a year’s validity.

Map of Philippine Consulate in Dubai

Map of POLO OWWA in Dubai

(taken from website)

What is Pinoy OFW?

An Overseas Filipino is a person of Philippine origin who lives outside of the Philippines. This term applies both to people of Filipino ancestry who are citizens or residents of a different country and to those Filipino citizens abroad on a more temporary status.

Most overseas Filipino migrate to other nations to find employment or support their families in the Philippines. As a result of this migration, many countries have a substantial Filipino community.

Often, these Filipinos are referred to as "Overseas Filipino Workers" or "OFWs". The term "Global Filipino" is another term of more recent vintage but less widely used.

Philippine President Gloria Macapagal-Arroyo recently applied the term "Overseas Filipino Investor" or "OFI" for Filipino expatriates who contribute to the economy through remittances, buying property and creating businesses.