11/27/2011

Are There Landbank Remittance Partners in Singapore?

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Yes. These are Landbank remittance partners in Singapore:


BRUNPHIL EXPRESS (S) PTE LTD.
#2 -83 Lucky Plaza
304 Orchard Road
Tel Nos: 7356201 to 05, 7351631

LUCKY PLAZA BTI COURIER EXPRESS, INC.
#03-81 Lucky Plaza
304 Orchard Road
Tel No: 6733-0103

KABAYAN REMITTANCE PTE LTD. / KABAYAN TRADING SERVICES
#03-26 Lucky Plaza
304 Orchard Road
Tel Nos: 6732-9551, 6836-6326

MASS EXPRESS PTE LTD
175 Bencoolen Street #01-39
Burlington Square
Tel No: 673 24243

METRO REMITTANCE CENTER
#04-93 Lucky Plaza
304 Orchard Road
Tel No: 734 8035

PINOY EXPRESS PTE LTD
#02-47 Lucky Plaza
304 Orchard Road
Tel No: 6737-9002, 6737-9102

PAY2HOME PTE LTD
37 C Tanjong Pagar Road
Tel No: 6372 2473
Website: pay2home.com

iREMIT SINGAPORE PTE LTD.
(iREMIT, INC.)
#03-69 Lucky Plaza
304 Orchard Road
Tel Nos: 6235 8600, 6235 8941
Website: myremit.com

11/24/2011

History of PAG-IBIG Fund or Home Development Mutual Fund (HDMF)

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History of PAG-IBIG ("Pagtutulungan sa Kinabukasan: Ikaw, Bangko Industriya at Gobyerno")

When Did Pag-ibig Fund Philippines Start?

In 1978.

But it was only in 1981 when many employees came to know about Pag-ibig Fund or Home Development Mutual Fund (HDMF). It was the year employers started implementing Presidential Decree 1530, which was issued on December 14, 1980. This decreed Pag-ibig as mandatory for all employees and their employers.

PAG-IBIG stands for  "Pagtutulungan sa Kinabukasan: Ikaw, Bangko Industriya at Gobyerno"

Here are the Presidential Decrees (PD), Executive Orders (EO) and Republic Acts (RA) covering Pag-ibig Fund:

June 11, 1978 - Presidential Decree 1530 - President Ferdinand Marcos

Two Home Development Mutual Funds were established by the administration of then President Ferdinand Marcos -- one administered by SSS and another administered by GSIS -- to provide a program for employees to apply for housing loans. However, participation was voluntary.

June 4, 1979 - Executive Order No. 538 - President Ferdinand Marcos

The two Home Development Mutual Funds were merged into one Fund managed by the National Home Mortgage Finance Corp.

December 14, 1980 - Presidential Decree 1752 - President Ferdinand Marcos

This PD 1752 amended PD 1530.

The Home Development Mutual Fund was made one corporate body with a corporate office.
Coverage was made mandatory for all government and private employees and their employers.
It also extended the fund to other working groups, such as the self-employed, with or withour employer contributions.

Executive Order No. 35 - August 1, 1986 - President Corazon Aquino

- This amended 5 sections of PD 1752.
- The percentage of employee contributions was reduced from 3 percent to 2 percent.

Executive Order 90 - December 17, 1986 - President Corazon Aquino

- This repealed Section 4 of Presidential Decree No. 1752.
- Pag-ibig was made Voluntary.

Republic Act No. 7742 - June 1994 - President Fidel Ramos

- This amended PD No. 1752 and repealed Executive Order No. 90.
- Pag-ibig was made Mandatory again.

Republic Act No. 9679 - July 21, 2009 - President Gloria Macapagal Arroyo

- Addition of death benefit
- Mandatory membership for Filipinos employed by foreign-based employers, including Overseas Filipino Workers (OFWs)
- Mandatory membership for employees whether permanent, provisional or temporary
- Voluntary coverage for persons who are at least 18 years old and are not subject to mandatory coverage
- Paved the way for the launching of Modified Pag-ibig II, a five-year renewable savings program with a higher interest rate.

History of Pag-ibig Fund or Home Development Mutual Fund (HDMF)

What's the Cheapest Way to Send Money from China to the Philippines

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Arguably the cheapest way to send money from China to the Philippines is through the use of the China Union Pay (CUP) network.

Logo owner: en.unionpay.com/comInstr/brands/file_4600165.html
The China Union Pay (CUP) is the sole national bank card system of China and has become the largest payment card network in the world, surpassing the network of Visa.

How do we use China Union Pay for remittance from China to the Philippines?

Open two bank accounts in your bank in China, such as Bank of China (BOC), Industrial and Commercial Bank of China (ICBC), Agricultural Bank of China, China Merchants Bank and other banks that issue China Union Pay (CUP) bank cards or ATM cards.

Send one ATM card to your family in the Philippines through the EMS postal system, a vacationing trusted kababayan, or any other secure courier. Note that some couriers do not transport bank cards.

Your family can then use the China-issued ATM card to withdraw money from an ATM machine that displays the Union Pay logo. The transaction fee is 200 pesos per withdrawal (may be higher or lower, depending on the Philippine bank), so choose a Philippine bank that has the highest ATM withdrawal limit per transaction.

According to unconfirmed sources, HSBC has the highest ATM withdrawal limit per withdrawal. If you can withdraw 20,000 pesos for only 200 pesos, then this would be the cheapest way to send money from China to the Philippines. Even if you can withdraw only 10,000 pesos at the price of 200 pesos, it's still cheaper compared to other China-Philippines remittance methods.

Of course, if you need to send much more than a hundred thousand pesos at one time, you need to compute and compare it with the fees charged by other remittance services.

Here's another cheap way to send money to the Philippines from China: Metrobank remittance.

11/20/2011

Is there a Philippine bank in China?

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Yes, it's Metrobank. It has a subsidiary in China called Metropolitan Bank (China) Ltd. and is headquartered in Nanjing. It has branches in Nanjing, Shanghai, Pudong and Beijing.

Can we send money from China to the Philippines via these Metrobank offices?

Yes. The charge for sending money is 45 RMB. Show your tax invoice for verification, particularly for larger amounts.

Metropolitan Bank (China) Ltd.
35th Floor Lianqiang International Tower
289 Jiangdongzhong Road
Jianye District, Nanjing
Tel No:  86-25-6858-4111

Nanjing

Ground Floor Lianqiang International Mansion
No. 289 Middle Jiangdongzhong Road
Jianye District, Nanjing
Tel No.:  86-25-6858-4111

Shanghai

1152 West Yan'an Road
1st/Floor Metrobank Plaza
Shanghai 200052 PROC
Tel No.:  86-21-6191-0799, 86-21-6191-0777

Pudong

1203 Marine Tower
1 Pudong Ave.
Shanghai 200120 PROC
Tel No.:  86-21-6886-0899, 86-21-6886-0008

Beijing

14th Floor Room 1410, Office Tower One
Henderson Center, 18 Jian Guo Men Nei St.
Beijing
Tel No:  86-10-6518-3359

Yes, there's a Philippine bank in China.