People all over Israel was following Jesus because they learned He was curing the sick, and cast away evil spirits. His mercy is abounding that He really spend time with people to heal them in their physical and spiritual sickness.
It is also our mission order. We are all called to be healers. And we are so happy we are part of a mission to spread financial literacy. We are being followed by lots of people who need financial healing. We are able to follow our Lord Jesus call to mission in the field of money management. And truly, it gives us immeasurable happiness for every person, and family we help define their financial plans, and achieve their financial goals.
I praise and thank God for the opportunity...
God bless us all!
Thursday, January 20, 2011
Wednesday, January 19, 2011
Is It Lawful To Do Good On Sabbath Or To Do Evil?
This is one occasion that Jesus was irked by the pharisees, when they were spying on him if he will cure a man with withered hand. Jesus retorted by asking them if it is lawful to do good or to do evil on a sabbath.
Once again, the pharisees are focused on the traditions and the letter of the law, They failed to see the intent of the sabbath. The Jews in Jesus time cling on the law that prohibits people from doing any task on a sabbath day that even doing something good to another person is considered unlawful.
Sometimes, I do have "sabbath day" in doing good to other people. There are times I just want to relax and refuse to lift a finger to help out another person in need, much like that of the pharisee who valued rest rather love, who value relaxing rather than doing good to others, not doing anything good in the guise of communing with God or even preferring prayers versus actions to do good to others.
Lord, teach us, guide us to value doing good than having our rest.
God bless us all!
Once again, the pharisees are focused on the traditions and the letter of the law, They failed to see the intent of the sabbath. The Jews in Jesus time cling on the law that prohibits people from doing any task on a sabbath day that even doing something good to another person is considered unlawful.
Sometimes, I do have "sabbath day" in doing good to other people. There are times I just want to relax and refuse to lift a finger to help out another person in need, much like that of the pharisee who valued rest rather love, who value relaxing rather than doing good to others, not doing anything good in the guise of communing with God or even preferring prayers versus actions to do good to others.
Lord, teach us, guide us to value doing good than having our rest.
God bless us all!
Tuesday, January 18, 2011
Why Do You Do What Is Unlawful On A Sabbath?
The Son of Man is lord even of the sabbath!
I have been to different parts of the world and had seen different religious practices concerning sabbath. The Jews like the Muslims start their sabbath in the afternoon of Friday. Our Catholic church designates Sunday as our sabbath. But once again, Jesus is objecting to the practice of traditions and laws that is so rigid that it does not end up to "Love of God, Love of Others, and Love of Self...
When the pharisees questioned why the disciples were picking up some grains in the field to eat on a sabbath, they are quick to accuse Jesus of unlawfully violating sabbath day.
Most often I too looked into this practice of resting on a Sunday with so much rigidity like that of a pharisee. I hate people and companies who make their employees work on a Sunday, my sabbath day. But as I grew in understanding and wisdom, I learned that sabbath is not a designated day, it is actually everyday, and every moment even while we are at work. My sabbath day is like today , this moment, reflecting on the word of God and communing with Him who made everything .
Why do you do what is unlawful on sabbath? This must transcend to why do we do what is not aligned with the Love of God.... for sabbath is just a day... or should I say it is everyday that we rest and commune with God!
God bless us all....
I have been to different parts of the world and had seen different religious practices concerning sabbath. The Jews like the Muslims start their sabbath in the afternoon of Friday. Our Catholic church designates Sunday as our sabbath. But once again, Jesus is objecting to the practice of traditions and laws that is so rigid that it does not end up to "Love of God, Love of Others, and Love of Self...
When the pharisees questioned why the disciples were picking up some grains in the field to eat on a sabbath, they are quick to accuse Jesus of unlawfully violating sabbath day.
Most often I too looked into this practice of resting on a Sunday with so much rigidity like that of a pharisee. I hate people and companies who make their employees work on a Sunday, my sabbath day. But as I grew in understanding and wisdom, I learned that sabbath is not a designated day, it is actually everyday, and every moment even while we are at work. My sabbath day is like today , this moment, reflecting on the word of God and communing with Him who made everything .
Why do you do what is unlawful on sabbath? This must transcend to why do we do what is not aligned with the Love of God.... for sabbath is just a day... or should I say it is everyday that we rest and commune with God!
God bless us all....
Monday, January 17, 2011
New Cloth Old Cloak, New Wine Old Wine Skin....
The people questioned , or should I say complained to Jesus why His disciples do not fast? And He answered them talking about new cloth not to be sewn on old cloak and new wine not to be poured on old wine skin...
I find it hard to reflect on these words for I cannot relate to this situation very well. These are old ways, and old analogies to retort back to what the people are complaining.
I see Jesus jolting the sensibilities of the Pharisees and the people supporting the Old Jewish Mosaic Law on Fasting. He seem to tell the people to abandon the old tradition, telling them to get updated on the realities of present. To see that what is important is not the letter of the Law, but the Essence of the Law.
I sense that Jesus is telling them , Hey, you wont understand what I am telling you for you're operating on a software that is not updated. You are still using DOS whereas we are already on Windows 2011!
I tend to focus too most of the time on what worked and how we did it in the past versus how my children are doing things their way today.
I pray that I would not be focused on the way of how things are done, but on the essence or the reason why it is done. I pray o God that I find wisdom to follow not the traditions but the reason for the traditions.
Thank You Lord!
God bless us all!
I find it hard to reflect on these words for I cannot relate to this situation very well. These are old ways, and old analogies to retort back to what the people are complaining.
I see Jesus jolting the sensibilities of the Pharisees and the people supporting the Old Jewish Mosaic Law on Fasting. He seem to tell the people to abandon the old tradition, telling them to get updated on the realities of present. To see that what is important is not the letter of the Law, but the Essence of the Law.
I sense that Jesus is telling them , Hey, you wont understand what I am telling you for you're operating on a software that is not updated. You are still using DOS whereas we are already on Windows 2011!
I tend to focus too most of the time on what worked and how we did it in the past versus how my children are doing things their way today.
I pray that I would not be focused on the way of how things are done, but on the essence or the reason why it is done. I pray o God that I find wisdom to follow not the traditions but the reason for the traditions.
Thank You Lord!
God bless us all!
Saturday, January 15, 2011
Happy Healthy Wealthy and Holy Family in Cavite!
To God be all the glory and praise! In this IMG business and mission we are in, we get to go around the world and around the country meeting people of different background and status in life. Government Officials like Vice-Governor, Mayor, Judge, Fiscal, People of different level of financial status such as Very Rich, Rich, not so rich and those who are wrestling with debts.
Yesterday, in our Home BMP at Imus Cavite I have met a family of businessmen headed by a couple whom I will consider as a role model for being Happy, Healthy, Wealthy,, and Ho;y Family.
I had goose bumps as I hear them share their childhood experiences, their struggles, and their current triumph. I asked their prmission to write this blog for them and I want to share with you a short background of the couple who leads the company. They are Marivic and Lito Lapuz from Imus Cavite.
Lito is an Electrical Engineer who in his childhood days already had been taught the value of money and saving. His father gave him a "pitogo" some sort of piggy bank where he puts his coins to accumulate to some amounts which he himself deposit to a bank. He has not changed his ways despite the fact that he has gone up in life and now is the president of their family corporation. He still is frugal and industrious. He also reads a lot, and loves Bro Bo's Books which he showed me (8 Secrets of Truly Rich, and How to be Truly Happy).
His wife also truly wowed me. She was born to a poor family and made her way up. She has been a good steward of all the blessings the Lord has given their family. She is very faithful in giving 10% tithes of their income. She practices it then when they do not have much and continues to practice it still now that they have more than enough for them. She also teaches the right values to her children as she wants them to be good stewards of their good fortune. She makes them (Jed the youngest at 15 and Arissa -17 ) earn their extra money by doing house chores. Truly amazing practice.
I am encouraging them to be our partner in spreading IMG Mission for they are truly inspiring models to emulate. A truly Happy, Helathy Wealthy and Holy family!
God bless them more, and God bless us all!
Yesterday, in our Home BMP at Imus Cavite I have met a family of businessmen headed by a couple whom I will consider as a role model for being Happy, Healthy, Wealthy,, and Ho;y Family.
I had goose bumps as I hear them share their childhood experiences, their struggles, and their current triumph. I asked their prmission to write this blog for them and I want to share with you a short background of the couple who leads the company. They are Marivic and Lito Lapuz from Imus Cavite.
Lito is an Electrical Engineer who in his childhood days already had been taught the value of money and saving. His father gave him a "pitogo" some sort of piggy bank where he puts his coins to accumulate to some amounts which he himself deposit to a bank. He has not changed his ways despite the fact that he has gone up in life and now is the president of their family corporation. He still is frugal and industrious. He also reads a lot, and loves Bro Bo's Books which he showed me (8 Secrets of Truly Rich, and How to be Truly Happy).
His wife also truly wowed me. She was born to a poor family and made her way up. She has been a good steward of all the blessings the Lord has given their family. She is very faithful in giving 10% tithes of their income. She practices it then when they do not have much and continues to practice it still now that they have more than enough for them. She also teaches the right values to her children as she wants them to be good stewards of their good fortune. She makes them (Jed the youngest at 15 and Arissa -17 ) earn their extra money by doing house chores. Truly amazing practice.
I am encouraging them to be our partner in spreading IMG Mission for they are truly inspiring models to emulate. A truly Happy, Helathy Wealthy and Holy family!
God bless them more, and God bless us all!
Wednesday, January 12, 2011
How to Be Truly Great and Happy!
Do you want to be Great! Do you believe we are born for greatness? Do you believe that our God is an awesome God Who always is ready to bless us with greatness? That everyday, something great is happening to you to make you greater?
Last night, I attended our regular Wednesday Training in Makati and was once again inspired by one of our leaders in International Marketing Group- IMG. He is the founder of the Wealth Academy and the author of the Lecture Series. He is no other than Noel Arandilla, a Chemical Engineer turned Financial Planner, Adviser, Consultant, Master Trainer, Master Builder and CEO of IMG. It was truly inspiring! Let me synthesize and add some personal insights and sharing on what it takes to be Great and may I add...and Happy!
To be great , based on the many success stories told over and over again, one has to find his gifting, develop it with passion , dream big dreams, focus and practice his craft . To be truly great and happy, I would like to add that we must be doing everything in the name of love anchored on the love of God and fellowmen. We must not measure our greatness alone by what we have accomplished ourselves but how many people have we uplifted and helped. We are great as measured by the "world" on how many places we have been, how many cars , house, assets we have. But, " Ang katanyagan na may kagalakan ay hindi lamang kung gaano kataas ka kumpara sa iba, bagkus kung gaano mo naitaas ang iba". True greatness with happiness is measured not by how much you are above others, but how much you have uplifted others .
One has to practice till perfection of his craft, never allowing difficulties block his way to success, and always go through difficulties and triumph (Try- Umph) over it. One has to spend at least 10,000 Hrs perfecting his craft by practicing diligently everyday for 10 years. Sometimes, practicing what others may consider already as punishing. And looking at failures as just a temporary halt to success. Never quitting, never stopping till he get his dreams!
When I was a boy , going 7, I have to be sent to my aunt in Gumaca to be adopted. We were poor that my parents cannot afford to feed and send us to school . I am the 5th of 12 children. Even in those times, raising a family of four was difficult what more with 12 children and with my father as lone bread winner. He was a Policeman, an honest policeman, "hindi nangongotong", and thus no sideline nor money from illegal means.
When I lived with aunt in the province, I had that frightening experience of sleeping alone in a room. There were no kids of my age to play with, that I even have to play with ants. There were times , I had nightmares and there was no one to embrace me or comfort me. Oh it was not just a difficult situation, it was horrifying. I was in that situation for one full year . And so after a year I asked my aunt that I be returned home to my family .
We were all back together and have to live with what we have. We have to help out in the family income. Imagine, this, My school uniforms are hand me down from top to bottom , including what is inside...yes, including that... you know what. I am assured only of elementary education as this is free and I just have to walk a short distance to school, thus minimal expense. My high school and college education is uncertain.
We slept 8 of 12 of us altogether in one sleeping mat we call "banig" and we do not have enough pillow and "kumot" when it is cold. We have one bathroom , that we have to cue in line each day, and thus some of us have to take a bath outside the house.
Because of this we all studied very well, dreaming, that one day, we will be able to lift us up from the misery of being poor. We also help augment our family's income by selling cigarettes, "mais", banana cue, "lumpiang togue" . We slowly but surely lifted up our living condition through the years.
I had big dreams... every time I see an airplane pass by our roof (we live near Manila International Airport now NAIA) I said to myself I will ride a plane someday. So as I fly my kite, I imagine myself soaring high in a plane traveling to different places in the world. I also dream of having a big house, a big bed with complete "unan at kumot". I dream of having a family , my own car,
I have finished my studies in flying colors, and completed college through full scholarship from the government with full allowances. Landed a good job, had traveled to most parts of the world, have a big house, , a car of my own, encircled with friends who has same passion and mission in life and more importantly friends who are also focused on serving and loving God.
Now as I look back, I thank God for allowing me to go through this experience for it had made me closer to Him. It also made me very calm and relax even in difficult situation for I know God is with me. It made me feel I am great for I have hurdled the difficulties, found my gifting as a trainer, with passion I use my gift, use and hone it by practicing it , and I help uplift many people with my gift.
But, let me add one more thing, we can find our happiness in our greatness by not comparing with others, but by looking at where we have been and how the Lord has blessed our way to greatness! And we must continue to look forward to each day for I truly believe something greater is in store for all of us each day!
God bless us all !
Last night, I attended our regular Wednesday Training in Makati and was once again inspired by one of our leaders in International Marketing Group- IMG. He is the founder of the Wealth Academy and the author of the Lecture Series. He is no other than Noel Arandilla, a Chemical Engineer turned Financial Planner, Adviser, Consultant, Master Trainer, Master Builder and CEO of IMG. It was truly inspiring! Let me synthesize and add some personal insights and sharing on what it takes to be Great and may I add...and Happy!
To be great , based on the many success stories told over and over again, one has to find his gifting, develop it with passion , dream big dreams, focus and practice his craft . To be truly great and happy, I would like to add that we must be doing everything in the name of love anchored on the love of God and fellowmen. We must not measure our greatness alone by what we have accomplished ourselves but how many people have we uplifted and helped. We are great as measured by the "world" on how many places we have been, how many cars , house, assets we have. But, " Ang katanyagan na may kagalakan ay hindi lamang kung gaano kataas ka kumpara sa iba, bagkus kung gaano mo naitaas ang iba". True greatness with happiness is measured not by how much you are above others, but how much you have uplifted others .
One has to practice till perfection of his craft, never allowing difficulties block his way to success, and always go through difficulties and triumph (Try- Umph) over it. One has to spend at least 10,000 Hrs perfecting his craft by practicing diligently everyday for 10 years. Sometimes, practicing what others may consider already as punishing. And looking at failures as just a temporary halt to success. Never quitting, never stopping till he get his dreams!
When I was a boy , going 7, I have to be sent to my aunt in Gumaca to be adopted. We were poor that my parents cannot afford to feed and send us to school . I am the 5th of 12 children. Even in those times, raising a family of four was difficult what more with 12 children and with my father as lone bread winner. He was a Policeman, an honest policeman, "hindi nangongotong", and thus no sideline nor money from illegal means.
When I lived with aunt in the province, I had that frightening experience of sleeping alone in a room. There were no kids of my age to play with, that I even have to play with ants. There were times , I had nightmares and there was no one to embrace me or comfort me. Oh it was not just a difficult situation, it was horrifying. I was in that situation for one full year . And so after a year I asked my aunt that I be returned home to my family .
We were all back together and have to live with what we have. We have to help out in the family income. Imagine, this, My school uniforms are hand me down from top to bottom , including what is inside...yes, including that... you know what. I am assured only of elementary education as this is free and I just have to walk a short distance to school, thus minimal expense. My high school and college education is uncertain.
We slept 8 of 12 of us altogether in one sleeping mat we call "banig" and we do not have enough pillow and "kumot" when it is cold. We have one bathroom , that we have to cue in line each day, and thus some of us have to take a bath outside the house.
Because of this we all studied very well, dreaming, that one day, we will be able to lift us up from the misery of being poor. We also help augment our family's income by selling cigarettes, "mais", banana cue, "lumpiang togue" . We slowly but surely lifted up our living condition through the years.
I had big dreams... every time I see an airplane pass by our roof (we live near Manila International Airport now NAIA) I said to myself I will ride a plane someday. So as I fly my kite, I imagine myself soaring high in a plane traveling to different places in the world. I also dream of having a big house, a big bed with complete "unan at kumot". I dream of having a family , my own car,
I have finished my studies in flying colors, and completed college through full scholarship from the government with full allowances. Landed a good job, had traveled to most parts of the world, have a big house, , a car of my own, encircled with friends who has same passion and mission in life and more importantly friends who are also focused on serving and loving God.
Now as I look back, I thank God for allowing me to go through this experience for it had made me closer to Him. It also made me very calm and relax even in difficult situation for I know God is with me. It made me feel I am great for I have hurdled the difficulties, found my gifting as a trainer, with passion I use my gift, use and hone it by practicing it , and I help uplift many people with my gift.
But, let me add one more thing, we can find our happiness in our greatness by not comparing with others, but by looking at where we have been and how the Lord has blessed our way to greatness! And we must continue to look forward to each day for I truly believe something greater is in store for all of us each day!
God bless us all !
Monday, January 10, 2011
Family Planning! How to become Happy Healthy Wealthy and Holy...
We are twelve in the family.... as there were not so much family planing initiatives by the government when our parents were raising us. But this is not the family planning I want to talk about in this page. To be Happy Healthy Wealthy and Holy, this does not happen by accident, this needs to be planned... and not just by individual persons but by the whole family.
We have started our planning last year and me and my wife had made this commitment to do this every year. Either on the Christmas Holidays (between December 25 to January 1) when our kids are out from school and my son can take a brief leave from work. This year, we did it January 2 right after the New Year.
We reviewed our past year goals and defined our goals for this year. We do it individually and we ask each one to share their dreams and goals for this year. We also planned out our family's activities for the whole year. We cover the different aspects : Relationships, Health, Finances, Spiritual, Studies, Work...
We thank the Lord for the many blessings he has showered upon us last year and we ask Him to doubly bless us this year with His abundant blessings.
We believe that God is opening up the flood gates of unimaginable and bountiful blessings! We believe that "something GREAT is already happening to us this very day, this very day, for Jesus is blessing our way!" .
I hope that you had also completed your family planing by now. If not, it is not yet too late...go for it.. And lay before the Lord almighty all your plans for Him to bless it and make it happen.
God bless us all!
We have started our planning last year and me and my wife had made this commitment to do this every year. Either on the Christmas Holidays (between December 25 to January 1) when our kids are out from school and my son can take a brief leave from work. This year, we did it January 2 right after the New Year.
We reviewed our past year goals and defined our goals for this year. We do it individually and we ask each one to share their dreams and goals for this year. We also planned out our family's activities for the whole year. We cover the different aspects : Relationships, Health, Finances, Spiritual, Studies, Work...
We thank the Lord for the many blessings he has showered upon us last year and we ask Him to doubly bless us this year with His abundant blessings.
We believe that God is opening up the flood gates of unimaginable and bountiful blessings! We believe that "something GREAT is already happening to us this very day, this very day, for Jesus is blessing our way!" .
I hope that you had also completed your family planing by now. If not, it is not yet too late...go for it.. And lay before the Lord almighty all your plans for Him to bless it and make it happen.
God bless us all!
Thursday, January 6, 2011
Having Credit Cards and Staying Happy!
The indicators shows more and more people are using their credit cards and this is a positive sign for economic activity. However, the grim side of it is that there is also a 3% increase in the number of people defaulting in their payments. See related news below I took out from BizLINK of Philippine Daily Inquirer.
Are you one of them? Do you have troubles coping up with your plastic money expenditures? Are you heavily indebted that your payment is taken from another credit card loan? Or are you one of us who have credit cards but are able to maximize its usefulness? Do you have credit card debts but is able to stay happy?
We were in the same pit some years back. But with discipline and financial literacy which we have acquired from Bro Bo's Truly Rich Coaching Seminar, and a series of free seminars at International Marketing Group Makati Office, we were able to get out of the sad predicament of having credit card debts which even ballooned to over a million pesos. So how did we do it?
First, we changed our spending habits by strictly monitoring our cash flow. Then, we consolidated our debts and eliminated some of our credit cards. We reduced it from 7 different bank providers to 2. Then we pay up our credit not based on what is minimum required. This is actually the credit card debt trap. They put in bold numbers the MINIMUM REQUIRED PAYMENT which if you follow will make sure you do not get out of debt.
Since we are paying in advance and more than what is required, we also negotiated for none payment of annual dues on the credit cards we retained.
Now, we are debt free and we make sure that we pay the dues before due date. We not only maximize the convenience , but we also enjoy perks like having to accumulate points which we exchange for some needed items in the house. We also got to enjoy some freebies that credit card providers gives to its users. Like having to eat for free in a fast food chain using the points we accumulate.
If you want to be coached, trained on how to be debt free... please respond to this blog or send me an email. I will be more than happy to respond and help you.
Now indeed, we are glad we have a credit card and we stay happy!
I hope you do too!
God bless!
Banks’ credit-card receivables up 3% to P134B
BizLINK
Defaults rise to 13.5% of total borrowings
By Michelle Remo
Philippine Daily Inquirer
First Posted 21:45:00 01/06/2011
Filed Under: Economy and Business and Finance, business
MANILA, Philippines—Credit-card spending rose anew in the third quarter of 2010. This, according to regulators, helped keep the consumption level high enough to help boost economic growth.
According to the Bangko Sentral ng Pilipinas, the outstanding credit card receivables of universal, commercial and thrift banks as of end-September 2010 amounted to P134 billion, up by nearly 3 percent from P130.2 billion in the same period the previous year.
The BSP said bank loans in the form of credit-card receivables accounted for nearly 5 percent of the total loans extended by universal and commercial banks.
Central bank officials said the continued rise in consumption provided good prospects for a sustained economic growth. They said consumer spending was one of the major drivers of economic growth.
As credit-card spending rose, defaults by “plastic money” holders also increased. The BSP said non-performing credit-card loans to total credit-card receivables ratio remained in the double-digit territory. It even increased year on year to 13.5 percent from 12.8 percent.
Loans are considered non-performing if they remain unpaid at least 30 days after maturity.
The latest non-performing credit-card receivables ratio was much higher than the total non-performing loans-to-total loans ratio posted by banks of only about 4 percent.
Analysts said this was an indication that credit-card holders were more likely to default on their obligations compared with other types of borrowers.
Also, non-performing credit-card receivables accounted for 13 percent of the total non-performing loans that the banks were exposed to. This was higher than the 12.3 percent recorded as of September 2009.
In view of the rising credit-card receivables of banks, the central bank last month issued tighter rules governing credit-card issuance.
The BSP earlier prohibited banks from issuing pre-approved credit cards.
Pre-approved credit cards are usually sent to target clients through regular mail or courier service.
The new guidelines also imposed tighter disclosure requirements. Banks are now required to present a table of credit-card transactions with the applicable interests and penalties in the billing statements issued to customers.
Cardholders should also be reminded constantly in the billing statements that payment of the minimum amount due, or any amount lower than the total amount due, for a billing cycle would result in the imposition of interest and other chargers.
According to regulators, some cardholders do not know how interests and other charges were computed. They are not aware that paying less than the total amount every month can result in the building up of interests and other charges on the balance, they added.
Some people who are not aware of how interests and penalties are charged on credit card borrowings tend to spend more than they can afford to pay using their “plastic money.”
Are you one of them? Do you have troubles coping up with your plastic money expenditures? Are you heavily indebted that your payment is taken from another credit card loan? Or are you one of us who have credit cards but are able to maximize its usefulness? Do you have credit card debts but is able to stay happy?
We were in the same pit some years back. But with discipline and financial literacy which we have acquired from Bro Bo's Truly Rich Coaching Seminar, and a series of free seminars at International Marketing Group Makati Office, we were able to get out of the sad predicament of having credit card debts which even ballooned to over a million pesos. So how did we do it?
First, we changed our spending habits by strictly monitoring our cash flow. Then, we consolidated our debts and eliminated some of our credit cards. We reduced it from 7 different bank providers to 2. Then we pay up our credit not based on what is minimum required. This is actually the credit card debt trap. They put in bold numbers the MINIMUM REQUIRED PAYMENT which if you follow will make sure you do not get out of debt.
Since we are paying in advance and more than what is required, we also negotiated for none payment of annual dues on the credit cards we retained.
Now, we are debt free and we make sure that we pay the dues before due date. We not only maximize the convenience , but we also enjoy perks like having to accumulate points which we exchange for some needed items in the house. We also got to enjoy some freebies that credit card providers gives to its users. Like having to eat for free in a fast food chain using the points we accumulate.
If you want to be coached, trained on how to be debt free... please respond to this blog or send me an email. I will be more than happy to respond and help you.
Now indeed, we are glad we have a credit card and we stay happy!
I hope you do too!
God bless!
Banks’ credit-card receivables up 3% to P134B
BizLINK
Defaults rise to 13.5% of total borrowings
By Michelle Remo
Philippine Daily Inquirer
First Posted 21:45:00 01/06/2011
Filed Under: Economy and Business and Finance, business
MANILA, Philippines—Credit-card spending rose anew in the third quarter of 2010. This, according to regulators, helped keep the consumption level high enough to help boost economic growth.
According to the Bangko Sentral ng Pilipinas, the outstanding credit card receivables of universal, commercial and thrift banks as of end-September 2010 amounted to P134 billion, up by nearly 3 percent from P130.2 billion in the same period the previous year.
The BSP said bank loans in the form of credit-card receivables accounted for nearly 5 percent of the total loans extended by universal and commercial banks.
Central bank officials said the continued rise in consumption provided good prospects for a sustained economic growth. They said consumer spending was one of the major drivers of economic growth.
As credit-card spending rose, defaults by “plastic money” holders also increased. The BSP said non-performing credit-card loans to total credit-card receivables ratio remained in the double-digit territory. It even increased year on year to 13.5 percent from 12.8 percent.
Loans are considered non-performing if they remain unpaid at least 30 days after maturity.
The latest non-performing credit-card receivables ratio was much higher than the total non-performing loans-to-total loans ratio posted by banks of only about 4 percent.
Analysts said this was an indication that credit-card holders were more likely to default on their obligations compared with other types of borrowers.
Also, non-performing credit-card receivables accounted for 13 percent of the total non-performing loans that the banks were exposed to. This was higher than the 12.3 percent recorded as of September 2009.
In view of the rising credit-card receivables of banks, the central bank last month issued tighter rules governing credit-card issuance.
The BSP earlier prohibited banks from issuing pre-approved credit cards.
Pre-approved credit cards are usually sent to target clients through regular mail or courier service.
The new guidelines also imposed tighter disclosure requirements. Banks are now required to present a table of credit-card transactions with the applicable interests and penalties in the billing statements issued to customers.
Cardholders should also be reminded constantly in the billing statements that payment of the minimum amount due, or any amount lower than the total amount due, for a billing cycle would result in the imposition of interest and other chargers.
According to regulators, some cardholders do not know how interests and other charges were computed. They are not aware that paying less than the total amount every month can result in the building up of interests and other charges on the balance, they added.
Some people who are not aware of how interests and penalties are charged on credit card borrowings tend to spend more than they can afford to pay using their “plastic money.”
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