Experiences investing in double-your-money programs in the Philippines
June 8, 2007
One hot topic in the PMT Forum these days is the discussion of double-your-money programs or 20%-per-annum time deposits offered by a few rural banks in the Philippines. In the article Double-your-money investment schemes — are they for real? we mentioned that these "investments" are actually time deposits and, as such, are covered by the Philippine Deposit Insurance Corporation (PDIC) up to P250,000 (US$5,300).
The discussion centers on whether this high-yield investment program is virtually risk-free due to the PDIC coverage. Consequently, some members have endorsed this double-your-money time deposit program while several others have raised issues against it.
After the jump you can read experiences posted by some PMT members who directly placed money into these offers.
Post your own experiences or join the discussion in the Rural banks offering 20% per annum thread.
Guide to identity theft prevention
May 25, 2007
Here are some useful tips provided by Equitable PCI Bank to help you prevent identity theft when doing online banking.
Electronic Banking Consumer Protection Tips
from Equitable PCI Bank
Double-your-money investment schemes — are they for real?
May 17, 2007
Several rural banks in the Philippines are offering time deposits that pay as much as 20% interest per annum, effectively doubling your money after five years. Because these are time deposits, they are supposedly covered by the PDIC up to P250,000.
So does that make it a high-yield but virtually risk-free investment?
Let us know by posting your thoughts in the Rural banks offering 20% per annum thread in the PMT Forum.
Here's what a few PMT members have to say about double-your-money time deposit investment offers:
BPI Express Online now shows detailed transaction history
May 14, 2007
Early this month, Bank of the Philippine Islands (BPI) announced in BPIExpressOnline.com that users of its online banking facility will soon be able to see additional details of their transactions in their account history.
Today I logged in to my Express Online account and saw that BPI has already started implementing this. I’ve long waited for this one and even sent them last year a suggestion regarding this, so I’m glad they have finally adopted this.
BPI warns users against phishing emails
February 4, 2007
The Bank of the Philippine Islands (BPI) recently issued a warning to users of BPIExpressOnline, its online banking facility, against phishing emails. Phishing — pronounced “fishing” as in “fishing for information” — is a type of deception designed to steal one’s personal data such as credit card numbers, passwords, and account login information.
How to check whether an email is a phishing email or not and how to protect oneself from phishing is discussed in the What is Phishing? article.
Security Bank’s “Save and Win” Promo
December 3, 2006
All new and existing Security Bank Corporation (SBC) individual/joint accountholders who open or are maintaining any of the raffle-eligible accounts during the promo period of September 1, 2006 to January 31, 2007 are eligible to win in this promo.
The eligible accounts are: Peso Savings-Passbook, Peso Savings-ATM, Build Up Savings, Regular Peso Checking Account, CheckRight, CheckOne, All-In-One Checking Account and US Dollar Savings.
Land Bank of the Philippines’ “Harvest 5″ long-term time deposit
November 22, 2006
Product Name
Land Bank of the Philippines' Tax-Free "Harvest 5" Long-term Time Deposit
Product Description
A long-term time deposit offered to individuals (single or joint accounts) by Land Bank of the Philippines (LBP), earning the prevailing market interest rate.
Term
Five (5) years and one (1) day
Minimum investment
P100,000
Interest Rate
Prevailing market rate
Tax exemption
No withholding tax and documentary stamp tax if maintained until the end of the investment period
Options for Interest Crediting
Compounding - Interest earned is reinvested with the capital and compounded monthly until maturity
Monthly Crediting - Interest earned is credited to an affiliate LBP account every month
Pre-Termination Penalty
If the investment is pre-terminated within ninety (90) days from the date of placement, interest rate to be applied is the prevailing regular savings interest rate. If pre-terminated beyond ninety (90) days but below five (5) years from the date of placement, interest to be applied is the time deposit posted depending on the amount and days of placement.
Contact Details
Land Bank of the Philippines
LANDBANK Plaza
1598 M. H. Del Pilar cor Dr. Quintos Streets
Malate, Manila, Philippines 1004
Office Numbers: (632)5512200 / 6220000 / 4507001
Website: www.landbank.com
Discuss this product
Discuss this and other time deposit and bank products in the Banking, Personal Finance, and Other Money Matters board of the PMT Forum.
[tags]investments Philippines, investment products, time deposit Philippines, high yield investment, high return, interest rate, Land Bank of the Philippines, LandBank[/tags]
BPI’s Express Journeys Promo
November 15, 2006
Use Bank of the Philippine Islands' Express Services to do your banking transactions and get a chance to win an Asian adventure for two! Earn an electronic raffle entry when you enroll or do any of the following transactions using BPI Express Online, Express Mobile, Express Phone and Express Teller ATM:
- Bills Payment
- Prepaid Reload
- Funds Transfer
- Balance Inquiry
- Credit Card Cash Advance
Promo period: May 1, 2006 - January 31, 2007
More details here: www.bpiexpressonline.com
BPI Express Online
Earn an electronic raffle entry when you enroll or do any of the following transactions using BPI Express Online:
- Bills Payment
- Prepaid Reload
- Funds Transfer
Grand Prize
A rejuvenating trip for two to Bangkok with premium hotel accommodations.
Quarterly Prizes
A relaxing trip to Boracay and an invigorating spa package.
BPI Express Mobile
Earn an electronic raffle entry when you enroll or do any of the following transactions using BPI Express Mobile:
- Bills Payment
- Prepaid Reload
- Funds Transfer
Grand Prize
Go to Malaysia and experience bungee jumping from the 3rd tallest building in the world – The Petronas Towers.
Quarterly PrizesStay at the exotic Club Paradise Resort in Palawan and enjoy water sports at El Rio y Mar.
BPI Express Phone
Earn an electronic raffle entry when you do any of the following transactions using BPI Express Phone:
- Bills Payment
- Prepaid Reload
- Funds Transfer
Grand Prize
Visit the different sites in Beijing and discover the rich history and culture of China.
Quarterly Prizes
Take a trip to Bohol Beach Club and enjoy a countryside tour to see the endangered tarsiersand the historic Baclayon Church.
BPI Express Teller ATM
Earn an electronic raffle entry when you enroll or do any of the following transactions using BPI Express Teller ATM:
- Bills Payment
- Prepaid Reload
- Funds Transfer
- Credit Card Cash Advance
Grand Prize
Sing your way to Singapore and splurge on your fave music records.
Quarterly PrizesEnjoy premium accommodations at the Mandarin Oriental and be entertained by renowned artists at the Captain's Bar.
BPI Express Teller’s promotions
November 14, 2006
Make a purchase using BPI Express Teller's EPS (Express Payment System) and take part in the following ongoing promotions.
More details about BPI Express Teller and EPS in the Bank of the Philippine Island (BPI)'s site: www.bpiexpressonline.com.
Get more than 50% discount on the Black & Decker Steam Iron when you BPI EPS at Ace Hardware, Hardware Workshop, Handyman Branches and Rustan's Branches.
Promo runs from September 1 to November 30, 2006.
Click the image above for more promo details.
Free Le Coeur de France's PAIN DE MIE (or any loaf) plus VIP COUPON for FREE FRAPPE when you make a single or accumulated EPS purchases from Oct 1 to Nov. 30, 2006 worth P1,500 from the following Malls: Glorietta, Greenbelt, Shangri La, Alabang Town Center, Festival Mall, Robinsons Galleria and Sta Lucia. EPS purchases at affiliated Le Coeur outlets are also entitled to a 10% discount.
Click the image above for detailed promo mechanics.
Citystate Savings Bank’s Lion King Club
November 7, 2006
Citystate Savings Bank, Inc. was registered with the SEC on May 20, 1997. The Monetary Board of the BSP granted the Bank a license to operate as a thrift bank on August 7, 1997. The Bank was envisioned to become a major thrift bank and a strategic partner in the development of the SME market in the Philippines.
The Bank began its commercial operations on August 8, 1997 when it opened its first branch located in the Dominga Building in Chino Roces corner Dela Rosa Streets in Makati City. The Bank's principal and administrative offices are currently located at Citystate Centre Building along Shaw Boulevard in Pasig City, Metro Manila.
Citystate Savings Bank is a member of BancNet and the PDIC.
The Lion King Club
The Lion King Club is an exclusive, elite club of Citystate Savings Bank depositors. Once you open a savings or checking account at the bank and maintain a minimum balance of one hundred thousand pesos (Php 100,000) for 30 days, you automatically become a member of the Lion King Club for the whole year.
