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San Miguel SWEEP card SHOULD NOT BE USED until DEBT is manageable

bauer · 5 · 1935

bauer

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An excerpt from the Philippine star news today and quote:

"Diversified conglomerate San Miguel Corp. (SMC) has jumpstarted its foray into the e-commerce business with the launch of a reloadable cash card targeted for at least one million users this year.

Its newly-created subsidiary, Autosweep Post Corp., has invested around P200 million for the Sweep cash card that can be used in more than 100 merchant partners, company executives said.

“Sweep is laying down the foundation for the Philippines to become a cashless society. It’s revolutionizing how we transact business...it’s our answer to the government’s call for financial inclusion,” said SMC president and chief operating officer Ramon S. Ang."

Dapat ayusin muna ng San Miguel ang kanilang napakalaking utang (about 680 billion pesos last 3rd quarter report) bago sila mag offer ng SWEEP card sa mga consumers.

Ang San Miguel ay nakatakdang magbayad ng humigit kumulang 68 billion pesos ng kanilang utang anytime during the first half of this year.  Kung ito ay mababayaran ng hindi maglilikha ng bagong utang, ay makakaraos sila sa taong ito.

Kapag ang mga tao ay nahikayat nilang gumamit ng SWEEP card, at ang San Miguel ay hindi nakabayad sa kanilang utang, maraming ordinaryong tao ang mawawalan ng pera sa sistemang ito.

Mga mahalagang katanungan,

Bakit pinapayagan ang isang pribadong kumpanya, na may napakalaking utang, mag offer ng isang "financial product" sa publiko kahit sila ay hindi bangko?

Ang kanilang bangko na ka tie-up (Security bank - San Miguel) ay humingi ba muna ng pahintulot sa Bangko Sentral para sa ganitong klaseng produkto?

Pananagutan ba ng Security Bank ang mga pera ng mga consumer na nagtiwala sa SWEEP kung ang San Miguel ay biglang nagkaproblema sa pera?

Ang payo ko sa lahat, umiwas sa produkto na SWEEP ng San Miguel hanggat ang kanilang utang ay hindi bumaba ng less than 50% sa kasalukuyang halaga.
« Last Edit: Jan 29, 2014, 01:19 AM by FutureGizmo »


vicces

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ok lng daw yan he's got no less than Pnoy as his fanboy and bokal brader...

http://verafiles.org/pnoy-ramon-ang-and-zenaida-ducut/
« Last Edit: Jan 28, 2014, 09:55 PM by vicces »


personalfinanceapprentice

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Pero weird nga na pinayagan silang mag offer ng cash card.

Baka naman parang yung reloadable GC lang ng SM? pero bakit tinatanggap sa iba ibang stores?


wilch23

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Parang G Cash lang yan. Indirect Money printing. May precedent na kasi.



bauer

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Parang G Cash lang yan. Indirect Money printing. May precedent na kasi.

^ It's quite true BUT CASH collected by a company INTENDED for payment to other services provided by other sectors MUST ONLY be allowed by our government If the collecting agency's FINANCIAL STABILITY IS SECURE.

Otherwise, sayang naman yung cash load sa card kung sa dulo eh hindi mapakinabangan ng mga consumers.  It is worse than corporate debt because it is hard to collect when something goes wrong. 


 


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