Facebook Instagram Linkedin Twitter Youtube
Home Blog Page 13069

ERC: 78 gov’t firms eligible under retail power supply rules

A TOTAL 78 government entities belonged to the contestable market as of September, giving them the option to buy their electricity from a licensed retail electricity supplier (RES) instead of the distribution utility that owns the franchise of the area where their offices are based.

Based on latest data from the Energy Regulatory Commission (ERC), the state firms are among the 1,571 companies in Luzon and the Visayas that have the power to choose their power suppliers, which claim to offer lower rates than distribution utilities.

These government entities include Bangko Sentral ng Pilipinas, Cultural Center of the Philippines, Philippine International Convention Center, the Government Service Insurance System and the Social Security System.

The list includes schools such as the University of the Philippines and utilities such as the Metropolitan Waterworks and Sewerage System.

The ERC data show Luzon has a total of 1,016 1-megawatt (MW) “contestable customers” or those whose power usage have reached a monthly average of 1 MW in the past year.

Luzon’s 750-900 kilowatt (kW) contestable customers have numbered 368 as of September. They too can buy their electricity from a licensed RES.

The distinction between the two consumer groups is the scheduled date during which they were mandated to switch to a RES from a distribution utility. The regulations that call for the switch are currently on hold after these were questioned before the Supreme Court, which issued a temporary restraining order.

In the Visayas, the number of contestable customers within the 1-MW threshold hit 147, while those in the 750-900 range numbered 40 during the period.

Retail electricity supply rules are in force where the electricity spot market operates, thus Mindanao has remained excluded under the rules covering retail competition and open access (RCOA).

Luzon had a total of 1,384 retail electricity suppliers, while Visayas had 187 as of September. — Victor V. Saulon

Now Corp. trims losses in 3rd quarter

NOW Corp. narrowed its losses in the third quarter to P1.05 million from P13.86 million recorded during the same period last year.

In a regulatory filing, Now Corp. said its nine-month net income stood at P84,672, reversing the P25.30-million loss last year.

Revenues during the July to September period rose 54% to P33.5 million from the P15.52 million last year.

“The increase is due to the significant increase in service revenue from P36.589 million last year, it goes up to P87.546 million this year. Service revenue pertains mainly to fees or income earned from the deployment by the company of professionals to its clients to render IT-related solutions and services. Also, sales revenue increased by P5.294 million, from P8.331 million in 2016 to P13.624 million in 2017 and this was due to the increase in sale revenue generated form broadband and software licenses,” Now Corp. said.

For the nine month period, revenues stood at P101.6 million, 119% higher than the P46.39 million during the same period a year ago.

The listed telecommunications company said earlier it will offer services to homes interested in “enterprise-grade” broadband connection.

NOW Corp. currently provides its wireless broadband service to corporations, banks, and government offices. It will initially target 20% of homes in Metro Manila. The initial area to have the home wireless service is Corinthian Gardens subdivision in Quezon City.

By mid-year next year, NOW targets to cover Cebu City and Davao City, and it aims to cover 400,000 homes and small and medium enterprises (SMEs) in the country in five years. — Patrizia Paola C. Marcelo

Prince’s vision spurs new Cornwall coastal village

NEWQUAY, UK — In his long wait to become Britain’s king, Prince Charles has pursued his passion for architecture. His latest brainchild is a new neighborhood in a deprived area of Cornwall in England’s southwestern corner.

“Nansledan” (“Broad Valley” in Cornish) is an extension of the seaside resort of Newquay, popular with surfers and young revelers, and aims to provide environmentally friendly housing and give a shot in the arm to the former mining region’s economy.

“We are looking to create a viable community… we will be building a school, we’re building a church, offices, shops,” said Alastair Martin, from The Duchy of Cornwall, the prince’s estate.

With an architectural focus on combining tradition and modernity, the new one- and two-storey houses line neat streets with Cornish names.

The homes’ stone and pastel-hued facades as well as the slate roofs are a deliberate effort to help blend the homes in with the area’s older buildings.

Unlike many suburbs where the car is king and everything is a drive away, Nansledan has its own amenities and is a short walk to the shore and town center.

Developers hope the project will regenerate and diversify Newquay’s economy, which currently relies on tourism and low-paid seasonal jobs.

Some 137 houses have already gone up since construction began on part of the prince’s vast landholdings in 2014.

In total, some 4,000 dwellings will be built over 40 years on the 218-hectare (538-acre) plot, which belongs to the Duchy.

“For a town of only 20,000 people that’s quite a lot,” said town councillor Louis Gardner.

BEES AND FRUIT TREES
The green, pink and blue buildings remind Theresa Ferguson, an employee at the nearby airport who moved into one of the new houses in June, of the small Irish village from where her mother originated.

“This is something that’s going to be really good for Newquay, good for the area and good for me and for family when they come down,” Ms. Ferguson said.

Nansledan is also forward-thinking in a bid to remain sustainable, combining Charles’s twin passions of architecture and the environment.

“He’s been very heavily involved,” said architect Hugh Petter, director of ADAM Architecture which has helped coordinate the project. “He comes down twice a year.”

Nansledan is not Charles’s first attempt at a planned community.

The project is based on the principles that Charles already established in Poundbury, an experimental new town in Dorchester, southern England, in the early 1990s.

That initiative prompted criticism over its mix of architectural styles, with one critic describing it as a “feudal Disneyland.”

More homogeneous in style, Nansledan seeks to offer a different experience to the average suburban housing estate, with a focus on nature, amenities within walking distance and ensuring a social mix.

“You can take your child to the swings and go and attend your vegetables,” said Mr. Petter, referring to the integrated play area and allotments.

All the trees around the houses will bear edible fruit, while beehives will be built into the houses.

Economically, the goal is to create a job per household through the offices, businesses or services that the new development will attract, and 30% of the homes will be social housing, or cheaper than the market rate, and indistinguishable from the other homes.

It is hoped the project will give local people a chance of getting on the housing ladder, a task made ever more difficult by the proliferation of second homes, accused of driving up local house prices.

“I think within the Newquay area we could do with more affordable homes and I think that the Nansledan development could go further” than the planned 30% allocated as social housing, said Mr. Gardner.

With many houses on the development currently priced at over £300,000 ($395,700, €335,000), they “would be out of reach for the average family,” he added.

The same criticism was leveled at the Tregunnel Hill project of 174 dwellings that the Duchy built on the edge of Newquay and served as a blueprint for Nansledan.

Overall, there has been little criticism of Nansledan. But the Tregunnel Hill development saw hundreds of people oppose the loss of green space where the buildings went up.

NEW JOBS?
But, with £21 million already invested, Mr. Petter said: “There will be a big economic dividend for the local people and local businesses.”

Support for the local economy begins with the construction of the homes, using materials such as slate and granite from nearby quarries.

Mark Jackson, site manager at Morrish Builders, one of three contractors working on Nansledan, said the company had “spent the last five years developing and training a labor force” to work to scale with the local materials to a high standard.

Thanks to Nansledan and other projects, Fraser Parkin, a barber in Newquay town center, said he had already seen a boost in business.

But he voiced concern over whether new residents would all manage to find work despite the creation of jobs in the neighborhood through the project.

Mr. Gardner agreed that the more highly qualified or skilled new residents could have difficulty finding jobs in the area.

“That will be a challenge,” he said. — AFP

GSW-OKC saga

Nope, Kevin Durant’s absence didn’t matter a whit to the Warriors yesterday. Notwithstanding his all-world worth to the defending champions, he was not missed against the Nets; His teammates blitzed the hosts throughout the first half and then coasted the rest of the way to notch Win Number 13 of 17 matches. And, not surprisingly, two-time Most Valuable Player Stephen Curry led the way, coming up with 39, 11, seven, and three in a sterling effort that even had him toiling at the other end of the court.

Not that Durant’s sidelining was borne of anything serious. He was first listed as day to day, and then scratched from yesterday’s set-to altogether, due to a left ankle sprain. And, of course, all and sundry could not help but look ahead; with due respect to the National Basketball Association’s doormats of the 2016-2017 campaign, queries weren’t on how the Warriors would fare without him at the Barclays Center, but on how much less exciting their next outing would be should he stay in the sidelines.

As it happens, the Warriors are scheduled to rub elbows with the Thunder in two days, with their status as preseason favorites to prevail in the West serving to add to the tension. Should Durant manage to suit up, the encounter figures to be even more compelling in light of his frosty relationship with the franchise he once led. Otherwise a no-brainer, his participation is still up in the air; even he doesn’t know if his ankle will have healed enough to let him burn rubber by then.

Significantly, Durant believes his ties with the Thunder are improving. Never mind that wounds, seemingly inflicted by perceived slights, have festered; just this offseason, he seethed upon receipt of news that the franchise he toiled for through his first nine years in the pros gave his number away, and to a rookie. As far as he’s concerned, time is an ally, and when push comes to shove, family will be family. It’s why, he said, he knows general manager Sam Presti and partner turned rival Russell Westbrook will be on his deathbed, guaranteed.

Granted, the outcome of the latest episode in the Warriors-Thunder saga won’t determine the holder of the Larry O’Brien Trophy by June next year. On the other hand, sweating the small stuff is precisely how winners distinguish themselves. So, yes, everyone hopes Durant will be on the active roster; protagonists will then do battle at full strength, fans will then get their money’s worth, and the NBA will then be all the better for it.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994. He is the Senior Vice-President and General Manager of Basic Energy Corp.

Main index inches higher on Draghi, blue chips

THE Philippine Stock Exchange Index (PSEi) started the week on a good note, following positive remarks from European Central Bank (ECB) President Mario Draghi and upward movements from big firms.

The benchmark index closed at 8,321.98, higher by 10.90 points or 0.13%, but the all-shares index dropped to 4,871.75, down 2.07 points or 0.04%.

Luis A. Limlingan, managing director at Regina Capital Development Corp., said the market may have been lifted by comments from ECB’s Mr. Draghi saying the Eurozone economy was robust, although economic recovery was still reliant on stimulus from the central bank.

“Perhaps some of the buy up was due to ECB Draghi’s speech. European Central Bank President Mario Draghi in a speech in Frankfurt expressed confidence in the Eurozone’s economic recovery, saying the region is ‘in the midst of a solid economic expansion,’” Mr. Limlingan said in a text message yesterday.

“US stocks retreated last Friday as investors were concerned of economic growth, and market turned cautious ahead of Thanksgiving week. Philippine stocks however used the negative close of Wall St.’s leads for another strong performance today. The positive tone continued as traders looked to buy into the sentiment and low value turnover,” he added.

Jervin S. de Celis, equities trader at Timson Securities, Inc., said despite the market being up, it is still expected to move sideways in the next days while investors await economic data.

“While our market ended slightly up today led by SM (SM Investments Corp.), BDO [Unibank, Inc.] and BPI (Bank of the Philippine Islands), I think the index will continue to move sideways, probably between the range of 8,300-8,450 in the next 5-10 days as investors wait for a number of macroeconomic announcements from major economies that will be released this week,” Mr. De Celis said in a text message. These economic data include the Federal Open Market Committee’s meeting minutes, US jobless claims, and Japanese trade data.

SM closed at P980 each, up 14.50 points or 1.50%; BDO at P148.70, up 2.50 or 1.71%; and BPI closed at P98.50 apiece, up 0.95 point or 0.97%.

Among the sectors, financials closed at 2,084.79, up 15.36 points or 0.74%; holding firms at 8,456.49, up 15.07 points or 0.17%; and mining and oil at 12,119.71, up 1.21 points or 0.01%.

Meanwhile, the other three indices were down. Industrial closed at 11,001.40, down 57.65 points or 0.52%; services at 1,640.19, down 13.32 points or 0.8%; and property at 3,865.20, down 1.20 points or 0.03%.

Value turnover stood at P5.6 billion, down slightly from Friday’s P5.63 billion, with 3.65 billion shares changing hands

Decliners outnumbered advancers, 122 to 80, while 42 remained unchanged.

Net foreign buying climbed to P294.42 million yesterday from Friday’s P199.55 million. — Patrizia Paola C. Marcelo

Why gov’t can’t be the third telco player

By Jose Bimbo Santos

JUST to immediately get this out of the way, this is not meant to belittle the landmark Luzon Bypass Infrastructure (LBI) project for what it truly is — a milestone initiative that undoubtedly would help bridge the country’s yawning digital divide with the help of Facebook, thanks no end to sustained government efforts that started way back from the now-defunct DICT predecessor, DOST-ICT Office then headed by Louis Casambre, and now finally finalized by DICT OIC-Sec Eliseo Rio.

But I think some degree of qualification should be in order with respect to how the public may misconstrue this project — of government now stepping up to the plate as “the third player.” To an extent, it could in as much as it will substantially enhance the existing function of DICT (carried over from DOST — ICTO) of providing a dedicated public sector backbone and of serving missionary areas.

But will it go head-to-head against the incumbents PLDT/Smart and Globe? I don’t think it can, nor it should. Actually, this project will also ultimately be beneficial to the duopoly in the long-run by nurturing demand in areas where it does not make business sense for the private sector to invest now, the so-called underserved and unserved areas, which are targeted as main beneficiaries of the DICT’s National Broadband Plan, besides the public sector. I don’t see a future scenario where retail consumers could now select the government as the third option over PLDT/Smart and Globe. What is optimal, as is the stated goal of the DICT, is to enter and serve areas where there is no any option at all.

Indirectly, the project can empower small ISPs and cable operators as they can eventually lease cheaper bandwidth in bulk from the LBI and package it to end-users as a mobile virtual network operator.

But whether a provider can successfully mount a nationwide operation as an mobile virtual network operator (MVNO) may be a difficult proposition at this point (a far easier territory to operate as a standalone MVNO is Singapore as shown by Circles.Life).

As these initial LBI off-takers are likely to be small, their deployments may most probably be targeted in select areas, not at the level that could make the incumbents quiver in their well-heeled boots.

One area that some say could be carved out is the public sector portfolio of the telco incumbents. That may be true, though I think not in totality. Regional and local government offices in untapped areas of course would be best served by the new infra, but national government agencies still have to put up redundancy measures to their connectivity. Also, enterprise services of telcos have now gone far beyond mere access, with its host of bundled ancillary services — like data center solutions, cloud application services, CDNs, content, etc — that would be challenging to compete against for a small player.

So I guess my point is that there will be vastly different roles for the private and public sectors to play in this space, but not as competitors. The closest analog I can think of in terms of relationship is Napocor’s missionary electrification program through SPUG (small power utilities group), whose sole mandate is to provide power to off-grid areas.

As Casambre said when I called him up to congratulate, the LBI “is a small piece to a large puzzle.”

Of course, one of the best solutions to our anguished lament for better services is to have another private sector player that could compete at scale. But considering that San Miguel Corp — flush with cash, had consolidated the needed spectrum assets, and had a considerable foreign partner — opted out at the 11th hour speaks volumes about the current balance of opportunities and risks in the telco space. It also pays to remember that the industry was populated before by at least half a dozen players all with nationwide aspirations, until the industry’s ruthless calculus narrowed it down to two. We need a third player. But does a third player want us?

 

Jose Bimbo Santos is a reporter covering business and ICT for TV5 and Bloomberg TV Philippines.

Airbnb raided by Japan fair trade watchdog

TOKYO — Airbnb’s offices in Japan have been raided by anti-monopoly officials, the homesharing giant said Friday, denying any wrongdoing and pledging cooperation.

Japan’s Fair Trade Commission reportedly carried out the raids over suspicions Airbnb was requiring users to sign exclusively with its site and cut ties with other agencies.

“Airbnb Japan received an on-site inspection by the Japan Fair Trade Commission and we are cooperating with the Commission’s ongoing investigation,” the company said in a statement.

“Airbnb does not require hosts or partners in Japan to list properties exclusively with Airbnb, and we will work with the JFTC to address any questions they may have,” the firm added.

Fair Trade Commission official Kazuyuki Katagiri declined to comment on the report, saying that authorities do not comment on ongoing investigations.

Airbnb, which lets homeowners share their homes for a fee by marketing them online, has become a popular alternative to hotels and mirrors consumers’ growing reliance on online sharing services in other areas such as transport.

But the company has faced mounting criticism from some quarters that it exacerbates housing shortages and squeezes the long-term rental sector, with cities including New York, Miami and Berlin cracking down on the service. — AFP

How PSEi member stocks performed — November 20, 2017

Here’s a quick glance at how PSEi stocks fared on Monday, November 20, 2017.

Nation at a Glance — (11/21/17)

News stories from across the nation. Visit www.bworldonline.com (section: The Nation) to read more national and regional news from the Philippines.

The benefits of giving

What a great Christmas gift we (the Filipino people) received last month. After 154 days, the Marawi siege is over. Salute to all our selfless soldiers in bringing back peace in the southern island of Mindanao.

But as former British Prime Minister Neville Chamberlain once said, “In war, whichever side may call itself the victor, there are no winners, but all are losers.” In the Philippines, the war may have ended, but the sufferings of our brethren in Marawi still continue. As of last week, there are more than 4,000 families who are still in evacuation centers in neighboring towns or cities. Many houses, buildings, and other structures were also torn down, and it is estimated that more than P50 billion is needed to rehabilitate and rebuild Marawi City.

The only good thing brought about by the siege in Mindanao is the outpouring of financial support from individuals and corporations both domestic and foreign. There are also various organizations that are raising funds to help rehabilitate war-torn Marawi.

Before donating, however, the donors sometimes ask what the tax benefits are. Could they claim a tax deduction? What are the tax implications of their donations?

Gifts to strangers (i.e., anybody who is not a sibling, spouse, ancestor, or lineal descendant; or a relative by consanguinity in the collateral line within the fourth degree of relationship) are subject to 30% donor’s tax. However, gifts to qualified donee institutions duly accredited by the Philippine Council for Non-Government Organizations (NGO) Certification, Inc. (PCNC) are exempt from donor’s tax, provided that the donor complies with certain conditions prescribed under the existing law and other relevant issuances. Gifts made to or for the use of the national government may also be exempted from donor’s tax.

If the donor is an individual not engaged in trade or business, he or she cannot claim any tax benefit for the donation, even if it is made to a qualified institution. If the donor — whether an individual or a corporation — is engaged in business, it may enjoy full deductibility against taxable income for making a donation to a qualified institution.

To be entitled to the tax exemption and deduction, however, the donor engaged in business is required under Revenue Regulation (RR) No. 02-03 to submit a notice of donation on every gift worth at least P50,000 to the Revenue District Office with jurisdiction over the donor’s place of business. This shall be filed within 30 days after receiving the certificate of donation issued by the qualified donee institution.

The mandatory information under existing tax regulations (i.e., RR Nos. 13-98 and 02-03) is required to be provided in the Certificate of Donation (BIR Form 2322) as prescribed under Revenue Memorandum Circular No. 86-2014. BIR Form 2322 consists of two parts — a donee certification and a donor’s statement of values. The donee certification indicates the donee’s confirmation of receipt of donation, the date it was received, and the amount of cash or the description of the property donated; and is signed by an authorized representative of the donee organization.

The donor statement, on the other hand, provides the description, acquisition cost, and net book value of the property donated as reflected in the donor’s financial statements, signed by an authorized representative. In cases of donation in kind, a copy of the sales document shall also be required to support the acquisition cost claimed by the donor.

The numerous requirements sometimes discourage certain donors. For them, the requirements suppress the spirit of giving by negating the purpose of the incentive, if not fully complied with and followed to the letter. Despite the difficulties, however, most donors continue to donate, because they know the true benefits of giving.

Giving without expecting in return can have some of the most impactful influences on our lives since it enables us to be selfless. Giving allows us to notice the world around us. A study conducted by the National Institutes of Health reveals that people feel more rewarded when they give money to charity. Perhaps because giving and helping is innate in every human being. The magnitude of our generosity, though, depends on how we nourish it.

Despite the difficulties, we should never stop being generous to good causes. We should always be good stewards. The gospel last Sunday on the Parable of the Talents reminds us that everything we have — our talents, resources, and life, among others — belongs to God. We are merely stewards of what belongs to God. Talents are entrusted to us not only for our own benefit but are meant to be shared with those who need them most. When we give wholeheartedly, we will receive the true benefits of giving, i.e., our Father will reward us (Matthew 6:3-4); and he loves a cheerful giver.

Edward L. RogueL is a partner of the Tax Advisory and Compliance and head of Japanese Business Group of P&A Grant Thornton. P&A Grant Thornton is one the leading audit, tax, advisory, and outsourcing services firms in the Philippines.

SSS net income down as expenses rise on pensions

STATE-RUN pension fund Social Security System (SSS) saw its profit more than halved as of September due to a surge in benefit payouts after the pension hike, it said in a statement.

Netting out total revenues from total expenses, the state pension fund’s net profit fell 56.58% to P11.91 billion in the first nine months of the year, from the P27.43 billion recorded in the same months of 2016.

SSS’ total revenues as of September SSS grew 10.72% to P146.17 billion from the P131.97 billion posted in the same period last year.

Total expenditures for the January-September period, meanwhile, stood at P134.26 billion, surging 28.43% from the P104.54 billion recorded in the same period a year ago. Of this amount, operating expenses declined by 0.05% to P6.48 billion.

The rise in expenses was due to the surge in benefit payouts after the implementation of the first of two P1,000 pension hikes approved by President Rodrigo R. Duterte in February.

SSS President and Chief Executive Officer Emmanuel F. Dooc said benefit payments grew 30.31% to P127.78 billion as of September from P98.06 billion in the same nine months last year.

“The increase in benefit payouts was higher due to the release of the P1,000 additional benefit amounting to P24.03 billion from January to October 2017 and the 3rd tranche of pension adjustments arising from the unlumping of 1985 to 1989 contributions amounting to P72.43 million,” Mr. Dooc said in the statement.

The SSS said the third tranche of pension adjustments for retirees, death and disability pensioners prior to May 24, 1997, or the implementation of the Republic Act 8282 or the Social Security Law, was already credited to accounts of qualified pensioners on June 29 this year.

Broken down, SSS payments for death benefit payments grew the fastest, seeing a 43.51% surge to P40.17 billion at end-September. This was followed by releases disability benefits at a 42.8% increase to P4.64 billion.

Retirement benefit payouts meanwhile grew 26.75% to P73.65 billion in the same period, while sickness benefits were up 8.47% to P1.95 billion, and funeral payments saw a 6.09% rise to P2.85 billion.

Rehabilitation and medical services benefits, however, declined 20.36% and 13.47% to P1.1 million, and P9.7 million, respectively.

Moreover, members’ contributions, representing 81.8% of total revenues, amounted to P119.5 billion at end-September, up 11.31% from P107.36 billion in the same period in 2016.

“[C]omponent-wise, collections from the employed sector registered the biggest amount at P103.1 billion, followed by voluntary paying members at P10.98 billion, and self-employed at P5.42 billion,” he added.

Investment and other income for the nine-month period, which represents 18.2% of total revenues, was 8.16% higher at P26.62 billion, according to SSS.

Mr. Dooc said the pension fund’s financial position remained stable with total assets of P511.72 billion, 7.4% higher from P476.40 billion due to the increase in investments and cash equivalents.

Meanwhile, SSS’ investment reserve fund as of September was recorded at P490.32 billion, 5.6% higher than the P464.42 billion recorded at end-2016.

Currently, SSS is pushing legislation to amend its charter, which would enable it to raise the member salary credit ceiling to P30,000 by 2022.

Such a move would raise member contributions to offset the two-pronged pension hike without necessarily raising the current 11% contribution rate — which was said to be a “last option,” Social Security Commission Chairman Amado D. Valdez said last month. — Elijah Joseph C. Tubayan

Planning to save, saving to plan

Who here had a piggy bank when they were younger? We bet only a few weren’t taught to “save” since the first time they received Christmas money. But, we want to ask now: what does it really mean when we say we should save as adults? We got one of our friends, Jehan De Guzman, a full‑time financial advisor at Sun Life, to talk about the importance of saving, and how saving isn’t just dropping some leftover coins into a piggy bank.

What is saving?

The most basic thing about saving is that you really have to live within your means.

It’s easier said than done because it’s so easy to spend nowadays, but checking your spending habits really is the first and key step. Know your spending triggers and don’t spend more than you earn.

Is spending less the only way I can save? What are spending triggers?

Refusing to buy the most recent gadget and resisting to shop over the weekend sale are only a few ways to save.

Another way—and we strongly suggest this—is to make a cashflow list. A cashflow list is basically a table or chart where you list down all your sources of income per month on one side, and then jot down all your expected expenses on the other. Include absolutely everything that you spend on—leisure, transportation, parking, insurances, business, salaries, tuition fees, loans, clothes, etc. These are your spending triggers. We have a sample and an entire list below so you can create a more comprehensive list for yourself. By writing them all down, you can easily see where your monthly money really goes.

Art Erka Capili Inciong

After making a cashflow list, what now?

Seeing exactly what your expenses are will present you with the most difficult questions: Do I really need a ₱2,500 monthly cellphone subscription? Is it necessary to buy new accessories every month? Is an out‑of‑town trip really something I can afford right now? The cashflow list and the questions you will be answering will, of course, depend on your priorities and non‑negotiables so, feel free to add and remove items for your personal cashflow list. Make sure to also include your investments so that you can really allocate budget for them every month.

If you’re finding it difficult to list where your money goes, then that’s also a sign that you should be more conscious of how you spend your money. Make a cashflow list starting now and it will absolutely make a difference to your spending.

Planning to save is only the first step to successfully managing your finances. It is an equally important step to discipline yourself by doing away with the unnecessary items and religiously sticking to your budget for the non‑negotiables. Once you’re able to plan how to save, we’re sure that there will be more save to make your future plans.

Jehan De Guzman is a full‑time advisor and manager at Sun Life Financial. From being a project manager in a bank to being an interior designer, De Guzman eventually found purpose and fulfillment in being a financial advisor as she takes part in improving financial literacy among Filipinos. As cliché as it may sound, she proudly claims that finding a job you love is indeed possible. If you wish to contact her, you may reach her at 09156488284 and jehan.deguzman@gmail.com and jehan.z.deguzman@sunlife.com.ph.

We would also like to thank Sun Life Financial for the infographic shown in the article.

1...13,06813,06913,070...13,910Page 13,069 of 13,910
© 2024 BusinessWorld Publishing.
All rights reserved.
Read our privacy guidelines
Facebook Instagram Linkedin Twitter Youtube