14 Call Center Interview Questions & Answers

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The call center industry is one of the fastest growing in the country these days. As recently as ten years ago, there were only a few call center agents and the word call center was hardly ever used in the country. Today, almost every family has at least one member working in the call center industry. The reason for this boom is partly economics. In the Philippines, low paying jobs are very notorious and while call centers set up shop here because of the low labor costs, Filipinos decide to work for the call center industry because it pays higher than average wages. Consider this: if you are an average worker with an entry level position, you probably are getting paid seven to ten thousand a month; meanwhile, an average employee in the call center industry with an entry level position will get around fifteen thousand pesos a month, plus free dental and health benefits (HMO). Call centers also will pay your SSS (Social Security), PAGIBIG (home building fund), and PhilHealth (health ins...
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What Happens if your Stock Broker in the Philippines Closes?

Recently, I was asked by a friend from the office what will happen to her stocks if COL Financial closes. Her plan is to hold on the stocks in her COL Financial account for a very long time. I happen to also have a COL Financial account but since I don’t intend to keep the stocks in my COL Financial account for a very long time, I really didn’t bother to check what will happen if COL Financial or any other stock broker in the Philippines closes down.

In the Philippines there is a company which acts much like the PDIC in which it ensures investors’ stocks and cash left (cash balance) with stock brokers, it is called the Securities Investor Protection Fund or the SIPF. The PDIC is a company that insures your bank deposits should a bank close down.

READ: 12 Tips on How to Save Money

COL Financial is a member of the SIPF. The cash balance that you have with COL is insured through the SIPF up to 100,000 pesos only. Please note that this limit only applies to the cash balance in your account and not your stocks.

If you have 1 million pesos worth of PLDT stocks with COL and COL closes down, all of your PLDT stocks are safe. Remember that COL is only a broker (or an agent) and they don’t physically hold in their possession the stocks purchased by their clients. Stock brokers in the Philippines are required by law to lodge or deposit the shares purchased on behalf of clients with the Philippine Depository & Trust Corporation (PDTC) as custodian.

COL recommends that you keep a copy of your updated ledger to have a proof of your holdings. Here is a screenshot of where you can download your ledger:

click to enlarge

If you don’t intend to touch your stocks for a really long time, you may also choose to convert your electronic shares into a physical certificate. Just bear in mind though that stock certificates are not anymore tradable online through your COL account.

Below are instructions on how to convert your electronic shares into a physical certificate.

click to enlarge

Comments

  1. johnSaturday, February 15, 2014 3:55:00 PM

    If a stock broker closes it can be a drastic loss for a person so that is why it is said that you have to work with a broker who has his own goodwill and market repudiation.

    ReplyDelete
  2. Jerome HerreraSunday, February 16, 2014 11:34:00 PM

    Thanks for your comment john. Indeed you have to choose a good broker that is accredited with the pse and a member of the sipf.

    ReplyDelete
  3. AnonymousSaturday, June 13, 2015 3:56:00 PM

    in our case it still too far for a possibility of any broker closing for bankruptcy coz they are earning so much on commission fees unlike US brokerage where they have fix transaction fees.

    the only basis on choosing a safe brokerage here on ph is number of registered members. the more members the more income coming in, the safest your investment would be.

    ReplyDelete
  4. AnonymousThursday, January 21, 2016 3:17:00 PM


    As a good practice, maintain another account with another broker.. so in case your broker1 closes you can EQtrade your shares to Broker 2..

    ReplyDelete

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