A personal blog about anything and everything that I can handle. Here you will find several articles about job hunting, the call center industry, saving and investing money, current events, food, restaurants, travelling, and so much more!
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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The Philippines' Central Bank Calls Gold An Investment
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In 2020, Philippine Central Bank
governor Benjamin Diokno said that the Philippines has “more than optimal” gold and will start actively trading it. A move that makes
one think that the Philippines was wallowing in a river of gold bars
and that gold was simply a commodity. However, a new video released
by the Banko Sentral ng Pilipinas (BSP) in their Facebook page seems to
regard gold much better and even seems to endorse it.
In the video, the Banko Sentral ng Pilipinas
calls gold a 'matatag na uri ng investment' or a stable investment.
They also acknowledge the value of gold throughout history and calls the precious metal a 'physical na lagakan ng yaman' or a tangible storage of wealth.
The Philippines is a gold-producing country and in 2016 was ranked fifth top gold producer in Asia. But the video reveals that beginning in 2011, when a 7% tax was imposed on gold miners, the BSP was no longer able to accumulate gold as gold miners opted to sell their gold in the black market. However, in 2019, the BSP removed the tax and was able to purchase gold again.
Talking about the precious metal in glowing terms, is the BSP now promoting gold or is the video simply an announcement of ramping up their gold purchase program?
Here is my translation of the video above in English:
Gold has been valuable since the dawn of time and today it is considered a stable form of investment. Gold is normally purchased by governments, central banks, financial institutions, and the private sector. It serves as a tangible store of wealth. The Banko Sentral ng Pilipinas or BSP purchases gold. BSP has a mandate to buy gold. Under Republic Act 7076, gold that comes from small-scale miners in the country should be sold to the central bank. Meanwhile, under Republic Act 7653 that created the BSP, gold can be a part of our Gross International Reserve.
Is gold a safe and stable investment?
Gold meets the criteria needed to become part of our reserves. Because of this, the BSP treats gold as a permanent part of our Reserve Assets Portfolio.
Gold is a safe investment. It is not any government's liability. It does not get old, rot, and it cannot be destroyed throughout time.
Gold can be considered a liquid asset that can be used at any time it is needed. It is also used widely in world trade.
Gold offers good protection in uncertain times. This was proven during the Global Financial Crisis in 2008. From 2008 to 2012, the price of gold almost doubled. This shows that whenever there is turmoil in the financial markets, the price of gold goes up.
Gold is an important element that lowers the volatility or risk in our Reserve Portfolio.
The BSP is able to accumulate gold from the local market because the Philippines is a country rich in gold. Whenever the demand for gold in the world market is down, the BSP is able to purchase gold from the local mines as part of our reserves.
What is the importance of BSP buying gold?
Aside from growing our reserves, this also helps in the problem of illegal smuggling of gold because this stops trading in the black market.
Since gold is bought by the BSP at the prevailing price in the world market, miners are assured of a fair rate. This also helps the community prosper as a whole.
Before 2011, the BSP was buying gold continuously. BSP is the only official buyer of gold for miners. However, when a 2% excise tax and a 5% creditable withholding tax was imposed on gold sold to the BSP, the amount of gold sold dwindled to the point of almost non existence. Miners were forced to sell in the black market that offers a higher rate. The gold tax was also the reason why there was an increase in incidence of smuggling gold outside of the country.
Through the passage of the Republic Act 11256 last 2019, registered small-scale miners and accredited gold traders that will sell gold to BSP will no longer pay taxes. Currently, the BSP actively trades gold to properly manage the country's International Reserves. By having the optimal amount of International Reserves, we are assured that the Philippines has a liquidity buffer to shield us against uncertainties in the world market.
I was scratching my head trying to figure out how to register to DITO promos without going through their app. I don't know why but apparently DITO's app needs internet connection to be accessed. How very counterintuitive! Imagine, I was about to register to a Smart Promo just to access their app and subscribe to a promo! Anyway, thank goodness I was able to find a way to subscribe to DITO promos without using their app. Here is how you can register to DITO promos thru text: 1. Text HELP or 0000 to 185. This is free of charge. 2. You will receive a reply with the menu. Choose 'Buy Promo'. 3. Choose your desired promo and confirm your purchase. That's it! Now you just have to wait for a text confirmation or try to check if you can now access the internet. Hope this helps you out!
No te vayas, no te vayas de Zamboanga Que me puedes, que me puedes olvidar No te vayas, no te vayas, ni me dejes Que yo sin ti, no puedo estar No llores, paloma mia No llores que volvere No llores que en cuando llegue Paloma mia, te escribire Con un pluma de ave Y un pedazo de papel Con la sangre de mis venas Paloma mia, te escribire. No Te Vayas de Zamboanga is a Zamboangueño Spanish folk song written by Juan Cuadrado, Sr., a Spaniard who decided to stay in Zamboanga after the Spanish soldiers left the country. I read somewhere that this song was used in a Zarzuela entitled De Cavite A Zamboanga . In this Zarzuela , a Caviteña sings this song to her boyfriend who is going to Zamboanga. This is probably why there are versions wherein this song is titled No Te Vayas A Zamboanga . In fact, the English version of this song is translated from No Te Vayas A Zamboanga (Don't you go to far Zamboanga). This title however doesn't sit well among Zamboang...
INTRO: Am-Dm-E-Am-E-Am-E-Am- Am Kay sigla ng gabi E Ang lahat ay kay saya Am Nagluto ang ate ng manok na tinola A7 Dm Sa bahay ng kuya ay mayro'ng litsonan pa Am Ang bawat tahanan E A May handang iba't iba A Tayo na giliw E Magsalo na tayo Mayro'n na tayong A Tinapay at keso Di ba noche buena D Sa gabing ito A E A At bukas ay araw ng Pasko Noche Buena lyrics Kay sigla ng gabi Ang lahat ay kay saya Nagluto ang ate ng manok na tinola Sa bahay ng kuya ay mayro'ng litsonan pa Ang bawat tahanan may handang iba't iba Tayo na giliw Magsalo na tayo Mayro'n na tayong Tinapay at keso Di ba noche buena Sa gabing ito At bukas ay araw ng pasko Here is a YouTube video of Noche Buena.
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