2013 Top Life Insurance Companies in the Philippines

Sun Life made it again and again! 

Sun Life remains to be the No. 1 Life Insurance Company in the Philippines for 3 consecutive years as of December 31, 2013 according to the Insurance Commission. With the total premium of Php29 billion from last year's Php20 billion. Philamlife ranked 2nd place with Php19 billion while Philippine Axa in the 3rd place with Php18 billion.

Here's the listing of Top 20 Life Insurance Companies:

The data shows that more and more Filipinos are getting insured. So if you already have a policy, share the benefits to your family and friends.

Congratulations and Thank you for making Sun Life No. 1 again!

52 Week Saving Challenge

I believe most of you have seen this post from Kuripot Pinay's blog about the 52 weeks saving challenge that went viral on Facebook. The idea is simple. All you have to do is to save Php 50 for the first week of the year and add the same amount for the next 51 weeks and you will be Php68,900 richer at the end of the year.

50s increment

It may seem easy to save Php50 during the first few weeks, but you may notice starting week 40 you have to save at least Php2,000! But for those, who would like to take baby steps in their savings, you may consider saving Php5 or Php10 or Php20 for the first week.

5s increment

10s increment

20s increment

Accepting this challenge may affect your lifestyle in some ways. Instead of eating out, why not bring packed lunch. Or you may think of having another source of income. Be it a business or an online job that will motivate you to save and save. 

After all, what matters most is the habit of saving regularly and being committed to your goal. And also, the reward of saving at the end of this challenge. So, challenge accepted? Lets do it this 2014!

Mga Klase ng Sweldo

It's payday Friday! And guess what, madaming mall ang may sale ngaun. Pero bago mag-shopping for Christmas gift giving, I'd like to share with you this photo. Actually I have already shared it in our Facebook page and madaming naka-relate talaga.

credit to the owner

Mga Klase ng Sweldo (Types of Wage)
  • Sibuyas na Sweldo - Kapag hinati-hati mo na sa gastusin...mapapaluha ka
  • Pampapayat na Sweldo - Habang tumatagal pakonti ng pa konti ang natitirang pang kain mo
  • Magic Sweldo - konti kumpas lang ng kamay at VOILA!...wala na sya
  • Mala-bagyong Sweldo - Di ka sigurado kung kailan ito darating at kung gaano ito tatagal
  • Korning Pelikulang Sweldo - Tinatawanan mo na lang para di ka mabwisit
  • Konserbatibong Sweldo - Nakakawala ng inspirasyon
  • Reglang Sweldo - Isang beses isang buwan lang dumating at tumatagal lang ng 3 araw

Nakakatuwang isipin kung anong klaseng sweldo ang meron ka pero sa kabilang banda, gusto mo ba na lagi na lang ganyan ang nangyayari sa perang pinaghirapan mo? O, gusto mo ng pagbabago? If yes, disiplina ang kailangan mo!
  1. 10-20-70 Rule: Once you have received your salary, ibalik kay God ang 10% (tithe), ilagay sa savings at palaguin sa investments ang 20% at kung ano ang matira na 70% yung lang ang gagastusin.
  2. Increase income by having businesses on the side:  Mahilig ka ba magluto or may talent ka na kailangan ng iba? Now is the time na mag-negosyo ka. Hindi kailangang ng malaking capital basta gusto mo ang ginagawa mo, kikita ka by serving others. 
  3. Before buying anything, isipin mo muna if it is a need or want: Kung hindi mo kailangan, wag mong bilhin. Sa ganitong paraan, mas madami kang maiipon.
  4. Stop using credit card if hindi emergency need:  Walang masama if gagamit ka ng credit card, basta bayaran mo lang ng buo on time para walang interest kang babayaran.

Naalala ko tuloy si Ms. Weng na isa syang kasambahay pero nag-open na sya ng Mutual Funds account nya. Ang galing noh! Kaya mo rin yan! Disiplina lang ang kailangan.

Tandaan, wala sa malaki o maliit na sweldo ang mahalaga kung ano ang tinatabi mo at pinapalago.

"Because of What My Parents Taught Me, I own a Property and Car before 30" - Leo, Investment Advocate

Dear friends, let me share with you an inspiring journey of a Financial Advocate who attended our very first Financial Planning seminar with his friends two years ago, invited our team to conduct seminar in their company to educate his colleagues and I can say that he really is passionate in spreading financial literacy to all his friends and loved ones. 

Friends, let me introduce with you a good friend, Leo Manalaysay. Here's his exact words.

I'm 31 years old and youngest among 5 siblings. I've been working as an IT Programmer for almost 10 years. I'm still single and living with my mother. Also, I'm a fitness enthusiast, runner and a Financial Advocate. 

What I learned from parents or loved ones about saving

Save for the rainy days / build emergency fund
Our parents always remind us that life is like a wheel. Life has a cycle. When you're on top (or when you have everything you want) it doesn't mean you will stay there or have any thing you like forever. So it would be better to save as much as possible especially when you are at the peak of your career. You are still capable of working. Because when the time comes that you can no longer work anymore or your business is not profitable as before, you have this "fund" which you can use for emergency or to start another business.

Delayed Gratification

At an age early age, our parents taught us the difference between needs and wants. There was a time when I really want to have a console game like Nintedo, Sega, Gameboy because my friends had those. But my parents didn't buy me one. They taught us golden lesson instead. "Kapag nagtrabaho ka na, malalaman mo na kung gaano kahirap kitain ang pera, mabibili mo na ang gusto mo bilhin at maintindihan mo kung ano ang dapat sa hindi dapat bilhin".

Also, I always remember my Tatay telling us that we should not get envy to other people's fancy cars, signature clothes, or expensive gadgets. Our parents taught us to be frugal. I often hear them saying, "hayaan mo sila mauna bumili, makakabili ka rin nyan at kapag mayroon ka na. sigurado luma na yung kanila".

Leo with his family
Stay away from Debt

My parents trained us to spend in cash only. If you can't pay in cash, that means you can't afford it yet. We know a lot of families who suffer financial disaster because of irresponsible accumulation of debt. Some of them availed loans from banks to buy a brandnew car or property. But after a few years, they can no longer afford to pay the amortization and they have no other choice but to give up what they have.

Save, save, save

There was a time when my brother from US sent me USD100 as a Christmas gift. I don't know what to do with it and no idea what to buy. So my Nanay told me if I'll spend it right away, I can only buy few things but if I'll allow it to grow or put it in the bank instead, I will be surprised of what the money can buy in the future. "Habang nagiipon ka, hindi mo agad mapapansin na palago nang palago ang ipon mo at habang lumalago, mas sisipagin ka pang magipon".

Save for retirement 

Our parents trained us well to be financially responsible - to stand on our own. Right now, my mother is already retired but she is financially independent. She have a 8 commercial apartments in Bulacan that the income is more than enough to supply her simple lifestyle. Because of that, she never asked or obliged my siblings and I to give her money.

Money principle/mindset/attitude I want to share with you

1. God is our provider. He is able. We are just a steward of His blessing. Your possession is not all yours. You are blessed so that you can bless other people.

2. Money is not the most important thing in life but it does affect everything that is important.

3. Do not compromise your integrity with money. It's easy to earn money than to win back your integrity.

4. You should save and invest more than you spend for a long period of time.

5. Live simply and be grateful of what you have.

6. As long as you already established a good financial foundation (Emergency funds, long-term investments, Life insurance, Savings, Debt Free), you can spend and enjoy your money in vacation or anything you want to buy

7. Health is Wealth. Have a healthy lifestyle so that you can enjoy your life and achieve your dreams

8. Look for a mentor, financial adviser, attend seminars or buy a book.  I'm an avid follower of Suze Orman, Randell tiongson, Efren Cruz, Dennis Sy, Salve Dupluito, Chinky Tan, and Francisco Colayco. Here are some of my favorite shows: Suze Orman's
"Can I Afford It" and "Salve say so" segment in ANC On The Money.

What does my asset allocation/savings look like

I'm using a spreadsheet to monitor my income and savings allocation. Also, I'm using the auto-debit features of BPI expressonline. I have the following fund for each of my needs and goals:
  • Emergency fund (6 months equivalent to my monthly expenses) 
  • Tithe for the church 
  • Travel fund (I love to travel)
  • Life Insurance fund (for my annual premiums)
  • Long-term investment fund (to invest in stock market)
  • Retirement fund (to invest in pooled funds like Mutual Funds, UITF, VUL and Multipurpose Cooperative
  • Life Dreams fund: House Building fund or "Wedding fund" kung sakali man may dumating hahaha

Because of what my parents taught me, I was able to buy my own property and car before the age of 30. 

(Update as of February 2015)

Leo is currently taking up certification for Associate Financial Planner or AFP under the training of Mr. Efren Ll. Cruz. He is also one of the admins of Filipino Financial Freedom Forum group on facebook.

Wealth Inspiration: The Henry Sy Story

Two days ago, Forbes Magazine released the list of 50 Richest Filipinos of 2013. I wouldn't be surprised if Mr. Henry Sy Sr. who owns the country's biggest shopping mall network (SM), the most valuable real estate firm (SM Prime Holdings), and the biggest bank by assets (BDO Unibank) still holds the top spot for 6 years in a row. 

source: www.rappler.com

Just like any other successful people, I believe Mr. Henry Sy has his own story to tell. And this is what I will share with you, the life story of the richest man in the Philippines. A very inspiring from rags to riches story. 

Teresita Sy-Coson, his daughter, narrates the story of his success. Here's her exact words:

Our company, SM, as many of you may already know, came from the hard work of my dad, Henry Sy, Sr. It is a rags to riches story that even myself did not realize until I went to trace his roots in China.

His journey from the thatched hut I saw there to the shopping centers he has today is something that amazes even myself.

His determination, his discipline and his thriftiness have produced an astute and street smart businessman who has influenced a lot of people. Including us, his children.

My father’s perseverance during the different crises our country has gone through has made our active business pursuits possible for a half century. True, he was disappointed with the economy many times, but he never saw the reason to quit and instead pursued his goals relentlessly.

He had many obstacles – both external and internal – in his business, and there were times he could not understand why things had to be so complicated for him to pursue his business objectives.

It has been written – and I can attest that it is true – that Henry Sy started from the bottom.

He came to the Philippines at the young age of 12, and worked in his father’s small sari-sari store more than 12 hours everyday to help him. It was located on Echague St., which is now Carlos Palanca Sr. St. in Quiapo, Manila. There, he devised ways to increase his income by developing small portions of products – much like the sachets we see today in the supermarkets.

He was able to make multiple sales in order to make extra income, spending so much time in the store that he had no time to go out and play with friends in the neighborhood. It did not take a long time for him to realize, however, that he can only do so much in a sari-sari store environment.

WWII came and the sari-sari store was looted and burned. He did a lot of buying and selling of odd things during the war to enable the family to survive.