Banking in the Philippines
Posted 30 June 2005 - 10:14 PM
Posted 14 July 2005 - 08:12 AM
san bangko ba maganda mag time deposit? yung malaki ang interest rate.
DOnt look for higher interest... look for a bank thats good... like BPI, Metrobank or EBC... aND spread your 200, 000 thousand pesos in differnt banks kc yung lang ata ang insured... With our down economy , no one would like to give higher interest . Stable bank will save your worries...
Posted 16 July 2005 - 11:38 PM
Posted 16 July 2005 - 11:55 PM
how about rural bank of paranaque... its offers 8% interest for 2 year (simple interest).. that is gross.. but the thing is they give away free phone... eg... 175th pesos time deposit... outright they give you a samsung e720... then after 2 years you get your interest back... remember at least you are insured by the PDIC for 250th
i was wondering nga how they can afford to give that high an interest rate to a 175K deposit e...
Posted 17 July 2005 - 06:52 AM
Posted 09 August 2005 - 10:19 PM
First question, is there a better way to transfer/send money (USD) to the Philippines from the US instead of wire transfers? For example, can I set up a US Account here in Los Angeles and my representative in the Philippines can write a check against it. We're talking amounts of 500K to 1 Million pesos transaction. W/c bank is preferrable? Citibank?
Also, anybody experience in shipping/receiving items from the US to the Philippines? Anybody in the import/shipping biz here that can offer insights. The regular carriers, UPS, DHL and Fedex are prohibitively expensive.
Posted 09 August 2005 - 10:31 PM
Posted 09 August 2005 - 10:44 PM
usually, the exchange rate is about one peso per dollar LOWER than published rates
Posted 14 August 2005 - 08:57 AM
Importing from the philippines
- Once you find a supplier here ask him for a CIF Losangeles (Cost, Insurance & Freight) rate. This means that the insurance,freight and other cost from point of origin in the Philippines to the port of Losangeles or nearest international port of the final destination and is inclusive in the shipment price.
- Payment method may differ in case to case basis but in normal transactions of two different companies you may use a standard LC (letter of Credit) from your bank this means that the supplier gets his payment once he presents the Bill of Loading (released when container is on board) issued by the agreed shipping company to his bank and his bank will charge your bank and your bank will charge you for the shipment. Contact your local bank for details. I recommend that you should use an LC since this serves as evidence together with you invoice and packing list to US customs as basis for tax comp*tation.
- Then contact a Freight forwarder or Customs clearing company based in your area or has a branch office there. This will ensure that you get the best rate possible. They will also coordinate the trucking company that will deliver the container to your designated warehouse.
- Final Step, Wait for your original documents to be sent via courier by your supplier. Once you have it, send it to the customs clearing agent, pay all taxes, port charges and trucking.
- Also, you may also choose Freight Collect so that all freight cost will be paid at Losangeles this will decrease the interest cost of the LC
If you need more help? just pm me
Hirap type lahat info... I need specific details
Laser Freight Int'l Inc. (Commercial Volume Shipments)
Posted 14 August 2005 - 05:53 PM
Posted 14 August 2005 - 09:21 PM
Posted 15 August 2005 - 09:12 PM
Posted 16 August 2005 - 05:30 PM
What exactly do you need to know about importing goods from the US to the Philippines? From the carriers you described, these are all courier services so defnitely more expensive. Do you need items shipped by air (obviously more expensive) or sea? If via sea, is it LCL of FCL?
Are you planning to import from the US? It would be really hard for me to discuss accurately all details that I know regarding importing from the US since there are several ways you can import depending on your need. But I can give you a fairly accurate idea on how it should be done because I own a customs brokerage company that documents, process and delivers importation and exportations. We are similar to DHL , FEDEX and UPS without the high price tag. Their rates are really high because they have computed all the possible problems that might arise such as additional duties and the likes and added it on. And we only handle commercial quantity FCL and LCL
The courier service mentioned above only provided the delivery of the origanal documents only such as Commercial Invoices, Packing list, BL and other pertinent docs for your shipment. It is crucilal to have a reliable courier service because you must avoid lost or late delivery of docs. Imagine if you Ocean freight cargo reaches first here in manila and your docs is still in transit. Not only that you wont be able to process your shipment but you will incur storage charges at the pier and several miscellaneous charges too.
If your shipment will come from one supplier ask for a CIF manila and specify that you prefer Freight Collect.
Meaning that they will give you a quote based on the actual cost of the goods including insurance and Freight from the point or origin to the Port of Manila (specify which port you want the shipment to dock, South or North) You should choose freight collect to lessen the interest charge in your LC (letter of credit) and to pay conviniently in peso once your cargo arrives this option is not always permited by the supplier it also depends how large your shipment is and if they have a affiliate office here.
If you plan to import multiple products coming from different suppliers it best to set up a company there that will consolidate all your cargo and ship it here.
The transaction must be treated as if they are not owed by the same person. Because there is a restriction with regards to importation from sister companies. Although this is not a total ban it is assumed that the consignee will get unfair advantages in pricing.
Once you received the original docs. Send it to your customs clearing agent to check the cargoes arrival and the process and deliver it to your warehouse.
Ocean freight is best for commercial quantity, heavy and bulky cargo.
Air freight is only good for products which are light, compact and valuable. Such as jewelry, small parcels, samples of products assuming they are light and compact.
LCL (less than container load) many importer thinks that LCL is cheaper but actually they are not if you plan to import a quantity that will occupy 1/3 of a container then it is better to import it containerized because the cost that you will pay the forwarder/consolidator is the same as the cost you will pay if it was shipped in FCL (Full Container Load)
Freight Forwarder (Air & Sea) / Consolidator They are given a special rate by their principals (Air Carriers & Shipping Lines) Similar to what a manufacturer gives to his distributiors. But not all forwarders get the best rate since it is quota based the higher yield the company gives to his principal the lower thier rate is and it also depends on the destination.
Beware also of ocean freight consolidators without fixed end cost. Because if they can't find enough shipments to consolidate they will not send your shipment right away. Or they will send your shipment to a different consolidator which means that you will be charged additiional for this with out your consent and it can be passed on to several consolidators. Once a friend of mine imported thru this forwarder his LCL was passed on to 5 different consolidators he ended up paying almost 5 times the amount initially guaranteed to him.
So in choosing your forwarder for you LCL make sure that he has volume shipments going to that specific final destination to get the best fixed price.
If you need more info pm me.
Posted 24 August 2005 - 02:33 PM
id like to be able to collect payments from all over the philippines via bank deposit to my account. any idea which banks are most widely represented in manila and other major cities in this country? ...and what are the fees for regional transactions?
Posted 27 August 2005 - 10:26 AM
it is a risk vs return trade off
you go for a bigger bank, a more stable bank, less riskier bank....and you get a lower deposit rate
you go for a smaller bank, a less stable bank, a more risker bank...and they will give you a higher rate on your deposit
at the end of the day, how risk averse are you?
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Posted 27 August 2005 - 10:29 AM
go for PNB, it has the biggest branch network outside of the Philippines
Posted 27 August 2005 - 10:34 AM
Posted 29 August 2005 - 08:12 PM
Posted 30 August 2005 - 06:32 AM
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