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Some Musings on Finances - Part 03

Apr 21 | By Perplexed | Views: 398 | Comments: 52
Hello all, this is the third in a series on Filipinos and their finances, this will focus on OFWs and Loans, credit cards and tax.


Firstly I would like to thank fellow user SaraFin (hope that is spelt correctly !) for posting a picture that perfectly illustrates the stress of the succubus family on the OFW, the picture actually links to the following site


http://www.rappler.com/move-ph/ispeak/58513-ofw-life


This appears to be written by an OFW and has some pretty good advice, it is interesting to note that over 50% of it directly or indirectly is warnings about family and friends trying to rip them off.


Anyway...


1. Loans, Credit cards and Kabayhan loan sharks.


This is a story relayed to me by a friend who is a manager (effectively 3rd in charge) of a marine survey company in Abu Dhabi about one of his filipino staff.


The staff member in question earned a salary of AED 20,000 per month, tax-free , this is the eqivelant of 240,000 pesos a month (just over 2.5 million a year) which is a pretty penny in the philippines and significantly more than the majority of filipinos earn abroad.

Anyway one day my friend gets a call from this guy claiming he is being held at the police station for a bounced cheque (bouncing a cheque is a criminal offence in the U.A.E and the holder of the cheque can present it and the police are obliged to pick up the debtor) so my friend and his boss go down there to see if they can help.

They get to the station and my friend and his boss are pulled aside by one of the senior officers and he tells them "Your guy is in to a loan shark, we know who she is, she is a filipina who takes money from other filipinos as an investment and then goes to the church/filipino restaurants and offers to loan money to those who can't get it from banks, usually those who are in credit card debt, she promises the investors a 2.5% return a month and charges the borrowers 5% a month and keeps the difference for herself, but before she loans the money she gets them to hand over their passports and a cheque in the amount of the total of the loan, when they miss a payment to her, she tries to encash it knowing it will bounce and she then presents it here with the bank letter and we are obliged to pick up these guys and hold them here." The officer then says he can legally release the guy if they can pay what he owes on the monthly installments, which is AED 10,000 (P120,000) so my friends boss (who is quite wealthy) agrees to pay it from his own personal finances and the guy is released. When back at the office my friend and his boss take this guy into the boss's office and try to work out what has happened, they know that he only takes the bus (AED 5 per day so AED 30 per week max.) and he lives in a sharing situation (AED 1200/month) so he's effectively got AED 18,000 for food and all other expenses, so he should have ample money left over, his family live back in the Philippines so that is obviously cheaper than having them in Abu Dhabi. My friend and his boss (who knows he'll never get his money repaid) after half an hour get to the bottom of this, this guy had four credit cards, all maxed out and a personal loan from the bank, he was only able to make the base payments (i.e: covering the interest only) so he needed this loan shark money to close three of the cards and pay off the loan from the bank, so he now has one card and this loan shark loan, my friend did the sums and realises after this and all his rent/ transport he basically has only AED 1,000 left for food and anything, when asked why he had so much debt, he was cagey but eventually made references to building homes for family, buying plots of land, paying for relatives educations etc.. This guy will now work to only pay back debt with the threat of jail hanging over his head, he was also lucky not to have been made redundant due to falling oil prices (the firm had to lay off about a third of their staff) my friend told him to tell these family members the truth, liquidate what he could and use that to get the loan shark off his back, his reply was along the lines of but they are family and they are very poor people............... Maybe he should have read the above link !



This example is a bit shorter but a similair but less desperate story.

I'm at work one day and my wife calls me, apparently one of her friends has been stopped at the airport by the immigration officals who see that her name is flagged as she has missed some payments on her credit card, totalling AED 5,000, (in the U.A.E if a customer misses three credit card payments they can ask the police/immigration to prevent them from leaving the country until debts are paid or an alternative deal is worked out with the bank) so the police have held her passport and told her she has 24hrs to pay what she owes and the bank will drop the charges, so of course my wife and all her friends get a call, so I leave my office in the middle of the day, go to her bank and deposit it directly in to her account and she is cleared to fly, she did pay the money back a few months later. I asked my wife how she got in to debt and my wifes reply was "Its temptation, you see something for sale and you can buy it straight away" so yes she was nearly in jail (if not for me, who actually lives within his means) for fuckin jewellery.


Taxation 

This will be a quick one (I promise !) my wifes uncle was moving to Canada, I asked him what he would be making, he told me and i replied to him , "You do know that in western countries the amount quoted in your salary is always pre-tax" He gave me a confused look, so I showed him a Canadian website that was excellent at showing the amount of federal and provinvial tax he would have to pay, I also told him that living costs are high in western countries, it was unclear if he actually understood (bear in mind this is a man in his late 40s). I had my answer a few months later when back in the philippines when I asked his wife how he was doing "Oh he's good but he didn't realise he had to pay tax on his salary, so now he has to take a second  job." (cue facepalm) but don't worry his family still had the latest iphones, air jordans and other crap. Last i heard he was trying to get into Australia (which is even more expensive than Canada)





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anonymous
Apr 24
RANDOM The whites in the Flyover are the ones with the weird "Jews run the world" type paranoia that is really the most delusional thing of all.
anonymous
Apr 24
RANDOM You say that I am ignorant but I am stating the reasons I choose not to live in the United States, being married to a Filipino female is not one of them. Nor is being a Pinoy, which I am not.
anonymous
Apr 24
TUKO Compared to the United States Australia is a paradise, don't kid yourself. That is why so many Air Traffic Controllers immigrated when you needed 50,000 of them in the early 80's (The last big immigration wave from the United States). Sure, KING'S CROSS is a dangerous place at night and there are some Lebanese or Italians nightclubs where a stranger might want to avoid drinking in down in Melbourne but in general your country is relatively safe. Whether this is a lack of guns, less stark poverty or the fact that people are culturally more mellow is debatable. But insofar as developed countries go the United States is quite dark and dangerous compared to others. In my opinion Aboriginals would be FAR WORSE OFF in the US ghetto than they are drinking themselves to death in the outback.TUKO Compared to the United States Australia is a paradise, don't kid yourself. That is why so many Air Traffic Controllers immigrated when you needed 50,000 of them in the early 80's (The last big im...See more
David_Roxas
Apr 24
anonymous you mean weird "jews run the world" type paranoia like this:
David_Roxas
Apr 24
or this:
David_Roxas
Apr 24
or perhaps this? Do you even know who the Rothschilds are? Do you even know anything about what you call "weird jews run the world type paranoia?" Did you ever read the famous quote from British PM Benjamin Disraeli? "The world is governed by very different personages from what is imagined by those who are not behind the scenes." That is from a book written about a character based on Nathaniel Mayer Rothschild, banking magnate and founder of the Rothschild dynasty. https://en.wikipedia.org/wiki/Rothschild_familyor perhaps this? Do you even know who the Rothschilds are? Do you even know anything about what you call "weird jews run the world type paranoia?" Did you ever read the famous quote from Bri...See more
anonymous
Apr 24
Well, I did not see Jewish domination in Dubai. Nor am I some crackhead who converted to Islam in prison who happens to be of African ancestry. If the Jews do dominate the Federal Reserve or whatever (They do not have much influence in Australia, Canada, NZ or other white countries) it would be a pretty poor reflection of how gullible and dumb the rest of the population was. Personally I suspect they mostly dominate the porn industry and that is the extent of it. But this is my opinion. Like I said, I choose to live overseas not because I wanted to marry a Filipina woman but simply because the US went downhill in the late 90s. You would not notice this unless you had been overseas for as many years as I have.Well, I did not see Jewish domination in Dubai. Nor am I some crackhead who converted to Islam in prison who happens to be of African ancestry. If the Jews do dominate the Federal Reserve or whatever ...See more
David_Roxas
Apr 24
You are right about the porn industry.
anonymous
Apr 24
DAVID Hicks and blacks are pretty stupid and susceptible, that is why. Jews can pictures of blondes sucking 14 inch black penises, they will by them. Mexicans can pump coke, then crack and now ice/meth into their population centers and they will buy it. Anglo-Celts in the middle of the country revolted by electing Trump but the point is that they are sort of soft and gullible. Blacks and Mexicans are more cynical and street smart. As for Asian-Americans, they seem quite a bit smarter. No illegal is going to steal their particular job. Jews just happen to LIVE in places like New York or LA at the center of finance and culture anyhow. I mean they do not want to belong to the 4-H club out in Mississippi, they want to hustle in Times Square.DAVID Hicks and blacks are pretty stupid and susceptible, that is why. Jews can pictures of blondes sucking 14 inch black penises, they will by them. Mexicans can pump coke, then crack and now ice/met...See more
anonymous
Apr 24
DAVID Thank goodness I left the US. All this garbage about jews trying to use the media to control the minds of Gentiles and all that garbage is such a bore. When I left the United States our first Clinton president was facing impeachment for getting some Jewish girl to blow him in the Oval Office. I bet that was a conspiracy too.DAVID Thank goodness I left the US. All this garbage about jews trying to use the media to control the minds of Gentiles and all that garbage is such a bore. When I left the United States our first Cl...See more
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