With the signing of the measure, the country’s savings rate is expected to increase as it allows tax-free personal retirement accounts.

The bill aims to promote the culture of savings among Filipinos, particularly overseas workers, who are not members of either the Social Security System or the Government Service Insurance System.

Under the law, an individual can make a maximum contribution of P100,000 per year to his/her PERA account. For married individuals, contributions can be as high as P200,000, and for an OFW and his or her spouse, the maximum amount is P400,000.

Contributions should be invested in a qualified “PERA Investment Product,” which may be a unit investment trust fund, mutual fund, annuity contract, insurance or pension products, deposit product, pre-need pension plan, shares of stocks, exchange-traded bonds, or any other investment product or outlet.

Contributors are entitled to an income tax credit equivalent to 5.0 percent of the total PERA contribution, according to the law.

Income from contributions is tax-exempt, it said.

Source:INQUIRER.net
read more:http://business.inquirer.net/money/breakingnews/view/20080822-156215/Arroyo-signs-PERA-law

The search aims to recognize the sacrifices and achievements done by overseas Filipino workers (OFWs) and their families.

The award highlights the success of OFWs and their families in managing the impact of overseas employment in family life, and to exemplify their best practices toward optimizing the gains of migration.

Any organization, association or group can nominate either land-based or sea-based OFW head of the family.

The nominee must have a minimum of four years working experience abroad; have maintained constant positive communication with his/her family; must be an active member of Filipino civic organization/s; must have at least one family member who is successful in his/her profession and has shown successful management of family finances.

The winners from the land-based sector and sea-based sector will compete in the national finals.

The nomination forms, search mechanics and criteria are available at the OWWA-7 office at LDM Building, Legaspi Street, Cebu City (near Plaza Independencia).

For further information, please call Dineza Espejo or Ma. Venidez Gamale-Dayo at 2543199, 4129712 and 09189214925.

Source: Cebu Daily News

Chief Superintendent Atillano Morada, Aviation Security Group chief, identified the OFW as Joel Laurente, 40, of Cavite province.

Morada said airport security personnel at the NAIA Terminal 2 were checking Laurente’s bag when he said he had a grenade.

The Filipino worker has a scheduled flight to London when he made the joke.

Laurente was immediately arrested for violation of Presidential Decree 1727, which declares as unlawful the malicious dissemination of false information or willful making of any threat concerning bombs, explosives or any similar device or means of destruction.

The overseas worker will face a five-year jail term if found guilty.

Source: ABS-CBN News Online

Gracing this issue’s cover is popular TV host and Optical Media Board chairperson Edu Manzano, who also shares he was once an OFW. With building and owning a home a big dream among OFWs and their family, the magazine also include features on the economics of building your own home, 10 ways to lower your home insurance costs, and best value condos to watch out for.

Pag-Ibig fund president and CEO Atty. Romero F.S. Quimbo also shares valuable tips on buying your dream home. Other features catering to OFWs include property payoffs, saving on food bills, getting out of debt, choosing an AUV, 10 boo-boos when buying a budget laptop, and flying with low air fares.
Currently available in over 200 outlets nationwide, MoneySense is founded by veteran business and finance journalists with a combined 50 years of publishing experience. To learn more about the MoneySense, visit www.moneysense.com.ph. For subscriptions, contact 339-3361, 728-1073 or email info@moneysense.com.ph.

The Globe Kababayan IDD Card allows OFWs in Japan to call their loved ones in the Philippines who use Globe and TM at a very affordable rate while ensuring clear quality of calls. For ¥2,000, Japan-based Filipinos can call their families in the Philippines on Globe or TM for 53 minutes using a cellphone or 83 minutes using a landline.

The new IDD Card was launched recently at Oji Park in Tokyo with around 2,500 Filipinos attending the event which coincided with the Philippine Independence Day celebration.

“As part of our commitment to provide for the communication needs of Filipinos everywhere, we have partnered with IPS in Japan to bring the new Globe Kababayan IDD Card to our kababayans in Japan. To support our OFWs in their efforts to provide better lives for their families back home, we continuously deliver relevant services that will make sure their bond with their loved ones remain strong,” said Alan C. Supnet, Globe Overseas Filipino Communities Segment Business Head.

For his part, Globe Consumer Wireless Business Group Head Ferdinand M. Dela Cruz said Globe is glad to bring the Philippine Independence celebration abroad for the OFWs in partnership with the Philippine Embassy and the overseas Filipino communities.

“Each year, Globe celebrates Philippine Independence Day with Filipinos abroad as we recognize their hard work for their families and show our gratitude to them in allowing Globe to be part of their lives. We continue to forge partnerships with overseas service providers to provide OFWs with easy and affordable calling services that will keep them connected always to their loved ones here,” Dela Cruz said.

The launch of the Globe Kababayan IDD Card in Japan was co-sponsored by Xtreme Magic Sing and Duty Free Philippines. Globe and IPS presented a Pinoy concert featuring Filipino celebrities led by Dennis Trillo and K Brosas.

Globe helps keep families and friends together no matter the distance between them with its easy and affordable international texting, calling, reloading and GCASH services through Globe Kababayan. Globe’s worldwidest services and its strong partnerships with operators abroad like IPS Japan help the growing number of overseas Filipinos stay in touch with their relatives back home.

Here in the Philippines, families of overseas Filipinos can now text their loved ones in Japan using the most affordable rates of Globe’s OFW Family Pack. With an OFW SIM and two local SIMS, loved ones can text OFWs abroad for only P1 per text.

Sa Globe’s worldwidest services, palagi nang buo ang pamilya.

Photo Caption: Globe and IPS Japan executives led by Globe Overseas Filipino Communities Segment Business Head Alan Supnet (third from left) present the Globe Kababayan IDD Card with IPS during the launching at the Philippine Independence Day celebration at Oji Park in Tokyo.

source: hardwarezone.com

“It’s not exactly dead. We can still do that, but not now,” National Treasurer Roberto Tan told reporters Monday.

Bangko Sentral ng Pilipinas Deputy Governor Diwa Guinigundo said in a separate interview: “As far as we’re concerned, we’re still discussing how to provide some assistance to the OFWs.”

“It can be through a bond flotation and the proceeds can be used to provide funds for housing. It’s another issue for the national government to decide on whether this will form part of fund-raising for 2008. It can be done in 2009,” Guinigundo said.

Other government sources said the planned OFW bond offer was deferred because the Bureau of Treasury had instead seen strong demand for peso-denominated Retail Treasury Bonds (RTBs), a recent offering of which raised P70 billion for the national treasury.
Out of the total funds raised from the RTBs, a hefty P60 billion was snapped up by retail investors, while the remaining P10 billion went to government-owned and -controlled corporations like the Social Security System, and the Government Service Insurance System.

read more: http://globalnation.inquirer.net/news/breakingnews/view/20080804-152621/Philippines-defers-OFW-bond-plan

He added that laptops purchased under this programme will be delivered to beneficiary families in the Philippines from Neo’s local office free of charge, providing buyers much convenience and ensuring that the laptops reach the families in the best condition. Neo also provides after-sales support through its branches nationwide.

source: Khaleej Time Online