The Know It Guy

Philippine finance chief to meet Alibaba’s Jack Ma in China

MANILA, Jan. 29 (Xinhua) — Officials led through Philippine Finance Secretary Carlos Dominguez is to meet Jack Ma, founder, and chairman of China’s e-trade large Alibaba Group, in Hangzhou on Thursday to discover improvements in virtual trade, the Department of Finance (DOF) stated on Monday.

Ahead of Dominguez’s meeting with Ma on Thursday, DOF said a Philippine delegation of finance and significant bank officers also are scheduled to go to Alibaba Business School, an institution focusing on imposing Alibaba Group’s e-trade schooling machine.

The institution is predicted to participate in a lecture series from Jan. 31 to Feb. 2 designed to advantage a much broader know-how of an e-trade atmosphere consisting of the virtual technology that can be employed to enhance the Philippines’ nascent online price gadget.

“We will look at the financial policies in China and explore how we are able to tap virtual technology to empower our micro, small and medium firms (MSMEs), mainly those within the nation-state, the same manner that Jack Ma did to assist small businesses in China advantage a foothold inside the worldwide e-commerce industry,” Dominguez said.

According to the Alibaba Business School, the three-day New Economy Workshop organized by using Alibaba and tailor-healthy to the Philippine setting “will incorporate firsthand enjoy with real-existence e-trade programs so as to offer a framework for developing a regulatory surroundings that encourages growth across the fintech (monetary technology), logistics, e-trade and huge records industries.”

The Philippine authorities goals to install area a comfortable, seamless and efficient digital payment machine inside the united states to make it financially inclusive, enabling Filipinos to sell and purchase online and without difficulty faucet credit centers despite constrained mortgage histories.

With the help of China’s economic and technological output into the Southeast Asian united states growing cellular Internet industry, cellular price becomes a new trend in the urban Philippines.

Being a member of the International Marketing Group (IMG), I am so blessed to have learned the principles of money management at this early stage of my lifestyles. I can also nonetheless be beginning out, however at the least I’ve were given the fundamentals of monetary management accurate now.

I’ve continually believed that God needs me to be liable for my time, treasures and my talents. I even have labored tough to control my time and abilities but it’s far my treasures that I don’t have any idea of managing.

My satisfactory pal in high school introduced me to IMG simply this yr 2007 and I am glad I became a part of the corporation. My blog timetable for these days is on financial management so I need to percentage with you IMG’s 6 steps to Financial Freedom and how it has carried out to me:

1.) Increase cash glide

a.) Earn Additional profits

b.) Manage prices

– I actually have strived to observe the first step through earning both energetic and passive profits via IMG’s device. I even have additionally controlled to teach element time and on the same time discover the opportunities of earning earnings online. With regards to the costs, it’s far important that I listing down all my fees and paintings within a finances. That is what I were doing now for months.

2.) Manage debt

a.) Consolidate Debt

b.) Strive to take away debt

– I’ve managed debt by resorting to lower interest charges. I have availed of balance transfer features. The normal hobby charged by means of credit score card organizations is 3.5 % in line with month. But in case you avail of balance transfer functions by means of “shifting” your debt to different credit cards then you could avail of zero.Ninety nine % hobby in step with month. I actually have discussed this significantly in my put up entitled “Getting out of the credit score card debt mess.”

3.) Create emergency fund

a.) Save at the least six months profits

b.) Prepare for emergency fees

– This is something I have now not accomplished yet, however can be planning to do within the months or years to come. Once debt is eliminated I can now begin to store as a minimum 6 months income. This is simply to make sure which you are liquid sufficient in case there are a few matters that ought to be offered within coins. This may also be used for emergency fees.

Four.) Ensure right safety

a.) Protect in opposition to lack of profits

b.) Protect Family assets

– I have executed this through availing of insurance. Insurance regulations defend loss of profits with the aid of compensating the character insured and his loved ones if ever the person insured losses the ability to supply lively profits because of dying or coincidence. Protecting family belongings is likewise executed by way of availing of non-life insurance inclusive of hearth coverage etc.

5.) Build lengthy-time period asset accumulation

a.) Outpace inflation

b.) Reduce taxation

– This is usually what is referred to as the “investment” stage. If you are “investing” in something this is less than the inflation rate you then unfastened in the long run. Always make certain which you are investing in the inflation charge. For some who nevertheless does now not apprehend what inflation charge manner and the way it may affect you, I will possibly speak it in a destiny publish. Most specialists propose that if you are inside the Philippines you need to put money into something that is above 7 % (Even if now the inflation charge is below 2 % +) Currently you can’t position your money within the bank an expect a go back to above 7 % due to the fact interest for financial savings is manner underneath 2 % and interest for time deposit bills is from 3 to five %

Clearly, the only manner to obtain this is through the stock marketplace, mutual price range investments and other forms of investments supplying you with a go back of greater than 7 % in line with annum.

With regards to taxes, keep in mind that the authorities taxes earnings, not wealth.

6.) Preserve your property

a.) Help Reduce estate taxes

b.) Build a family legacy

This is something that I plan to do probably two decades from now. There are a variety of approaches to acquire this. I might probably tackle this in some other publish given that that is a relatively complicated subject matter. ]

This is the review of IMG’s economic approach which I have strived to religiously comply with. The steps ought to be accompanied sequentially. It is recommended that you need to undergo them one step at a time. However because I actually have learned about this just lately, I have managed to invest without first disposing of my debt. I ought to have eliminated my debt first and invest later. But I trust that it still worked out for my gain for the reason that yr 2005 to 2010 is taken into consideration with the aid of many specialists as “a window of investment opportunities” considering that the inventory marketplace is at it is maximum and the fundamentals of the Philippine financial system are in the vicinity. I will discuss extra on economic techniques on my future posts.

Jessica J. Underwood

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