Thursday, August 28, 2008

How Is it to Have a Bad Credit Reputation II

I feel restless today. I have been out. I rode my brother's mountain bike to the streets. It's so bad my CSC ID wont be accepted so that I can get my money at Western Union. It is my payment for the google earnings. Anyway, maybe it's not the only reason why i feel restless. I dont mountain bike usually. but this time i had to. I've been mountain biking when i will have to buy my viand for lunch. I had to.I've been wishing for a car and now all I have is a mountain bike which i lent from my older brother.

In December 2004, I lent some money from DBP ( a 6-month salary loan for my management analyst job in the provincial government) in order to buy a second hand car. That time i was taking my Masterals in Diliman, and everyday i had to walk for 15 minutes from the UP Checkpoint to the NCPAG buiding in SOLAIR area. That was stressfull for me since i had to wake up 5 am everyday to report for a 7 am work in the government of Bulacan, and then left 3pm from office to commute for another two hours from Malolos City to Quezon City. I really needed a private mode of transportation because I run out of breath with my then daily lifestyle. I atended classes until 9 pm in the evening. Sometimes because of tiredness, i will sleep unintentionally in my MPA class. I was glad my teachers would just let me. because they know I am working and commuting daily from Bulacan. I thought if i have a personal vehicle, life would be convenient. So i decided to buy. However, the cheapest second hand car then is a 150,000 worth of Toyota Lancer. So the money from DBP wasn't enough. My mom would not want me to buy a car. The more that I became aggressive in my plan. I was a rebel child. I just wanted my convenience. Life was hard for me. So I decided to deposit the money in another account. a cooperative saving account. I joined the cooperative and i got my first deposit account for them. i deposited the 60,0000 plus net loan from DBP (DBP collected interest worth 12,000) so that I can loan three times its value. I attended a membership seminar and i learned that the maximum loan the Coop could give me is three times the collateral deposited. I underwent another CI in the office in Malolos City. I was dismayed when what was "only" approved was P50,000 of loan.

As i recall it now, I knew I had a decision-making mistake in my finance. It was carelessness in my part. My mind was crowded of worries and pressure. Paying for the water bills, giving allowance to my siblings who were schooling in college, my mother's incapability to understand my needs...

I had no record exactly of how i consumed the money. It was almost 110,000 pesos. I only could remember that there were points in the past that I would withdraw few hundreds from my deposits to buy few clothes for myself, withdraw few thousands to augment to my masters tuition fee, and few hundreds to give allowance to mheng and rex, and another thousands for the house expenses. I have an elder brother but he was taking up law. Now he was done with the juris doctor degree from Ateneo. The money did not disappear instantly because i am not a money waster. In fact i would describe myself a spend thrift. Maybe what happened then was i got too depressed hence losing my rationality. I remember I often was crying during the nights. i would arrive home tired. And would find them watching TV when i came home. There was not even a food offered to me. And that was the reason of my crying.

That depression would continue until the turn of the year. As other like-minded gal like me, i would not lose my optimism in spite of my depression. I achieved a lot at that young age, i must never give up.
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Sunday, August 10, 2008

Digression from Blog Topic: Meteor shower visible in Metro Manila Aug 12

With clear skies expected to prevail over the country in the next few days, astronomy enthusiasts can watch out for a spectacular meteor display tomorrow night, the weather bureau said yesterday.

Prisco Nilo, director of the Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa), said the Perseid meteor shower will peak on the night of Aug. 12 until dawn the following day, with hundreds of meteors per hour to be observed under most favorable sky conditions.

“Occasionally, an exceptional shower may show tens or even hundreds of meteors per minute, but around 50 meteors per hour is more typical,” Nilo said in a statement.
He said the Perseid meteor shower is the most reliable one to be seen from Aug. 10 to 14 of each year.

“Under most favorable clear sky condition, there may be 60 to 100 meteors per hour,” he said.

Nilo said August is one of the most popular times of the year to observe meteor showers, which are easiest to see if there is no moonlight and light pollution.

The Perseid meteor shower radiates out from the constellation Perseus, located in the eastern horizon during this month, Nilo said.

The famous Perseid meteor shower has been observed for about 2000 years, with the first known information on it coming from the Far East. Perseids came to be known later as the “Tears of St. Lawrence.”

Nilo said meteors in a shower appear to come from one area of the sky, but they melt as soon as they enter the earth’s atmosphere due to extreme heat.

Source: Philippine Star

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Saturday, August 9, 2008

Mails Informing You Won Lottery


201 Hanbury,
London E1 5HU

Dear Winner,

This email message is sent to inform you that your email address has been selected as a winner in the "Alpha Category" of the Plus Lotto Online Draw for a prize of One Million Pounds Sterling.
Send your reply to the fiduciary coordinator Desmond Warwick
Email:> , for provision of your PCP2 form and due steps to be taken for the processing and remittance of your prize.

Sanserivo Michelle
Promotion Secretary


Have you ever received letters like this on your email? Sometimes this comes in the form of letter enjoining you to receive huge inheritance from a dead rich man, or woman who met tragic accidents and left no heirs to their wealth.

The money are legitimate. The mails are real. But the story on the mails are not. You will be tempted to do and correspond with the addressee. Imagine a one million pound sterling being transferred instantly to your bank account.

Believe it or not. Once I have been tempted to study the possibility of receiving money from source like this. In my case, it was a dead person's money whose account has not left a will of testament attached with it. Upon studying, I learned that cooperating with the bank sender may have me commit money laundering, and my contact bank embezzlement. Try to answer the emails and you will receive responses.

Bank embezzlement is committed when a bank employee who is handling an account of a person he or she personally knows acquired the wealth legally without having any legitimate rights to it. Sometimes, the rich persons left no one to transfer the funds to upon death, and the "escheat" laws of every country will require any banks to hand over those kind of wealth to the state treasury.

Money laundering on one hand is usually charged to the receiver of this legitimate money. In our country, money laundering has been done when an amount exceeding P500,000 pesos has been deposited to your bank account in one transaction day, whether it comes from a local or international bank source. Most money launderers set-up bank account in countries where the bank secrecy laws are very tight so that authorities would not easily have access to the records of bank account owners.

If you have plans to be a Robinhood, the receipt of the one million pound sterling above would not be easy. Even if the bank employee from that country can do the transfer smoothly, the prohibitions on the recipient's country can be strong.

While bank embezzlement can be levied by the embezzler by just returning the money acquired, money laundering on one hand is a criminal offense already and is punishable by imprisonment of 15 years to reclusion perpetua or life. Hence, you will see the willingness of your contact person from another country because they do not face criminal impediments as you as recipient can face back home. Usually, the laundered money came from UK, or Africa where governments are unstable, and is transferred to a developing country like the Philippines. Africa has funds from the blatant corruption of its abusive rulers from recently reformed governments. In some cases, I've read that there are some people killed in receiving these money.

Our Central bank has been monitoring money money laundering cases strictly especially after the terrorist attacks of September 11. Assumingly, the money used to fund terrorist bombings are transferred through EFT or electronic fund transfer so banks have been more strict.
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Tuesday, August 5, 2008

A Humbling Experience

Prof. Lim of the Asian Institute of Management had asked me to join him with his lunch with Philippine National Oil Company Energy Development Corporation Chairman Paul A. Aquino. Of course, this is in line with the business case that I am helping him to write. As we all know, the said GOCC had been privatized on November last year and as a result is now owned by the Lopez Group of Companies. Reason why MERALCO has been facing hearings recently is that I would presume is because of the discreet transaction that had happened in the PNOC-EDC bid. Red Vulcan Holdings Corporation had the highest bid of 58.5 billion pesos to the 40% stake of the government on PNOC EDC. In early part of this year, the First Gen Company bought the minor shares of Red Vulcan taking final control of the said company. The series of events that succeeded the bid fumed the Senate since the Lopez's is already owning the MERALCO. A monopoly is shadowing. PNOC-EDC is the sole company in the country that has geothermal plants. It ranks as the world's second largest producer of geothermal energy, next to United States. Senator Joker Arroyo in his Senate privelege speech during the first regular session of the 14th Cogress said that the privatization measure of the executive department to restructure PNOC-EDC may create a "vacuum". He also said that while it would be privatized, the original mandate of the said geothermal drilling company must not be circumvented. It must remain that the prime purpose of PNOC-EDC is to explore and develop indigenous energy sources. He further said that the country is indeed losing leverage with the sale of government's stock on PNOC-EDC.

The intent of our lunch with Mr. Paul Aquino would be to know what Corporate Social Responsibilty Programs would be implemented by Vulcan Holdings in the communities of the geothermal plants. In a speech before the Management Association of the Philippines, Mr. Paul Aquino relates that PNOC-EDC is spending huge money for its CSR programs that directly benefitted the communities where the company's geothermal plant is located. Prior to that, CSR programs of PNOC-EDC are not much community-based. He started a more community-based approach when he experienced first hand PNOC-EDC's rig workers being killed and the community residents did not even bother to help. He decided that in places like Leyte and Negros, PNOC-EDC is the government.

With the sale of the government's PNOC-EDC to a private company, what is going to happen to the price of electricity or kuryente? Recently, my brother submitted a complaint to MERALCO because our usual P1,500 pesos of electric bill rose to 2,500 pesos in the two preceding months. We consumed 251 kilowatts every month! The complaint resulted to a new MERALCO meter being installed in our house. The reader is digital and it is a lot more convenient to read. With it you may know how much eletricity every appliance consume in the house! My personal computer for example has a range of 90 to 150 watts. Indeed, a laptop would save more energy than a PC. I just hope with the monopoly, our electricity consumption would not amount for more.

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