Shell, Petron roll back oil prices

Finally, a big rollback!

Two oil giants Shell and Petron have announced big rollbacks for their oil prices–PhP5 per liter of gasoline and PhP2 per liter of diesel and kerosene. Here’s the announcement in Inquirer.net.

Do we hear rollback in transpo fares, as well?

More oil price rollback

Independent player UniOil has announced a big-time rollback of PhP6 per liter for gasoline and PhP4 per liter for diesel.

According to UniOil General Manager Chito Medina-Cue, the price took effect on Nov. 26, 2 PM. The oil price reduction brings diesel cost to PhP35 liter. Gasoline now costs between PhP36 to PhP39 per liter.

Here is a list of UniOil stations:

Metro Manila and Cavite
* Quirino Avenue, Pandacan, Manila
* Singalong St. corner Qurino Ave, Malate, Manila
* NAIA Road Parañaque City
* Brgy. San Dionisio, Sucat Road, Parañaque City
* Airport Road corner Roxas Blvd. Parañaque City
* Evangelista corner General Estrella Sts. Bangkal, Makati City
* Sen. Gil Puyat Avenue Brgy. San Isidro, Makati City 
* 133 P. Cruz St. cor. Boni Ave., Mandaluyong City
* Bayan Bayanan Ave., Concepcion, Marikina City
* Neopolitan Subdivision Regelado Ave., Fairview Park, Quezon City
* Quirino Highway, Brgy. Bagbag, Novaliches Quezon City
* Quezon Ave., S.M.H. Quezon City
* A. Bonifacio Brgy. Balingasa, A. Bonifacio Ave., Balintawak, Quezon City
* F.B. Harrison, Pasay City
* San Nicolas, Cavite  
* Tirona Highway, Habay, Bacoor, Cavite
* Soriano Highway, Daang Amaya, Tanza, Cavite  
* Gen Mariano Alvarez Road, Molino IV, Bacoor, Cavite
* Km. 48 Aguinaldo Highway, Lalaan 1st, Silang Cavite  

Provincial Outlets
* Duhat, Cavinti Laguna
* Brgy. Buboy, Nagcarlan, Laguna
* Gapan, Nueva Ecija  
* Roman National Highway, Tuyo, Balanga, Bataan
* Maddela Brgy. Villa Sur, Maddela, Quirino, Isabela  
* Atimonan Quezon St., Diversion Road, Atimonan, Quezon
* Maharlika Rd., Brgy. Batal, Santiago City, Isabela
* Tayag Florida Blanca, Pampanga
* Jesus Celeste Poblacion National Hi-way, Bolinao, Pangasinan

How to compute the interest rates

For many years, I didn’t know how banks compute interest rates. Although I have been saving money in the bank for so many years, it is only this year that I learned how to compute my interest rates. Surprisingly, it doesn’t take a rocket scientist to figure it out. The formula is this:

(Amount) x (Interest rates in decimal form) x (holding period) x 0.8
—————————————————–
360 days

Let’s say you have P50,000 in your time deposit account, earning 5% interest and with a holding period of 30 days. Just substitute the values.

(50,000) x (0.05) x (30) x 0.8
——————————-         = P166.67
            360

On the first month, your money will earn P166.67, which will bring your balance to P50,166.67. Just use the new balance if you want to compute your earnings for the second month.

(50,166.67) x (0.05) x (30) x 0.8
——————————— = P167.22
            360

Planters Bank’s Premium 5

Here’s another time deposit with excellent interest rates. Published in the Nov. 26, 2008 issue of the Philippine Daily Inquirer, Planters Bank is offering 7% fixed interest rate for its Premium 5 Time Deposit.

For a minimum deposit of PhP50,000, the plan includes a free accident insurance coverage. It is a five-year, tax-free time deposit with monthly crediting of interest.

Providing a sample computation for PhP50,000, your money will earn PhP233.33 per month. At the end of the fifth year, your money will earn PhP14,000. Not bad, eh?

For more information, you may call Planters Bank Direct at (02) 812-5325.

Don’t be a victim of text scams

Every so often I receive a text message that I won X amount of pesos and that I should contact a specific number. If you’re like me who receives messages like these, please don’t fall in the trap. This is a text scam, out to steal your hard-earned money.

These text messages purportedly come from Bangko Sentral ng Pilipinas (BSP), the Philippine Charity Sweepstakes Office (PCSO), Philippine Amusement and Gaming Corp (PAGCOR) or any legitimate business. The sender impersonates key officials, informing the recipient that he wins X amount of pesos and that he needs to contact a specific mobile number to claim the prize.

They will ask the victim to either deposit X amount in a bank account so he can claim the prize, or, for petty thieves, pasa-load an X amount to a specific number.

If you have received any text message or have been victimized, please report the matter to:

Anti-Money Laundering Council Secretariat
5F EDPC Building, Bangko Sentral ng Pilipinas Complex, Manila
# (632) 524-7011 local 2372

The only ironic part I see is that AMLC has no text number, which citizens can use to file a complaint.

Make it a habit: Delay gratification

Are you itching to get the latest iPhone? Are you buying it today or are you willing to wait a few more months when its price goes down significantly?

How does delaying gratification help you become financially independent? And until when should you wait?
 
Delaying gratification is the ability to wait for something. If you’re the type who MUST have the latest gadget, the latest fashion right here and right now, then I can tell that you are likely to have more credit card debts. Why? Because the more you give in to your temptations, the more likely it is that you are prone to swiping that plastic.
 
Psychoanalysts believe that the ability to delay gratification is a personality trait important for life success. When you can delay gratification, you are able to focus more on the important things and you are not easily swayed by your impulses.
 
Think about it. When you see a pair of shoes in the mall, do you immediately go inside the store and buy it? Or do you go home first and think about it? Do you immediately think that you are carrying your credit card and you can easily just charge it or do you think that maybe you don’t have enough money yet and you’ll just buy a pair when you already have the cash to pay for it? Do you ask yourself if you need another pair of shoes when you already have several dozen at home or do you tell yourself that you just want to have it just because?
 
The road to financial discipline and independence depends largely on one’s ability to delay gratification. When you learn to walk away from a strong impulse, you are basically telling yourself that you can buy an item at another time, that you really don’t need to buy it, and that you are in control of your own finances.
 
But when can you make that purchase? I have two rules of thumb to determine when it’s time for you to buy. 1) When you have enough money to pay for it (without dipping into your savings). 2) You don’t have to charge it to your credit card.
 
If you find yourself thinking that you can just withdraw money from your savings or you’re thinking of just charging it, trust me on this one, it means you cannot afford it.

Good news: Long holiday this December

Malacanang has announced that Dec. 1, 26 and 29 are non-working holidays.

Dec. 1, which falls on a Monday, is for the National Heroes Day, which is celebrated on Nov. 30. Proclamation 1463 declared Dec. 25 (Christmas Day) and Dec. 30 (Jose Rizal Day) as regular holidays. Dec. 31 was also declared as a special non-working holiday.

But before you jump for joy and book your next flight, make sure that you have enough money to last the long holiday. Banks will end operations on Dec. 24, Wednesday. (see related story).