Interest rates of Special Deposit Accounts (Feb. 9, 2009)

I scanned through yesterday’s copy of the Daily Tribune (Feb. 10, 2009) and saw a very helpful table, showing the interest rates of the different Special Deposit Accounts (SDA) offered by different banks.

For everyone’s reference, I will be posting this table on a weekly basis. Here’s the interest rates as of Feb. 9, 2009.

A piece of good news amidst the crisis

Surprise, surprise! A recent survey of Antal International shows that employment rates in the country is one of the world’s highest. This is a breath of fresh air amidst the storm of news about job layoffs in the country.

In its annual survey “Global Snapshot,” the study revealed that 70 percent of companies in the Philippines are current hiring at the managerial or professional level. Companies planning to hire managers are expected to rise to 76 percent, compared to the 10 percent which intend to cut its staff, and three percent which are currently laying off workers. “Firing levels are currently low although organizations expect them to rise slightly during the early part of 2009,” Antal said.

While this appears good news, the caveat, of course, is that the hiring seems concentrated in the managerial level. Admittedly, not everyone has the ability and potential to be managers. There will always be people who work best as rank-and-file employees. So if you’re a rank-and-file employee, what do you need to do to ensure that you continue excelling in your area?

1) Continue learning.
If your company offers training opportunities, take advantage of it and attend seminars. You need to learn as much as possible for several reasons. 1) This can pave the way for a promotion. 2) If you get laid off, you have a bigger chance of getting a job elsewhere because you are equipped with more knowledge.

2) Work hard and work smart.
This is practically common sense but I’m surprised how many employees still take this for granted. Arrive to work on time. Don’t extend your coffee and lunch breaks. Don’t hesitate to suggest ways to improve your job. In short, magkaroon  ng malasakit sa trabaho mo.

3) Build your personal brand.
Make sure that your boss knows that you are doing a good job. Without appearing arrogant, you need to present yourself in the best possible light. Do a good job and make sure your boss knows it. Learn to network with the right people. Admittedly, we still live in a society where some people still use the “padrino” system. But rather than just concentrating on people you need to know, make sure that it is also complemented with an excellent work ethics.

And interest rates continue to go down…

I just checked Chinabank’s website and effective Jan. 30, 2009, the interest rates for its time deposit accounts went down again. This time, by 0.25%. The minimum interest rates for the Diamond Savings is now at 3.25%.

While Chinabank’s interest rates are still way better than the traditional banks like BDO, BPI and Metrobank, I wasn’t happy with what I was receiving (see related story). So last Monday, I went to Chinabank Fairview, Quezon City branch and pulled out all my money in the Diamond Savings. Instead, I placed everything in my employee savings plan, a savings program set up by the company I work for. On the average, I get to earn about 7 to 10%.

Meanwhile, I read Philippine Star and saw another ad for PSBank’s Prime Time Deposit. A few days back, it was at 5.5% interest rate for a minimum deposit of Php50,000. As of today, Feb. 4, 2009, the interest rate for the same product is 5%.

Looks like bank’s interest rates are going down…

Robinsons Bank Choice Savings Account (Feb. 3, 2009)

In the Feb. 3, 2009 issue of Philippine Daily Inquirer, Robinsons Bank placed an advertisement for its Choice Savings Account.

For a minimum deposit of PhP100,000 at a one-year term, you can get 4.50% net interest. The interest is credited monthly. For a three-year term, you can get 4.75% net interest. For a five-year term, you can get 5% net interest rate. You can also get free gift certificates for all the term period,

For inquiries, you can call (02) 631-888 or toll-free 1-800-10-631-8888.