4 big banks waive fund transfer fees below P1,000

 

BY LEE C. CHIPONGIAN

Nov 1, 2023 06:14 PM

  

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There are now four big banks or universal and commercial banks that have heeded the central bank's call to waive fund transfer fees on small transactions with the addition of government-owned Land Bank of the Philippines (Landbank).

Landbank said it has removed the fees for online fund transfers below P1,000 via InstaPay and PESONet as of Wednesday, Nov. 1.

Landbank also said that it has reduced the interbank fund transfers of more than P1,000 to a fixed transaction fee of P15 from the previous P25. 

The bank president and CEO, Lynette V. Ortiz, said they are waiving transaction fees for small-value online fund transfers to other banks as a Christmas season perk.

“This is our holiday gift to our valued customers, as we continue to promote safe and convenient digital transactions,” she said.

Landbank is hoping that in waiving transfer fees, this will “help clients send money to loved ones in a safe, secure, and convenient manner” which will promote financial inclusion in the country.

The waived transfer fee is given to clients for the first three online fund transfers and transactions in a day via the Landbank Mobile Banking App (MBA), and the bank’s online retail banking channel, the iAccess, it said.

Meanwhile, fund transfers of Landbank and its digital bank Overseas Filipino Bank, regardless of the amount, remain free of charge.

“The latest move (supports) the call of the Bangko Sentral ng Pilipinas (BSP) to promote cashless payments by removing the fees on small-value fund transfers,” said Landbank.

In July, the government bank increased the daily aggregate amount limit of fund transfers via InstaPay from P50,000 to P100,000 and via PESONet up to P500,000 and P1.5 million.

“Daily transaction limit for fund transfer and bills payment has been removed, allowing customers to perform an unlimited number of transactions per day,” said the bank.

BSP Governor Eli M. Remolona Jr. has been urging all banks especially big banks such as Landbank to waive transfer fees on small online transactions.

Remolona admitted that for the moment, in the absence of a formal payments framework or other regulations that will compel banks to remove or reduce fees on small transactions, all the BSP could do is make an appeal using moral suasion.   

With Landbank, there are now four big banks that have removed fees on small transfers up to P1,000 since February when BSP started to talk to banks and non-banks about cutting online transfer fees. The other banks are Ayala-led Bank of the Philippine Islands, the Ty-controlled Metropolitan Bank and Trust Co., and the Aboitiz-owned Union Bank of the Philippines.

Remolona said BSP is also talking to non-banks with digital payments such as GCash and Maya, formerly PayMaya.

Some banks and non-banks offer free InstaPay service while others charge a rate of P8 to P25 per transaction.

Currently, there are 82 InstaPay participating BSP supervised financial institutions (BSFIs) and 106 BSFIs in PESONet as of end-September this year.

Tausende Euro weniger Steuern: Wie Neurentner entlastet werden

 Von: Wolfgang DePonte 

Neurentner werden durch das Wachstumschancengesetz entlastet. (Symbolbild Archiv) © Thomas Plettenberg

Gute Nachrichten zum Thema Rente: Mit dem Wachstumschancengesetz geht die Bundesregierung endlich das Thema Doppelbesteuerung an. Neurentner werden dadurch entlastet – manche sogar um tausende Euro. 

München – Noch fehlt die letzte Zustimmung von Bundestag und Bundesrat zum Wachstumschancengesetz, aber schon jetzt steht fest, dass die Regelungen für viele Neurentner eine enorme Entlastung bringen wird. Denn mit dem Gesetz wird der seit 2005 laufende Prozess der Besteuerung der Renten deutlich verlangsamt. Statt wie bisher geplant im Jahr 2040 werden Renten damit erst ab 2058 zu 100 Prozent versteuert (siehe auch Tabelle). 

Wachstumschancengesetz bringt Entlastung für Neurentner

Was zunächst wenig spektakulär klingt, hat immense finanzielle Auswirkungen, wie jetzt eine Studie des Steuerexperten und Finanzmathematikers Werner Siepe belegt. Demnach bleibt für Neurentner bereits ab diesem Jahr „mehr von der Rente steuerfrei”. Für 1975 geborene Gutverdiener, die 40 Jahre lang ein Gehalt an der Beitragsbemessungsgrenze bezogen haben oder noch beziehen werden und im Alter 17 Jahre lang Rente beziehen, seien dies „in der Spitze insgesamt rund 72.000 Euro“, hat Siepe errechnet. Bei Rentenbeziehern, die im Berufsleben 45 Jahre lang durchschnittlich verdient haben (der Durchschnittsverdienst liegt heuer bei 43.100 Euro), blieben 43.000 Euro zusätzlich steuerfrei, so Siepe. 

So wird die Rente besteuert – Beispiele in der Tabelle:

Rentenbeginn	Alt	Neu
2023	83 %	82,5 %
2025	85 %	83,5 %
2030	90 %	86,0 %
2035	95 %	88,5 %
2040	100 %	91,0 %

Quelle: Vers (Versicherungsberater - Gesellschaft mbH) 

Beispielrechnungen: So wirkt die Entlastung für Neurentner

Wie solche Summen zusammenkommen, zeigt das Beispiel von Werner H. Der 65-jährige, alleinstehende Ingenieur ist seit Januar im Ruhestand und bekommt 2200 Euro Rente. 17 Prozent seiner Rente sind für den Rest seines Lebens komplett steuerfrei – das sind monatlich 374 Euro. Zieht man vom Rest den Grundfreibetrag ab, beträgt die monatlich zu versteuernde Rente noch rund 833 Euro im Monat. Wird das Wachstumschancengesetz rückwirkend zum 1. Januar 2023 gültig, wären 17,5 Prozent der Rente steuerfrei und Werner H. müsste nur noch 822 Euro monatlich versteuern.  MEIN BEREICH

Bei einem Neurentner des Jahres 2039 sieht das aber schon anders aus, denn sein Steueranteil läge nach der bisherigen Regelung bei 99 Prozent, nach der neuen Regelung aber nur noch bei 90,5 Prozent. Bei einer Rente, wie sie heute Werner H. bezieht (2039 wären das 2860 Euro, wenn man von den durchschnittlichen Rentenerhöhungen ausgeht), fielen damit mehrere hundert Euro im Jahr weniger Einkommensteuer an. Und das bei Männern im Schnitt 18,8 Jahre lang – das ist die durchschnittliche Rentenbezugsdauer bei Männern, bei Frauen sind es sogar 22,2 Jahre.

Doppelbesteuerung: Finanzministerium will weiter nachbessern

Aber warum ändert die Bundesregierung überhaupt die bestehenden Regelungen? Hintergrund sind zwei Urteile des Bundesfinanzhofes vom Mai 2021, in dem die Doppelbesteuerung von Renten festgestellt wird. Und da diese verfassungswidrig ist, muss der Gesetzgeber handeln, was im Rahmen des Wachstumschancengesetzes nun auch geschehen ist. 

Das Thema Doppelbesteuerung ist damit aber wohl noch immer nicht ganz vom Tisch, wie Experte Siepe rechnerisch nachweisen kann. Es wird auch künftig solche Fälle geben – bei künftigen Rentnern ebenso wie bei Bestandsrentnern. Die sind in der Neuregelung noch gar nicht berücksichtigt. Das Finanzministerium will deshalb in einem weiteren Schritt das Gesetz nachbessern. In der Diskussion sind individuelle Freibeträge. Finanzmathematiker Siepe fürchtet, dass das Thema zu einer unendlichen Geschichte wird.

From purgatory to paradise

A deeper look into the origins of All Souls’ Day

BY POCH EULALIA

Oct 31, 2023 09:13 PM

  

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AT A GLANCE

• Thus you may understand that love alone is the true seed of every merit in you, and of all acts for which you must atone. — Dante Alighieri, Purgatorio

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Each year on Nov. 2, Catholics flock to cemeteries and columbariums to pray over their loved ones who have passed on in celebration of All Souls’ Day. It’s a solemn period, where families gather together to remember the deceased and talk about the memories they have left behind. But it leaves the question, how did All Souls’ Day and the traditions we follow with it come to be?

THE MAN WHO STARTED IT ALL Odilo of Cluny is credited as the man who came up with All Souls’ Day

All Souls’ Day can be traced back to the 11th century. While there is no exact date as to when it started, the celebration was thought of by Odilo of Cluny, who served as the head of the influential monastery of the Abbey of Cluny in medieval France. According to legend, Odilo came up with All Souls’ Day after a pilgrim approached him to share the visions he had while being stranded on an island. These visions were of purgatory, a place where the departed must endure purification and atone for their sins before entering heaven. Intrigued by the visions, Odilo assigned Nov. 2 as a special day of prayer for all the departed, placed just one day after All Saints’ Day when saints are honored.

A BEAUTIFUL TRIBUTE Jorge R. Gutiérrez’s The Book of Life is an animated film that beautifully depicts the traditions observed during Dia de los Muertos

So how does one celebrate All Souls’ Day? It varies worldwide. For instance, anyone who has seen Disney’s Coco or Jorge R. Gutiérrez’s The Book of Life might know that Mexicans observe what is known as Dia de los Muertos (Day of the Dead). During this special holiday, families build private altars containing the favorite food and beverages of their dearly departed. Sometimes they also include memorabilia such as pictures, letters, and other possessions from family members who have passed. Graves are also decorated with colorful flowers. Often the Mexican marigold is used for its vibrant orange color.  

 

Meanwhile in the Philippines, the season of Undas has families driving in droves to cemeteries with food, flowers, and candles. Usually, the food is used for a mini picnic for the family to share and eat at the gravesite since it serves as a mini-reunion for those coming from far-off places. Flowers, often the sampaguita, are then placed by the grave as a sign of respect. Candles are lit in hopes of giving peace to our departed loved ones. It’s also a common practice for everyone to recite the rosary during this gathering as it is believed to help lead souls into heaven. 

IN THEIR MEMORY Candles are often lit during Undas season as it is believed it will give peace to our dearly departed

Whatever way we might celebrate All Souls’ Day, it’s important to remember that this is a time to gather with your loved ones and cherish their presence. It’s also a great moment to look back at all the fun memories left behind by friends and family who have moved on to the next life. 

What is this German phrase?

 

Belinda, Organic Intelligence With Human Experience

Social worker, educator, sociocultural project facilitator

872 followers

545 following

What is this German phrase? My grandma used to say it, and it sounded like "ach hed-a-yay". We think it meant “oh for goodness sake” or “oh I can't believe it”. Are there any ideas what it might be in German?

Sounds as if she was saying Ach herrje!

[1]

 or maybe Ach herrjemine!

[Ach herrje! Listen to me blathering on, meanwhile I’ve got kids in the oven! - Source: Ralph Ruthe]

Ach

[2]

 is a multi-purpose exclamation (a bit like English oh or Yiddish oy) that can express just about everything from surprise to approval to disapproval to awe to sorrow to longing.

Herrje is a shortened way to get away with saying Herr Jesu (Lord Jesus) - much like oh for goodness’ sake! is a way to get away with saying oh for God’s sake!

Best wishes

Footnotes

[1] 

herrje - Wiktionary

[2] 

ach - Wiktionary

Today's Weather, 4 A.M. | Nov. 1, 2023

 

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Nov 1, 2023 #TheManilaTimes #WeatherUpdateToday #WeatherForecast

301 views • Nov 1, 2023 • #TheManilaTimes #WeatherUpdateToday #WeatherForecast

Today's Weather, 4 A.M. | Nov. 1, 2023 Video Courtesy of DOST-PAGASA

Learn from yesterday, live for today, hope for tomorrow

Many times we are really in too much of a hurry while feeling uncomfortable if we notice how time flies. We have no time for someone or something, or even for ourselves. 

The quote "Learn from yesterday, live for today, hope for tomorrow. The important thing is not to stop questioning." was said by Albert Einstein . Albert Einstein was a German physicist and Nobel Prize winner who is widely regarded as one of the most influential scientists in history.

One reason we are so harried and hurried is that we make yesterday and tomorrow our business, when all that legitimately concerns us is today. If we really have too much to do, there are some items on the agenda which God did not put there. Let us submit the list to Him and ask Him to indicate which items we must delete. There is always time to do the will of God. If we are too busy to do that, we are too busy. I love the thoughts of author Elisabeth Elliot (1926-2015).

When I was still a teenager, I was longing for the time to be a grown up already. Later, I enjoyed listening to my grandmother's stories such as "Once Upon A Time" or ``When I Was Young" from her "yesterday's life".

After a couple of years, especially while observing that time really flies like a rocket to the moon, I always have the same question in my mind: Are the present hours and days less valuable? 

Learning from yesterday means correcting your mistakes you did yesterday and doing it again. Live from today means don't make those mistakes today. Hope for tomorrow means if you learn from the past your future will be bright.

Is life in the future easier, nicer, more charming and more fulfilling compared to the present? Many of us retreat into the past and forget their present existence. A possible topsy-turvy world of a golden youth tries to let us forget that also the past have had its share of disappointments, pains, tears, darkness, as well as desperate days. Dreamy and sleepy days - yes, lost days, irretrievable time... .

I am glad and happy being able to live a wonderful life as an expatriate here in the Philippines since 1999 - together with my family and some very good friends. It hasn't been easy during the first years. Now we stand on our own feet, because we worked hard and adjusted very well. 

Our laws’ constant need for the proper spirit

By Fr. Roy Cimagala

Chaplain

Center for Industrial Technology and Enterprise (CITE)

Talamban, Cebu City

Email: roycimagala@gmail.com

WE are reminded of our laws’ constant need for the proper spirit in that gospel episode where Christ was accused by the leader of a synagogue of violating the Sabbath law because he cured a woman of her crippled condition on a Sabbath. (cfr. Lk 13,10-17)

“There are six days when work should be done. Come on those days to be cured, not on the sabbath day,” the synagogue leader said. But Christ immediately corrected him by saying, “Hypocrites! Does not each one of you on the sabbath untie his ox or his ass from the manger and lead it out for watering? This daughter of Abraham, whom Satan has bound for eighteen years now, ought she not to have been set free on the sabbath day from this bondage?”

We obviously have to be governed by the rule of law. Without the law, we can only expect disorder and chaos, and all the forms of injustice. But we need to distinguish between the letter of the law and the spirit of the law, and know how to understand and apply the law properly.

Ideally, both the letter and the spirit of a certain law should be in perfect harmony. But that is hardly the case in real life. The problem, of course, is that the articulation of the law is conditioned and limited by our human powers that cannot fully capture the richness of human life, considering its spiritual and supernatural character that will always involve the intangibles and mysteries and the like.

That is the reason why we can go beyond but not against a particular law, when such law cannot fully express the concrete conditions of a particular case. 

But, first of all, we have to understand that all our laws should be based on what is known as the natural law that in the end is a participation in the divine eternal law of God, our Creator and the first and ultimate lawgiver. And that part of natural law that is specific to man is called the natural moral law that would recognize, as its first principle, God as our Creator and source and end of all laws.

A legal system not clearly based on this fundamental principle about laws would already be a system that is defective ab initio. A legal system that is based only on some human consensus would put the spirit of the law in full subservience to the letter of that law.

That's why any human law should always be a dynamic one, always in the process of refining, polishing and enriching itself. It should never be considered as static, irreformable, or unenriched.

That's simply because charity, truth, justice, and mercy, which our laws should embody, have aspects that can be mysterious and that will always demand new requirements from us.

Let's hope that the proper structures are made available to address this ongoing need with respect to continually polishing our laws. The task is definitely daunting. But rather than be daunted, it should challenge us to do it whatever it costs. We actually have the means. God, for his part, will always give us the grace for it. We just have to have the necessary attitude, will, and skills to do it.

We have to understand that for this task to be properly undertaken, those involved should be vitally in contact with God, the source of all good things, of all truth, charity, and justice. Being the creator, he is the foundation of reality and the supreme lawmaker and lawgiver.

 

Magno backs durian industry in Davao City

  

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DAVAO CITY – Presidential Assistant for Eastern Mindanao Leo Tereso Magno vowed to support the endeavors of the durian industry here.

PRESIDENTIAL Assistant for Eastern Mindanao Leo Tereso Magno checks out durian products at the Philippine Asia Durian Summit in Davao City. (FB) 

Magno expressed his full support for the durian industry, particularly during its current growth phase, at the first-ever Philippine Asia Durian Summit at the SMX Convention Center, SM Lanang here on October 26.

“During my discussion with Mr. (Emmanuel) Belviz, I advised him to compile a list of the items or resources required by his group,” Magno said, adding that the help the government would extend should come from them as they possess first-hand knowledge of their specific needs.

Emmanuel S. Belviz, president of the Durian Industry Association in Davao City (DIADC), said the sector intends to establish durable internal connections within the industry and government and private organizations.

Magno said that one of the things that the durian industry needs is irrigation. He added that with all the private sector’s efforts, the government will always do its part to help them. 

Belviz said that with increased executive support and collaborative efforts among stakeholders, the country has the potential to establish itself as a prominent participant in the worldwide durian industry.

Department of Agriculture (DAs) High-Value Crops Development Program Director Gerald Glenn Panganiban said the summit intends to enhance durian production by providing superior planting materials and expanding fruit cultivation by 2023.

Belviz presented an outline of the industry’s status in the country, stressing the significance of the initial shipment of Philippine durian to China in April this year as a pivotal moment for the regional durian sector.

From 2014 to 2022, the Philippines maintained its position in the international market’s upper decile of fresh durian exporters. In this city, four farmers have started exporting durians to other parts of the world.

The three-day summit featured at least 100 exhibitors, six representing Malaysia and China. Thailand and Malaysia provides  insights on cultivation and market trends for durian.