Saturday, April 21, 2012

Patayin si Poverty

Dear insansapinas,

Ano nga ba ang poverty na yan? Patayin na nga yan. Palaging yan ang reasong ibinibigay to explain issues. 

MANILA, Philippines - Poverty is the main reason why most Filipinos do not have bank savings, a central bank official said Thursday.
Diwa Guinigundo, Bangko Sentral ng Pilipinas (BSP) deputy governor for Monetary Stability Sector, told radio dzMM that he was not surprised with the results of a BSP survey showing that 8 in 10 people in the country don't have bank accounts.
"Alam naman natin, ang ating bansa ay still developing, still an emerging market," he said.
"Kaya marami pa rin sa ating mga kababayan ang mahihirap pa rin. Ito ang dahilan kung bakit 20% lamang ng mga tao ang may bank deposit," he explained.

Having a bank account in the United States does not necessarily mean that people have a lot of money and savings.
This is what is being pointed out in the study conducted in the Philippines--poverty is the reason why only 20 per cent of the total population has bank accounts. The study equates bank accounts to savings accounts which is wrong.

In the US, you need to have a bank account specifically checking account to pay the bills. You can't mail currency and you can not buy money orders especially if you regularly pay your bills. There are companies which directly deposit the paychecks  of the employees to their bank acccounts.  Even income taxes are paid thru the banks. Walang lusot.

Is this possible in the Philippines? Naah. Checks can not be mailed without the risk of being pilfered. There were also several cases of bank holidays especially for thrift and savings banks.  When the banks "run", only a certain amount of the total deposit can be recovered. So sinong tao ang gustong mawala ang savings nila? Kung ako depositor ilalagay ko na lang sa ilalim ng mattress. 

My grandmother kept her money in her arthritis pack while a friend of my dad put the money in glass bottles buried in his backyard.

So what is the purpose of this study? If it is about bank requirements, then by all means, make some favorable amendments in favor to the depositors. Do they still require to keep a minimum balance? Isn't that unfair? Here, the loyal bank patrons are given overdraft allowance in case the payments exceed the balance.

One thing that the OFWs complain in using bank-to-bank remittance is it takes days before the amount is reflected in the account. Ginagamit pa siguro ang pera. Kaya mas gusto pa nila yong door-to-door.

Do you know that most of the loans intended for production come from the savings accounts of the small depositors? 
The money generated thru universal banks are used for export /import activities which may not generate as much as employment generation.Imagine a bank with 10,000 depositors with an average of 500 deposit  each. That is equivalent to 5 milion. When this is loaned out, a collateral is needed by the bank. This collateral is discounted with the BSP and tbe proceeds can be lent out to another loan applicant. The collateral of this applicant can be discounted again and so forth and so on. That is how they make money in the bank. As if you do not know.

Many are criticizing the Filipinos for spending on consumer items. They did not realize it also boosts production because of the demand created.


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