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Economy of the Philippines

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Central Bank of the Philippines Foreign Exchange Rate for Conversion of US Dollars and other major currencies to Philippine Pesos. bangko sentral ng pilipinas: financial market operations sub-sector: reference exchange rate bulletin: september 27, country: unit: symbol.

How to Compute Income Taxes in the Philippines (using old BIR Tax Rates)

During my world travels, I accumulate *left-over* currency notes. It just seemed natural to start a collection! Many thanks to friends who have contributed.

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They need a way to get paid and so we created this article to help our customers find the lowest cost to transfer money. There is a REAL currency exchange rate, which is the rate at which banks exchange money. Then there is the rate that you get when you transfer money. The difference is a fee that you are charged for the transfer. Sending money via PayPal? You will be charged a hidden fee of 2.

We have a remote team with people in 19 different countries around the world. The two transfer methods we use the most are:. Sometimes you might want to fix the amount that you are sending in pesos.

This means for example sending an exact amount of 20, pesos. The reason you might want to do this is if you are hiring someone in the Philippines you will get a more reasonable local rate if you pay in pesos.

When you start to pay in dollars you might find that your worker will ask for more money just because they are seeing the dollar sign! When sending in pesos, local people tend to think about it more in local salaries. This is more difficult to do and most services will not allow it. Here are some options that will allow this:. The problem is the time and effort that it takes to navigate the website and send each individual amount. Here are some options that are easier for sending multiple payments:.

What are hidden currency conversion fees? What transfer methods do we use at Time Doctor? The two transfer methods we use the most are: TransferWise — is a new kind of financial company that you can use to transfer money internationally at a very low cost. Their system is based on local bank account transfers, which makes transfers abroad cheaper than what banks or other providers charge. They charge a small upfront fee between 0.

Payoneer — very convenient for sending and receiving. They are also one of the few methods that works to receive money in almost every country and the receiver can get their money on a debit card and withdraw from an ATM.

Here are some of the lower cost options you can choose from. Stated fees for PayPal will depend on what method you use. If you are sending money to a friend or family member, there is no fee only the hidden currency conversion fee. For all of these options there is a hidden currency conversion fee which is somewhere between 2. For sending from the US. If you send using MassPay the hidden currency conversion fee is 2. WorldRemit is offering their services only from the following states in the US: The fees for wire transfers are estimates and vary from bank to bank.

Depending on how you send the money, the exchange rate fee will be paid by your sending bank or the receiving bank. However the fee will be higher for other currencies.

Small World FS fees may increase on subsequent transfers. We were not able to get clear information if their transfer rates would stay the same for future transfers. Wells Fargo is one of the economical options to send money to the Philippines. All of the hidden currency conversion costs are based on our calculations and may vary. My experience when checking these costs is that most companies calculate a fixed percentage that they add to the cost and that this percentage does not vary much.

The lowest cost option for Payoneer would be to use their transfer to bank option. If you transfer the money to Payoneer via credit card the costs will be higher. Also Payoneer generally does not accept businesses that have less than 10 employees. So to get business access to Payoneer you need to have a larger business with many employees. Or alternatively you can try and send money directly via their website using a credit card; but in this case the costs will be higher and they limit the sending amounts.

Xoom has been reported to cancel any payments that are for the purpose of sending to employees. Adding funds for Abra is free if you do it by bank. Here are some options that will allow this: Here are some options that are easier for sending multiple payments: There is also an integration with PayPal and Time Doctor.

Payoneer — these guys have an easy to use API where you can send to multiple people. We are also developing an integration with Payoneer and Time Doctor. TransferWise — paying multiple people with TransferWise is easy with their batch payments tool.

You simply upload a spreadsheet with payment details and you can pay hundreds of people all around the world in minutes. Let us know your comments about any of these transfer methods below! Other articles that might interest you: Leave a reply Cancel reply. I enjoy looking through an article that will make men and women think. Also, many thanks for allowing for me to comment!

UpVote Reply 0 Upvotes. Thank you for mentioning orbit remit as one of the best remittance format from UK to pH been a great help. I always suggest and recommend Transferwise to my clients and employers. The fee is low and the exchange rate is realtime. Wester union is the best sending money in philippines and also moneygram. I Think Transferwise is the cheapest and fastest way to transfer money from Australia to Philippines at a very low cost.

UpVote Reply 1 Upvotes. Directly send money to your clients personal bank in the Philippines. Try to partner with different banks here in Philippines.

As other company do. Banks tend to offer much worse exchange rates than other providers, while also charging additional fees.

I've been using paypal and bank to bank transfer for so many years. I've never tried any other way, some way are promising but I need reliability. I have tried paypal, transferwise and payoneer. The best is transferwise so far and it goes to my account directly. No more withdrawal charges. UpVote Reply 4 Upvotes. After using Remitly mostly for smaller transactions for the past few years I needed to make larger transfers.

The first one I made was not pleasant as I had to call them several times to complete it. I had to provide a copy of my passport, SS number, and other details. I assumed that future transactions would be a breeze but I was wrong. The representative I spoke with Precious was rude and she made me feel unimportant and that my business was of no value to her. I've lost all confidence in Remitly and I'll no longer use or recommend them to anyone.

Though not as fast as Remitly they do process the transfers in one business day and their rates are generally lower. UpVote Reply 2 Upvotes. Payoneer is still the cheapest way to send money to the Philippines. Paypal is quite expensive and the minimum amount in order to withdraw is also high. TransferWire or ShareMoney is my best option for this! If you use PNB wire transfer you use at your own risk.

On December 2 thousands were transferred and I have not received funds. All PNB will do is say they do not have funds.

They will not trace I used my lawyer in the Dtates and got all the wire transfer information. Yet for 11 years they have handled the transaction monthly. I have now hired a lawyer in Davao Ph. I doubt I will get justice in a Ph. I am tied up with Payoneer with my business and so far they are far better and more inexpensive compared to PayPal. They even have some arrangements like my being with their VIP customers that allows you lower fees especially if you'll be sending big amounts like payments, remittances, and the likes.

You can do the transaction online and clients sending out money need not even register. Just follow the online process and you'll be sent an email message if you have receivables. Your account number with them is already registered as an international account and you can transact globally.

Don't get me wrong. Am not part of the company. Just happy to share my experiences with their service and so far, it's topnotch! I even have a personal account executive assigned to me who checks me out every now and then for any concerns or clarifications with regards to their service. I hope that helps! Major factors to be considered while transferring money abroad are 1 It is safe 2 Exchange rates are low 3 Convenient processes 4 Quick transactions I am myself used to transferring money abroad to my sister in USA.

I have tried many options but have found services from Centrum Forex to be best among others. Hence, I would refer you to try and use their services. I am from Delhi India and want to send usd to Silay city phillippines in cash to my friend. Please advice me the process and charges with your agents at New Delhi. UpVote Reply 5 Upvotes.

My mom sends me money through Xoom and i get it right away and cheaper for her bec any amount will be the service charge fee. Hello,I am sorry but I cannot agree with the article, it is quite misleading. PayPal is almost 20 years old, and it is not hiding anything. One must know the rules in any transactions.

Charges apply to any kind of business, even the free ones. PayPal has an established reputation. There are many other worldwide online payments system to choose from and each has their own rule and price. Change the part of the article that says hidden fees, it is not hidden. Also, clarify the charges for it is not clear. Separate the Personal and Business account.

Then a clear comparison can be seen. I find some of this information 'misleading' at best. Western Union offers 2 services: I wonder if this is a 'sales site' for other services that charge MORE to transfer money? For example here are the exchange rates last July 24, for sending money with delivery method: Hi there, I am marketing team member of mHITs Remit and I just would like to clarify some information about this post and how you collect it so we can help keep it accurate.

First of all, our transfer is instant, so it will take seconds SMS speed to arrive to the Philippines and NOT days as the post says. We are probably the fastest company in Australia to send money to the Philippines. If you want to know our great rate today to send money to Philippines please visit http: Thank you for the space, I hope it had helped customer to understand our service features more clear.

Kind Regards, mHITs marketing team. I was wondering if considering Bitcoins as mode of payment. It is very easy to open a wallet account and there is also API integration. This also take just minutes and direct to whoever the payment is intended for. It takes 10 minutes to pay them, then stuck at "Processing by local partner" for two full days. Terrible considering the huge hidden cost the inflict with a high exchange rate gap.

Before sending money to Philippines , one should compare and choose option which is offering best rate on the day of transaction. Hi all, does anybody have any idea which services from the U. I want western union because i know my money is secured at this money transfer at easy to claim. I prefer xxom and western union, we need to have our pay in fastest time though than paypal we need to wait business days and not only the sender will be charge also the receiver they highly expensive than other money remittance.

As far as I know its either western union or xoom its because its fastest way to send money here in the Philippines. For me it is Western Union always has the best and the greatest ways of sending money to the philippines from the states, for me it wasnt about how much will be the charges.

As far as i know sending money by western union charges less mount to person who sends money whether from the philippines to other country or from the states to the philippines, western union is great not only less charge, it also delivered the money that people send fast and safe, making sure that the money that a person send will reach exactly to the person to whom it was send by the sender Again, it wasnt about the charges,it doesnt talks about how much, rather it talks about good services to people, fast and safe in all time From the Philippines to the USA?

For me Moneygram is good to me, because of the fastest way of sending money. The money sends fast. Sir, my husband is an OFW, so he is exempt from taxes. Can I claim the additional tax exemptions for our children?

Hope you could enlighten us. Thank you very much! I suggest na update mo ang status mo submit form to claim for additonal exemption. I already have Form but our Accounting Dept wants my husband to execute a waiver. Is that still required of OFWs? As a general rule, the husband claims the additional exemptions for dependent children.

In case the wife will claim for the additional exemption, an execution of waiver of the husband will be required.

The purpose of the waiver is to prevent both sides to claim for the additional exemption. The fact that your husband is working abroad, this is valid enough and will automatically give the wife the privilege to claim for the additional exemption. Hi, I am a monthly employee, so my withholding tax is based on the monthly bracket.

Note that when I received my 13th month, prior the regular payroll, it was already taxed. However, our HR added my 13th month Taxable income to my base salary as Taxable gross to compute my regular payroll. Pagdating sa year end computation kasama na yung above 30k limit sa taxable income for the year. So kahit na tinaxan na yung 13th month pay mo kung pagdating naman sa year end computation kulang ang total tax withheld ihahabol nila yun sa payroll mo.

So ang adjustment ay sa payroll mo. Maliban na lang kung may mga benefits ka pa na irerelease sa year end na sakop ng 30k ceiling na kung saan pwede nila don iadjust yung tax defecit. Hi Rekcor, thanks for your response. Well, nagtry na ako magcompute for my annualized tax since di naman bayad OT ko, wala naman na kameng matatanggap pa na other bonuses by December.

Sana lang pagdating ng December balik nila yun kundi aawayin ko HR namin. Ako kasi US Tax ang work ko. Kung may refund ka, dapat mabayaran o maibalik nila sayo yun bago sila magpasa ng alphalist sa bir every first month of the year January. Dahil kung hindi abluloy mo na sa bir yun. Pero pwede ka magreklamo sa BIR sa di pagbalik ng employer mo ng tax refund mo.

Ganon din naman kung may defecit ka pa. Kelangan mo bayaran o ikaltas nila sayo yung kakulangan. The allowable personal exemption of each individual taxpayer is P50, regardless of the status of the taxpayer. Nagkakatalo na lng yan sa additional exemption from P, Pero ang basehan ng computation sa net taxable income regardless of your status ay pareho at iisang tax table lang. Good morning I just graduated last and I am working as a freelance teacher.

I want to pay my obligations as a Filipino citizen. I am married but my husband is unemployed and I have one dependent.

How much tax do i need to pay? My salary is 15, a month. Before I was a self employed my sss is Since ang mga OCW ay hinde required to file their income abroad. Ang kailangan lang i-file ng OCW ay ang income nila sa Philippines.

Assuming hinde po ako OFW. Can I still claim exemption for her for Y? Hi, I teach self-defense on the side. If yes, you dont need to file since your income is lesser or equal to your personal exemption. I was wondering if there was some form of wealth tax gross wealth in the Philippines. I am planning to immigrate there and i was wondering if i would be taxes for assets i have outside the country?

For example, what if someone has a stock portfolio managed outside philippines earning dividends that are automatically re-invested i will not receive cash dividends on them they are reinvested automatically. Your assets are not taxed unless you die, in that case, your estate is subject to estate taxes.

If you can acquire citizenship, taxable within and without the philippines yes, your dividends will be taxed regardless if it is reinvested or encashed since it is considered an income. But in case, you cant acquire citizenship, you will only be taxed on your income within the philippines. Diba nagkakaroon ng tax refund kung hindi ka nakakompleto ng buong taon sa current employer? Nagkaroon ako ng 7K n tax refund dun sa first work ko from July-Dec na tax deduction sakin.

What if nagresign ako ng Jan. Ibig sabihin ba makukuha ko tax deduction sakin ng March — Dec. Sa income taxation po, ano po ibig savhin ng income? Kapag employee ka, yung salary. Kung meron kang business, yung profit mo. Ang gross income ay lahat ng income mo na subject sa tax. Ang taxable income nman ay yung gross income minus allowable deductions kapag meron lang business o personal exemptions.

But if tax was not withheld or was not correctly withheld, the employee must take the initiative to file the correct income tax return. The annual income tax return for should have been filed on or before April 15, So that means that your friend will be penalized by surcharges and interest.

Is trading Forex and the like taxable here in the Philippines? Noong nagstart kami ng tax deduction nung Feb this year, yung status ko ay single, kasi hindi ko nadeclare yung isa kong anak i think nakalimutan ko isulat.. Makakareceive ba ako ng tax return nito after a year.?

It depends on your status and number of dependents. I assume you are single with no dependent. Also, there are tax calculators online.

They compute withholding taxes, sss, philhealth premiums. Just want to ask.. I have from my previous employer Jan-August and from April to Dec as part time employee from another company. I decided to go full time this year.

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Usata raramente fino a tutto il Settecento quando solitamente l'editore vendeva i libri slegati o applicava una semplice copertina di protezione, che veniva poi gettata dal legatore divenne molto popolare a partire dai primi anni dell' Ottocento , forse su impulso degli stampatori Brasseur di Parigi [38].

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