Category Archives: FINANCE

12 Posts

reposted from the Official Gazette (

You are a Filipino citizen living in the Philippines, receiving income from sources within or outside the Philippines. Here’s how you file an income tax return:

For individuals earning income only as employees; for  marginal income earners

For self-employed individuals; for individuals deriving mixed income

For corporations, partnerships, and non-individual taxpayers

What BIR form to file

BIR Form 1700

BIR Form 1701

BIR Form 1702

Documents needed

BIR Form 2316

If applicable:

If applicable:

If applicable: Waiver of the husband’s right to claim additional exemption; duly approved tax debit memo; proof of foreign tax credits.

If applicable: Tax debit memo, proof of prior year’s excess tax credits.

If applicable: Tax debit memo, proof of foreign tax credits.

If filing an amended return for the same taxable year: Income tax return previously filed and proof of payment.



If gross quarterly sales, earnings, receipts or output exceed P150,000.00: Account Information Form (AIF) and/or the certificate of the independent CPA with Audited Financial Statements.


How to file your ITR

Fill out three copies of  BIR Form 1700

Fill out three copies of BIR Form 1701

Fill out three copies of BIR BIR Form 1702

If there is payment:

  • Proceed to authorized bank of Revenue District Office where you are registered and present your filled out BIR form and your documentary requirements.

  • Receive duly stamped and validated form as proof of ITR filing.



If there is no payment:

  • Proceed to Revenue District Office where you are registered and present your filled out BIR form and your documentary requirements.

  • Receive copy duly stamped as proof of ITR filing.




April 15

April 15, August 15, November 15

15th day of 4th month following close of taxable year

If you want something added to this page, please send us an email:

More resources:

April 15 is the deadline for filing income tax returns

Who are required to pay file income tax returns?—Official website of the Bureau of Internal Revenue; it contains announcements, information, tax rules, and others.—An interactive website.

Got a text message today indicating that my new HSBC credit card has been delivered when  actually it was not.  It peeved me further to find out that HSBC does not have cell phone contact numbers and their toll free number does not work with my Sun-Tel wireless landline. I ended up emailing HSBC to report this incident. Now I have to wait for a reply supposedly in two days.  While I was irked by these circumstances, I was pleased to find that my new card gives me the chance to get flight coupons from my favorite airline Cebu Pacific.  There is some silver lining after all.

I recently attended a teleconference and met my new teammates in a new project I’m working on. We introduced ourselves to each other and it’s funny how a lot of us are working in jobs that don’t match our college degrees. I think the workplace has significantly changed over the last five years where it is no longer strange to flourish in a career other than what you earned a degree for. Nine-to-five careers like banking jobs or office work are optional. The emergence of the home office and remote access is now commonplace. I personally, prefer that because it contributes to reducing our carbon footprints all across the globe. How about you? Are you working in a job that  you really like? or would you rather be doing something else?

Rean here…

Ever wondered if you could shop online without using your credit card? You should probably try eBillme.   and get billed later.  Simply check out at your favorite e-store and get billed later.  You can then conveniently pay later at your online bank.  It’s really shopping with cash, online.   The eBillme website has a catalog of items that have discounts you can avail when using the service.  There are also coupons available.  eBillme is likely to be a viable alternative to the secure online payment schemes existing today.

Once more Rean…

We are a happy for our friends who recently got paid by their pre-need insurance  company as part of a settlement.  What we found odd, however, was that they were paid in a USD check.  So we asked a banker friend why this was so.  His reply was that our PHP is doing  well in  forex charts that local companies have to put their disbursements in USD to cut costs. It is encouraging to see our economy boosted by the optimism of  a new administration.

I bumped  into a former co-worker from intel this afternoon.  The first thing I asked him was about where he was connected.  Intel Philippines will be ending its operation by April 30 this year ending 34 years of operation in the country.  I asked him about his package and also about what his next move would be.  I asked him if he was looking for another job or going into business ( a franchise maybe?).  He said he was looking for another job while investing his savings in mutual funds.

I remember my own transition out of Intel in 2006 when I asked the question “what on earth am I here for?”.  It was then that I transitioned out of the semiconductor industry and into energy by means of solar manufacturing, then into the NGO world and now as a freelance energy consultant.  As the years go by, I crave for more freedom.  While I’ve had to tighten my belt at times because of cash flow and collection issues, the freedom I now experience is all worth it.

At this point, I am beginning to realize that the challenge of financial freedom really lies in finding something simple but returns a lot of money.  Why bleed yourself over  complex projects when you can earn a lot doing something like  servicing laundry, teaching kids, etc. I remember another Intel co-worker who sought a highly technical job only to get a poor appraisal later on.  A strong financial base will be the foundation for personal pursuits and advocacies later on. In the end, its really about being practical.

After almost a year of earning by blogging, the verdict is – it is absolutely TRUE. Yes peeps, it is true. I was one of those skeptic and wary bloggers who couldn’t believe that you could really earn from blogging until I finally caught the blogging fever from one of the forums I belong to.  It opened my eyes to the endless possibilities you can find online. It sounds so simple a lot of people find it unbelievable. There are a lot of resources out there to help you get started and for those who have been doing this for quite a while this information is actually quite basic but for those who are starting out I hope this proves helpful.

How does it work?

Well, first of all it starts with a blog. Your blog. You see, one cannot underestimate the power of the internet and a lot of people have used its ability to reach the widest number of people in a matter of seconds. Think about how fast news circulates around the globe as soon  it breaks. Unheard of 20 years ago, right? Today, as soon as your favorite celebrity gets caught in an ugly situation or a certain product gets blacklisted because of its harmful effects on consumers, news spreads faster than you can get it printed in tomorrow’s daily. And who does the spreading around? It’s folks like us who blog about it and who have become part of this online community in the blogosphere.

Advertisers recognize the power of this tool and see it as an opportunity to get the word out there about their products. Enter, the blogger. What used to be a simple online journal for a lot of people has turned into an additional or for some, an alternative source of income. Some do it leisurely while others have eventually turned pro and lease out “real estate” space on their websites. Nifty eh?

Where do I start?

So the next question you probably have is how do I do it? Where do I start? I have encouraged a lot of my friends to try this thing out and like myself, not knowing what to do or wondering whether I’m doing it the right way or the most important question I think they have on their mind is – Is this a scam? Hopefully after you read this post you’ll be a little more armed with information.

The first thing you really need is a blog and of course blog content. I started blogging online because I find it convenient to access my thoughts wherever I am and whenever I want. Convenience, that’s what it meant to me. I try to aim for useful quality content as opposed to just chatter in my posts as much as I can. Well, if not always, most of the time I do try. Take note, some paid blogging sites have specific requirements re how long you should have been blogging before they approve your blog. Most of them require your blog to be at least between 3 to 6 mos. old. Just so you’d know okay?

Next thing you need to look for is a tested and credible site that offers pay for blog posts. I have enrolled in more than a few and most of them I have found through feedback from other bloggers as well. Some of them have proved to be scammers but the ones I am part of right now I’m quite happy with. One of the more recent sites that I have found is I’m fairly new to this site and I still have to get my feet wet with them but so far it looks promising. They have a nice fresh look and the interfaces look simple enough to navigate around. They offer a lot of paid blogging opportunities that you can choose from. You might want to check them out.

The Bottomline

One thing that I have always said to my family and friends is that, if you are already spending  time on the internet surfing, chatting, googling around or just watching videos, why not make a little money on the side as well. You might as well earn back what you pay your internet service provider , right?

If you find this post useful and helpful and you would like to learn more in future posts, leave a comment and what you would like to know and I’ll try my best to post something worth reading.

Ciao for now!

Before the end of the year, I completed a trainer’s course for financial stewardship.  This was offered by Crown Financial Ministries, a faith based organization that focuses on educating people about the proper handling of money.  I never thought that I could  be a good money manager until I got this course.  First we were taught that the real owner of our cash is God and we are mere stewards of it.  I consider this stewardship principle as universal regardless of beliefs.  We were also taught practical ways of tracking and managing money such us using envelopes to allocate money every 7-8 days. Proper perspectives on investments (stocks, term life insurance, etc.) were also discussed.   I still have a lot of work to do in the area of finances but I did learn a lot of helpful stuff in this course.  I look forward to sharing this with others who also struggle financially as we do.

One of the greatest benefits of the internet is the ability to do almost (almost, okey?) anything even if you are in your pajamas. (hey! strictly PG huh lol) This includes managing your money. The days of going to the bank (whether in your own car or commuting, who wants to now that it’s soooo expensive to do either) are becoming such a chore when you can easily do it online. Nowadays online bank balance transfers are so convenient, it only takes like less than ten minutes. Compare that to going to the bank the old way where it takes almost an hour to get there, 30 minutes waiting to be attended to, 10 minutes to finish your transaction, another hour to get back to where you started and an additional 30 more minutes allowance for unforeseen traffic incidents. To top it all, at P55/liter, of course, you won’t get there on a liter alone, the costs are crazy eh? Think about it. So be smart. Choose wisely and don’t forget if you do choose to do it online beef up your internet security. Ciao!

Did you know that the word credit come from the Latin word “credere” which means to believe in? From this, we also get related words like credible or credo. In business and finance, it is extremely important to be credible and trustworthy. Otherwise, nobody will want to do business with you.

When somebody applies for a credit card and is approved by the issuing credit card company, the latter is saying something like this – the person holding this card is someone we believe in and this card is proof of our trust in him and any business transaction that he undertakes. Same thing goes with credit loans.

Many people do not realize it but a simple thing such as a one-day late payment can have a big impact on their credit standing. I believe this is especially true in the US where they are able to keep track of Bad Credit Loans and Bad Credit Credit Cards. Once someone’s payment is delayed, their interest rates jump up to a higher bracket and their original debt becomes compounded. This is one of the ways credit card companies make their money – they get it from the interest and surcharges earned from your late payments.

So do yourself a favor, PAY ON TIME! That way, it keeps your debt in control and your credit credible.

… like me. I’ve been scarce online because I’ve been trying to get my documents in order like renewing my passport, id’s, clearances and stuff in aid of, (not legislation, which is the buzzword in politics right now) opening up a paypal account and boy, it’s been such an ordeal. It’s a bit frustrating how much bureaucratic red tape I have to wade through just to open a simple account. Well, anyway I’m posting this for anyone who might find the info useful for whatever reason. I’m not an expert on this, I’ll just share from what I experienced and what I have done in the simplest way I understand it so you may find it useful or not. 

Since this post is about  paypal and opening up a verified Paypal account in the Philippines, the objective is not just to sign up at Paypal but to have a verified paypal account. I’ve been signed up for years but haven’t done anything with it because of many restrictions for Philippine-based users. Now Paypal has become more Pinoy-friendly and allows us not only to pay(send) money for  online purchases/transactions but also to receive(withdraw) money as well. It still has a long way to go but I’m just glad that this option is made available to us Pinoys already. 

(Note: Generally a paypal account becomes verified only when you have added a credit/debit card to your profile and completed the expanded use process. Read more about the benefits of being verified here.)
Here are some tips on what to do or not do based on my experience. 

  1.  Read. Read as much as you can on the topic. There are a lot of helpful discussions online at the pinoymoneytalk forum or read Chikai’s blogsilog for more details to help you. Don’t forget to read all the way through so you don’t miss out on the steps. I didn’t so unfortunately I wasted time and transpo money going back and forth to complete requirements I forgot.
  2. Write. You need  to write down or print out the information you gathered. It’s not a cool thing to be waiting in line for hours or traveling 20 kilometers to your destination only to find out you forgot your cedula number or your barangay clearance or so and so’s contact number etc. Major bummer!
  3. Gather all the required documents and place them in one container or folder and keep them there for the whole duration of the process until the task is completely done. Imagine how frustrating it would be to be finally in front of the person you are submitting your documents to only to find out that your documents are in the folder you left at home because you switched bags today.
  4. Plan your itinerary and try to locate the addresses of the offices or agencies you need to go to. Most of these offices have websites already so just click on their contact us tab to get their office address or phone numbers. Call them up and inquire before you go. Verify if what you have gathered is what they require because sometimes the requirements listed online are not what is followed in practice. Try to do all you can in the location you are in. I live far from these offices so I made sure that I didn’t have to go back there once I left.
  5. Submit and Smile. You’ve finally accomplished #1 to #4 and it’s almost your turn to be attended to by the not so amiable clerk in front of you. Try to be as polite and as cool tempered as possible so that your papers don’t end up at the bottom of the pile even if you feel like screaming at the poor service you are getting (unless you intend to never ever go back to that establishment or you wait till that person gets promoted or fired).
  6. Wait. Your papers are finally in and all you can really do is wait so just wait…. and wait… hmmm wait…. still waiting….
  7. Follow-up. So you’ve done the waiting game and it’s been weeks since you’ve submitted your papers just pick up the phone and call them because the likelihood of them calling you is zilch. Don’t forget, be nice. You don’t want to keep waiting for another six weeks. 
  8. Tip#8 is not done yet because I haven’t gone past #7 but most probably what I’ll be doing is Celebrate and blog like crazy. 

I am going via the Unionbank EON Cyber account route although you could also enroll your own regular credit card and now your local bank account code to get verified. Here are some useful links to help you get started on the requirements:

If you don’t like to sift through all that government stuff, you can also get it simplified right here.

Having worked as an accountant for a number of years has its up sides and down sides. The attention to detail, the deadlines to meet, the scheduled taxes and government remittances that need to be fulfilled have rubbed off some of the creative edge in me. There were many occasions that I have had  a sense of what type of  business would work and not work in certain environments and true enough, a few months or years later, somebody else just went up and did it.

A few years ago, I presented my idea of opening a Starbucks coffee shop in Tagaytay long before there was anything on the ridge except abandoned vacation houses to some friends. I thought it was a feasible idea because of the planned development around the area but a friend of ours was pessimistic about it and said that it wouldn’t work. Well right now, I think it’s doing very well on the ridge. So much for my friend’s opinion. Of course, I knew we couldn’t do that even if  I wanted to because for one, to the best of my knowledge, Starbucks is not open for franchising. It is solely operated by the Rustan’s group of companies. So that gives me the perfect excuse not to get into it even though in truth, I only have a few pesos just enough to buy me not the franchise but the frappuccino…make mine mocha, please.

Another business venture that I thought of years ago was related to something I liked to indulge on –> chocolate covered caramel apples. Mmmm, I absolutely love these! I even tried to make some myself but I couldn’t get the technique right because the caramel would slide off the apples. It just didn’t come out the same as the ones I would buy in Arizona. And since I’m kinda OC or a bit of a perfectionist, I couldn’t get myself to put out a product I wasn’t going to be proud of or happy about. I asked some friends about that venture as well and that same friend who didn’t agree with that Starbucks idea didn’t think I had the market to sustain it. Oh well, guess what, somebody is actually selling them right now in Glorietta? in Makati! Not really the same as those I’ve tasted but hey, it’s the idea that counts.

Of course, I’ve had some ventures that didn’t last long because those involved evolved. Priorities and vision are basic values that need to be synchronized when you get into business and if those values are no longer shared, it’s time to move on.I do have some dreams and other projects cooking up and incubating in my brain. Hopefully, when everything falls into place and I have enough resources to pull it all together, I will turn a deaf ear to pessimism around me and muster up the guts to take that plunge and put my money into investments that really matter to me.