Public Urged To Save In Insured Bank Products

[Mr Lee]

High Philippine Interest Rates, Sounds like a good deal to me, up to 9% and PDIC insured Public urged to save in insured bank products Updated February 12, 2009 12:00 AM CEBU, Philippines - Cebu first district Rep. Eduardo Gullas urged the public to consider stashing their savings in fixed-income and high-yield bank deposit products that are not only tax-exempt but also fully insured. According to Gullas, families looking to save long-term for the college education of their children, for retirement fund, or for the purchase of a house should ascertain whether any of the five-year, tax-advantaged deposit products now being offered by most commercial and thrift banks are suitable for them.In a press statement, Gullas identified five-year time deposit products that offer the best rates. These are the LBC Development Bank

[TheMason]

High Philippine Interest Rates, Sounds like a good deal to me, up to 9% and PDIC insured Public urged to save in insured bank products Updated February 12, 2009 12:00 AM CEBU, Philippines - Cebu first district Rep. Eduardo Gullas urged the public to consider stashing their savings in fixed-income and high-yield bank deposit products that are not only tax-exempt but also fully insured. According to Gullas, families looking to save long-term for the college education of their children, for retirement fund, or for the purchase of a house should ascertain whether any of the five-year, tax-advantaged deposit products now being offered by most commercial and thrift banks are suitable for them.In a press statement, Gullas identified five-year time deposit products that offer the best rates. These are the LBC Development Bank's Royal Earner which is paying out interest of nine percent per annum for a minimum placement of only P10,000; Planters Development Bank's Premium 5 with seven percent annual interest for minimum of P50,000; Premiere Bank's CTD Flex with seven percent annual interest, minimum of P50,000; Bank of the Philippine Island's Plan Ahead with six percent annual interest, minimum of P100,000; and Philippine Savings Bank's Prime Time Deposit with five percent annual interest for minimum of P50,000.You can read the whole story at the link belowhttp://www.philstar.com/Article.aspx?artic...bCategoryId=107

If you're going to save your money in Filipino banks, definitely go for the PDIC insured deposits, but don't be mislead by the 9% interest rate. It's very high by US standards, but when you take into account the inflation rate and forex risk, 9% isn't all that high, especially if you're locked into a 5 year time deposit.