Are You Rich?

[Thelanjaron]

Depends of what you call "rich", for now I have a house, can support my family and buy food and medicine. All  is ok. I would prefer to put hand in my pocket and take out as much money as I need at this exact moment  No need in more

[JJReyes]

On ‎11‎/‎4‎/‎2018 at 8:14 AM, JJReyes said:

The exception are the villages where the developer offers financing.

 

On ‎11‎/‎4‎/‎2018 at 7:39 PM, Dave Hounddriver said:

I have to call you out on that one.  A very large number of entry-level homes are purchased with Pag-IBIG financing.  HUGE numbers of them are.  As I mentioned before, that is the difference between the middle, middle class and the upper middle class.

 

On ‎11‎/‎4‎/‎2018 at 7:47 PM, hk blues said:

I agree with this - the community where I live has a much higher %age of mortgage holders than fully-owned based on the general comments I hear. The developer has tie-ins with the major banks here. Perhaps this is a relatively new innovation hence the recent increase in the numbers of sub-divisions popping up everywhere.

As I mentioned, home financing is indeed available through the subdivision or village property developer.  If you are an individual with an asawa who owns property, try getting financing through a bank for construction.  Look at the spread between what banks pay depositors in interest and the true cost for a mortgage, assuming it is available.  It's a shocker.  The reason subdivision home financing is available is because the bank owners and property developers are from the same clique.  So banks pay little to depositors and then use the accumulated money for insiders.  Rather than funding small & medium size businesses and entrepreneurial individuals, the bank owners fund projects wherein they have a vested interest.  The International Monetary Fund has warned the Philippines that this practice is unacceptable, but it continues. 

I am not familiar with the Pag-Ibig program.  My recollection is this program was designed as a way to absorb the money inflow from Overseas Filipino Workers.  With a substantial deposit, you can pay for the remaining balance from your future overseas earnings.  The program was expanded to include others who can make the deposit and proof of income.  I believe Pag-Ibig received their core funding through the Asian Development Bank.

 

[bob1965]

I think pag ibig is mandatory to whoever has a job there. With contributions coming from both employer and employee. I have a friend who just got her house using pag ibig, and their interest rate is better than regular bank rates. But in general, yes...I don’t understand how the banks can charge the interest rates they do.

[GeoffH]

Those figures don't say if they're gross income or net income, I'm over A if gross but under by the time (Australian) rental agent fees, council rates, land tax, income tax and child support are deducted.

Being retired (and on part rental/part superannuation) fixed income I don't feel rich (more so given that I'm earning about half of what I did when I was still working).

 

Edited December 10, 2018 by GeoffH

[Onemore52]

My partners relatives and friends think I am rich, they must because evertime they come to our house they bring nothing absolutely nothing, come in arms swinging, drink all my beer have a good feed and leave, most times with some articles of clothing or shoes that they asked for, so I asked my partner what the go is and she told me that it is the custom for them to bring nothing.

Last week a couple of relations came around for their birthday gifts, when I asked my partner about that custom she told me that it is customary for them to do that, just arrive and wait for gifts.

Once upon a time in Australia I knew people that did that, so one night when they came around I got out my slide projector and started a slide show of when I was in the Navy and some places I had been, problem solved, I never saw them again.

[boyee]

Hmm, maybe it is customary.  When my wife's family comes to visit us here in the states we pay for everything.  Every meal.  It is also expected that we take vacation days off work so we can drive them around to go shopping for all the stuff they can't get back home.  however, when my wife and I go to PH they do the same.  Every meal is paid for, someone is always available to take us anywhere we want in Manila and they try very hard no not let us pay for anything unless it is to take back home.  

This Philosophy sounds very similar to your story of the host caters to the guest.  Either that or you are the rich guy in the family and they think you can afford it.  lol.

 

[Mike J]

18 hours ago, Onemore52 said:

My partners relatives and friends think I am rich, they must because evertime they come to our house they bring nothing absolutely nothing, come in arms swinging, drink all my beer have a good feed and leave, most times with some articles of clothing or shoes that they asked for, so I asked my partner what the go is and she told me that it is the custom for them to bring nothing.

Last week a couple of relations came around for their birthday gifts, when I asked my partner about that custom she told me that it is customary for them to do that, just arrive and wait for gifts.

Perhaps you need a new partner? 

[Onemore52]

Yes I thought of that but instead I just banned visitors. Period

[Jollygoodfellow]

On 12/11/2018 at 12:36 PM, Onemore52 said:

Last week a couple of relations came around for their birthday gifts, when I asked my partner about that custom she told me that it is customary for them to do that, just arrive and wait for gifts

When it's your birthday do you go to their houses and wait for your gift? 

[sonjack2847]

10 hours ago, Jollygoodfellow said:

When it's your birthday do you go to their houses and wait for your gift? 

I always tell them that this is a foreigner house and our customs are different.