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  1. #1
    Respected Member Jimbojac's Avatar
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    Credit availability and any hidden factors in the phils ???

    Advice please Folks.
    Me and my GF are setting up a bank account in her name whilst i am next there. There will initially be a lot of money in the account as her Sister is building a home for the family and sending cash from Korea to fund this.
    My question is that i also wanted to pay into this account for the purchase of various household goods for myself and her family to use, initially my idea was to give my GF approx 20-30% of the overall price as a deposit and then give her a monthly allowance to take care of the credit payments. Are there any pitfalls or weird Filipino credit laws to watch out for? Its simple here obviously but i haven't got a clue of the workings in place there.
    And advice greatly received.


  2. #2
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    Jimbojac,
    As I understand it you intend to deposit money into a bank account in the name of your G/F right? There is no problem to do this.
    The sister of your G/F will also deposit funds into the same account. No problem.

    Why would you believe credit laws become a issue?
    All you are doing is simply giving gifts of money to your G/F. Right?


  3. #3
    Respected Member steve monty's Avatar
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    Are you talking about buying household appliances on credit from the shops? and not paying the full amount outright? If this is what you mean i would avoid at all cost!

    My wife bought a fridge/freezer for 18,000php from a shop in CDO over the 12 month term she ended up paying 30,000php! The worst thing was she nearly had the full amount in the first place!


  4. #4
    Respected Member malditako's Avatar
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    better buy appliances in cash as the interests are way too high...SM appliances offers low interest rate sometimes zero interest in credit appliances but then they require credit cards.


  5. #5
    Moderator fred's Avatar
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    Are you talking about buying household appliances on credit from the shops? and not paying the full amount outright? If this is what you mean i would avoid at all cost!
    My wife bought a fridge/freezer for 18,000php from a shop in CDO over the 12 month term she ended up paying 30,000php! The worst thing was she nearly had the full amount in the first place!
    We buy all our stuff from Abensons that often offer 0% interest for a year.. Payments are made automatically by our local credit card (BPI) monthly.. Very simple, convenient and with no after shocks..


  6. #6
    Respected Member somebody's Avatar
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    Intrest rates in Phill are very high typically and you need from what I have heard and seen (from a distance) untold interviews, paperwork and redtape
    Oh lord why did you make so many clothes and shoe shops


  7. #7
    Respected Member Jimbojac's Avatar
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    Thanks folks much appreciated info and tips!


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