Author: Belle

Categories
Finance

5 Income Streams in the Philippines

5 Income Streams in the Philippines - Life Guide PH

Image by Angie Reyes via Pexels

Are you looking for a different source of income?

Don’t worry we’re not here to sell you something but we want to guide you in looking for an income source that could work for you.

Millennials to Gen Z have been exposed to the hustle culture of today and it seems it’s the new norm for some to have a full-time job in the morning (at the same time trading stocks) or some work part-time in the evening. While others are doing online selling as a side hustle to earn extra.

We now live in an age where one income cannot suffice our needs alone and if you have a family that relies on you for their survival more likely you need to have a higher income. We compiled 5 common income streams in the Philippines.

1. Earned Income

Usually the main source of income for most people in the country. This is what you earn from working a job whether it is a full-time or part-time job.

2. Profit Income

If you engage in buying and selling products you get what is called profit income. The best example of this is online selling on platforms like Facebook, Instagram, Shopee, and Lazada.

3. Interest Income

This income comes from lending out your money at interest. It could be placing your money in bonds for years or if you like to take risks and you have trusty friends you can lend your money to them at an interest rate.

4. Capital Gains Income

If you have bought land 5 years ago, chances are the land value has increased by now and it is what is called capital gains income. It could also be in stocks but it is more volatile depending on the turns of the market.

5. Dividend Income

In the stock market, if you have a stock of Company A, they give annual dividends to their shareholders but it will be based depending on the number of shares you own and this income is called dividend income.

Categories
Finance

How to Open SeaBank Account in the Philippines

How to Open SeaBank Account in the Philippines - Life Guide PH

Seabank is the newest addition to digital banks in the country. If you want your money to earn a 4% – 6% interest rate compared to a traditional bank that only offers 0.75% – 1% interest rate.

According to their website “SeaBank is a mobile banking application for your daily financial needs. Earn more interest daily with attractive interest rates, while enjoying seamless transactions on your mobile phone anytime, anywhere.”

They currently offer 6% p.a. Interest Rate (starting June 1, 2022 to September 30, 2022) at no minimum balance, no deposit cap, and no lock-in period. It took me only 10 minutes to open an account with SeaBank.

Requirements for SeaBank Account

  • Phone number or verified Shopee Account
  • Valid government ID
  • Email address

Valid ID that are accepted by SeaBank

  • UMID
  • Driver’s License
  • PhilID (National ID)
  • Postal ID
  • Passport
  • PRC ID
  • SSS ID

*If you select to submit an ID without an address (example: Passport, SSS ID, PRC ID). They require you to submit alternative proof of your residential address.

Steps to Open an Account at Seabank

  1. You can register using a mobile number or a verified Shopee account.
  2. If you use a phone number, enter the mobile number and One-Time Password.
How to Open SeaBank Account in the Philippines - Life Guide PH 1

3. If you use a verified Shopee account it will ask for permission to connect SeaBank with your account.

How to Open SeaBank Account in the Philippines - Life Guide PH 2


4. Start the registration process by undergoing the following:

5. Facial Verification

How to Open SeaBank Account in the Philippines - Life Guide PH 3

6. Upload your valid government-issued ID

How to Open SeaBank Account in the Philippines - Life Guide PH 4

If you have uploaded one of the following: Passport, SSS ID, PRC ID. You will need to present a Proof of Residential Address.

How to Open SeaBank Account in the Philippines - Life Guide PH 5
How to Open SeaBank Account in the Philippines - Life Guide PH 6

7. Fill out your personal details.

How to Open SeaBank Account in the Philippines - Life Guide PH 7
How to Open SeaBank Account in the Philippines - Life Guide PH 8

8. Next is review and agree with the Terms and Conditions and set up 6 digit PIN.

How to Open SeaBank Account in the Philippines - Life Guide PH 9

9. You have successfully opened an account for SeaBank. You need to wait for 1 working day for them to verify your account.

How to Open SeaBank Account in the Philippines - Life Guide PH 10

REVIEW OF SeaBank

PROS

  • No-fuss registration process
  • Interest rate: 6% p.a.
  • Daily payout of interest
  • Free PesoNet and InstaPay bank transfers
  • PDIC Insured and regulated by BSP

CONS

  • No virtual card as of now

For more information about SeaBank, you check their website’s FAQ or you can contact them thru their customer service hotline and email address

  • (+632) 8891 7927 (Local Hotline)
  • 1800-1-110-2957 (Local Toll-Free for PLDT Landline and Smart Mobile)
  • [email protected]
Categories
Legal Forms

Deed of Assignment and Transfer of Rights

Deed of Assignment and Transfer of Rights

KNOW ALL MEN BY THIS PRESENTS:
 
        This deed, made and entered into this ___ day of __________, 20__ at the City of Manila, by and between:
 
(Name), Filipino Citizen, of legal age, married to Juanita de la Cruz with residence and postal address at (Address), hereinafter referred to as the "ASSIGNOR"
 
                              -and-
 
(Name), Filipino Citizen, of legal age, married to Patricia San Juan with residence and postal address at (Address), hereinafter referred to as the "ASSIGNEE".
 
                         WITNESSETH that -
 
        WHEREAS the ASSIGNOR is the buyer of a 1-bedroom unit, located at 17F, Mirage Towers Condominium, E. Rodriguez Avenue, Quezon City, with an area of THRITY EIGHT (38) SQUARE METERS more or less, covered by Condominium Certificate Title No. ______ of the register of Deeds of Quezon City, registered in the name of the Bank of the Commerce;
 
        WHEREAS, the ASSIGNOR has offered to assign all his rights, title and interest over the above unit, as referred in said Contract to Sell and the ASSIGNEE hereby accepts the assignment in accordance with the terms herein set forth;
 
        NOW, THEREFORE, for and in consideration of the foregoing premises and the sum of TWO MILLION PESOS (2,000,000.00), PHILIPPINE CURRENCY, which the ASSIGNOR hereby acknowledged to have received from the ASSIGNEE, the ASSIGNOR hereby assigns, transfers and conveys unto the ASSIGNEE, all his rights, title and interest to the aforementioned property and and appurtenant interest in the Condominium project pursuant to this Agreement and the ASSIGNEE by these presents hereby accepts the assignment and agrees to be bound by the terms and conditions of the Contract to Sell and the rules and regulations, and restrictions pertaining to the said unit.
 
IN WITNESS WHEREOF, the parties have hereunto set their hands on the date and place first above written.
 
 
 
         (Name)                              (Name)
        ASSIGNOR                            ASSIGNEE   
 
                   Signed in the presence of:
 
 
       __________________________      ___________________________
 


                           ACKNOWLEDGEMENT
 
Republic of the Philippines)
______________________) S.S
 
BEFORE ME, a notary for and in the City of Manila, personally appeared:
 
   Name            CTC Number            Date/Place Issued    
(Name)          00000000          February 18, 20__ / Quezon City
(Name)          00000000          February 27, 20__ / Makati
 
known to me and to me known to be the same persons who executed the foregoing Deed of Assignment and transfer of Rights and acknowledged to me that the same is their free and voluntary act and deed.
 
WITNESS MY HAND AND SEAL, on the date and place first above written.
 
 
                                                      Notary Public

Doc.  No.______;
Page No. ______;
Book No.______;
Series of 20____.
Categories
Legal Forms

Deed of Donation

Deed of Donation

KNOW ALL MEN BY THESE PRESENTS:

That I, ________________________of legal age, single / married to _______________________ with postal address at ____________________ hereinafter referred to as the DONOR, and _______________________, likewise of legal age, single / married to __________________________ with postal address at _________________________________ hereinafter called the DONEE, witnesseth:


That the DONOR is the registered owner of a parcel of land, more particularly described as follows:
(Insert description of property to be donated)


That the DONEE is a cousin of the DONOR, who has lovingly dedicated five (5) years of his life as the latter's personal caregiver and companion;


That FOR AND IN CONSIDERATION of the DONEE'S trust, devotion and affection shown to the DONOR, and as an act of gratitude and liberality on his part, the DONOR hereby voluntarily GIVES, TRANSFERS, and CONVEYS by way of donation, unto the said DONEE, his heirs and assigns, the above described property, together with all the improvements found thereon, free from all liens and encumbrances;
 
That the DONOR affirms that this donation is not made with intent to deceive his creditors, and that he has reserved for himself sufficient funds and property;


That the DONEE hereby accepts and receives this donation made in his favor by the DONOR, and hereby manifests his gratefulness for the latter's generosity.


IN WITNESS WHEREOF, both the DONOR & DONEE have hereunder subscribed their names this __________ day of __________________ 20__ at _____________________, Philippines.
 
 
       _________________________           ________________________
                DONOR                                DONEE
 
WITNESSES:
 
       _________________________           ________________________
 
 
                             ACKNOWLEDGEMENT
 
Republic of the Philippines)
______________________) S.S
 
BEFORE ME, a notary for and in the City of Makati, personally appeared:
 
Name                CTC Number             Date/Place Issued    
 
(Donee)             00000000               June 28, 20__ / Malabon City
 
known to me and to me known to be the same persons who executed the foregoing Deed of Donation and acknowledged to me that the same is their free and voluntary act and deed.
 
WITNESS MY HAND AND SEAL, on the date and place first above written.
 
 
                                                   Notary Public

Doc. No._____;
Page No. _____;
Book No._____;
Series of 20___.
Categories
Legal Forms

Deed of Sale with Pacto De Retro

DEED OF SALE WITH PACTO DE RETRO

KNOW ALL MEN BY THESE PRESENTS:

This Deed of Absolute Sale with Pacto de Retro is made and executed by:

         (NAME OF SELLER), of legal age, single/married to (Name of spouse if any), Filipino, and with residence at (Address of Seller) hereinafter referred to as the SELLER;

                                 AND

(NAME OF BUYER), Filipino and with residence and postal address at (Address of Buyer), hereinafter referred to as the BUYER.


                            WITNESSETH; 
 
       WHEREAS, the SELLER is the registered owner of a parcel of land with improvements located at (Address of property to be sold) and covered by Transfer Certificate of Title No. (TCT Number) containing a total area of (Land Area of Property in Words) (000) SQUARE METERS, more or less, and more particularly described as follows:
 
                  TRANSFER CERTIFICATE OF TITLE NO. 0000
 
       "(Insert the  technical description of the property on the title) Example: A PARCEL OF LAND (Lot 2 Blk 15 of consolidation subdivision plan (LRC) Pcs-0000, being a portion of the consolidation of Lots 0000-A and 0000-B (LRC) Psd-0000,  Lot 3, Psd-0000, Lot 1, Psd-0000, LRC Rec. Nos. Nos. N-27024, 0000, 0000, N-0000, N-0000, and 0000 situated in the Bo. of San Andres, City of Kabankalan,  Prov of Negros, Is. of Visayas. Bounded on NE., point 3 to 1 by Road Lot 2, on...to the point of beginning; containing an area of (300) square meters more or less..."

      THAT the SELLER, for and in consideration of the amount of TWO MILLION PESOS (P2,00,000.00), Philippine Currency, receipt in full is hereby acknowledged by her  to her satisfaction, hereby SELL,  TRANSFER and CONVEY under PACTO DE RETRO unto said BUYER, his heirs and assigns, the above described property with all the buildings and improvement thereon, free from liens and encumbrances whatsoever;

     THAT the SELLER, in executing this conveyance, hereby reserves the right to REPURCHASE, and the BUYER, in accepting the same, hereby obligates himself to RESELL the property herein conveyed within a period of five (5) years from and after the date of this instrument for the same price of TWO MILLION PESOS (P2,00,000.00), Philippine Currency: Provided however, that if the SELLER fails to exercise her right to repurchase as herein granted within the period stipulated, then this conveyance shall become absolute and irrevocable, without the necessity of drawing up a new deed of absolute sale, subject to the requirements of the law regarding consolidation of ownership of real property.


   (NAME OF SELLER)               (NAME OF BUYER)
       Seller                         Buyer

WITH MARITAL CONSENT:
_____________________             ____________________
Name of Seller's Spouse          Name of Buyer's Spouse

 

                    SIGNED IN THE PRESENCE OF:
 
_______________________               _________________________


                       ACKNOWLEDGMENT


REPUBLIC OF THE PHILIPPINES)
_____________________________ )  SS.

BEFORE ME, a Notary Public for and in the City of ___________________,  personally appeared:
 
Name                   CTC Number   Date/Place Issued   
 
(Name of Seller)       00000000     June 18, 20__ / Kabankalan City
(Name of Buyer)        00000000     June 3, 20__ / Bacolod City           
 
Known to me and to me known to be the same persons who executed the foregoing instrument and acknowledged to me that the same are their free act and voluntary deed.
 
This instrument, consisting of (__) pages, including the page on which this acknowledgment is written, has been signed on the left margin of each and every page thereof by the concerned parties and their witnesses, and sealed with my notarial seal.
 
WITNESS  MY HAND AND SEAL on this ___day of __________________20__ at_______________.
 
                                                     Notary Public
 
Doc. No. ........;
Page No. .......;
Book No. .......;
Series of 20__.