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Pinoy Entrepreneurs Beware! Scams and Cons

One very important instinct every business person should develop is how to sniff out the bad eggs.  There are a lot of swindlers with various type of modus operandi to dupe you of your hard earned money.  More so if you are an entrepreneur since they know that we entrepreneurs live by one creed (or should I say greed)… "Never turn away a customer".  They take advantage of this and wave a bait in front of you like a huge order or something.  There are huge scammers and mini-scammers.  Anyway, here are some experiences and I would like to share it with you lest you encounter the same group of swindlers.

DOLE: P15 wage increase effective June 14, P5 Cola effective August 28

The Department of Labor and Employment (DOLE) said that the new wage hike for minimum wage workers in the private sector in the National Capital Region (NCR) took effect Saturday, (June 14, 2008).

Labor and Employment Secretary Marianito D. Roque said the effectivity of the wage hike is based on Wage Order No. 14, issued by the Regional Tripartite Wages and Productivity Board (RTWPB) in the NCR, which granted a P20 per day increase for minimum wage workers in private sector in the region on May 16.

Roque said that the P20 wage increase consists of P15 increase in the basic pay, and P5 cost-of-living-allowance (COLA) which will be automatically integrated into the basic pay on August 28, 2008.

May 1 Labor Day Holiday Pay Guidelines

   1. If it is an employee's regular workday
          * If unworked - 100%
          * If worked
                o 1st 8 hours - 200%
                o excess of 8 hours - plus 30% of hourly rate on said day
       
   2. If it is an employee's rest day
          * If unworked - 100%
          * If worked
                o 1st 8 hours - plus 30% of 200%
                o excess of 8 hours - plus 30% of hourly rate on said day

Source: Department of Labor and Employment

http://www.bwc.dole.gov.ph/issuance/default.asp?id=I000003 

Reflections

I wrote this speech a while back. i was invited to a speaking engagement for the college of Business administration in Lasalle Dasmarinas.  I was a Young and Very Successful Entrepreneur back then. my my how times have changed. Just posting this as a way to reflect. 

 __________________________________________

BA seminar july 9 2004:
by m****** *******

I was invited here to give you a talk about computer centers but I saw this as an opportunity to talk to you about entrepreneurship. And mostly in your case Young entrepreneurship. In an excerpt from the millionaire next door by Stanley danko A professor once asked a group of sixty MBA students who were executives of public corporations this question: what is risk? One student replied: Being an Entrepreneur!

Crainium E Solutions BPO jobs Philippines

Cranium eSolutions, in its second year of existence, has grown from a mere medical transcription company into a portal of various professional outsourcing services.

In 2006 the company only had 12 seats and now has expanded into 30 seats per shift. They cater to many different transcription requirements… anything that’s voice to text or hard copy to soft copy transcriptions. CAD Drafting for architectural and engineering designs is also available.

For health care providers, they make Medical Billing and Coding an easy part of their work. To market these services, Cranium has found allies that have the network and influence outside the Philippines and in return, receive passive income through our continuous referral system.

How to spot scams ponzis pyramids

Financemanila has compiled some Common denominators and guidelines for scams:

• using lofty and popular names like sm fund (to associate themselves with sm), royal manchester five (to sound Britishly foreign, like the soccer team), francswiss (to associate itself with foreign exchange)
• promising you high returns easily over 1% per month without offering you full transparency as to where and how money is reinvested.  Scams below 1% are rare, considering it is not worth it, and they must defraud a lot of people in a short time by offering attractively big interest rates.
• no SEC registration, or SEC registration is not for financial services or lending. Take note that with the 2002 case of Rose Baladjay's multitel, they were even legally registered at the SEC for lending to a maximum of 19 investors.  So even having an SEC license for lending does not clear a company from being a scam, but having no license should automatically ring a bell!
• flashy lifestyle of organization acquired in such short a time to lure you in sense of urgency
• company must at least have a website, preferably hosted in-house and not rented in one of those webhosting packages. Though, having a website does not guarantee a company is not a scam.  It merely establishes trackability.
• company must have at least an office front for customers to visit. Again, trackability.
• company must issue Official Receipt with valid TIN. So there's your clue. No SEC No BIR No OR. Again, trackability and paper trail.
• having politicians, clergymen, or kin endorse the so-called financial product does not guarantee its legality.

SEC warning last year:

Philippine Scams and pyramids

Date Scam Exploded: 2002
Wealth Damage: P100 billion pyramiding scam, which has victimized at least two million people, including, allegedly, politicians and Cabinet members. In the case of Multitel, unverified reports put the number of investors at 950,000, not including other “layers” of officials in the pyramid firm.
Multitel of Rose Baladjay: Multinational Telecom Investors Corp., a domestic company registered with the Securities and Exchange Commission in 1988, started under the name of Ariolite Enterprises International Corp. In August 2000, the SEC approved the company's change of name and its primary purpose as a lending investor, provided that its borrowings would not come from more than 19 lenders. It was the brainchild of Rosario "Rose" Baladjay (then 36) nee Austria, married to another ex-Eastern Telecom employee, a certain Saturnino "Ninoy" Baladjay.

NFP anyone?

In recent years, there is an economic statistic that is a notorious mover of US stock markets, the US Dollar, and other currencies. You can also find this among the other fascinating info from the Fed website. I'd like to divert attention this time to the Non Farm Payroll Employment Report (NFP), which is a statistic released by the US Bureau of Labor every first Friday of every month.

This number easily moves the DOW, S&P, and the Dollar on the day of its release. Seems US economists value this statistic as a core barometer of US economic activity (more than the usual GDP and inflation stats). Here's the seasonally adjusted chart of NFP stats for the recent years from the fed website:

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