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Experiences investing in double-your-money programs in the Philippines

One hot topic in the PMT Forum these days is the discussion of double-your-money programs or 20%-per-annum time deposits offered by a few rural banks in the Philippines. In the article Double-your-money investment schemes — are they for real? we mentioned that these "investments" are actually time deposits and, as such, are covered by the Philippine Deposit Insurance Corporation (PDIC) up to P250,000 (US$5,300).

The discussion centers on whether this high-yield investment program is virtually risk-free due to the PDIC coverage. Consequently, some members have endorsed this double-your-money time deposit program while several others have raised issues against it.

After the jump you can read experiences posted by some PMT members who directly placed money into these offers.

Post your own experiences or join the discussion in the Rural banks offering 20% per annum thread.

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Double-your-money investment schemes — are they for real?

Several rural banks in the Philippines are offering time deposits that pay as much as 20% interest per annum, effectively doubling your money after five years. Because these are time deposits, they are supposedly covered by the PDIC up to P250,000.

So does that make it a high-yield but virtually risk-free investment?

Let us know by posting your thoughts in the Rural banks offering 20% per annum thread in the PMT Forum.

Here's what a few PMT members have to say about double-your-money time deposit investment offers:

BPI Express Online: Detailed transaction history

Earlier this month, the Bank of the Philippine Islands (BPI) announced that users of its online banking facility will soon be able to see additional details of their transactions in their account history.

Today I logged in to my Express Online account and saw that BPI has already started implementing this. I’ve long waited for this one and even sent them last year a suggestion regarding this, so I’m glad they have finally adopted this.

Using Xoom to accept PayPal payments

UPDATE: PayPal Philippines accounts are now eligible to accept payments. Alternatively, you can use Xoom to accept PayPal payments from abroad. The article below has more details on that. Note, however, that Xoom cannot be used to withdraw funds from PayPal Philippines accounts.

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Using the money transfer service Xoom, you can accept funds from a PayPal user even if you don’t have a PayPal account. The sender can pay you using his or her PayPal balance, credit card, or bank account. Details of the two ways to receive PayPal payments below.

How much of your monthly salary/allowance do you save?

Do you spend all of your monthly salary/allowance or do you save a part of it? Tell us by posting in the "How much of your monthly salary/allowance do you save?" thread in the forum.

Replies of some PMT members after the jump.

Got paid $40 by Blogitive in March

Definitely not bad. You just rephrase an advertiser’s press release, post it in your blog using no less than 100 words and you get paid $5. In my case, I was paid $40 in March. And I wasn’t even that active yet, logging in to the Blogitive site only once every three days.

Blogitive is another one of those get paid to blog programs. In contrast with other programs, however, you can easily earn five dollars just by “paraphrasing” a short article (they call it a “web release”) from advertisers. There are very few slots available for each article, so if you refresh the “Open Offers” list without claiming an article, you might miss it right there and then.

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