MANILA - In mid-November, government employee Beth Petilo paid off her 13th month pay on debt.
“It’s still not enough, sir, because my debt is at P20,000. That’s all there really is,” said Petilo, who had no savings in the debt.
Supermarket cashier Mariz Ecot is waiting for her 13th month but now she has a plan where it will go.
“First prepare for Christmas but you don’t have to pretend, the others will be sent to my parents,” he said.
For financial expert Chinkee Tan there should be savings for savings or emergency funds that can be withdrawn in case of illness or family problems.
If you do not have a loan, you can invest the 13th month pay.
“The 2 you can now deposit are government bonds which are prize bonds, which provide a higher interest rate of 1.25 percent. You can go to Pag-IBIG, that MP2 fund last year they gave a 7 percent dividend,” ani Tan.
But even if workers like Roland Abobon want to save money, it is difficult to save extra because of the amount of expenses.
“Maybe there will be some fare left in. But in fact there is nothing,” said Abobon.
For Tan, money growth is in the human strategy.
“When the salary is low, you can afford it, sometimes there is more. When the income grows, you have less, you owe more. You increase the level of your savings. It turns out that what you used to save, only 5 percent, when you increase your income 10, when it rises again, make it 15, make it 25 percent so you feel there is something left, “said Tan.
The group of private employers, on the other hand, admitted that there may be some small businesses that cannot afford to give bonuses because government loans are not suitable.
“Everyone is concerned, legislators, the executives are concerned but they did nothing. They did not walk the talk,” Sergio Ortiz Luis told the Employers’ Confederation of the Philippines.
But the big companies, he said, are sure to be able to give and add a few more months bonus as a thank you to the employees.
- Report by Alvin Elchico, ABS-CBN News