General Info

[QUOTE=Tally Wacker;1513738]Wow just think if they tried to introduce daylight savings there.[/QUOTE]What I think is needed here is a permanent time zone shift, not a seasonal daylight savings. We are in the same time zone as Singapore, a two and a half hour flight to the west. It means that at this time of the year (shortest day-length, longest night) daylight starts much earlier, well before 6am, and gets dark quicker, before 6pm, than in Singapore which enjoys daylight to well after 7pm.

There are significant economic, safety and social benefits if daylight hours were positioned more to the end of the day than to the beginning. More people are at home at 5-7am, even asleep, when it is light and more people are up and about, returning from work, or school at 5-7pm, when it is dark or getting dark in the Philippines. Less power is consumed with lighter hours at 5-7pm, roads are safer, and there is more opportunity for social activities. The Philippines would be better off if they moved to a GMT +9 time-zone and into the same time as Japan and Korea.

KongKing

[QUOTE=Tally Wacker;1513738]Wow just think if they tried to introduce daylight savings there.[/QUOTE]Yeah right, that would not only add more confusion to an already confused country, but every spring it would also give the populace another excuse for being late; and not just one hour, but two (and they'd milk it out through the summer)! On the other hand, for a day or two in the fall they might actually be on time or even a little early! Imagine the horror? LOL

[QUOTE=Red Kilt; 1513733]At least they are trying to sort out this bad habit.

The last line of the article is the key point for those of us who work here and attend meetings.

[url]http://anc.yahoo.com/news/dost-aims-to-change-negative-connotation-of-[/url]

%E2%80%98filipino-time%E2%80%99-060938264. Html[/QUOTE]The odd thing RK is when they are OWWs this bad habit never appears. I was keen to employ Filipinos as generally on time, no crap and did a diligent job.

So, what is it about this country, is it the water? The fact that the jeepneys rarely leave on time (that excuse I have heard many times) , the fact they seem to love to sleep all day and ignore any alarm? Who knows but to me this is a conundrum.

[QUOTE=OneIpole; 1513757]There are basically two ways for a foreigner to open a business here.

1. You have o have a deposit of $200, 000. 00 USD IN a Philippine bank. The you can be 100% owner of a business and open it Philippines.

2. You must have a Filipino partner or partners who are resident Filipinos born here. Plus there needs to be a total of 5 directors of the company. The majority (3) must be Filipino. Then you do not need to put down anything except $1, 000. 00 USD in local bank. If you go this way here is the catch. Your Partner / s must have 60% of the company. They have the controlling interest. Now, there are ways to "figure out" how you set up your partners and they even do not have to know each other. There are some ways which are legal to make sure you get the controlling interest.

Anyways that is basically it. Its pretty easy to open and you can hire a consultant to do all the work. You just have to pay thier price. And the Fuckers really give it to you.[/QUOTE]Interesting. I never heard about the first option of depositing $200k in a Philippine bank.

I myself went with the second option, the one requiring 5 Filipino partners. With respect to the legal methods of retaining "controlling interest" in the company that you mention, my tactic was to designate the Filipinos as "B" class shareholders with no corporate voting / administrative rights, while designating myself the sole "A" class shareholder with full rights.

[QUOTE=OneIpole; 1513757]There are basically two ways for a foreigner to open a business here.

1. You have o have a deposit of $200, 000. 00 USD IN a Philippine bank. The you can be 100% owner of a business and open it Philippines.[/QUOTE]With the corrupt and impotent governmental and legal infrastructure they have there, I wouldn't put twenty cents in a Philippine bank!

RG

Thanks Radical for calling a spade a spade. All the discussions about Philippine legalities and how to protect oneself are meaningless. The whole country is basically medieval. Its a fiefdom. Importing legal concepts from the West is a waste of time. Sperm deposits are the only deposits worth making.

[QUOTE=Driveallnight; 1513952]Interesting. I never heard about the first option of depositing $200k in a Philippine bank.

I myself went with the second option, the one requiring 5 Filipino partners. With respect to the legal methods of retaining "controlling interest" in the company that you mention, my tactic was to designate the Filipinos as "B" class shareholders with no corporate voting / administrative rights, while designating myself the sole "A" class shareholder with full rights.[/QUOTE]That's a interesting idea. I split up the shares so no one person has more than my 40. I am the majority share holder, and the other share holders do not know of or have meet each other. Once I have the $200,000 (which can also be held in things like owned equipment and products) I will than remove the other share holders.

[QUOTE=Radical Guy; 1513965]With the corrupt and impotent governmental and legal infrastructure they have there, I wouldn't put twenty cents in a Philippine bank!

RG[/QUOTE]Don't sound so paranoid.

Whenever any bank went down, the owner's other businesses were left untouched, including the owner's other banks (if he had any). But BSP made sure every depositor got back the maximum of 50,000 peso, as per Local law.

See, it is not that bad. LOL.

A recent case is LBC Bank, closed, but the bosses are rolling in big $ as always as the BSP can't touch them legally, nor do they have any interest. And all depositors got back their maximum 50,000 p.

If you want to do big time robbery, open a bank. In Philippines.

[QUOTE=OneIpole;1513980]That's a interesting idea. I split up the shares so no one person has more than my 40. I am the majority share holder, and the other share holders do not know of or have meet each other. Once I have the $200,000 (which can also be held in things like owned equipment and products) I will than remove the other share holders.[/QUOTE]Yah, and hope your lawyer doesn't play you off? Yah right. Did you ever figure out how most of the info leak happens whenever there is a high profile hoo-haa in PH?

And why lawyers are often targeted for murder, even if they never go for Criminal cases? For latter, that's because a lot of proxy property is relieved from owners, by lawyers.

Lawyers? Well, guess who make up the majority of the senate and congress? Lawyers.

[QUOTE=Econo Tech; 1514315]Yah, and hope your lawyer doesn't play you off? Yah right. Did you ever figure out how most of the info leak happens whenever there is a high profile hoo-haa in PH?

And why lawyers are often targeted for murder, even if they never go for Criminal cases? For latter, that's because a lot of proxy property is relieved from owners, by lawyers.

Lawyers? Well, guess who make up the majority of the senate and congress? Lawyers.[/QUOTE]Sounds just like the USA. Lawyers suck!

[QUOTE=Econo Tech;1514315]And why lawyers are often targeted for murder, even if they never go for Criminal cases? For latter, that's because a lot of proxy property is relieved from owners, by lawyers.[/QUOTE]I'm surprised more are not murdered in the US. They serve no value to society.

[QUOTE=OneIpole;1514374]Sounds just like the USA. Lawyers suck![/QUOTE]Agreed but sometimes they are a necessary evil (and infrequently benevolent). Most of them would sell their mother to make money. I have met even stupid attorneys which amazes me given the rigorous course of study. Surely we have mongers who are attorneys and equally sure they are used to the occupational criticism.

[QUOTE=Econo Tech; 1514085]Don't sound so paranoid.

Whenever any bank went down, the owner's other businesses were left untouched, including the owner's other banks (if he had any). But BSP made sure every depositor got back the maximum of 50, 000 peso, as per Local law.

See, it is not that bad. LOL.

A recent case is LBC Bank, closed, but the bosses are rolling in big $ as always as the BSP can't touch them legally, nor do they have any interest. And all depositors got back their maximum 50, 000 p.

If you want to do big time robbery, open a bank. In Philippines.[/QUOTE]You can probably do alot better if you open one in USA.

[QUOTE=Econo Tech; 1514085]Whenever any bank went down, the owner's other businesses were left untouched, including the owner's other banks (if he had any). But BSP made sure every depositor got back the maximum of 50, 000 peso, as per Local law.

A recent case is LBC Bank, closed, but the bosses are rolling in big $ as always as the BSP can't touch them legally, nor do they have any interest. And all depositors got back their maximum 50, 000 p.[/QUOTE]I know your response was tongue-in-cheek ET but the actual regulation covers accounts up to a 500, 000 php maximum and not 50, 000 php.

[url]http://www.pdic.gov.ph/index.php?nid1=6&nid2=1&nid3=4[/url]

So the obvious conclusion is to keep your balance under 500, 000 php in your Philippines account (especially if you are paranoid).

[QUOTE=Red Kilt; 1515219]I know your response was tongue-in-cheek ET but the actual regulation covers accounts up to a 500, 000 php maximum and not 50, 000 php.

[url]http://www.pdic.gov.ph/index.php?nid1=6&nid2=1&nid3=4[/url]

So the obvious conclusion is to keep your balance under 500, 000 php in your Philippines account (especially if you are paranoid).[/QUOTE]Oh, its 500k peso? I stand corrected then. Thanks for correcting t.

So there you gave it folks.

If you are prudent don't keep more than 500k peso in each bank.