1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

How much money is a working man's 'nest-egg' ?

Discussion in 'Money Matters' started by Jonnyivy, Apr 10, 2013.

  1. aposhark
    Offline

    aposhark Well-Known Member Lifetime Member

    Ah John, I must have missed that list.
    As well as the medical worries there, I also think a lot about their education.
    Especially keeping in mind that many Filipinos can't wait to get away for a better income.
    Life has taught me that young people can do many things if they put their minds to it but the Phils seems to be a big brain drain. I didn't see too many multi-nationals operating in the Cebu City region. I have little experience in other regions.
    This has always puzzled me because I have always thought how little Filipinos complain in the workplace, granted though the workplace was the overseas Oil business that I was in.
    I have often wondered why the multi-nationals didn't operate more in the Philippines?
    Is it that the incentives to begin are not big enough?
  2. Markham
    Offline

    Markham Guest

    I've just checked: the British School in Manila does offer an IB programme now.

    In defence of BiST, I should say that the school is located miles away from the seamier parts of Bangkok and is right next door to a very splendid 18-hole championship golf course. Think "Windsor" rather than "Slough"!
  3. Jonnyivy
    Offline

    Jonnyivy Member

    looks like there will be no TV in our house tonight after the kids go to bed. Looks like my wife and I will need to sit down once more and fine tune our ideas. We do look at all the pro's and con's,..and I suppose each individual has their own way to view them.
    I must admit that I watch far too much 'news' channels on the TV,..and maybe read too much negativity into our own country by what is broadcast. My main concerns are my family and young kids,...I also have an older son too,..but although he has been very successfull at school, he just don't seem to have any drive in him for employment. I think today's youth are so engrossed in their X-box live / computers etc. that they don't find time to go out and do something usefull. And that's my own son I'm prepared to talk about.
    What WILL be available in the UK 12 years or so from now for my kids to work at ?
    Trying to anticipate the future is a brain-ache for me at times.
    O well,... lets see what tonight's chat brings to the table !

    Still thinking,

    john
  4. Anon220806
    Offline

    Anon220806 Well-Known Member

    The list was a suggestion, as I am virtually persuaded in my own mind, not to emigrate to the Philippines. But it was something that I thought might be paramount for folk who were contemplating taking the plunge in their later years. I have seen many a debate on the subject where folk only focus on one or 2 factors and forget about the rest - both with rose tinted glasses and blinkers.

    On the multinationals. It often appears anywhere but the Philippines. Indonesia, Malaysia, Australia and even China etc etc. Having said that, I wouldn't want to invest money in offshore exploration in the Philippines as if I was an oil company multinational, as it stands to get either nicked or blown out of the water by the Chinese....
    Last edited: Apr 16, 2013
  5. Markham
    Offline

    Markham Guest

    The principal reason is, without a doubt, the so-called "Negative List" which details what sectors are banned from foreign involvement and those that are permitted and for them, the equity restrictions. Providing their sector isn't on the banned list, a foreign company wishing to set up business here will need Philippine partners who will take 60%, or more, of the equity (and often not put up even 1 Peso) as well as most of the directorships including the three most important positions of Chair, Company Secretary and Financial. At least 3 out of every 5 additional board members must be Filipino also.

    Other reasons include:
    • Creaking infrastructure especially where electricity and communications are concerned
    • A definite whiff of xenophobia in governmental circles most notably expressed by nationalist politicians - they're the ones who send Aquino to the US with the begging bowl but don't want US warships in Philippine waters
    • Bureacracy: European companies complain about being besieged by red-tape from Brussels. It's far, far worse here.
    • Ill-educated workforce: aside from the international schools, education here is learning by rote and pupils are not encourage to think for themselves and become problem solvers. Outside the box thinking does not happen nor is it encouraged at any of the seats of learning. (I have compared the curriculum for the degree course in Economics with the GCSE, A Level and (UK) degree level courses my daughter took (and passed). The Philippine degree was about on a par with AS level.)
    • Corruption at all levels
    • Law and order: in the week following the Manila Bus siege, one large British and one American company cancelled their planned moves to MEPZ (Mactan Economic Processing Zone) and cited the Manila incident as their primary reason. I'm told, by a former Expat who now advises and helps companies relocated to SE Asia, that the Griffiths/Santos case has deterred several businesses from setting up here.
    • Banking: None too safe here - remember Legacy/Rural Banks? Deposits are only "insured" to a maximum of Php500,000 per customer.
    • Exchange Rate: The current high value of the Peso which has risen quite sharply since Aquino became President acts as a deterrent to inwards foreign investment.
    • No direct shipping links with Europe: all imports and exports have to be transhipped via either Singapore or Hong Kong. And now no direct air links either.
    • Philippines is not a Hague Convention Signatory: Legal documents, eg contracts, made here have no validity outside the country.

    There may be other reasons I've omitted to list but I think you get the picture!
    Last edited by a moderator: Apr 15, 2013
    • Like Like x 1
  6. Anon220806
    Offline

    Anon220806 Well-Known Member

    I have seen multinationals in such places as Angola, Nigeria and Libya. Countries that seem to match many of the "attributes" on the above negative list.

    I dont think even the Philippines could match Nigeria on corruption levels? :D

    Take a good old multinational like Halliburton. They have a presence in Nigeria, Libya, Angola and Algeria. And also Malaysia, China, India and Indonesia and Thailand. But not the Philippines.

    "Halliburton helped the international oil company
    set a record for the deepest well ever drilled in the Philippines. All of this was done ahead of schedule and under budget Because of the Philippines project’s remoteness and lack of infrastructure, Halliburton supported it from facilities in Malaysia and Indonesia. The closest port was in Labuan, Malaysia – about
    550 kilometers away
    "

    Quoted from Halliburton. They obviously don't want to invest in the Philippines, but are "happy" to invest in Nigeria.
    Last edited: Apr 15, 2013
  7. aposhark
    Offline

    aposhark Well-Known Member Lifetime Member

    Yes I do get the picture.
    Thanks for the thorough reply.
    Quite shocking when everything is presented like that.
    Well done.
  8. aposhark
    Offline

    aposhark Well-Known Member Lifetime Member

    The plot thickens....
  9. Methersgate
    Offline

    Methersgate Well-Known Member Lifetime Member

    Presumably to avoid having to clear equipment through Customs. I would do the same.
  10. aposhark
    Offline

    aposhark Well-Known Member Lifetime Member

    I was looking after two seismic ships in Angola in the 90's and we had them go in and out of pointe Noire, Congo for the same reasons.
    Angola is ok now though.
  11. Anon220806
    Offline

    Anon220806 Well-Known Member

    Last time I was in Angola was in 1985. At that time there was civil war. I would return to the rig offshore to find a new set of faces as the others had gone off to fight. Spent a few days here and there in Soyo and sometimes crew changed by boat via the mouth of the Congo.
  12. aposhark
    Offline

    aposhark Well-Known Member Lifetime Member

    You were in the exclave which wasn't too bad.
    You needed armed guards in Luanda back then.
    I was happier in the Congo even though I was arrested for having a secret Satphone in the hotel and accused as being a spy!
    $5,000 was paid to the police and I learnt this money went straight into the Casino!
    West Africa !!!
    Last edited: Apr 16, 2013

Share This Page