Here’s my roundup, which should have been uploaded last Saturday. Sorry for the delay.

By now, you probably know that job losses and news of more firms shutting down intensified last week, and we might not like it, but you’ll see more of the same in the coming months.

There’s no use cursing the gods. Better use your time wisely by thinking of ways to keep your jobs, and if that’s not possible, prepare using the mantra we have been repeating over and over again. Save more; spend less. Build up your emergency fund. Postpone major expenses if possible. One more thing: financial tension is most often the cause for marital troubles. So keep your job, but if not, remember to keep your spouse!

The sum of all our marriages is more than the paychecks .

Personal Finance

There was a slew of great personal finance tips on INQUIRER.net last week, geared to help us during these trying times.

In When banks, pre-need firms fold, Alvin Tabañag, author of “12 Steps To Build Wealth On Any Income,” says there’s real fear out there now among Filipinos because of the closure of rural banks and preneed companies. This article has a practical guide for those who were affected by the closures.

In Protect education funds from crisis, BDO chief investment officer and senior vice-president Marvin Fausto points out that one of the most common investing mistakes people made last year is forgetting to take out your money from UITFs and mutual funds if you needed the money in three to five years. He says that in 2006, people doubled their money in these investment vehicles and got dazzled by the returns and thought they would last forever.

In BSP: don’t keep money under the mattress, deputy governor Nesting Espenilla says one of the warning signs your deposits are not safe in a bank is when “agents” solicit your deposits and they are offering “too good to be true” interest on your money. Greed factor, huh? We know what bank he is talking about.

In fact, the House of Representatives will be asking the owner of Rural Bank of Paranaque, the mayor of Sto. Domingo town in the Albay province, to face lawmakers and explain what happened to his bank.

Enrile is now saying Congress needs to do something about the problem of preneed companies because regulation is not very tight.

I think, however, that tighter central bank regulation will be more effective. It’s a good sign that banking practices guidelines are now being tightened, but it’s kinda reactive, I know.

Under BSP Circular 640, banks offering deposit interest rates 50 percent higher than the comparable market rate will be considered as engaging in unsafe and unsound banking practice. Unauthorized acceptance and solicitation of deposits outside bank premises and branches will also be considered as cause for alarm.”

In Money mistakes seniors make, those who are nearing retirement are advised to take advantage of retirement funds and how a better strategy can preserve their money as the day of reckoning approaches.

We’re all feeling the squeeze. Most of us who have kasam-bahays at home are probably feeling it more. In Johnny Noe Ravalo’s article “Saving program for kasam-bahays” he draws out an interesting strategy to help people who help us, and I’m personally putting this to practice this year in our home. Instead of giving them their pay increases this year every month, I am putting everything in lump sum in a deposit account that they control. That way, they become part of the formal banking system and familiarize themselves with how it works. They can increase their saving every month, and even use it to remit back home to the province. LBC rates for money transfer are much, much steeper than banks’.

With all these issues in investing, this news came as a pleasant surprise: Public high schools to teach investing, assuming of course that the material used is of good quality.

Economy

As we said earlier, job losses are escalating, but the figures and estimates need a closer look.

In Export drops affects 34,000 jobs, Labor Secretary Marianito Roque says the export sector’s slowdown will affect 34,000 jobs nationwide.

Based on the survey done by [the labor department], we have a total of 15,000 displaced workers nationwide and another 19,000 who were subjected to reduced working hours,” Roque said. He said 13,000 workers lost jobs in the provinces of Cavite, Laguna, Batangas, Quezon and Rizal, with Laguna accounting for 5,000 of the total.

He adds that Hundreds are losing jobs daily

Just for today, it was reported to us that 458 people nationwide could lose their jobs,” Roque said.

…and other experts like Benjamin Diokno warn of more layoffs.

We know that the biggest news last week was that of Intel closing shop. Sad, sad story there. However, industry estimates show that there are around 160,000 jobs to be created in BPOs in 09. Don’t forget the KPOs (knowledge process outsourcing). Citibank has said it would expand KPO operations in RP significantly this year.

All in all, there will be losses, yes. But some companies will also be hiring, and there’s the silver lining.

Investing

Do you believe in feng shui? Honestly, I don’t, but for those who do, they are saying calmer markets are in store for 2009, but don’t expect a bull run yet.

The Gotianuns have formally signed the deal to acquire Philam finance units, as a strategy to turn East West Bank into a major player in the industry.

East West Bank signed an agreement to buy AIG Philam Savings Bank, Philam Auto Finance (formerly Primus Finance and Leasing Inc.) and PFL Holdings Inc. The value of the deal was not disclosed. Industry sources earlier said it was “a little over P2 billion.” The transaction will create an entity with combined assets of P63 billion and make East West Bank, erstwhile a niche player, the sixth-biggest credit card issuer in the country. It will also double East West Bank’s auto loan receivables to about P8 billion and make it the sixth-largest in the auto loans market.

Another management change that will affect preneed planholders is that of Pacific Plans. Investment banker Noel Oñate has stepped in as a white knight and is promising that the company’s obligations to its 300,000 planholders amounting to $47 million or P2.3 billion will all be met. Good news? We will see.

Have a great week ahead.