What is the best bank in the Philippines that is risk free and earn more interests?

Question

I am trying to save P 3 million to retire early in the Philippines. I work 50 hours a week to achieve that goal. I am fighting the atmosphere of discrimination at work and deal with all the struggles of living far away from home. My only hope is to retire early and enjoy the fruits of my labor. Help!

Answer 1

    Higher interest earning means higher risk.

    If you want a risk free investment, then buy government issued

    treasury bills ( T-bills ).  All major banks offer T-bills.  Rates

    are usually higher than peso savings and time deposit rates.

    Have a nice day !

Answer 2

BPI - the oldest bank in the Philippines, founded in 1851. Third largest in the country, by assets ($3.24 billion as of March,2008). Owned by the Ayala family.

If you're in the USA, I suggest you contribute to an IRA (if you don't have a 401K). If you're contributing to social security, it'll be awhile before you can start drawing on it (65 yrs. old). If you don't want to wait that long, start on your IRA now. You will be penalized if you make early withdrawals before age 59-1/2 though.

You might want to consider rural banks in the Philippines that pay 16-18% on interest. Just do some research on them. Don't put anything in excess of what PDIC will insure (PHP250K). You can practically double your money in 5 years. But again, do some research.

Answer 3

citibank in metro angles .....citibank.com.ph

Answer 4

Metro Bank and/or Banco De Oro

Answer 5

What!? no banks everyone in the Philippines is corrupt. They find out you got funds they will pay a personal visit to you or your account.

Answer 6

try visiting this:

http://www.firstcountryfinancial.com/200...

up to 11% int. p.a.

or

www.besttimedeposit.com

- this gives off 20% interest per annum

Answer 7

I think it's Banco de Oro (BDO).

Answer 8

Banks everywhere always pay the lowest return on savings.  There are many different vehicles.  all requiring good common sense and risk.

I'll keep my American bank to handle my checking, but I'll invest for myself.

You say you want to retire.  Well it isn't all it's cracked up t be but I'm not going back.

Maybe what you need is to start your own business then when you feel ready you can live off the business and stay at home.  Or sell it and have cash.

Answer 9

i would say Banco de Oro

Answer 10

km5 is right.  I wouldn't put more than a few thousand pesos in any Philippines bank.  The culture being what it is there, its not worth the risk.  Put your money in a bank or credit union near you.  When your in Philippines your money is just an ATM away.

Answer 11

the safest bank was the PCIB bank as this is listed by the major banks  here .there are high interest smaller banks but be wary as financially! these can belly up and your funds are gone

Answer 12

the only bank that gives high interest is Banco de oro.

and your savings are insured but up to one million only.

their banking hours is up to 4 or 5pm,hassle free.

they even have branches inside the malls.

Answer 13

if you have a friend or family member affiliated with the Armed Forces of the Philippines, their Savings and Loans Association (AFPSLAI) gives 24% per anum in interest earnings while your average Philippine bank will only give less than 12%.

either you be really good that person so you can open a joint account or you do something to get involved in the military and open your own account.