ERIO, RICARDO 11-STEM B GENERAL MATHEMATICS PERFROMANCE TASK 12/8/22

What I Can Do

1. BDO UNIBANK INC.

In BDO Unibank , they have an SME loan that can start a business, you can borrow up to P20 million.
They offer a 7.00% interest rate per annum and requires a valid ID like a passport, Postal ID, and more.
At least 21 years old but not exceeding 70 years old at the end of the loan term, proof of income
application form and more requirements.

SME loan can be paid at any BDO Branch through over the counter or via BDO Online Banking through
bills payment facility using. You may choose to pay the loan from 6, 12,18, 24, 36 months loan
term. If no payment is made on or before Payment Due Date or payment made is below the
Minimum Payment Due, a Late Payment Charge of P850 / US$20 or unpaid minimum amount
due, whichever is lower, will be charged to your account. BDO-initiated Fees may be charged to
your account from time to time

2. PAG-IBIG FUND
In Pag-Ibig Fund, they have a Multi-Purpose Loan that can start a business. They offer a 10.5%
interest rate per annum and require valid ID like a passport, PRC, Driver's License, Postal ID, and more.
Also authorization letter, proof of income, an application form, an employment contract, and more
requirements.

The loan is payable within three years or 36 months and comes with a deferred first payment. Members
may also opt to pay their loans in two years or 24 months.

If you are an employed member, you may pay your loan amortizations via a salary deduction
arrangement with your employer. Should you wish to accelerate or advance your payments, you may do
so via Virtual Pag-IBIG, at any Pag-IBIG Fund branch near you, or through any of our accredited collecting
partners’ outlets or their online payment channels.

If you are a self-employed individual or an Overseas Filipino Worker (OFW), you may pay your loan
amortizations via Virtual Pag-IBIG, at any Pag-IBIG Fund branch near you, or through any of our
accredited collecting partners’ outlets or their online payment channels.

3. SSS
In SSS, they have a salary loan that can use to start a business. They offer a 10% interest rate per
annum and required a membership application form and accept PRC ID, passport, postal ID, School or
company ID, TIN number, and more requirements.
The loan shall be payable within two (2) years in 24 monthly installments. Payment shall be made at any
SSS branch with a tellering facility, SSS-accredited bank, or SSS-authorized payment center.
In case of default, the arrearages/unpaid loan shall be deducted from the benefits claimed by the
member, whichever comes first, as follows;
1. For self-employed/voluntary members, deduction shall be from short-term benefits
(Sickness/Maternity/Partial Disability).
2. In case of member borrowers death, total disability, or retirement under the Social Security Act,
the entire amount or any unpaid amount of the loan as well as the interest and penalty thereon,
if any, shall be deducted from the corresponding benefit.

Interest rate of the following bank and institutions:

1. BDO Unibank Inc. - 7.00% per annum
2. Pag-Ibig Fund - 10.5% per annum
3. SSS - 10% per annum

Among these banks and institutions, I prefer to choose BDO Unibank Inc.
because it has the lowest interest rate and is the best among the three given
banks and institutions that can help me to borrow funds to start a business
amidst the COVID-19 outbreak to support the daily necessities of my family.

References

BDO Unibank Inc.

https://www.bdo.com.ph/loans/sme-loan

https://www.bdo.com.ph/personal/digitalbanking/bdopay/termsandconditions

https://www.bdo.com.ph/personal/loans/sme-loan/interest-rate

https://www.bdo.com.ph/personal/loans/sme-loan/application-requirements

Pag-Ibig Fund

https://www.pagibigfund.gov.ph/FAQ_MPL.html

https://www.pagibigfund.gov.ph/STL_MPL_Calamity.html#:~:text=The%20loan%20seeks%20to
%20provide,has%20a%20deferred%20first%20payment.&text=20.,-Company%20ID%20issued

SSS

https://www.sss.gov.ph/sss/appmanager/pages.jsp?page=salarydetails

https://www.sss.gov.ph/sss/appmanager/pages.jsp?page=salaryapplication