PH Basics
The Philippines has a Credit Information Corporation (CIC) that collects credit information from financial institutions.
True
One of the endorsers of this digital bank is Liza Soberano.
Maya
A common Filipino money lending practice among friends involves a paluwagan system, where a group collectively contributes money to a common fund, and members take turns receiving the pooled funds in a predetermined order until everyone gets their share.
Paluwagan
It is a Filipino cultural trait that may mean debt of gratitude and reciprocity.
Utang na Loob
What is the minimum age requirement for applying for a credit card in the Philippines?
21 y/o
What do you call Shopee's official in-app e-wallet?
ShoppeePay
Also known as "loan sharks". It is for immediate financial needs, even with high interest rates, as they may have no alternative options due to urgent money requirements.
5-6
Words that are part of the Filipino language that are derived from foreign languages such as English, Spanish, Chinese, etc.
Hiram na Salita
In the Philippines, what is the primary government agency responsible for regulating and supervising credit transactions?
Bangko Sentral ng Pilipinas (BSP)
It is a “buy now, pay later” mobile app that splits your bill into three equal payments over three months. Rhymes with a poging reporter's name in GMA.
Atome
It is the process by which a financial institution provides funds to a borrower. Often called a lender, the institution typically receives interest in return for the loan.
Lending
The perceived stereotype of Indians in the Philippines, who Filipinos. They are turbaned men, riding motorcycles and engaged in “5-6”
Bumbay
Which regulatory body issues licenses to credit bureaus operating in the Philippines?
Securities and Exchange Commission (SEC)
It is a joint venture of Tyme, a multi-country digital banking group, with members of the Gokongwei Group (Robinsons)
GoTyme
It is a type of loan that requires collateral. This means you need to turn over something valuable you own to the person. If he/she is interested in it, they will offer you a loan.
Sangla