Confused!

Hi There!

Here I am again... Confused!!!.. Thinking what to do.. Do you know the feeling of, you have got lot of things in your head and you don't know which one you should do first? I am in that situation now. I love sewing. I have got lot of fabrics to work on. I am working as HR Assistant, full time, but I am still thinking to start an online shop to have some sort of extra income. I also need to review for IELTS (International English Language Test System). I want to make my own website as well. And since I have to give much of my time to my husband, so to grow our bonding, I have a very little time for the anything else. I cannot focus, really!

I have not written anything here for almost four years now. Yes, I am starting to write again, though I am not really a writer or a blogger, but I hope jotting down things I have got on my head will help me accomplish something.

Maybe I should ask myself which one should comes first. I know, it is silly. Of course I know the answer to that. I need to give time for review. IELTS will leads me to a better opportunity in my career and if ever I decide to migrate to English countries, this will help me a lot. I really do hope to migrate!!!

So maybe from today, I will start posting here what and how I am doing...

Thanks for reading!

Investment Idea in Oman

Mutual Fund Investment in Oman

If you are working or on a family residence visa in Oman and you are trying to find ideas on how you will grow your savings, here is one good idea.

There are some investments opportunities that Bank Muscat offers not only to their locals but also for expatriates.

Mutual Funds which I find quite affordable and best for new investors are:

          ·        Muscat Fund                          ·        Oryx Fund

Banks do not usually announce this to public but if you come to know about it, you could drop by to any of their branch for inquiries.

Following are the important things to know before investing in Bank Muscat Mutual Fund:

·        A minimum investment of ^OMR50.000 per month, to be debited directly from your bank account. It is advisable that you open an account with Bank Muscat to avoid bank transfers fee.

·        Date of investment is either every 15^th day or every 30^th day of the each month. Which is ever is convenient for you.

·        Bank will send you a Mutual Fund statement of account on a monthly basis.

·        Net Asset Value (NAV) of the unit is shown on the bank’s website, updated on the following business day.

·        A subscription fee of 3% per annum is charge base on the amount of investment. This could either be deducted from investment amount or could be paid on top of the investment. Let say you purchase a unit at a monthly investment cost of ^OMR50.000. If you want your investment to be exactly ^OMR50.000 each month, then you must pay the ^OMR1.500 for the fee.

·        Investment can be withdrawn on anytime during Banking Hours, but it would take a week or so to process the withdrawal request.

·        A redemption fee of 3% will be charged if you decide to withdraw your investment within 2 months after the purchase. If withdrawn after two months, there will be no charge for redemption anymore.

·        You could submit your application for Mutual Fund to any Branch. The quickest way to check if the bank has approved your application and the amount has been deducted from your bank account, check your balance online or call the bank's customer service. If you have not enrolled your account for online access, this is the right time to do so.

Requirements to apply:

1.      Mutual Fund Application Form, duly filled up. You can get this from any branch

2.      Copy of Passport  - Original copy is needed for verification

3.      Copy of Labor Card - Original copy is needed for verification

4.      Bank Account Details – where investment will be debited from

How do you earn from Mutual Fund?

You earn from your Mutual Fund Investment if unit value at time of withdrawal is higher than the value when you purchase the units.

         For Example:  Date of Investment               : July 15, 2012

 Amount of Investment         : ^OMR50.000

                         NAV Value                            : 1.062

                            So, ^OMR50.00 / 1.062  =  47.081 is the number of units you bought

Date of Withdrawal              : Sept. 15, 2012

NAV Value                            : 1.082

No. of Units                          : 47.081

So, 47.081 units x 1.082  =  ^OMR50.942 is the amount that you will receive.

This shows an income of  ^OMR0.942 for the period of 2 months.

Above example is pretty much the same as when you invest in your country. Consider also that 3% of ^OMR50.000 or ^OMR1.500 fee was paid at the time of investment. That is why it is advisable to invest for a longer period. 

Can you loose from investing to Mutual Fund?

Yes. Although Mutual Fund has been one of the best ways of investing, there is a chance that you will also loose part of your investment depending on the development of economy. All Investments have their own different types of risk that we have to consider in choosing which type of investment is best you.

For other investment products from Bank Muscat, please visit their site.

If you like this blog post, please click like or share below

Getting a Driver's License in Oman

Getting a Driver's License in Oman

How To Get Driver's License in Oman?

     Every expat wishes to get a driving license while they are in Oman. Wonder how to? Unlike other country, it is never easy to get a driving license in Oman. Foreigners on tourist are allowed to use their country’s driving license or an international driving license. If you are employed in Oman or under your husband’s visa, and you want to drive in Oman, you need to get an Omani driver’s license. Driving test is given by a local Policeman with a registered driving instruction. So, you need to get registered driving instructor to guide you and accompany you on the test. Omani ladies instructors are allowed in Oman. And take note, Police are normally strict in finding the mistakes.

                                                                                                     

Steps in Taking the Driving Test.

     Considering that you are in good health and feel good to drive, you need to register and get a driving book from the Royal Oman Police (ROP) office. They call this book “Kacha”, learning license or student license to us, where result of the tests will be written at (by Police). You might need to get your employer’s approval on your first time of getting the license. On my experience, I was not asked to present my sponsor’s approval.

     Ladies are  only allowed to drive automatic car, while men can choose either manual or automatic

     After you submit an application form to the counter to get your driving book, the Police will give you an eye test, which is normal in getting the license the first time. Once you have your book, then you now need to get a registered instructor. It could be from a driving company or freelance instructor. Oman uses one design only for all cars used for driving lessons and test. (I will post picture later on)

     If you are a starter and had never driven before, prepare your pocket. You could either get the lessons from the driving company or hire an individual instructor. Driving company offers a package while an individual offers a package and a per hour basis.

Driving lesson package costs minimum of OMR350/-  With this cost, the instructor or driving company will train you and lead you to your driving test. They will also pay the fees to the ROP every time they apply for your test.

     Reminder: You must be careful if you will hire individual instructor and pay for the package. I have heard a lot of stories from people who paid part of the package and did not get the full hours of training that they have paid for. Either the instruction has gone missing or gives a lot of excuses not to meet the trainee on training/driving time, so it is always better to pay to someone you or your friends trust. Even some of the female instructors do this cheating.

    If the budget is too tight, or you know you could pass the test in short period of driving lesson, then you can hire individual instructor and pay him per hour at the cost of OMR 5/- to OMR6/- an hour. But you have to pay the instructor a minimum of OMR 30/- if you fail and minimum of 40/- if you pass the test. This way also, you are not worried of paying in advance and don’t use the time you paid for. Leave me a message if you want me to give you trusted instructor.

The Practical Driving Tests

1.     Drum Test - Before you jump to road driving test, you need to pass the two other tests first.  The “Drum”, and the “Slope”. These tests are taken at the ROP compound.  First, the police will give short check if you already know the street signs or symbols which is the easiest part of the tests. Then you proceed to Drum test. This is basically to test your driving skill on making a reverse. They use drums as posts. The examiner does not need to look closely on the car when you are doing your reverse test because when you touch the drum, it will make noise. Then you fail.   

2.     Slope Test - When you pass the drum test, then you can proceed to take the slope test afterwards. Otherwise, you have to retake the tests after two weeks. The “Slope” test is driving on the sharp sloped road with stoplight on the way up then goes all the way done. Once you pass this, then you can take the final driving test, the “Road Test”.

3.     The Road Test – Final driving test. If you have already been driving, then you can take the test as early as you want. But not because you are already driving, you expect to pass at the first attempt. I know some people who have been driving for years and yet it took them 3 to 5 attempts before they pass.

     Police examiners are strict. They count even a single small mistake that you make. It would be helpful for you to ask people who have taken the test already what were the mistakes they did that made them failed the test.

     If you have any question or clarification, please feel free to leave me a message.

Pag-Ibig (HDMF)

Pag-ibig E-Service

Pag-ibig or HDMF (Home Development Mutual Fund) - mandatory membership for OFW

Non-member of Pag-ibig or can now register through Pag-ibig website following this link https://www.pagibigfundservices.com/

These are the options to register as new or updating Pag-Ibig or HDMF member

For new members, after your registration online, you have to print the filled up form, sign it and submit to any Pag-Ibig branch office together with copy of applicable requirements such as;

• Birth Certificate 
• Marriage Contract - for Married member
• Birth Certificate of dependent

SSS Info

SSS Loan Penalty Condonation Program ends on September 30, 2009

        The six-month availment period of the condonation program for delinquent borrowers will end on September 30, 2012. The SSS grants condonable penalties of 50 to 100 percent, depending on the borrower’s situation and mode of payment under the program.

       The SSS offers 100 percent condonation of penalties to borrowers under Situation 1-A, or those whose employers failed to remit the loan amortizations deducted from members’ salaries. They can submit proof of employers’ unremitted loan payments such as pay slips or affidavits.

       Borrowers with at least three paid amortizations and a minimum of three contributions within the last six months before the month of application, or contributions for the next three months, qualify under Situation 2, which condones 90 percent of penalties for full payment and 80 percent for installment payments of up to three years.

      

       Members applying under Situation 2 no longer need to wait for posting of the required contribution and loan payments. They can simply present SSS receipts as proof of payments so that we can immediately process their application for condonation, clarified by SSS President and Chief Executive Officer Emilio de Quiros, Jr.

       Delinquent borrowers filing retirement or total disability claims within the availment period can apply for penalty condonation under Situation 3. Half of their loan penalties will be waived and the rest will be deducted from their retirement or disability claim.

       De Quiros said the amnesty is also extended to beneficiaries of member-borrowers who died with unpaid loans (Situation 1-B) to enable dependents to receive the full amount of death benefits. They can file their application for condonation with their SSS death claim until March 13, 2013.
source : https://www.sss.gov.ph/sss/index2.jsp?secid=3124&cat=6&pg=null

Members who have online access to their SSS membership data can also apply to this program via online by logging in to https://www.sss.gov.ph/sss/Section_View

For more details please see slide show below.

New SSS Member Loan Penalty Condonation Program for Individual Members Brochure from SSS Philippines