Category Archives: Finance

Economy, Finance, Government, International

Countries Using Peso Agree To Create Alternative World Currency!

April 6, 2023 Pol Pinoy Leave a comment

MANILA, Philippines (The Adobo Chronicles, Manila Bureau) – There is a new world currency brewing and it’s not the U.S. dollar nor the BRICS currency being planned by Brazil, Russia, India, China and South Africa.

Rather it is the currency being used by Argentina, Chile, Colombia, Cuba, the Dominican Republic, Mexico, the Philippines and Uruguay — the peso.

The Bangko Sentral ng Pilipinas (Central Bank of the Philippines) is very excited about the peso initiative. “It will make the Philippines competitive in the world market,” a BSP spokesperson told The Adobo Chronicles.

This is a developing story.

Finance

Senator Hontiveros Proposes Expiry Date On Peso Bills

September 27, 2021 Pol Pinoy Leave a comment

MANILA, Philippines (The Adobo Chronicles, Manila Bureau) – Forget about the expiry dates on those face shields!

Senator Risa Hontiveros today proposed that all peso bills, starting with the P1,000, P500, and P100 denominations, be printed with expiry dates.

Hontiveros told The Adobo Chronicles that the rationale for her proposed bill is to prevent hoarding and money laundering. ”By including expiration dates on all peso bills, we will discourage people from keeping their money in their bauls (treasure chests) or in shoe boxes in their closets,” she said.

The Senator also sees her measure as a way to revive the economy which has been devastated by the Covid-19 pandemic. ”People will be forced to spend their money and help businesses recover from huge losses in the last two years or so.”

If Hontiveros’ proposal is approved, all new future bills that will be printed by the Central Bank of the Philippines, will have expiry dates after 10 years from date of printing.

Business, Finance

New 24-Hour Convenience Store Chain A Threat To 7-Eleven

May 14, 2021 Pol Pinoy Leave a comment

MANILA, Philippines (The Adobo Chronicles, Manila Bureau) – For decades now, 7-Eleven has dominated the 24-hour convenience store business in the Philippines, but now it is threatened by a newly set up chain — Five-6 — expected to open stores all across the country.

Five-6 (5-6) is widely known among Filipinos as a loan shark scheme whereby repayment comes with high interest. Basically, for every five pesos one borrows, the repayment is six pesos, or around 20% interest.

But the owners of Five-6 told The Adobo Chronicles is a far cry from the 5-6 scheme as we know it.

Rather, the concept behind the convenience chain is that for every 5 pieces of the same item you buy, you get a 6th piece free. For example, if you bought a 6-pack of San Mig Light, you only pay for 5. Half a dozen eggs will cost you the price for 5.

This may not approximate the now popular community pantries, but it’s a good, cost-saving perk that comes with the convenience of a 24-hour grocery service.