Comments on: Never Get Scammed in the Philippines http://philfaqs.com/live-there/investing-there/never-get-scammed-in-the-philippines/ Retire Philippines, Move Philippines, Jobs Philippines, Really Living in the Philippines Tue, 16 Mar 2010 03:34:20 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Philly http://philfaqs.com/live-there/investing-there/never-get-scammed-in-the-philippines/comment-page-1/#comment-18922 Philly Tue, 04 Aug 2009 02:24:54 +0000 http://philfaqs.com/?p=1253#comment-18922 Yep, less than $1000 USD for a semster's worth of education at my alma mater, the "School of Hard Knocks". Over the years I have bbeen amazed at the umber of Americans and other foreigners who expect that they will at least supplement their income by money lending. Bad choice in many directions ... losing you money may be the least of your worries. There are three areas where I see a big presence of what you might call 'organized crime' here. Jueteng (similar to the US numbers racket) (can go up to the highest levels of government ... NO place for a kano). Drugs, typicaLLy shabu (meth), certan people can sell openly, others are in jail for life just for being near it ... very dangerous ground for Phil and foreigner alike. Money lending. A huge business in the Philippines, banks just don't lend to consumers. Typically very much the province of the 'bumbay' ... often a Sikh on a motorcycle who makes his rounds' every week. It's part of a Sikh's religion never to be without his beard or his dagger ... you could wind up 'salvaged' so easily you's never even hear it coming if you encroach on the wrong territory. I never lend except within the family under extreme circumstances and before I say yes I decide if I can afford it as a 'gift'. If I can't afford it I say 'no', if I can I offer it up with no real expectation of it coming back. Sometimes it does, but if it doesn't, no matter, I alreadywrote it off in my mind. A "guy down the street" who asked to borrow? Never. Not ever. No way. Yep, less than $1000 USD for a semster’s worth of education at my alma mater, the “School of Hard Knocks”. Over the years I have bbeen amazed at the umber of Americans and other foreigners who expect that they will at least supplement their income by money lending. Bad choice in many directions … losing you money may be the least of your worries.

There are three areas where I see a big presence of what you might call ‘organized crime’ here.

Jueteng (similar to the US numbers racket) (can go up to the highest levels of government … NO place for a kano).

Drugs, typicaLLy shabu (meth), certan people can sell openly, others are in jail for life just for being near it … very dangerous ground for Phil and foreigner alike.

Money lending. A huge business in the Philippines, banks just don’t lend to consumers. Typically very much the province of the ‘bumbay’ … often a Sikh on a motorcycle who makes his rounds’ every week. It’s part of a Sikh’s religion never to be without his beard or his dagger … you could wind up ’salvaged’ so easily you’s never even hear it coming if you encroach on the wrong territory.

I never lend except within the family under extreme circumstances and before I say yes I decide if I can afford it as a ‘gift’. If I can’t afford it I say ‘no’, if I can I offer it up with no real expectation of it coming back. Sometimes it does, but if it doesn’t, no matter, I alreadywrote it off in my mind.

A “guy down the street” who asked to borrow? Never. Not ever. No way.

]]> By: Paul Thompson http://philfaqs.com/live-there/investing-there/never-get-scammed-in-the-philippines/comment-page-1/#comment-18835 Paul Thompson Sun, 02 Aug 2009 01:11:09 +0000 http://philfaqs.com/?p=1253#comment-18835 While talking to the New (less than 3 years) "Cano" up the street, he told me that he had loaned P15,000.00 to a local we both knew. My first question to him was; "This was the first loan?" The answer was yes, I explained that he would be paid back within a week. The next request for a second loan, the next month would be for a far greater amount, and then it's a "dollar down and the chase is on!" He will never repay the higher amount, as he paid you the first time with your own money just to gain your trust. As I've said before; "Some people you just can't help!" He loaned the guy P40,000.00 as he knows it all, and the man pulled a rabbit and is gone. I explained that some times you must pay for your schoolin'! While talking to the New (less than 3 years) “Cano” up the street, he told me that he had loaned P15,000.00 to a local we both knew. My first question to him was; “This was the first loan?” The answer was yes, I explained that he would be paid back within a week. The next request for a second loan, the next month would be for a far greater amount, and then it’s a “dollar down and the chase is on!” He will never repay the higher amount, as he paid you the first time with your own money just to gain your trust. As I’ve said before; “Some people you just can’t help!” He loaned the guy P40,000.00 as he knows it all, and the man pulled a rabbit and is gone. I explained that some times you must pay for your schoolin’!

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