Friday, November 07, 2008 Pangan: Rico bumbay By Benjie Pangan At Close Range
WHILE reading this piece, remember and mentally sing Rico Mambo and the exercise will somewhat ease the burden of writing (and reading) about the trade being carried by Indian nationals in our areas.
By the way, are these traders licensed to lend out money at high interest, sometimes running from 20 percent to 30 percent coupled with items priced at double their SRPs or suggested retail prices? Are these bumbays allowed by the Department of Trade, Bangko Sentral ng Pilipinas or any government agency to lend money in the first place?
Do the LGUs benefit from these foreigners' unabated lending practices? Do they secure business permits before they can engage in business as other establishments (the legit ones, mind) are required to do and secure? Do these bumbay traders file income tax returns and pay corresponding taxes?
Paging the BIR, please. Ah, but they have Filipino wives, I hear, and dummies too, so you think Pinoys are the only ones adept at skirting the law?
In fairness, the suki and storeowners are not at all bothered by the presence in their neighborhood of the bumbays. On the contrary, the latter are much sought after, especially when there is a very urgent need, and at short notice, for cash. The bumbay is considered by the petty traders as a ready cash machine (eat your hearts out, ATMs!).
If, according to the bumbay standard, one's credit is good, the latter may continue getting fast and easy loans, even at exorbitant interest rates and very swift repayment scheme.
Some bumbays deduct the first installment on the day the loan was granted and so forth till the whole obligation is paid in full. There are no promissory notes, no contracts, only a modest and used notebook will do. There, the daily payments are recorded by the bumbay himself. Just like that, no initials, no authentication.
But, wait, even the bumbay traders have an informal association and credit information bureau where data are gathered and stored for credit reference, so one bumbay lender knows hudas not pay (pardon the pun) or the balasubas.
Again, in fairness, the bumbay is an easy source of cash, in emergency situations. Want or need instant cash? Go and befriend your neighborhood Bumbay. Bilis, tawagin si Rico or Jay, the Filipinized nicknames of Singh, Anand and Gandhi.
* * * * *
I'd like to thank SM City Pampanga's Roman Palo, John Lo and the new PR person, Selle Sarmiento for their warm accommodation. I was informed more activities are lined up in this big mall, especially this coming Christmas celebration. Thanks, guys.
* * * * *
Despite the financial crunch here and abroad, the sales people of Hausland find it not so difficult to convince buyers to select units at Fiesta community at Manibaug Paralaya, Porac, Pampanga and the more affluent ones choose villas at the Metro Clark Executive Villas site in Barangay Camachiles, Mabalacat. Good work, Sheryl, Katrina and Philip, for your sales and marketing efforts.
* * * * *
On Thursday, International Resource Development Corporation headed by Juno Reduca, Overseas Marketing Director and Rose Lim, Human Resource Director, together with Peso's Virgie Miranda and liaison man Gerry Dayrit met with the barangay residents of Barangay Mawaque and Mawaque Resettlement center to conduct interviews for job applicants for positions in Saudi Arabia.
On Friday, this group will move to the Madapdap Barangay hall to conduct another interview on job applicants for construction work and other professionals. IRDS is a POEA-licensed and accredited recruitment firm and does not charge placement fees.
* * * * *
Fare rollback, at last. Making do with a mere fifty-centavo deduction on the current P7.50 fare on jeepneys may be a small consolation, but still it is enough reprieve for lowly daily wage earners.
Sana patuloy pa ang pagbawas ng pamasahe now that Christmas rush is fast approaching. Every centavo counts for the poor people.
