ACCORDING to the National Statistical Coordination Board, a Filipino family of five needs a monthly income of P6,274 to stay out of poverty—that’s P206 daily or P75,288 annually. For Metro Manila, where the cost of living is higher, a family of five needs P282 a day or P102,830 a year to keep out poverty.

Meanwhile, higher prices of food have caused inflation to accelerate to 6.4 percent last March, while annual inflation averaged 5.6 percent in the first three months this year as reported by the National Statistics Office (NSO).

Although the government has been consistently increasing the flow of social returns to the people in terms of ensuring adequate food supply, providing decent jobs and broader access to basic social services, the things we do, even on the small scale, counts the most to persevere.

In these hard times, it takes skill to see a few bucks go a long way. With mounting priorities, consumers need to learn how to maximize their budget so that everything they spend for is worth every penny.

But shopping entails more than just grabbing an item and lining up at the counter. Believe it or not, it requires strategy—a bit of research and some evaluation to be sure of getting exactly what you need at the most affordable price.

To help improve saving money habits, here are some pointers to remember before shelling out that hard-earned money:

§          Ask yourself, do you really need the product being offered to you? Remember, if an item is on sale, it doesn’t mean you have to buy it. To avoid impulse buying, bring a shopping list and stick to it.

§          To be certain of how much the item costs, check the price tag if it is already inclusive of taxes, discount or hidden charges.

§          If you find something appropriate, you don’t have to buy it right away. Learn to compare prices. To determine the true value of a product, read the unit price, not just package price. The unit price information is usually on a sticker located on the shelf that holds the item. The package price only tells you the cost of the entire item. The unit price shows the cost per pound, ounce, etc.

§          Check if the product is suitable for you. When buying clothes, for example, you have to make sure that the item fits or you may not be able to return it later. Remember that if you simply changed your mind or made a mistake when buying, you cannot return or ask to refund the item, and exchange is the store management’s decision.

§          Inspect the merchandise. Be certain to check “expiration” and “use by” dates for the freshest products. In some cases, such as mobile phones, you can ask the seller to open the package item so you can examine it for possible defects. For appliances, it has to be tested right at the store before buying to detect any defects. However, it is important to note that the law provides a two-year window for consumers to complain against defects.  This means that no retailer can invoke a seven-day return policy to reject a consumer’s request for replacement or refund even six months after a defective item was bought.

§          Does the product or service follow quality and safety standards? Certain goods such as home appliances, construction materials, lighting and electrical equipment need to undergo testing by the Department of Trade and Industry-Bureau of Product Standards (DTI-BPS) before they can be sold in the market. Once approved, they are labeled with the Philippine Standard (PS) or Import Commodity Clearance (ICC) as a guide to consumers. Look for these marks to be assured of buying safe and reliable goods.

§          Does the product come with a warranty? If it does, take time to read the fine print and find out what the manufacturer or seller will do in case the product breaks down within the given warranty period.

§          You know that if a problem with your purchase occurs, you have the right to complain. But do you know whom to contact or where to go? Ask the seller so you don’t have to grasp for answers later on. Always check the labels. As a policy, goods should always bear the manufacturer or importer’s name and address.

§          In the case of services, shop around for a service provider which can deliver exactly what you require for the best price. Look for an indication of credibility such as accreditation certificate, business permit or an appropriate license. Another tip is to ask family members, neighbors and friends for references.

Remember that by buying wisely, not only do you get value for money, more important, you are able to protect yourself from dishonest businessmen that rob you not just of your hard-earned money, but also of your right to be a satisfied consumer.

EUROPEAN businessmen in the country are now actively helping local outsourcing and offshoring (O&O) firms land more contracts in Europe, as they believe the industry’s target of achieving a 10-percent share in global outsourcing revenues by 2010 will not be possible if the focus will remain solely in the US market.

DAVAO CITY—From stopping all further conversion of agriculture lands to monitoring the expenditures of the Department of Agriculture (DA) and the pork barrel of Congress representatives, a nongovernment group said the Arroyo administration must implement drastic policy measures to tide itself over  the rice crisis and preserve its hold on power.

THE Department of Agriculture (DA) has formally asked the Department of Finance (DOF) to remove tariffs on agricultural inputs to help farmers cope with the spiraling cost of inputs such as fertilizer.

THE auto industry posted a 10.3-percent sales growth in the first quarter of the year as the market continues to remain strong despite rising fuel and food prices that may affect the decision to buy vehicles.

THE World Bank (WB) is willing to extend financial support of as much as $850 million to $900 million to the Philippines every year, starting the bank’s 2008 fiscal year.

SEVERAL agreements for the sale of National Transmission Corp.’s (Transco)sub-transmission assets to (STAs) five electric cooperatives have finally been approved by the Energy Regulatory Commission (ERC) after a long delay.

APPARENTLY heeding the call of experts, the Department of Agriculture (DA) and the Department of Social Welfare and Development (DSWD) are now mapping areas where cheaper and subsidized rice should be sold.

ACCORDING to the National Statistical Coordination Board, a Filipino family of five needs a monthly income of P6,274 to stay out of poverty—that’s P206 daily or P75,288 annually. For Metro Manila, where the cost of living is higher, a family of five needs P282 a day or P102,830 a year to keep out poverty.