These are Dollar denominated promissory notes* issued by First Metro Investment Corporation, earning a competitive interest rate at an affordable minimum investment requirement.
Product Features
|
Minimum Investment Requirement |
USD 5,000.00 |
|
Tenor |
Usually quoted 1 -3 months a year |
|
Rate |
Varies daily depending on market and tenor |
|
Interest Computation |
Simple Interest Computation: (Principal x Net Rate x Tenor) / 360 |
|
Tax Feature |
Subject to the 20% withholding tax |
|
Documentation |
Promissory Note |
|
Liquidity Policy |
First Metro will impose penalty depending on the remaining tenor of the instrument. Subject to Documentary Stamp taxes upon pre-termination for the account of the client (P1.50 for every P200.00 or its equivalent in US dollars, multiplied by the remaining term, divided by 365 days). |
|
Trading Hours |
Cut-off time is 12:00 noon |
|
Advantages |
The instrument bears attractive returns as compared with Dollar Time Deposit. |
*This is not a deposit account. Earnings are not assured and principal amount invested is exposed to risk of loss. This product cannot be sold to you unless its benefits and risks have been thoroughly explained. If you do not fully understand this product, do not purchase or invest in it.