FarmOn announced through its Facebook group that cycle 19 will open this coming Monday, July 16. Registration for new members and selection of agricultural investments will commence that same day and will last until August 31 or until supplies last (probably the latter).
Planting cycle will start October 1.
It also announced a one-time registration fee of PHP300, applicable to new members who will register. For those still asking whether referrals are needed, please note that referrals (and referrors) are no longer necessary starting Cycle 15. Prospective members may just register on their own as soon as registration opens. Expect some website downtime though especially during the first day of registration.
WHAT TO EXPECT
Available products to invest in, according to the announcement, are as follows:
- Rice (Amaryllis) P9,000.00
- Rice (Bouvardia) P8,500.00
- Rice (Carnations) P8,000.00
- Rice (Daffodils) P7,500.00
- Banana P3,000.00
- Papaya P4,300.00
- Fish pond P5,000.00
- Squash (Growers) – P1,500.00
Expect the last 4 items to run out first as they tend to have faster turnaround time and relatively higher ROI, compared to rice. Click here for the previously published ROI guidance.
ARE THEY LEGIT?
Is FarmOn legitimate? According to them, they are DTI registered, hence not bound by SEC rules. Indeed, DTI has jurisdiction on sole proprietors and FarmOn is registered as such. But I believe SEC has the purview when it comes to entities accepting investments from the public. I might be wrong though. So what gives?
For me, this is not necessarily a bad thing, just a matter of the crowdfunding groups and regulatory bodies coming into agreement as to what permits are necessary, and securing such permits. Click here to read more about the SEC Advisory on FarmOn.
As always, caveat. Only invest your long-term money, preferably money you can afford to risk, or worse, lose. I am in no way connected to FarmOn (or other crowdfunding sites we discussed in this site), and like you, I’m just a retail investor with a managed exposure in some crowdfunding sites. I’m just a retail investor giving our dear readers and subscribers various options on how to invest their money (and inherent to that are the risks involved). I do believe that crowdfunding is the future, so government agencies better work fast on how to oversee these. I’ve already said my piece regarding this, as mentioned here.
As for our limited investments on squash and watermelon, we are still waiting for the harvest though I sense that it is coming soon as I’ve been seeing people posting about how happy and thankful they are about their recent harvest.
Happy FarmOner here so far, with the profitable investments in chili (red and green), peking duck and fish pond from previous cycles.
Crowdfunding is just part of investment universe that you can choose from to make your money work harder for you. Learn other investment options, as well as the 9 other steps to a richer life (aside from investing). Download our #10Steps to a Richer Life now.
Subscribe to Blog via Email
PSS. We have an additional domain: Rich Money Hacks. Additional domain, additional access point to learn more about personal finance, investments and how to attain a richer life.