Compared to people from the more advanced economies, the average Filipino is way behind in terms of financial education. How behind? The Philippine Stock Exchange, in a statement made last year disclosed that their study indicates less than half of one percent of Filipinos invests in stocks. In Singapore, 33% of its people invest in their stock market which is far bigger than ours. In Japan and Australia, the number is 25%.
Pathetic isn’t it? That the common tao typically spends more money on text load to share corny jokes than in meaningful investment tells you a lot about the state of Filipino financial literacy.
In no particular order, here’s my list of the ten top things Filipinos associate money with:
1. Working abroad. Statistics tell us that around one third of Filipino households have family members abroad. Think about it, who doesn’t have a relative in the Eestayts? Isn’t it scary that the common tao believe that the only real escape from poverty is a working visa?
2. Alkansya. The traditional way our lolos and lolas taught us how to save. Your future was secure if you dropped in a coin every day. Growing up, that was how we believed we could build our own house – with one coin at a time. The Pag-ibig logo says it all.
3. Lotto. The long lines outside the sidewalk lotto outlets typify a regular ritual for a lot of hopeful Pinoys. Birthdates of family members are combined to form bet combinations oblivious to the fact that a good chunk of the possible numbers in the winning combination are outside of the calendar month. Does anyone actually know a PCSO lotto millionaire? I don’t. All of my friends don’t either. Your odds of being struck by lightning are way higher than winning the lotto jackpot.
4. Boxing. Unless your name starts with Manny and ends with Pacquiao, you’re better off boxing groceries at the checkout line at an SM store. At least the minimum wage is guaranteed -- for the duration of your employment contract that is.
5. Prenda. Pawnshops are the common tao’s last resort. For the typical Pinoy, the heavier the jewelry, the better. For many, it is the only real insurance they understand. Pinoys don’t need an HMO card if they have a chunky class ring on their finger.
6. Sari-sari store. Ask the common tao what business they would put up if they had P20,000 and a window that faces the street? It’s obvious.
7. Pyramid networking. Cosmetics, RTW’s, shoes, health products, you name it. If it can be bought, sold and printed on a catalogue, it will be networked. Onli-in-da-pilipins. Does it work? Only for the topliners.
8. Bureau of Customs. My neighbor owns one of the bigger houses in our neighborhood. A friend asks me what he does for a living. I tell my friend he works for customs. “Kaya pala!” In Cebu, they say that four out of five private vehicles plying the roads are smuggled. And you wonder how that can be when importing used cars in the Philippines is prohibited?
9. BIR. It’s obvious.
10. Kidnap-for-ransom. It’s a lucrative business down South. The Somali pirates could learn a thing or two from the Abu Sayyaf about choosing targets. Why target ships flying the stars and stripes when you can abduct Red Cross volunteers without firing a shot? You’ll be condemned by the international community, sure, but you won’t have to deal with Navy Seal snipers either.
In closing, there are many new and better ways to build wealth that Filipinos everywhere should learn. Of course, lying, cheating and stealing are a lot easier and much faster. But then again, we can’t all be president of the Philippines.
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