Heart Evangelista and Bobby de Ocampo on managing and saving money
How can we in the Philippines promote financial literacy and a savings ethic among youngsters, even children, so they can be prepared to manage money and save early on? Why is this not a national concern? Is it because many of our political leaders are themselves financially illiterate due to inheriting profligate lifestyles and dynastic fortunes?
Our society has among the lowest per-capita bank savings and insurance-coverage rates in ASEAN and East Asia. This problem is true even among the rich families and even among high-income people, whether showbiz celebrities, politicians, professional athletes or overseas Filipino workers (OFWs).
Teach Financial Literacy To Schoolteachers
Can we propagate financial literacy through our schools, private and public? We should start by first training our teachers nationwide on the basic principles of money stewardship and also liberate them from economic bondage. I’ve heard of not a few teachers who are not only economically hard-up, but have been victimized by unscrupulous moneylending firms and loansharks.
It is amazing to realize that a lot of well-off young people grow up without being trained in the basics of money management or financial literacy by their parents, so this problem is not only for the youth. I realized this when I was asked to be moderator in the Feb. 4 contract-signing ceremony of actress, model and painter Heart Evangelista Escudero as the first-ever celebrity endorser of Philippine Veterans Bank led by chairman Dr. Roberto “Bobby” de Ocampo, president Nonilo Cruz and vice president Mike Villa-Real held at the Pandesal Forum of Kamuning Bakery Cafe in Quezon City.
Even High-Income Celebrities Need Money Management
During the question-and-answer forum, Heart revealed that, all her life, even when she was already working, she never handled her money matters, expenses, or savings, and it was entirely managed by her mother, Cecile Payawal-Ongpauco, a Spanish mestiza granddaughter of a Spanish governor of the Bicol region.
Heart’s problem reminded me of other high-income celebrities like “Superstar” Nora Aunor, who reputedly earned a fortune but lost several mansions; and Vilma Santos Recto, who told me she went bankrupt at the height of her fame but learned ever since to manage her money well.
Heart recounted that when she finally got married to Senator Chiz Escudero, she asked him to help manage her money matters and taxes, but he declined. What Chiz did was to give her a notebook and advised her to go to a bank to seek advice and guidance. She admitted that at first she was at a loss and worried, she didn’t know what a manager’s check was, how to balance her own checkbook, etc.
With good advice, Heart gradually learned to track her earnings, expenses and savings. She said that one can sleep well at night knowing that one’s finances are well-managed and that bills are taken care of, so there are no unnecessary pressures or stress about uncertainty.
Heart advised people, especially the youth, to start learning the value of money and the basics of financial literacy. She urges people of all ages not to be intimidated by banks such as the Philippine Veterans Bank, which has a new tagline, “A Bank with a Heart.”
When the media asked the bank’s chairman, Dr. Bobby de Ocampo, about his advice to young people like Heart, the former finance secretary, Asian Institute of Management (AIM) president and Development Bank of the Philippines (DBP) CEO said: “Don’t spend too much; learn to keep on saving money and invest.”
The London School of Economics and University of Michigan-educated De Ocampo added that he hopes with young and glamorous Heart Evangelista as new endorser, people will realize that Philippine Veterans Bank is not only for old people, the military, or pensioners; that is is not a government-owned or military-owned bank.
One thing impressive about Veterans Bank is that “it is the only bank with a built-in coporate social responsibility. Twenty percent of net profits are donated to assist veterans, to support hospital operations, etc.”
Another unique and inspiring CSR of the Philippine Veterans Bank is it also seeks to keep alive the memories of World War II history, honoring how numerous courageous young men and women fought against the Japanese military invaders despite a lack of resources.
When a journalist from the foreign media asked about the size of Philippine Veterans Bank, De Ocampo replied with a statement that could apply not only to banks and businesses but all professionals as well. He said, “We are a medium-sized private commercial bank. We hope to keep on growing. However, more important than size or quantity is quality. We hope to measure our success in good-quality products and services we can offer.”
* * *
Thanks for your feedback! Email willsoonflourish@gmail.com or follow WilsonLeeFlores on Instagram, Twitter, Facebook and http://willsoonflourish.blogspot.com/.
