The government should encourage the promotion of financial literacy and inculcate entrepreneurial mindset among Filipinos by incorporating it in school curricula, a tax expert said on Monday.
Andrei Bisares, supervisor for assessment of the Bureau of Internal Revenue (BIR) said this, claiming financial literacy in the country is very low.
“Dapat magkaroon tayo ng entrepreneurial mindset at maitaas ang financial literacy ng mga Pilipino,” said Bisares, adding that based on statistics, only very few Filipinos are literate and knowledgeable when it comes to money.
Bisares was one of the resource speakers of the Forum on Tax Reform Acceleration and Inclusion (TRAIN) initiated by Philippine Institute of Certified Public Accountants (PICPA)-Palawan Chapter on February 26 that was attended by 220 participants.
Some universities and colleges in Manila, he disclosed, are already offering financial literacy as part of their curricula, but in the provinces, it is not yet accessible to students.
“Kaya ang resulta, tayong mga Pilipino, we are academically excellent pero financially hindi tayo literate. Ito namang TRAIN, isa sa intention nito ay pondohan ang edukasyon. Para naman mas maturuan pa tayo about having that entrepreneurial mindset,” he added.
To demonstrate what he meant, Bisares cited a classmate who was a magna cum laude as an example.
He described her as someone who does not know if she will keep her money in the bank in time deposit or savings.
“Hindi niya alam debit at credit card magna cum laude ka pa naman. Hindi niya alam paano gamitin ang checking, bakit may cross-checking pa. Statistics shows, and that is the reality, wala tayong alam sa pera, except sa mga businessman,” he admitted.
Stock investing, he said, is one way of investing money on that works, recalling the time when he invested P10,000 in Meralco.
“Ang piso ko ay naging P35, naging P50. Tingnan niyo kung may P1 million lang ako noon, di meron na akong P50 million ngayon,” Bisares said, telling attendees to invest in stocks as they would no go bankrupt.
“Nag co-compound ang pera niyo nyan. So focus on passive income like investing in stock market,” he added.