A senior lawmaker from the House of Representatives on Monday called on the Filipino public to learn how to handle their hard-earned money properly as he urged them not to be persuaded by seemingly high-return opportunities that often offer false promise of returns like what happened last year to thousands of residents from a city in Southern Philippines.
In a statement, Aurora Rep. Edgardo “Sonny” Angara said financial scams could be avoided if only people are educated and enlightened of the intricacies of joining investment groups right away without properly assessing how it works, and without verifying the companies’ legitimacy and credibility.
“One of the major road blocks to wealth is really lack of financial literacy,” said Angara, author of a House bill (HB 559) that seeks to develop and integrate relevant financial knowledge into the curriculum of public and private schools throughout the country.
During the later part of last year, over 14,000 people were reportedly duped by a certain Aman Futures Trading Group based in Pagadian City to the tune of about P15 billion. This prompted Angara to immediately file a resolution seeking a Congressional inquiry into the matter.
In a speech he recently delivered before members of the Junior Confederation of Finance Associations – Philippines (JCFAP) during the awarding of its Ten Outstanding Finance Students (TOFS), Angara likewise stressed that things are definitely looking up for the country due to renewed confidence in our institutions and unexpected GDP growth.
“The work of the current administration is proof that good governance is definitely good for economics. Marahil, ang tuwid na daan ay masaganang daan,” he pointed out.
The chairman of the House Committee on Higher and Technical Education then went on to challenge the students, “Opportunity beckons, but it is during such times that we must equip ourselves not just with the knowledge but also the values that will maintain the trust in and the integrity of our financial system.”
The solon, who was instrumental for the passage of key financial reforms at the Lower House during the 14th Congress (2007-2010), exhorted the audience to be more savvy with their savings, more frugal with their funds, and more intelligent about their windfalls.
“The language of finance is really about hope, optimism and forward-thinking. It’s about giving people the opportunity to actually live the lives they’d want to live,” he exclaimed.
Angara cited RA 9505, also known as the Personal Equity and Retirement Account (PERA) Act, as one of the more important measures he authored which aims to mobilize Filipinos, such as our Overseas Filipino Workers (OFWs), to save and invest into their retirement.