CEBU, Philippines - International personal finance expert Suze Orman urged Filipinos to ride on and take advantage of the Philippines' booming economy by investing wisely and embracing financial wellness.
Orman, who has been called "a force in the world of personal finance" and a "one-woman financial advice powerhouse" by USA Today, was in Cebu recently to help Cebuanos maximize the promising economic state of the Philippines and on how to find more "pleasure" in saving, than spending.
She said this is the first time ever in the history that the country is recognized as a place that is suitable for investment for other countries.
"Now, many companies start to come to the Philippines to entice Filipinos to buy things and sell you things," said Orman, who was brought by Bank of the Philippines Island (BPI) to the country as part of the bank's effort to promote financial wellness here.
Sound financial management, she said, is not only for those who have money (to manage), but more so, to those people who don't have money. "The goal of money is to be secure and to be safe, not to buy."
Orman noticed that most Filipinos, especially those working abroad, "work and work" but they usually downplay the importance of savings and investments to secure them in the future.
This culture should be changed and Filipinos should learn to take advantage of the conducive environment of the Philippines in growing their money through good investment instruments and tools offered by financial institutions like BPI, she said.
The investment grade of the Philippines, she said, could drum up interest for more companies to come to the Philippines to attract other countries that have money to part take of the economic dynamism here and because of this, Filipinos can expect more opportunities (to make money), as well as more opportunities and temptations to spend.
With right knowledge and education, it's possible to have it (money) a lot one day, she stressed.
Orman emphasized that this is the time Filipinos will see the Philippines will experience skyrocketing growth.
"This is when you should be keeping your money. I believe strongly that people in the Philippines should invest in themselves. Stop buying dollars, start saving pesos, start investing in yourself," she said
Orman is the contributing editor to "O" The Oprah Magazine and the Costco Connection Magazine and is on her 12th year as a host of award winning Suze Orman Show, which airs every Saturday night on CNBC. (FREEMAN)