HEARD IT THROUGH THE GRIPE-VINE: OUR NEW ABNORMAL
The annual World Economic forum at Davos happened last week. If you recall, our President Bong Bong Marcos attended the 2023 edition; and that was a great success in establishing globally what his assuming the office represented, and introducing him to several of the European heads of state and political leaders, who regularly attend the forum. The friendships and relationships created back then have gone a long way. For example, when the opportunity for our seafarers to work for European shipping lines was imperiled and averted last year.
This 2024 edition was themed “Rebuilding Trust,” and one of the pillars for reaching that goal is ensuring we all speak the same “economic” language. Mentioned as an essential here was propping up financial literacy in every nation – so that a greater number of people can appreciate what’s being done to drive them forward economically, and to better protect themselves when needed.
So that had me picking up on a video created for the forum. In Denmark, it’s mandatory for teens to learn how to manage their money. At ages 13-15, they take lessons on financial literacy, how to budget and save, how banks and bank loans operate, and how to exercise their rights as consumers. The program has been in place since 2015, and evidently works as the country has a financial literacy rate of 71 percent, one of the highest in the world. And to make it practical, over 20,000 students across 700 schools take part in Danish Money Week annually. This is when financial sector professionals visit classrooms, and highlight the importance of knowing about money.
Singapore launched MoneySense in 2003, a national financial education program that covers basic money management, financial planning, and investment knowledge. While New Zealand has a free financial literacy program called Sorted in Schools, available to 13-18 year old, in 80 percent of schools, and in both English and Maori.
Globally, only 33 percent of the global population is deemed financially literate. And studies have indicated how lower rates of literacy lead to wealth inequalities, and even correlate to inequalities in life expectancy – which is really logical, as if not financially literate and protected, you won’t have the resources to pay for treatments, have prepared for that eventuality.
You want to know how the Philippines fares in financial literacy? During a Financial Stakeholders’ Education Expo in November 2022, it was said that only 25 percent of adult Filipinos are knowledgeable on basic financial concepts – this according to the World Bank. We’re in the bottom 30 out of 144 countries, according to another global study. We need to improve, right?
The warmth of Coldplay
It was seven years ago that the British band Coldplay came to Manila. And as the two nights last week of the Manila leg of their Music of the Spheres tour proved, the band is still fiercely loved, has stayed relevant to a younger audience, and know how to turn their unique brand of emo rock into a stirring show of light and sound. Plus there’s lead vocalist and band leader Chris Martin picking up Filipino phrases, and championing original Pinoy music – which endeared him to the audiences. Call it astute marketing, call it genuine warmth; but there’s no doubt in my mind that it worked, and clearly made him the darling of those two nights, with people trooping out of the Philippine Arena calling it their best concert ever!
Working with Warner Music Philippines, I understand that Chris handpicked Jikamarie to open for them, and her brand of Pinoy R&B was a revelation. I loved Lutang, and the band’s compositional skills. Their half hour set was a great eye-opener for the early crowd.
Coldplay’s sustainability message is super-important to the band. The tour has its own efforts: charged by solar and wind energy, using electric bikes, utilizing a kinetic floor, and lit up wristbands that are made from plant-based material. It was explained that part of the proceeds from the tour would go to reforestation, ocean clean ups, carbon capture to reduce emissions, to green technology, and to animal conservation.
Staying relevant to the younger segment of today’s music audience was powered by their BTS collaboration on My Universe. When they performed the song, the video wall would show the members of the Korean group; and that elicited shrieks from the audience. Smart move on the part of the band to have partnered with BTS, forestalling their becoming a “Tito and Tita” band.
And I’ll give credit to Chris for learning more than one or two Filipino phrases. He had “Maraming maraming salamat,” had “Magandang gabi sa inyong lahat,” “masayang kaming sa Pilipinas,” and “Ganda niyong lahat.” He referred to the Metro Manila traffic as #1 in the world, and thanked fans for still showing up. And the biggest surprise was during the encore, when he started riffing on the electric piano with Raining in Manila – singing “Hindi Ka ba nilalamig”… “Hindi kita maririnig”… and “kahit di ka na babalik.” Then introducing another Warner artist, Lola Amour, during their encore; and letting the band perform the Raining song in full. That’s super generous for a band of Coldplay’s stature.