MANILA, Philippines - Being the only son of the founder of Hapee toothpaste manufacturer Lamoiyan Corp., Joel Pedro shared some of the "money lessons" that his father taught him at a young age.

In an interview on ANC's On The Money on Thursday, Joel said his father Cecilio Pedro, president and CEO of personal care and household care company Lamoiyan, made sure to teach him that money was earned and not just given.

"What I learned at a very young age is that money is earned and not something that is just thrown at you... The value of how hard (money) is earned has been instilled in me at a very young age," he said.

"I remember getting P20 as an allowance per week... That was a lot back then. When I get my allowance, they taught me to budget it, make the money last for a week. I was brought up to know how to manage my money and how to spend it," he recalled.

His parents also created a "point system", where Joel can accumulate points through good behavior at home and in school.

"With the point system, I can get points with a good grade... Then at the end of the year, 150 points you can buy a toy at a department store with four digits including the decimal points, so it was less than P100," he laughed.

As an adult, Joel said he still adheres to those values, which are demonstrated in his money decisions.

"The value of learning to budget is something I would keep dearly even up to this day. It has translated to how I manage my money and how I go about making decisions, even up to today," he said.

Pedro family's 'money principle'

When it comes to handling money, Joel revealed the Pedro family's "money principle".

"We have a simple principle: if there is anything you need, no matter how expensive it is, spend it. If there is anything you want, no matter how inexpensive it is, try to save it instead," he said. He clarified that one should not just "save" money to "spend" it the next time, but actually put the money in savings.

Joel, head of sales and marketing at Lamoiyan, said he follows the rule that one should tithe at least 10% of your salary and set aside 20% as savings.

His parents had also instilled in him the importance of being generous, especially with the ministry.

"My parents showed how to be generous in giving... They always told me this principle, 'You can never outgive God.' When you give, don't complain. After you give, was there a time you lacked? That's never the case. After giving, God usually showers more," he said.

'Losing it all'

Joel admitted he once lost money in the stock market, but that served as another lesson for him.

"Upon losing everything, that taught me the value that money is not the most important thing on earth. There are other things more important because in a snap, no matter how much of it you may have it could all disappear in a snap," he said.

"The most important thing is if you want to invest - read the fine print. Understand what you're going into, understand the risks involved. Anything too hard to believe or too big a return is not worth it."