Premiere Insurance Company Gathers Financial Experts to Teach Better Financial Literacy
To educate Filipinos about the importance of investing and having insurance plans, AIA Philippines invites key financial experts to share insights in a roundtable discussion.
In 2022, statistics showed that there are only less than 2% of the Philippines are insured, making it one of the lowest rates in Asia. According to a financial expert, this might be traced to the lower level of financial literacy in the country compared to advanced economies. As a result, only a few people fully understand its importance—making it important for businesses and experts to educate people about it more.
As for data gathered in 2021, there are about 91 licensed insurance companies in the Philippines which vary greatly in terms of what they offer. There are also about 224,000 insurance sales agents, brokers, and underwriters in the country.
Joining this list is renowned insurance provider AIA Philippines—formerly known as AIA Philam Life. In line with the new product they are launching, they gathered key financial experts to talk about what Filipinos have to keep in mind when investing and finding the right insurance plan for themselves.
Insights From Financial Experts
The event had four speakers who expounded on investing and having insurance plans to have a stable future. Each of them shared their experiences and what they think would help Filipinos attain a better life in terms of their finances.
Duplito is a registered financial planner and journalist who hosts “On The Money,” a personal finance show aired on ANC. As a financial literacy advocate, she has educated people for more than two decades about the proper way to handle their finances and use debt wisely.
“Every financial plan [and] every [investment] portfolio is different for every person. But we can always dream that every Filipino in the country will have a chance to have their own financial plan—a way out of poverty—and to sustain whatever great business plans that you have going on,” she says about how setting up an ideal future looks like.
Jettson “Jet” Yu
Yu is the CEO and Founder of PRIME Philippines, one of the fastest-growing commercial real estate companies in the country. He founded the company in 2013 and led the company to have a portfolio of over PHP 30 billion.
Given his expertise and experience with investing, he shares a piece of advice for those who want to take risks in terms of investments. “When investing for the future, it is not a one-time decision. It is a discipline, you need consistency to commit to it,” he says. “You have to stick to the plan—no matter what happens up and down. I think if we can teach those principles to the Filipinos, I think that will be a game changer.”
Crisologo is the Chief Agency Officer of AIA Philippines and his role includes overseeing the entire Agency Sales Group and developing strategies and initiatives to further productivity. He has over 30 years of experience in the insurance industry which he uses with his strategic leadership.
“There are four life stages we should look at. Liquidity is the first one. You can never save unless you’re liquid or you have a source. Savings—you have to have a source first. Whether you generate it or [not]. Then you start accumulating, that’s wealth accumulation. Then you start protecting, that’s wealth protection. Either through health or income protection. And then that’s the only time you can [do] wealth distribution like inheritance. These are the general states [when setting a vision for retirement and investments] that I generally look at,” he says.
Princess B. Balingit
Balingit is AIA Philippines’ Interim Chief Investment Officer. She has been in the financial industry for almost 20 years with extensive experience in insurance, banking, and asset management.
Describing how the economy currently stands, she elaborated on how volatility and how the up and down movements in the market are a good thing. She says, “Volatility presents opportunities. The economic world has changed. Prior to the pandemic, we can hear PSEI bells ringing for every 4,000, 5,000, 6,000, 7,000. Everyone was a trader. Everyone was #blessed. Anytime that you put in your money, it’s bound to go up.”
“And then when the pandemic came. From 7,000 it went down to 4,600 in just a day,” she continues. “So imagine, if you are not really into it and you don’t understand it well, you would curse the stock market and never go back again.”
How AIA Continues to Shed Light on Financial Literacy
In line with the release of AIA A+ Signature—the company’s newest product—AIA continues to be at the forefront of financial literacy, especially when it comes to highlighting the importance of having an insurance plan on top of having investments. Given the company’s established reputation in their respective field, they become able to provide enlightenment on financial topics some people get confused about.
By hosting events such as this roundtable discussion, the company strongly delivered a message that will encourage people to plan ahead for their future. More so, the roundtable also managed to give the experts a chance to share their personal financial journeys, as well as debunk misconceptions and pinpoint the risks that come with every investment.
Overall, having investments and insurance plans is a great way to stabilize the future, regardless if they are simple individuals or entrepreneurs who wish to obtain additional protection for their businesses. By understanding the risks that come with the market and economy, people can aspire to acquire better financial literacy to learn how they can allot their money in a way they can benefit from it in terms of unfortunate scenarios.