Manulife expands financial literacy efforts in the Philippines
Manulife expands financial literacy efforts in the Philippines | Insurance Business Asia
Life & Health
Manulife expands financial literacy efforts in the Philippines
Initiative includes key partnerships with schools and communities
Life & Health
By
Roxanne Libatique
As part of its global Impact Agenda, Manulife Philippines has expanded its financial literacy initiative, Peso Smart, to reach more schools and communities.
The initiative, designed to improve financial awareness and promote sustainable financial practices, aligns with Manulife’s long-term goals of promoting economic opportunity, improving health, and advancing community development.
Manulife Philippines expands financial literacy initiative
Rahul Hora, president and CEO of Manulife Philippines, stated that expanding Peso Smart is part of the company’s mission to address financial literacy gaps in the country.
“This is not merely about their personal success, but also about helping build financial resilience so we can create a more financially secure future,” he said.
These schools, located in areas such as Cebu, Pasig, Taguig, Bohol, Albay, and Baguio, have adopted the Peso Smart x RecoveREADS program to teach budgeting, saving, and investing basics. Each student receives a Peso Smart kit that includes educational resources to support their financial learning journey.
Margaux Atayde, executive director of CSAMF, highlighted the importance of early financial education.
“Learning the basics of smart money habits is a step towards the right direction, and we are glad that our partnership with Manulife enables them to carve their path towards their envisioned success, by being Peso Smart,” she said.
Community engagement with Gawad Kalinga
Manulife has also expanded its outreach beyond schools through a partnership with Gawad Kalinga – a non-governmental organisation that focuses on poverty alleviation – providing financial literacy training to community members.
A recent session in Mandaue City, Cebu, brought together Manulife leaders and local residents to discuss the fundamentals of personal finance. During this event, Manulife donated learning kits and various educational tools to support Peso Smart learning hubs in different Gawad Kalinga communities.
Since its launch, the Peso Smart program has reached over 3,000 students, while more than 8,000 children have accessed the learning hubs, which provide educational resources, internet access, and remote learning tools.
Rising healthcare costs in the Philippines
In addition to expanding its financial literacy efforts, Manulife has been tracking healthcare-related concerns through its 2024 Asia Care Survey.
About 82% of respondents cited rising healthcare expenses as a significant issue, surpassing concerns about inflation. The concern is especially prevalent among those nearing retirement age, with respondents aged 50 to 60 expressing heightened anxiety over healthcare costs.
Manulife projects that healthcare expenses in the Philippines will grow from $9 billion in 2022 to $13 billion by 2028, further adding to financial pressure on Filipino households.
Hora noted that healthcare costs have become a major concern for Filipinos, particularly as they prepare for longer lifespans. Therefore, financial planning is critical to addressing these challenges, especially as costs continue to rise.
Evolving financial priorities and retirement planning in the Philippines
The survey also reflected shifting financial goals among Filipinos, with increased focus on securing financial stability and healthcare preparedness.
Key financial priorities identified by respondents included achieving passive income in retirement (43%), building savings for emergencies (39%), and preparing for healthcare expenses (31%).
Additionally, more Filipinos are reconsidering traditional expectations around family support in old age. The survey found that 58% of respondents do not believe that children should be relied on for financial assistance in retirement, marking a departure from earlier generations’ attitudes.
Many respondents also expressed concerns about whether their employer-provided benefits would be sufficient to cover their future needs, with 58% considering delaying retirement due to ongoing family financial responsibilities.
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