Manulife sees steady growth in premiums

MANILA, Philippines — Despite recent political challenges and natural disasters, Manulife Philippines said it has not seen a decline in new business premiums, citing the country’s strong economic fundamentals and sustained growth.

In a press briefing, Manulife president and CEO Rahul Hora said that remittances from overseas Filipino workers and revenues from business process outsourcing remain robust and continue to grow.

“The decline is not there because I think the fundamentals of the economy are still strong,” he told reporters. “In fact, with the dollar rate increasing, actually, the foreign remittance, which is coming in, is higher in terms of peso equivalent. So, we see continued support from these two main sources to the economy.”

The Philippines’ outstanding debt declined in August after the government fully settled its largest local bond for the year and benefited from a stronger peso, reflecting improved fiscal management and efforts to reduce borrowing obligations.

Further, several earthquakes have struck the country in recent weeks, affecting the entire region.

Finance Secretary Ralph Recto said the country’s growth rate could have gone higher if the government’s money had been spent wisely.

Manulife introduced its first-ever “Time to MOVE – Manulife Longevity Symposium” at the Grand Hyatt Manila, marking the official launch of ManulifeMOVE, a comprehensive health and finance platform that combines insurance coverage with wellness rewards, among other features.

Hora said the customer interest in its products remains strong, driven by its service and focus on addressing existing needs, as longevity and long-term health planning are key concerns even among younger Filipinos.

“The appetite is there and I think the reason why we are very upbeat about the appetite or the customer’s interest in our products and our propositions is because of the service that we do,” he said.

The Manulife chief added that increased customer education on the value and benefits of its products has driven higher demand, noting that continued investment in awareness initiatives has contributed to the company’s rapid business growth in recent months.