Philam Life pushes financial education

CEBU, Philippines - For Filipinos to take full advantage of the robust economic performance of the country, the Philippine American Life and General Insurance Company (Philam Life) strongly dedicates itself towards aggressive education and financial literacy by conducting wealth management forums and market-based sessions on investments.

Last Friday, the Philam Life team led by President and Chief Executive Officer Rex Mendoza visited Cebu and conducted its latest wealth management forum for the year at the Cebu City Sports Club.

It was also in March of last year that the insurance company held the same forum for the Cebuano market.

The country’s largest life insurance company continues its decades-long thrust of empowering Filipinos with knowledge and promoting life insurance as a key financial tool.

Mendoza said that they aim to help Filipinos reach their goals by adding to their knowledge through financial literacy programs.

“This initiative aims to educate self-directed individual investors by opening up a world of investment opportunities, through access to investment experts and a showcase of financial instruments and tools they can use to help fuel their aspirations,” he said.

He further noted that the booming Philippine economy has largely attributed to the kind of financial activity that has been observed in the market lately.

He cited that the Philippines is considered to be one of the world’s fastest growing economies and such outlook continues to be positive, making investors more confident about the country thus fueling the economic growth.

He also expressed high hopes of further economic growth which will be driven by local consumption, increased government spending and private investment.

“We have empowered millions of Filipinos for the past 65 years. All of these and more form part of Philam Life’s continuing mission to engage and empower the market by sharing valuable insights and wealth management know-how,” Mendoza stated.

Stephanie Augustinne Villa, public relations and activations officer for PhilAm Visayas, said in an interview that the market has been welcome and open with the idea of investing nowadays despite the negative impression on insurances.

Evident to such is the increased number of attendees who participate during the sessions they conduct every year, she said.

She cited that Filipinos have now acknowledged the significance of investments and appreciated the value for money more than the usual savings preference at present, taking into account the various economic developments reported in the country. 

She added that the company shall exert aggressive efforts to conduct financial literacy programs nationwide to continue such paradigm shift.

“Only four percent of the Filipino population is insured so there are still more to educate,” she said.

Villa further revealed that Cebuanos could expect more financial literacy programs from PhilAm specifically segment-based fora that are primarily targeting distinct markets like for overseas Filipino workers.

Apart from Mendoza who always makes it a point to speak during the company’s wealth management forum, PhilAm Life also has a pool of speakers from Manila who have expertise on financial education.

Rolan Enriquez, Philam Life Vice President and Director of Agencies for Central and East Visayas, also led the discussions during the Cebu leg of the company’s wealth management forum.

Philam Life is the largest life insurance company in the Philippines and the market leader for over 60 years.

It offers an extensive line of products in the industry that provides solutions to various financial needs including life protection, health insurance, savings, education, retirement, investment, group and credit life insurance. 

It is part of the AIA Group Limited, the largest independent publicly listed pan-Asian life insurance group in the world. /JOB (FREEMAN)