Financial literacy to boost Filipinos desire to get health and investment products

increasing-Filipino's-financial-literacy

Government efforts to increase Filipinos’ financial literacy, along with demographics, tech-savvy young people, and the low insurance penetration rate in the country are seen to boost the people’s desire to get health and investment products.

In a virtual briefing on Thursday, Pru Life UK president and chief executive officer Eng Teng Wong said the less-than-2-percent insurance product penetration rate in the country, which has a population of more than 109 million, is a “huge opportunity.”

“We do not want to actually miss out on this,” Wong said.

He also said the increasing focus on financial literacy is seen as a big help that would boost PruLife UK’s business.

“This is very important. For me, the current generation and the size of the population and the demographics of the Philippines, which tend to be younger, more tech-savvy, I think, this is an opportunity for us to overcome the challenges that we are actually facing today,” he said.

Meanwhile, the insurance firm launched on Thursday its peso-denominated PRUlink Gen Fund, which is invested in equities around the globe.

During the same virtual briefing, Pru Life UK vice president for investment marketing Mark Anthony Valino said he remains optimistic about their latest offering amid the pandemic because “(we have) factored both the opportunity and the potential risks that may come possibly to the Fund.”

“On top of the global economic recovery outlook, the Fund’s multifactor investment strategy actually addresses that inherent volatility that is coming in investing stocks or equity funds,” he said.

The Fund is invested in equities being traded in the United States, Japan, South Korea, the United Kingdom, Canada, Brazil, France, Switzerland, Germany, and Australia, among others.

Source: https://www.pna.gov.ph/articles/1158820

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