COVID-19 concerns deeper in Philippines than most of Asia

MANILA, Philippines — Filipinos are more concerned about the impact of the coronavirus disease 2019 (COVID-19) than the majority of other countries in Asia, a survey by Manufacturers Life Insurance Co. Philippines Inc. (Manulife) showed.

According to Manulife’s Asia Care Survey conducted last May, Filipinos are the second most pessimistic among eight Asian countries regarding the likelihood of COVID-19 slowing down in the next six months.

More than 58 percent out of 300 insurance policyholders said they thought COVID-19 would get more serious in the second half of 2020, above the regional average of 41 percent.

“Most respondents expressed concern about the pandemic’s long-term impact on the local economy and their day-to-day living,” Manulife said.

Given these concerns, the insurer said nearly all or 98 percent of the respondents from the Philippines have adopted new lifestyle habits, most of which are geared toward healthier living and increased reliance on e-commerce.

Manulife said 64 percent of the respondents found ways to be more physically healthy than before COVID-19, the highest percentage among all of the other markets surveyed.

“Yet, in terms of tracking their mental health status, only 27 percent had adopted this new habit since the outbreak started in the Philippines,” the company noted.

“Despite that, health consciousness is on the rise and lifestyle habits are undoubtedly becoming healthier in both body and mind,” it added.

In the next 18 months, 52 percent of the respondents said they would look for ways to be more physically healthy, while 20 percent were planning to start tracking their mental health. Another 25 percent said they wwould watch their health indicators, such as blood pressure and blood sugar level, more closely.

“We support Filipinos in their heightened desire to make better lifestyle choices every day, whether on their health or finances,” said Melissa Henson, senior vice president and chief marketing officer of Manulife Philippines.

“Through this study, we are able to identify their concerns, priorities, and goals so we can provide the necessary solutions to help address our customers’ financial and health needs and help them live every day better,” she said.

Along with their desire to get fitter, 46 percent of the respondents in the Philippines said the pandemic had caused them to review and manage personal finance more often than before COVID-19.

Manulife said 77 percent of those surveyed intend to buy additional insurance in the next 18 months, which is the most robust level among all the markets surveyed and well above the regional average of 62 percent.

Along with this comes the willingness to manage their insurance policies via digital channels, the life insurer said.

The survey showed the majority of Filipino respondents switched to online services, such as online chats and online payment (79 percent) and online tools for news and socialization (both 63 percent).

About 46 percent of the respondents have also switched to online shopping since the pandemic hit the country.