From Savers To Investors: Sun Life to transform Pinoys

Financial solutions provider, Sun Life of Canada (Philippines), Inc., is poised to transform more Filipinos from mere savers to investors, with its expanded financial services now made available to the market.

For the past 113 years, Sun Life of Canada has been known for its life insurance service offering, but now the company has broadened its services to provide various kinds of investment products and channels to improving the financial literacy of Filipinos.

In an interview with Sun Life Canada (Philippines) Inc., president and chief executive officer (CEO) Henry Joseph M. Herrera yesterday said that regardless of the high inflation rate and global economic slowdown, the Philippines' operation is expected to post 10 percent growth this year.

"We are going to convert savers to investors." In this way, savings converted to investments will no longer be affected by inflationary movements, and thereby reap good returns.

Herrera was in Cebu yesterday to grace the opening of the first Sun Life Financial Store in Cebu, located at the Innove Plaza, Cebu Business Park. The Financial Store is the first outlet outside of Metro Manila.

According to Herrera, while the market landscape changes over time, Sun Life is now offering various kinds of investment, and insurance products, such as life insurance, pre-need, and mutual funds, among others, to customize the specific need of every client.

Because of this strategy, Herrera said the company expects more Filipinos, converting their money from savings to real investments, which are of long term yield.

Although, there is an improvement on the financial literacy among Filipinos, Herrera said most Filipinos still have to understand deeply on managing financial assets. Those that have understood would easily give their money to experts-- whose core expertise is managing finances.

Herrera said in the first quarter of next year, Sun Life will be offering more products that would lure people to put their money on long term investments.

To date, about 70 percent of the total business of the company comes from Luzon, or Metro Manila area. This time, Sun Life is bullish on its growth in the provincial markets.