Insurance firm intensifies literacy campaign in Cebu

CEBU, Philippines - Philippine American Life and General Insurance company (PhiLam Life) intensifies its Live Ready campaign in Cebu capitalizing on the high financial literacy level of Cebuanos.

The company's Live Ready campaign is a movement that aims to communicate to Filipinos the importance of proper financial planning.

Cebu is one of the most important markets being given special attention due to the receptive attitude of Cebuanos when it comes to protecting their lifetime financial needs, retirement, health and education to children.

Aside from doing its regular consultations with individual clients, PhilAm financial advisers are also reaching out to corporations, specifically Small and Medium Enterprises (SMEs) to provide professional and sound financial planning education, said PhilAm Life unit manager Maria Vienne S. Latonio,

"There is a good interest among Cebuanos to put their money in sound investments, to protect their future like retirement, healthcare savings, and for families for the entire education expenses of their children," said Latonio.

Although financial literacy movement has been intensified in the Philippines by major insurance players for years now, a recent study showed that only 16 percent of the over 100 Filipinos are financially prepared for future expenses, such as illness.

When it comes to education, only 230 out of 1.000 Filipinos who started grade 1 are likely to push through to college.

Latonio said financial advisers have critical role in shaping the financial intelligence among Filipinos, and Cebu she said is one of the leading cities in the country that showed improvement in terms of financial literary.

This is why, the "Live Ready" campaign is being intensified here to take advantage of the highly receptive market, added Latonio.

Two years ago, PhiLam Life started the construction of its close P2 billion 16-storey commercial building at Cebu Business Park, the second major investment of the company in Cebu after 60 years.

PhilAm Life corners 20 percent of the entire life insurance industry in the Philippines, making them one of the largest players in the insurance sector in the country. (FREEMAN)