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Philamlife lures Pinoys with new insurance-investment schemes
By EDGARDO S. TUGADE
The Philippine American Life Insurance Co. (Philamlife) on Monday said it was mostly foreigners who took advantage of the growing Philippine economy by directly investing in industries, while Filipinos kept their money in low-yielding accounts.
Thus, the insurer is introducing new products to help Filipinos benefit from the economic growth of 7.1 percent as measured by the gross domestic product in the third quarter, the fastest growth in South East Asia.
The company is promising returns of at least 8 percent in an insurance and investment plan.
Rex Mendoza, Philamlife president and chief executive officer, said most Filipinos placed their hard-earned money in savings or time deposits which earn 0.375 percent and 2.75 percent per year, and cannot even catch up with the benign inflation rate at 3.1 percent.
Deposits are good for short-term needs, and cannot really secure the depositor for life or earn enough for emergencies, Mendoza said in a press briefing in Makati City. There is no wrong timing and it is never too late to invest for the long-term even with the fluctuations in the market because the economic trend is upward, the Philamlife official noted.
While Hong Kong Stock Exchange prohibits the premature release of figures, Mendoza said Philamlife has breached the 26-percent average growth of the firms under parent company AIA Group – listed on the Hong Kong bourse – and that Philamlife posted “more than double digit” growth.
He said Philamlife sales were boosted by partnerships with Bank of the Philippine Islands under BPI-Philam Life Insurance Corp. and with M. Lhuillier to sell their products.
Mendoza said they are forming regional hubs of sales and support service teams as part of the push toward the provinces, expecting increased turnover as economic progress spreads across the region.
One of the new products of Philamlife – Money Tree – is “a one-payment life insurance and investment plan whose various funds have yielded returns of 8 percent to 15 percent per annum.”
Mendoza said Money Tree “can adjust to your risk-profile” with the choice of “less volatile fixed-income fund, the high-risk high-reward fund or a mix of both.” It also comes with guaranteed life insurance coverage of at least 125 percent of initial payment.
Another product, Family Secure, “is a high-value insurance plan that can be converted into a retirement fund as the insured person gets older.” Both products enable the insured person to grow with the economy, he said.
Mendoza noted their investment program caters to all income brackets and includes one that requires an investment of only P700 to P800 and a mutual fund that needs only P5,000 in which the investor can choose whether or not to invest more and when. — VS, GMA News
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