Most Filipinos have only around ₱50,000 in emergency savings—an amount that can be quickly depleted by a single medical emergency. As inflation pushed the cost of goods up by 4.1% in March 2026, many are finding it increasingly difficult to keep up with daily expenses while setting aside funds for long-term financial security.
These insights come from the PURPLE Report, a recent study commissioned by EastWest Ageas in partnership with global consumer intelligence leader NielsenIQ. The study highlights how rising costs are steadily eroding Filipinos’ financial buffers, leaving many more exposed to unexpected expenses.
As more Filipinos grapple with the effects of inflation, EastWest Ageas is expanding its nationwide footprint to help more policyholders balance everyday expenses with long-term savings. This mission came to life during its Manila and Cebu trade shows, where it reiterated its commitment to helping more Filipinos reach their goals amid major setbacks.
Understanding Filipinos’ Most Pressing Needs
During the Manila and Cebu Trade Shows, EastWest Ageas executives presented The PURPLE Report’s key findings and their implications about Filipinos’ most pressing financial concerns. The study found Filipinos value preparing for health emergencies in particular, with 8 out of 10 people using up their personal savings to pay for medical bills. However, only 20% of Filipinos have enough emergency funds to last over three months. This makes them just one hospitalization away from bankruptcy.
Luckily, 9 out of 10 Filipinos recognize life insurance as a critical safeguard for medical crises. This figure, however, has not translated into an increase in policyholders, as the country’s insurance penetration rate has stalled at 1.79%. The PURPLE Report attributes the insurance coverage gap to Filipinos prioritizing daily expenses over long-term savings, with the population allocating only 7% to their financial plans.
Where EastWest Ageas Comes Into the Picture
EastWest Ageas shared during the trade shows that Filipino policyholders often factor in the following in picking their insurance partners: value for money, number of years of payment, and expansive critical illness coverage.
To encourage more Filipinos to begin their financial planning journeys, the insurer has designed its Purple Solutions for different concerns and simplified the overall application process. Here are a few of the plans policyholders can consider:
- Young adults who want to invest in their first life insurance plan can opt for Sure Start, thanks to its fuss-free application process and affordable premiums.
- Future-oriented policyholders can try out the Dream Builder plan and maximize its guaranteed cash payouts.
- Households with massive medical expenses can secure protection from the Life Essentials plan, which covers 48 critical illnesses and conditions.
- Future Assure helps Filipinos build their health by providing access to local and global funds.
Over the years, EastWest Ageas has also expanded its network to ensure more Filipinos can enjoy the benefits of its coverage plans. At present, the insurer has set up four agency houses across Luzon. It also has onboarded more than 1,300 financial agents who are available for consultation online and onsite at any EastWest bank location.
Reflecting on EastWest Ageas’ continued nationwide expansion, President and CEO Sjoerd Smeets said that the insurer wants to help more Filipinos purposefully build on their savings to better the lives of their loved ones amid tough times. “Over the years, EastWest Ageas has made it its mission to help Filipinos balance spending on their daily needs and building their savings. By keeping our PURPLE solutions accessible and straightforward, we hope to help more policyholders reach their financial goals, whatever they may be.”