Most Filipinos have only around ₱50,000 in emergency savings—an amount that a single medical emergency can quickly deplete. 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.
Photo: Unsplash
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 policyholders balance everyday expenses with long-term savings. This mission came to life at the company’s trade shows in Manila and Cebu, where it reiterated its commitment to helping more Filipinos achieve their goals despite major financial setbacks.
Understanding Filipinos’ most pressing needs
During the Manila and Cebu trade shows, EastWest Ageas executives presented the PURPLE Report’s key findings and discussed their implications for Filipinos’ most pressing financial concerns.
The study found that Filipinos highly value preparing for health emergencies, with eight out of 10 people using their personal savings to pay for medical bills. However, only 20% of Filipinos have enough emergency funds to last more than three months, leaving many just one hospitalization away from financial hardship.
Photo: EastWest Ageas
Fortunately, nine out of 10 Filipinos recognize life insurance as a critical safeguard during medical crises. However, this awareness has yet to translate into a significant increase in the number of policyholders, as the country’s insurance penetration rate remains at 1.79%. The PURPLE Report attributes this coverage gap to Filipinos prioritizing daily expenses over long-term savings, with only seven percent of income allocated to financial plans.
Where EastWest Ageas comes into the picture
During the trade shows, EastWest Ageas shared that Filipino policyholders commonly consider the following factors when choosing insurance providers: value for money, payment terms, and comprehensive critical illness coverage.
To encourage more Filipinos to begin their financial planning journeys, the insurer has designed its Purple Solutions to address different financial concerns while simplifying the overall application process.
Here are some of the plans policyholders can consider:
- Young adults looking to invest in their first life insurance plan can opt for Sure Start because of its fuss-free application process and affordable premiums.
- Future-oriented policyholders can explore the Dream Builder plan to maximize guaranteed cash payouts.
- Households facing significant medical expenses can seek protection through the Life Essentials plan, which covers 48 critical illnesses and conditions.
- Future Assure helps Filipinos strengthen their financial health by providing access to local and global funds.
Photo: EastWest Ageas
Photo: EastWest Ageas
Photo: EastWest Ageas
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 established four agency houses across Luzon and onboarded more than 1,300 financial agents available for consultation online and onsite at any EastWest Bank location.
Reflecting on EastWest Ageas’ continued nationwide expansion, President and CEO Sjoerd Smeets said the insurer aims to help more Filipinos purposefully grow their savings to improve the lives of their loved ones despite challenging times.
Photo: EastWest Ageas
“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.”
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