Getting Started - Saving for Your Dreams, Investing on Your Future

“Pay yourself first” is the adage that has long been a buzz phrase when it comes to personal finance and managing money. It doesn’t mean “treating yourself” to new shoes or spending it all on going out with friends. It means devoting your finances for yourself and on how best you can protect your future.

Last June 17 2011, my company, Concentrix Davao, gave me and all the employees the chance to re-evaluate our financial options with the help of 11 top life and non-life insurance providers in the country. In the Concentrix Financial Wellness Seminar, every insurance company representative aimed not only to introduce their products and policies, but to promote financial literacy as well.

“Aside from your money savings in the bank, you can benefit from acquiring insurance or long-term investments as well. When we have stable sources of income, that’s the time when we have the capacity to save in order to anticipate the things that will happen in the future.” says Joselito Sonora Crisostomo of China Bank, who was there to introduce China Bank’s MoneyMax insurance product, an age-based endowment option that you gives you a variety of guaranteed cash benefits over a 5, 10 or 20 year period.

Money is a great enabler, and there are a lot of things you can achieve in a lifetime with the right amount of money reserves. Every life stage needs to be funded, whether it’s getting married or buying a house together, starting a family or planning for your retirement.



I've always wanted to save up for a house! But it takes a lot of $$$$$$$$$$

 But currently, most Filipinos are unfamiliar with insurance or how it works, and the lack of knowledge has been passed down generations after generations. Research shows that only 13% of the Filipino population is insured, and it is the remaining 87% are the ones that need reaching out. “We have started a new campaign for Filipinos, for them to get started on needs analysis and good practice of their finances. Our advisors want to understand the financial situation of each of our clients and recommend the best steps for them to take in order to attain what they want in life.” says Ms. Mylene Almonte of Sunlife Financial Philippines.

Several companies present in the Concentrix Financial Wellness Event also offer death insurance and memorial services. “Very few people like to think about the inevitability of sickness or death, but if there are people depending on you, it is time to consider what you can do even when you’re not around anymore to take care of them.” says Ely Samonte of St. Peter Life Plans, a well-known memorial service company that offers a unique Life Plans with Return of Premium insurance product.

Mr. Junn Sexcion, the Area Head of COCOLIFE South Mindanao, was proud to present COCOLIFE’s OPTIMAX insurance and memorial plan in one. “OPTIMAX is for people who want optimum benefits and maximum coverage: to be insured for life and they don’t become a burden to their family.”

Other insurance companies that participated in the event included AXA Philippines, a European investment and insurance company co-owned by one of the biggest name in the bank industry, Metrobank; Staff from GREPALIFE Financial as well as Caritas Health were also there to guide those who are interested on getting either cash endowment investment policies or traditional health and protection insurance products.

You are your most important asset that you need to protect. Pinoys need to know this by heart: The future is always uncertain, with a lot of challenges and changes up ahead, but all these uncertainties are nothing in the face of a solid financial plan. Choosing the right insurance policy and starting as early as you can will go a long way to protect everything that matters to you.