Most Filipinos have only about P50,000 in emergency savings, an amount that can be quickly depleted by a single medical emergency, according to a recent study commissioned by EastWest Ageas in partnership with NielsenIQ.
The study, dubbed the PURPLE Report, found that rising costs are eroding financial buffers, with inflation reaching 4.1 percent in March 2026, making it more difficult for households to manage daily expenses while setting aside funds for long-term security.
Findings presented during the insurer’s trade shows in Manila and Cebu highlighted that eight out of 10 Filipinos rely on personal savings to pay for medical expenses, yet only 20 percent have enough emergency funds to last beyond three months.
The report noted that while nine out of 10 Filipinos recognize the importance of life insurance as protection against medical crises, this awareness has yet to translate into higher coverage, with insurance penetration in the country remaining at 1.79 percent.
Researchers attributed the gap to competing financial priorities, as Filipinos allocate only around 7 percent of their income to long-term financial planning while focusing more on day-to-day expenses.
To address these challenges, EastWest Ageas said it is expanding its nationwide presence and simplifying its insurance offerings to encourage more Filipinos to begin financial planning.
Among the factors policyholders consider when choosing insurance providers are affordability, payment terms and coverage for critical illnesses, the company said.
EastWest Ageas has introduced a range of products tailored to different needs, including entry-level life insurance plans, savings-oriented policies with guaranteed payouts and coverage for multiple critical illnesses.
The insurer has also expanded its distribution network, establishing four agency houses across Luzon and onboarding more than 1,300 financial agents to provide consultation services both online and at EastWest bank branches.