Inflation Eats Into Savings, EastWest Ageas Helps Filipinos Prepare

EastWest Ageas is stepping up its presence across the Philippines as inflation pushes the cost of everyday items up by 4.1% in March, leaving many households with barely enough cash to cover a sudden health expense.

Rising prices erode emergency buffers

Recent figures show the typical family keeps roughly ₱50,000 in a reserve fund, a sum that can vanish after a single hospital stay. The study commissioned by the insurer and a market research firm found eight out of ten respondents dip into that stash to settle medical bills.

Only one in five respondents say they could stretch their emergency money for more than three months, meaning a short‑term illness could trigger bankruptcy. The same report notes that the nation’s insurance coverage rate has stalled at 1.79%, far below regional averages.

Financial planners allocate just 7% of their income to long‑term goals, a pattern that keeps the insurance gap wide open. With daily expenses taking priority, many people forgo the protection that could cushion a health shock.

Insurer rolls out new solutions and expands reach

During trade gatherings in Manila and Cebu, company leaders highlighted the data and outlined steps to improve access. President and CEO Sjoerd Smeets said the goal is to help families balance day‑to‑day spending with future security.

“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,” he said.

The product line now includes a starter plan for young adults that promises a simple sign‑up and low premiums, a “Dream Builder” option that adds guaranteed cash payouts, a “Life Essentials” package covering 48 serious illnesses, and a “Future Assure” choice that links to local and global health funds.

Young adults are a focus.

To widen its footprint, the company has opened four agency offices on the main island and recruited more than 1,300 agents who can advise clients both online and at any EastWest bank branch. The network expansion aims to bring the coverage options closer to where people live and work.

Compared with earlier years when price pressures were milder, the current squeeze on savings looks sharper, mirroring a trend in other developing markets where modest buffers disappear quickly under rising costs. That context suggests the insurer’s push could meet a growing need for affordable protection.

The insurer also emphasized that value for money, flexible payment terms, and extensive illness coverage rank high among what customers look for when choosing a partner. By simplifying applications and offering tiered plans, the firm hopes to convert the high awareness of insurance benefits into actual enrollments.

Analysts will watch whether the expanded agency presence and the new suite of plans can lift the stagnant penetration rate. For now, the company says its focus remains on helping families keep a slice of their income for emergencies while still planning for longer‑term objectives.