Amid rising living costs and increasing health expenses, the average Filipino household remains unprepared to face unexpected financial shocks.
This sobering insight was revealed in the PURPLE Report, a nationwide study commissioned by EastWest Ageas Insurance in partnership with global consumer intelligence leader NielsenIQ, presented during the company’s recently concluded trade show in Manila.
The findings shed light on the state of Filipinos’ financial preparedness — and the urgent need to promote financial literacy, better access to insurance, and long-term planning solutions.
PURPLE Report: A portrait of financial vulnerability
According to the PURPLE Report, only two out of ten Filipinos have enough emergency funds to sustain their families for more than three months. On average, Filipinos keep around ₱50,000 set aside for emergencies — an amount that barely scratches the surface when faced with medical or income-related crises.
The PURPLE Report highlights that 30% of Filipinos’ salaries go directly to basic household needs such as food, rent, transportation, and utilities. This leaves little room for long-term savings or investments, particularly for middle-income earners who often bear both family and financial responsibilities.
While Filipinos acknowledge the importance of preparation, many remain trapped in a cycle where day-to-day survival takes precedence over future security. The study found that 52% of respondents worry about the health of their loved ones, and 24% fear critical illnesses that come with steep medical bills.
These fears are well-founded. Data from the Philippine Statistics Authority (PSA) show that ischemic heart disease remains the leading cause of death in the country. The average cost of treatment — pegged at ₱690,000 or more — far exceeds the emergency savings most Filipinos have on hand. Even with assistance from health insurance or government programs, many households struggle to recover financially from the loss of income due to illness or hospitalization.
EastWest Ageas’ call for “purpose and people”
In his keynote speech at the event, Sjoerd Smeets, Chief Executive Officer and President of EastWest Ageas, emphasized that the company’s mission goes beyond selling insurance — it’s about helping Filipinos make informed life choices and build financial resilience.
“Life is about choices — some are pleasant, others can be unfortunate. That’s where insurance comes in,” Smeets said. “We want to be a company that’s relatable and purposeful. Purpose and people are at the heart of what we do.”
Smeets explained that the PURPLE Report is part of EastWest Ageas’ broader effort to understand Filipinos’ financial mindset, behaviors, and pain points. “We are building a company that stands out — not just through numbers, but by being present in people’s lives,” he added. “We want to be partners in their journey to build a better tomorrow.”
A fast-growing force in the insurance landscape
EastWest Ageas, a joint venture between EastWest Bank — part of the Filinvest Group — and Ageas, a Belgium-based insurer with over 200 years of global experience, is one of the country’s fastest-growing insurance companies.
From left : Greg Martin, Chief Distribution & Marketing Officer, EastWest Ageas; Rowena Empalmado, Chief Operating Officer, EastWest Ageas; Sjoerd Smeets, Chief Executive Officer & President, EastWest Ageas; Frances Marie Montealegre, Insights Senior Manager, EastWest Ageas; JP Yamsuan, NielsenIQ.
Since its establishment, the company has reported consistent growth in both its customer base and product portfolio. Smeets shared that EastWest Ageas achieved a 47% increase in top-line revenue this year and a 160% growth in its agency channel, reflecting strong consumer confidence and expanding market presence.
“Behind these numbers are real people whose lives we’re able to protect,” Smeets said. “Filipinos who decided to secure insurance are now better equipped to face uncertainty. That’s what makes these figures meaningful.”
The reality of readiness
The PURPLE Report further revealed that financial preparedness improves with age. Filipinos aged 40 and above are more likely to have emergency savings covering at least three months’ worth of expenses. This trend suggests that financial maturity and stability often come later in life — after decades of work and family responsibilities.
However, economic pressures such as inflation, job insecurity, and rising costs continue to limit savings potential, especially among younger Filipinos. The report also found that in times of crisis, Filipinos typically rely on personal savings (57%), family or community support (45%), or loans from informal sources (33%) to stay afloat.
While these behaviors showcase the Filipino values of resilience and bayanihan, they also expose a deep vulnerability in the absence of formal financial safety nets.
“Resilience has always been part of the Filipino spirit,” Smeets said. “But we need to pair that resilience with readiness. That means ensuring people have access to financial tools that protect them, so they don’t have to rebuild from zero after every crisis.”
Building a culture of financial empowerment
Using the results of the PURPLE Report as basis, EastWest Ageas believes that bridging the financial preparedness gap requires more than just products — it calls for education, access, and empathy. The company aims to design solutions that are simple, inclusive, and relevant to Filipinos’ everyday lives.
From left : Greg Martin, Chief Distribution & Marketing Officer, EastWest Ageas; Rowena Empalmado, Chief Operating Officer, EastWest Ageas; Sjoerd Smeets, Chief Executive Officer & President, EastWest Ageas; Frances Marie Montealegre, Insights Senior Manager, EastWest Ageas; JP Yamsuan, NielsenIQ.
“Filipinos are practical by nature,” Smeets noted. “They shouldn’t have to choose between meeting their current needs and planning for the future. Our role as insurers is to make both possible.”
Aside from the PURPLE Report, the company has also since rolled out several initiatives that align with this goal, including community-based financial literacy programs, digital insurance platforms, and customized life and health coverage plans that adapt to different income levels.
At the trade show, EastWest Ageas also showcased interactive exhibits and activities designed to help attendees visualize real-life financial scenarios — encouraging them to think about how prepared they truly are for emergencies.
Towards a more secure tomorrow
As the PURPLE Report makes clear, the challenge of financial preparedness in the Philippines remains significant. However, with concerted efforts from both private and public sectors, the path toward a more financially secure nation is within reach.
For EastWest Ageas, that path begins with purpose.
“We’re here to help Filipinos plan for a better tomorrow so they can live their best lives today,” Smeets said. “When people have the right support, they make better choices — and that’s how we build a future that’s truly ready for anything.”
EastWest Ageas invites Filipinos to learn more about their life, health, and wealth solutions by visiting ewageas.com.ph or following the company’s official Facebook and LinkedIn pages.
