MANILA, Philippines – As more Filipinos prioritize financial security, Manulife Philippines projects strong growth for 2025, anticipating a significant uptick in demand for financial protection.
Rahul Hora, president and CEO of Manulife Philippines, highlighted the heightened awareness among customers following the COVID-19 pandemic. “Many have realized that out-of-pocket expenses fall short in covering medical costs adequately,” Hora explained during a February 27 briefing.
He emphasized the company’s focus on millennials and Gen Z, many of whom are now actively planning their financial futures. Citing Manulife’s 2024 survey, Hora noted, “41% of Filipinos resort to out-of-pocket payments during medical emergencies, with those aged 18 to 29 only having an average savings of P38,000 for urgent medical needs.”
“The younger generation, while building financial stability, remains acutely aware of external factors like unexpected medical situations that can rapidly deplete savings,” Hora added. “The Philippines hosts a vibrant young population, making our financial solutions particularly engaging and vital in this growing market.”
Additionally, Hora expressed confidence in achieving double-digit growth as the national economy advances further this year.
In a recent update, Manulife Philippines disclosed paying P12.9 billion in claims over the past five years. The firm’s Philippine operations also witnessed a 46% increase in net income, reaching P2.78 billion in 2024.