MANILA – Many Filipinos have experienced drastic financial difficulties since the start of the 2019 coronavirus disease (Covid-19) pandemic as they have lost their jobs or sources of income due to the early shutdowns.
The pandemic has also accelerated digitization, making it easier for Filipinos to shop for their needs and wants online through online shopping.
But how is the Covid-19 pandemic really shaping the savings, credit and insurance behavior of Filipinos?
CIMB Bank Philippines CEO Vijay Manoharan said more and more Filipinos have embraced digital banking as they do all of their banking through digital means.
This is because they avoid going out to reduce the risk of contracting the virus as financial institutions increase their online presence.
âIn terms of saving behavior, the savings model and their propensity to put their money aside has also changed dramatically, as we also encourage and teach our consumers the importance of saving and starting to deposit. for them for the future. “Manoharan said at a press conference on CIMB’s partnership with insurance company Pru Life UK on Tuesday.
With digital banks like CIMB, Manoharan said Filipinos’ access to loans has also improved during this pandemic.
âOn the lending side, we see that Filipinos have access to credit and are using it fairly responsibly,â he said.
Manoharan added that the company is optimistic for the Philippine market as it adds nearly 2 million customers in one year despite the pandemic.
For the President and CEO of Pru Life UK, Eng Teng Wong, the financial literacy of Filipinos has increased dramatically.
As seen in his portfolio, he said his customer base in the Philippines grew “in double digits” during the pandemic, adding that it had taken some time to achieve that growth in customer numbers.
âMany are becoming more aware and aware of having self-protection in the midst of the pandemic,â he added.
Pru Life UK Senior Vice President and Director of Client Marketing Allan Tumbaga said there is increased interest in protection even among the younger generation.
Tumbaga said Filipinos now have an increased interest in insurance because they want to be protected against threats from Covid-19. (ANP)