EastWest Ageas Aids Filipinos Amid Rising Inflation

Inflation is squeezing the savings of many Filipinos, with the latest PURPLE Report showing that most households keep only about ₱50,000 in emergency funds—a sum that can disappear after a single hospital stay.

Rising costs leave families vulnerable

The report, commissioned by EastWest Ageas and NielsenIQ, notes a 4.1% rise in consumer prices in March 2026. That increase has made it harder for people to cover daily expenses while setting aside money for future needs. Eight in ten respondents said they would dip into personal savings to pay for medical bills, yet just 20% have enough to last three months.

Only a fraction of the population appears to be preparing for health emergencies. The study found that the average Filipino allocates roughly 7% of income to financial planning, a figure that falls short of what experts consider adequate for long‑term security.

Insurance uptake remains low

Even though nine out of ten Filipinos view life insurance as a safeguard against medical crises, the country’s insurance penetration rate has stalled at 1.79%. The gap suggests that awareness alone does not translate into policy purchases.

During recent trade shows in Manila and Cebu, the insurer highlighted the factors Filipino consumers consider when choosing insurers: perceived value, payment term length, and the breadth of critical illness coverage.

To address the shortfall, it rolled out a suite of products under the “Purple Solutions” brand. Options include “Sure Start” for young adults seeking an entry‑level plan, “Dream Builder” with guaranteed cash payouts, “Life Essentials” covering 48 critical illnesses, and “Future Assure,” which links policyholders to local and global health funds.

These offerings aim to simplify enrollment and reduce costs, a strategy that may appeal to those who have previously postponed insurance because of budget constraints. The insurer’s network now includes four agency houses across Luzon and more than 1,300 agents who can assist clients both online and at EastWest bank branches.

Savings are dwindling fast.

From a practical standpoint, the availability of lower‑premium products could make a tangible difference for families living paycheck to paycheck. If a household can secure coverage that pays out during a hospital stay, the immediate financial shock may be less likely to push them into debt, allowing them to keep the modest savings they have.

President and CEO Sjoerd Smeets said the company’s mission is to help Filipinos balance daily spending with savings growth. “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.”

While the expansion signals confidence in the market, the overall effectiveness of these measures will depend on how quickly consumers adopt the new plans. The report does not provide a timeline for expected uptake, leaving analysts to watch whether the gap between perceived need and actual coverage narrows in the coming months.