Skip to main content
  • Search
  • Home
  • Our Products
    • Health
    • Protection
    • Medical
    • Education
    • Savings
    • Investment
    • Philam Vitality
    • Group Life
    • Group Accident
    • Group Medical
    • Credit Life
  • About Us
    • Our Management Team
    • Careers
    • Our Advocacy
    • Media Centre
    • Our Affiliates
    • Our Corporate Governance
    • Doing Business with Philam Life
    • Our Customer Charter
  • Live Better
    • Protection
    • Savings
    • Education
    • Health
  • Claims & Support
    • Claim Guide
    • Contact Us
    • Locate Us
    • Frequently Asked Questions
    • Elite Funds
    • Payment Facilities
    • Forms Library
    • Contact Info Update
  • My Philam
    • Customer Portal
    • Agency portal
    • Premium Club
  • Tuloy ang buhay
    Protektado ka at ang mga mahal mo
  • CALCULATE YOUR FINANCIAL NEEDS
    Meet Liv and allow her to help you get one step ahead.
  • CONTACT US
    Contact us in your preferred way.
Philam Life
Philam Life Philam Life
  • Our Products

    Our Products

    Find the right product solution for your needs.

    See More
    Tuloy ang buhay

    Protektado ka at ang mga mahal mo

    CALCULATE YOUR FINANCIAL NEEDS

    Meet Liv and allow her to help you get one step ahead.

    2 minutes

    For Individuals

    For Business

    • Health

      Get coverage for expensive health setbacks so you can focus on getting better.

    • Protection

      Make sure that the needs of your loved ones are taken care of no matter what happens to you.

    • Medical

      Make sure that the needs of your loved ones are taken care of no matter what happens to you.

    • Education

      When the time comes, be ready to give your child the best opportunities available.

    • Savings

      Have the right savings plan to help you achieve your dream goal.

    • Investment

      Grow your wealth further and get the most out of life.

    • Philam Vitality

      Philam Vitality is a science-backed wellness programme that works with you to make real change to your health.

    • Group Life

      Increase engagement by providing your employees more than the basic paycheck.

    • Group Accident

      Have peace of mind when you protect your people from unforeseen incidents.

    • Group Medical

      Grow your company by ensuring your employees' health.

    • Credit Life

      Protect your assets by ensuring loans will be paid.

  • About Us

    About Us

    For over 70 years, Philam Life has empowered Filipinos to achieve financial security and prosperity.

    LEARN MORE
    • Our Management Team

      The leaders of Philam Life.

    • Careers

      Explore opportunities to work at Philam Life.

    • Our Advocacy

      Through Philam Foundation, we build an educated nation empowered for the future.

    • Media Centre

      News about Philam Life.

    • Our Affiliates

      We strengthen our life insurance and wealth management business to better deliver our commitments to our customers.

    • Our Corporate Governance

      We are committed to maintaining good corporate governance in a manner that adds value to our company and is beneficial to all our stakeholders.

    • Doing Business with Philam Life

      We are committed to maintaining strong relationships with our business partners.

    • Our Customer Charter

      This is our commitment to you.

  • Live Better

    Live Better

    A mix of how-to’s, stories, and guides to help you live better.

    KNOW MORE
    • Protection

      Stay one step ahead and take care of your future today!

    • Savings

      Equip yourself with the knowledge and skills you need to grow your money.

    • Education

      Help you kids reach their dreams by investing in their future today!

    • Health

      Worry less about you and your loved ones’ health with these important tips.

  • Claims & Support

    Claims & Support

    We strive to assist you for all your inquiries with high-touch customer service.

    Contact Philam Life
    • Claim Guide

      Know the requirements in filing a claim.

    • Contact Us

      Contact us now in your preferred way.

    • Locate Us

      Find a Philam Life branch near you.

    • Frequently Asked Questions

      Have a question? You may find the answer here.

    • Elite Funds

      Learn all about the performance of AIA Philam Life's Elite and Variable Funds.

    • Payment Facilities

      Paying your premiums is easy. Choose the best payment option for you.

    • Forms Library

      A selection of forms you can download, fill in and submit to us.

    • Contact Info Update

      Easily update your contact information with us to receive timely updates on your policy.

  • My Philam

    My Philam

    Access your Philam Life Accounts by clicking on the links.

    • CUSTOMER PORTAL

      ePlan

      View the status of your policy & claim requests, monitor your policy’s account values, and keep tabs of your payments & benefits history.

    • PREMIUM CLUB

      Learn more

      Redeem rewards

      Gain access to exclusive perks and rewards of your choice with Premium Club.

    • VITALITY MEMBER PORTAL

      Vitality Member Portal

      Get the knowledge, tools and motivation you need to do well on your journey towards healthy living so that you get more out of life and enjoy the rewards, whilst being protected against risk.

    • DISTRIBUTION

      Agency Portal

    SYSTEM MAINTENANCE
    We'll be back in a bit!


    Our website is undergoing routine maintenance to make sure your browsing experience remains top-notch. We'll be back on March 10, 2019, ready to serve you better.

  • Search
  • Contact Us
    • CALL US

      Philippines : (02) 8 528 2000. We are open Monday to Friday between 7:30 AM to 5:00 PM, and Saturday between 8:00 AM to 12:00 NN

    • Call our pldt ndd toll-free number 1800 10 528 2000

    • SCHEDULE A CALL

    • Email Us

Savings
Prev | Next
Back to Top
  • {{title}}

    {{label}}
  • Three Answers to OFWs' Shockingly Low Savings

    Metro Manila,


    OFW in airport

    In September 2019, cash remittances sent home by overseas Filipino workers grew to $2.379 billion, at least 6.24 percent higher than the total posted in the same month in 2018. These remittances are a key driver of real property demand and household spending in the Philippines.

    This growth hides a disquieting figure: only 3 out of 10 workers and their families are able to set aside a portion of their funds for savings, a recent analysis by the Bangko Sentral ng Pilipinas (BSP) found.

    “As remittances consistently account for 10% of the Philippine GDP, OFWS are indeed modern-day heroes,” explained the late BSP Governor Nestor Espenilla Jr. “Yet we continue to hear stories of OFWs facing financial struggles.”

    Less than 10 percent of our bagong bayani are able to invest their money, Espenilla said, as the majority of total expenses of all overseas Filipino workers and their families still go to food and personal consumption. If OFWs can just save 10 percent of their income regularly, the Central Bank official said this would translate to a total potential annual savings of at least $2.6 billion.

    According to Gemmy Lontoc, a member of Registered Financial Planners (RFP) Philippines, OFWs must have a clear financial goal that can be achieved in three key steps: Save. Invest. Insure.

    Executives at work

    Save: Grow your nest egg.

    You might be earning five to six figures’ worth in pesos, but that can just go up in smoke if you don’t budget part of your income for savings. Smart savers (not just OFWs) follow the “pay yourself first” principle—setting aside savings before spending any discretionary money. This allows you to cover your financial goals first (savings included) before you spend your money on beer or that new cellphone.

    Your savings, in turn, will not grow as much as you want them to in regular savings accounts. It’s better to invest in harder-working savings vehicles, like unit-linked savings plans attached to expertly-managed funds, offering higher long-term earning potential.

    Invest: Lay the groundwork post-“balikbayan”.

    As an OFW, you probably aspire to stop working overseas and retire comfortably to enjoy all the things you never had the chance to do. Building on your wealth is key to living your life without worries.

    Investing your money—in high-return funds or stocks or a promising business—can ensure your hard-earned nest egg grows sustainably even after you’ve left that high-paying OFW job behind. If you choose the business route, you can even rely on government programs specifically designed to help you make your business a reality!

    Insure: Protect your family's finances and health.

    You had to leave the country and your family behind, in the hope of providing a more secure future for your loved ones. Buying life insurance takes it one step further, by making sure the financial security you’ve built for your family doesn’t go away even after you’ve left the scene.

    At its most basic, insurance leaves behind a cash benefit to your beneficiaries in case of an unexpected tragedy, ensuring their needs are taken care of even after you’re gone. Many plans include optional riders that extend their protection even further, such as hospital income to protect your cash flow if you can’t make a living; or critical illness coverage that can provide an additional cash benefit if you’re afflicted by a major debilitating condition.

    You have all the means to protect your family, but it all boils down to making a plan. According to RFP’s Gemmy Lontoc, every OFW must have a financial goal, else they risk wasting all the time and income tied up in their years abroad. "This (financial goal) should be supported by a plan anchored on saving, insuring and investing," said Lontoc.

    Related Articles

    OFW’s Guide to Financial Protection for Family

    OFW’s Guide to Financial Protection for Family

    Many OFWs forget to care for their financial health; follow these tips to secure your family’s financial future

    X gaps in coverage that Philam can solve

    4 gaps in coverage that Philam can solve

    Financial blind spots are areas where planning and insurance fall short - find out how to avoid losing your way

    How to Save Money for Future Family Goals

    How to Save Money for Future Family Goals

    For a large number of people, finances and anxiety go hand in hand. Breadwinners constantly worry about not having enough, or not being prepared for circumstances such as redundancy, accidents, disease, and death. How will the family survive? How will one cope if such a situation arises?

    Suggested Products To Help You

    Moneyworks

    Savings

    Philam Life’s MoneyWorks is a unit-linked savings and life insurance plan that makes your money work harder to help you achieve your dreams faster.

    Active Moneyworks

    Savings

    Philam Life’s MoneyWorks is a unit-linked savings and life insurance plan that makes your money work harder to help you achieve your dreams faster.

    Philam Life Vitality

    Future Protect

    Protection

    Philam Life’s Future Protect is a plan for you when you grow old and for your loved ones to remember you by should the unexpected happen.

    CONTACT PHILAM LIFE

    PH: (02) 8 528 2000
    INT PLDT NDD: 1800 10 528 2000

     

    Philam Life Head Office
    15-18F Net Lima Building
    5th Avenue corner 26th Street
    Bonifacio Global City, Taguig
    Metro Manila, Philippines 1634

    CONTACT PHILAM LIFE

    PH: (02) 8 528 2000
    INT PLDT NDD: 1800 10 528 2000

     

    Philam Life Head Office
    15-18F Net Lima Building
    5th Avenue corner 26th Street
    Bonifacio Global City, Taguig
    Metro Manila, Philippines 1634

    GO TO

    AIA.COM

    Visit our corporate site to learn more about AIA.

    PHILAM VITALITY

    Explore Philam Life

    Our Products

    Live Better

    Contact Us

    Philam Funds

    About Philam Life

    Media Center

    Our Corporate Governance

    GO TO

    PHILAM VITALITY 

    PAMI 

    BPI-PHILAM

    AIA.COM

    Visit our corporate site to learn more about AIA.

    EXPLORE PHILAM LIFE

    Our Products

    Live Better

    Contact Us

    Philam Funds

    ABOUT PHILAM LIFE

    Media Center

    Our Corporate Governance


    Copyright © 2015, AIA Group Limited and its subsidiaries. All rights reserved.
    Terms of Use | Privacy Statement | Cookie Policy

    This website uses cookies for the purpose of enhancing your user experience. You can find more information on the types of cookies we collect, what we use these for, and how to manage your cookie settings in our Cookie Policy and Privacy Policy Statement.