Sun Life of Canada (Philippines) Inc. (Sun Life) plans reaching out to more or less 75 percent of all households in a financial-literacy program it has rolled out on its own.
Citing data obtained from Sen. Grace Poe, Sun Life Chief Marketing Officer Mylene D. Lopa said the hope is anchored on a commitment and on two digital films on the subject the insurer has financed to enlighten this much Filipinos who sorely need to become financially literate.
The legislator previously said only 25 percent of all households across the country are capable of drawing and executing a financial plan that takes typically impoverished families out of penury and into comfortably financed lives.
“Well, the other 75 percent [of the population], hopefully, we can [reach]. Actually, Sen. Grace L. Poe, mentioned that only 25 percent of households in the country is literate. It is one thing to know a concept, another thing to do something about it. So what we hope to do is not only to enlighten people but also empower them to take action,” Lopa told the BusinessMirror on Wednesday at the Makati Shangri-La hotel.
Lopa cited a recent study quoted by Poe recently showing only 25 percent of Philippine households were financially literate, leaving 75 percent still needing education in terms of handling the family finances.
“[We are] way behind our Asian counterparts,” Lopa said on how the Philippines compares with peers in the region when it comes to handling money.
Sun Life has started a financial independence program just this month, with the launching of two films and a series of free seminars to be conducted starting July until August in Metro Manila, Cebu and Davao.
“Our brand ambassadors, their role in the campaign, have been very effective in modeling the way for others because they are real clients of Sun Life. So hopefully, through their testimonials others will be encouraged,” Lopa said.