Insurance giant SunLife Philippines is convinced the local financial markets should remain robust and expansive this year no matter the apprehension generated by the knock-on impact of the economic slowdown in China.
This optimism was expressed in an interview on Monday with Riza Mantaring, president and CEO of SunLife in Manila, who said that while the events unfolding in China has global significance, its local impact should not unduly stress insurance executive in the Philippines.
In festivities welcoming the Chinese New Year at SunLife’s Binondo offices on Monday, Mantaring claimed the Philippines should prove an outlier in terms of growth among peers in the region this year given the volume of trade between Manila on one hand and Beijing on the other.
According to Mantaring, the volume of trade between the two countries is relatively small such that a Chinese slowdown should not unduly impact on the local economy’s growth performance.
Mantaring also said the Philippines has a history of recovering quickly from external sector shocks to the economy.
She, likewise, emphasized insurance industry will likely be robust this year when there is so much uncertainty and apprehension in the different industries worldwide, as insurance addressed the need for financial safety and protection.
The SunLife executive also said the insurer is looking to expand its client base this year and believes it has some advantage over others in the business given their keen appreciation and relative proximity to the Chinese community.
“The Chinese community is very much a part of the success of SunLife. We have a large base of Chinese clients. They have been insured with us for generations,” she said.
As part of their appreciation for clients, SunLife held on Monday simultaneous Chinese New Year festivities nationwide.
In Metro Manila, the festivities have been held for a week now at their main offices in Taguig City.
The insurer also joined the annual float parade in Binondo where the bulk of Chinese businessmen in Manila reside.
SunLife Prosperity Money Trees were also put up at the Ayala Center in Cebu City along with other activities such as dragon and lion dances.
In Davao, SunLife spearheaded the celebration at the Abreeza Mall where similar activities were held, as well.