Pru Life UK President and CEO Sanjay Chakrabarty has urged the Philippines to rethink how it prepares for retirement, saying savings alone will not be enough to protect Filipinos in their later years.
Speaking at the Manila Tech Summit 2025, Chakrabarty welcomed the Personal Equity and Retirement Account (PERA) as a “bold and necessary initiative” to help Filipinos save and invest, but warned that financial protection can easily collapse without insurance cover. “Financial protection is fragile if not ring-fenced against the uncertainties of life and health,” he said.
He pointed out that as Filipino families shift from extended to nuclear households, the traditional safety net of family support is weakening. “This makes it imperative that we build new forms of protection—ones that are institutional, scalable and sustainable,” he added.
Chakrabarty called on the insurance industry to design products that are simple, affordable and accessible. Beyond addressing mortality, he said, the focus must also shift to morbidity risks such as long-term illness, disability and the need for care. “PERA offers a powerful bridge where insurance can become an embedded feature of the retirement journey,” he noted.
His remarks came during the panel “Open Finance x Insurance: The Future of Financial Empowerment and of Seamless Protection,” part of Day 1 of the two-day summit. The session, moderated by FinTech Alliance.PH Trustee and Pru Life UK Director Ida Tiongson, also featured ATRAM Trust Corporation Chief Experience Officer Deanno Basas, Bangko Sentral ng Pilipinas Deputy Director for Fintech Innovation Jovelyn Hao, and Insurance Commission Deputy Commissioner for Technical Services Arturo Trinidad II.
Basas of ATRAM echoed Chakrabarty’s views, stressing how digitalisation and open finance are making retirement planning more accessible and transparent for Filipino savers. He said technology can expand access to PERA and bring retirement planning into everyday decision-making.
The Manila Tech Summit gathered policymakers, regulators, and industry leaders to explore the intersections of technology, policy, and financial inclusion. With over 80 percent of the Philippine population now online, the event highlighted the opportunities for digital finance to close the protection gap and strengthen financial security.
Pru Life UK reaffirmed its commitment to working with government and industry partners to support sustainable retirement planning. “Insurance is more than a financial product—it is a shield,” Chakrabarty concluded. “Our responsibility is to ensure Filipinos are not only financially prepared for retirement, but also resilient in the face of life’s uncertainties.”
Learn more about the Philippines’ leading life insurer at www.prulifeuk.com.ph
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