Insurance going places, bike lanes
THE collective hope of mankind is that we will never again face a pandemic of similar proportions to COVID-19, a health crisis that quickly turned into a financial calamity, with its ramifications far-reaching. The Philippine economy contracted by 9.5% last year and it was sad to see establishments struggle even shut down altogether — restaurants, retail stores, travel agencies, manufacturing companies, even schools. Such closures led to lost jobs and broken dreams.
There are, however, reasons to be optimistic given the promise that higher vaccination rates brings. Being an environmentalist, I am pleased to witness that plantitos and plantitas are sprouting everywhere. It is a welcome devel-opment to have greater awareness and appreciation for green spaces and clean air, among others. These also have the positive effect of increasing the importance of sustainability, which then result to further action.
Perhaps among the best examples of such positive progress is how there are more cycling related investments all over the metropolis, like bike lane bollards in San Juan, artistic racks in Manila, and rest and repair stops in BGC. Do you now that there are bike lanes along Ayala Avenue, Macapagal Boulevard, C5, and EDSA? Filipinos have embraced the more environment-friendly two wheeled option in order to get to work, hang out with friends, or focus on their physical well-being. In fact, both our drivers Bong and Eddie bike to get to work.
During the recent governments National Bike Day, Bike Lane Awards recognized LGUs for being bicycle friendly. Iloilo City got the gold, Pasig won silver and Quezon City in 3rd place. Thankfully, both public and private sectors collaborated more closely to meet cyclists’ demands for better, ride safe worthy conditions.
The life insurance industry is also an excellent illustration of one that adjusted to changes brought about by the pandemic and responded to opportunities appropriately. The life insurance penetration rate in the country is less than 2% and among the lowest in the world even among peers in South East Asia. It is an ongoing imperative for life insurers, in partnership with the Insurance Commission under the leadership of Commissioner Funa, to bridge the very significant gap.
After the struggles of 2020, the industry rebounded and grew by 15% in terms of new business in the first half of 2021 relative to the same period last year. This was achieved by supplementing the traditional method of selling face to face with virtual solutions. Agents and financial advisors embraced online training and maximized the benefits of online tools in helping their customers address their investment and insurance needs. COVID-19 put a spotlight on the importance of having adequate protection and health coverage, especially given all too common anecdotes of hospital confinement costing in the millions when requiring intensive care.
It is under this context that the top growth players for the first half are worthy of commendation: Allianz PNB Life (145.9% and fastest growing for a second year in a row), BDO Life (57.3%), AXA (10.3%), Sun Life (9.9%), and FWD Life (6.4%). They demonstrated that there is no resting from the noble purpose of addressing the financial welfare of Filipino families especially at a time when they need guidance and advice the most.
A post-pandemic world with lush gardens, more cyclists on the road, and a greater number of Filipinos insured is certainly one to look forward to. May sustainability and financial inclusion advocacies live!
Meanwhile, do you know that vanilla is the 2nd most expensive spice in the world next to saffron? Price per kilo of a vanilla beans reached P30,000 a kilo in 2018 although now down to P13,000. Vanilla seem to adapt and grow well in the Philippines — thus, a group of professionals turned farmers led by Dr. Reynaldo Lantin, Basil Bolinao, Pabs Villegas, Maila Viela, Milette Omoyon, Babie Atanacio, Frat Amarra, Cris Fabriga and others would like to develop vanilla as a high-value crop in the Philippines.
In a recent meeting with Department of Agriculture High Value Crop Undersecretary Evelyn La Viña, she was very supportive and looking forward for a progressive Philippine agriculture sector.
The views expressed herein do not necessarily reflect the opinion of these institutions.
MS. FLOR G. TARRIELA was the first chairwoman of the Philippine National Bank. She was the first and only independent director/chairwoman in the commercial banking industry. She is a former undersecretary of Finance and the first Filipina vice-president of Citibank N.A. She is a trustee of FINEX and an Institute of Corporate Directors fellow. A gardener and an environmentalist, she established Flor’s Garden in Antipolo, an ATI Accredited National Extension Service Provider and a DoT Accredited Agri Tourism Site.
