Get coverage for expensive health setbacks so you can focus on getting better.
27 June 2018
MANILA, PHILIPPINES – Philam Foundation, the corporate social responsibility (CSR) arm of Philam Life, continues to advocate financial literacy and savings awareness through its Philam Savings Awareness and Values Education Session (SAVES) Program.
Philam SAVES is the Foundation’s advocacy to educate children and their parents and teachers on financial literacy. The program was motivated by a 2015 Standard and Poor study that reports that the Philippines is one of the 30 least financially literate countries in the world, with only 25% of adults aware of the basics of managing their money. This gives the Foundation a big impetus to pursue an initiative that will have an impact on financial literacy, thus giving birth to Philam SAVES in 2016.
Through its two-part module—story-telling and coin bank-designing session for students and the Financial Planning Session for parents and teacher—Philam SAVES aims to promote the value of saving and being thrifty to children and their parents.
“Being financially literate is the first step in achieving financial wellness, and this is why SAVES is very important to us. It allows us to address a very basic problem that, if given attention, can make a difference in the lives of so many people,” said Max Ventura, President of Philam Foundation.
Since its inception, Philam SAVES has educated over 4,600 students and over 1,700 parents and teachers from the Philam Paaralan school beneficiaries. The program has engaged more than 300 volunteers from the Philam Group and its affiliated Financial Advisors.
Because of its steadfast commitment to social responsibility, the Foundation was recognized for its SAVES program at the recently concluded Asia Responsible Entrepreneurship Awards (AREA), a regional recognition program to honor enterprises in the field of corporate responsibility. Philam Foundation emerged as an awardee in the Social Empowerment Category.
“To be recognized for something very close to our hearts inspires us to continue our mission of giving back to the community, and strengthens our commitment to contribute to nation building,” added Ventura.
Founded in 1997, the Philam Foundation was borne out of Philam Life’s serious intent to be a good corporate citizen and fulfil its social responsibility to the community. On its 21st year, Philam Foundation continues to contribute in addressing societal needs through its core programs: Philam SAVES, Philam Paaralan, which builds classrooms in areas affected by calamities and areas that are unserved or underserved; and the Alliance for Philippines’ Health and Advocacy (ALPHA), which spearheaded the expansion of the country’s first hospital-based cancer registry program.
About Philam Life
The Philippine American Life and General Insurance Company (Philam Life) is the country’s premier life insurance company. Established on 21 June 1947, Philam Life has earned the trust of customers for its financial strength, strong brand name, and ability to deliver on its promises.
Philam Life has PHP251.4 billion in total assets as of 31 December 2017, while serving almost 600,000 individual policyholders and over 2,200,000 insured group members.
Philam Life understands the needs of its customers and provides holistic solutions that include life protection, health insurance, savings, education, retirement, investment, group, and credit life insurance. It also offers bancassurance and fund management products and services through its subsidiaries—BPI-Philam Life Assurance Company (BPLAC) and Philam Asset Management Inc. (PAMI).
Philam Life is a member of AIA Group Limited, the largest independent publicly listed pan-Asian life insurance group.
About the Philam Group
The Philam Group comprises the biggest life insurance company in the Philippines. By putting its customers at the center of its operations, the Philam Group has earned the trust of its stakeholders and has achieved continued growth over the years.
The Philam Group was formed with the mission of empowering Filipinos to achieve financial security and prosperity. Through its strong network, it is able to offer financial solutions such as life protection, health insurance, savings, education, retirement, investment, group and credit life insurance, and fund management products and services.
After the establishment of Philam Life in 1947, the Philam Group has since expanded to include other affiliate companies, namely: BPIPhilam Life Assurance Company (BPLAC), Philam Asset Management Inc. (PAMI), Philam Call Center, and Philam Foundation.
Based on the Insurance Commission results as of 31 December 2017, the combined total premium income of Philam Life and BPLAC is at PHP40.2 billion, making it the market leader in the Philippines based on total premium income. Its strength and stability is further solidified with its top rank in terms of assets at PHP251.4 billion and net worth at PHP69.5 billion. It is a member of AIA Group Limited, the largest independent publicly listed pan-Asian life insurance group.
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, Cambodia, a 97 per cent subsidiary in Sri Lanka, a 49 per cent joint venture in India and a representative office in Myanmar.
The business that is now AIA was first established in Shanghai almost a century ago. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$216 billion as of 30 November 2017.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia-Pacific, AIA serves the holders of more than 30 million individual policies and over 16 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).
Abbie L. Remo
Philam Life Head of Corporate Communications and PR
Mobile no. +63(917) 6268058