Philippe: There’s that misconception na insurance para lang sa mayaman.
Emmanuel: Dito sa Pilipinas, roughly 15-20% lang yung may insurance. In Japan, more than 90% of the population is insured, same in Taiwan, for Singapore, and Malaysia noh.
So my name is Eman Faras, I’m a financial services expert focusing on business owners and the corporations. I’ve been helping executives and business owners prepare for their financial planning. Not only for their business, but also for their families as well.
Philippe: I remember madaming so-called financial advisors lumapit sa amin, they were selling insurance. Tinanong ko yung advisor, what about you, are you insured? The funniest answer I got is, “hindi pa daw”
Emmanuel: For the insurance agents to be able to walk the talk, ikaw muna kumuha ng sarili mong insurance. Personally, I have 12 policies. You cannot sell a shirt while you’re naked.
I’d like to start by identifying the three main risks sa buhay natin. No one can escape from this. The first is you die too soon. And then the next naman is, And then yung pangatlong risk, bro, is…
Philippe: Oh my, that got me thinking.
Philippe: What gave you that light bulb moment when you first started? And you said, “This is what I want to do.”
Emmanuel: I realized that this is what I wanted to do. Not beginning at in my company, but because my mom is also a financial advisor. So she’s been a financial advisor earlier than when I was born.
So a year earlier than when I was born. So it’s like parang financial services or insurance is my big brother. Parang ganon. So I saw how she was able to build her career.
Emmanuel: Kasi she was a public school teacher for more than two decades. And yung sweldo lang niya noon was 6,000 per month.
Philippe: Ohh
Emmanuel: That’s ano diba, sobrang baba noh. But then she tried out the insurance. And then she first ventured into it as parang part-time. And then eventually she had the courage to be able to go into it full-time.
And when she jumped into it on a full-time basis, her 6,000 naging 60,000 per month as a full-time financial advisor.
Philippe: That’s a very big jump.
Emmanuel: Yeah, nung time na yun, that was a big amount of money in the 90s. So nakita ko uh you know how our life improved. And my mom’s gift to us is really education. So we were able to go to good schools.
And I was able to go to a good school. Hindi kami, we were not well-off. Pero, I was able to go to Ateneo in college, because of her hard work and because of you know, some support also from her company.
Emmanuel: So I was inspired. Na parang with this career or this business, you’re able to kumbaga put the lid off your income.
Emmanuel: And then, of course, this business is—wala siyang inventory, just like you. Services, noh? So walang inventory, walang spoilage. Kung nasa food ka, diba? Iisipin mo yung food spoilage. Wala ka masyadong employees.
Philippe: Warehouse.
Emmanuel: And everything. Warehouse, logistics, and everything. So dito, it’s really service. The product is created at the very point of demand. So unlimited supply.
So that’s what take parang na realize ko that I was actually thinking of other businesses at that time parang mag siomai’an kayo. So parang mga ganon. Para bang naisip ko,hindi naman ako expert don tapos parang paano kung you know walang bibili masira lang yung mga ano and everything di ba?
Emmanuel: So parang sabi ko why don’t I jump into you know a business that I’m strong at, I’m aware of, and I know that I’ve seen in the lives of other people that it really can make your life better so that’s why I jump into this career.
Philippe: So it’s nice knowing that you followed your mother’s footsteps
Emmanuel: Yes, Yes.
Philippe: growing up. Cause you were well exposed to it.
Emmanuel: Yes, correct, correct.
Philippe: That’s very good. So, right now, because you mentioned the term financial advisor, there’s a misconception going around in our market, lalo na dito sa Pinas.
Emmanuel: Yes, yes, yes.
Philippe: And I think, I’m not sure how this came about, but right now, the term financial advisor, andaming allergic don sa term.
Emmanuel: Yes, correct, correct. Yeah, agree.
Philippe: Is it because there’s a lot of salespeople posing as a financial advisor, they pass the a certain test
Emmanuel: Yeah, Yeah.
Philippe: in the, is it commission? The commission?
Emmanuel: Insurance commission.
Philippe: Insurance commission?
Emmanuel: Yes. Yes
Philippe: And then a lot of these, I wouldn’t say not knowledgeable, they’re all knowledgeable, but they’re not aware of what a financial advisor technically is. And looking at their status right now, I don’t want to say they’re to blame.
But because I believe a lot of these people trying to sell insurance or the so-called term investment are giving them a bad name because they’re not following up with their clients or they’re not explaining the product properly.
Emmanuel: Yeah.
Philippe: So how do you go about this? When people get a negative…
Emmanuel: Yes, yes, yes. I’ll answer that in a broader sense, Bro Philip. I think there are two things. The first one is the culture of the Filipino culture. It’s challenging to, you know, have a healthy environment for insurance in the context of the Filipino culture.
To give you an idea, like for example, sa ibang bansa, in Japan, more than 90% of the population is insured, not only with just one policy, two to three policies. More than 90%, maybe even 95% of their population is insured with two to three policies.
Emmanuel: Same with Taiwan, for Singapore, and Malaysia. Pero dito sa Pilipinas, roughly 15 to 20% lang yung may insurance. That includes already the group insurance and everything.
Some people say it’s 2%, but actually yung 2% is the penetration rate, which is the percentage of the total business, total premiums versus the GDP of the country. Laging misconception, 2% lang yung penetration rate.
Emmanuel: That doesn’t mean 2% lang yung insured na Filipinos. That’s actually the percentage of the business over the GDP. But anyhow, around 15 to 20% yung may insurance. And ano it’s because of the culture yung YOLO, only live once, happy-happy ngayon, hindi iniisip yung tomorrow.
Emmanuel: I mean, nasa Filipino, ano yun eh, its a strength and also a weakness. Of course, we are very fun-loving, living in the moment, always happy, resilient. Pero yun nga most of the time, hindi natin naisip yung mga risks natin sa buhay.
And that’s really a struggle even up to now.And then, of course, the awareness, and then the level of knowledge of our fellow Filipinos in terms of insurance and investments. On the other side, as insurance advisors,
Emmanuel: I feel that there is really a need for us to be able to more standardize siguro yung mga practices of the insurance agents. There are people who have been in the business for several years, like 10 years, 15, ako 25 years in the industry.
Emmanuel: So we really value our profession, our career, our integrity and everything. But on the other hand, there are also people who come and go. They get licensed, and then if it doesn’t work out for them, in three months or a year, they get out of the door.
Even on my team, ganon. So the challenge is how to really standardize or parang improve the, ano ba yun, information and also the earning capacity of the advisors so that it’s not like a revolving door in our industry.
Philippe: It’s kind of weird because I remember, madaming so-called financial advisors lumapit sa amin. They were selling insurance. And then, looking at their status, the most funniest answer I got is, “what about you? Are you insured?” Tinanong ko yung advisor na yun. Hindi pa daw. Sabi, how can you sell something that you don’t have?
So I think a lot of these financial advisors are quite they don’t have the experience to give the financial advice, for example, to businessmen or entrepreneurs or enterprises or managers. So unlike someone like you, you’ve been through it.
Emmanuel: Yes, yes, correct.
Philippe: From the very start, you know how to build your wealth, build your experience with managing finances. But compared to them, wala pa silang alam. So I think there should be a different term for them, lalo sa mga baguhan.
Emmanuel: I mean, the term is insurance agents, technically.
Philippe: Yes, tama.
Emmanuel: But, you know, a lot of times we want to rebrand it to a more professional or palatable term. But ako, I have no problem in calling myself an insurance agent. Because at the very core, that’s what we do naman.
Philippe: Yes.
Emmanuel: And you’re right, kailangan talaga for the insurance agents to be able to walk the talk.
So dapat, ikaw muna yung kumuha ng sarili mong insurance. You cannot sell a shirt while you’re naked.
Philippe: Exactly.
Emmanuel: So for example, ako personally, I have 12 policies, 12 plans. So I’d like to say na ano I walk the talk. Because most of the time when I talk to my clients, they don’t have 12 policies for under their life.
Philippe: What’s your recommendation? Alam ko 12 is a little too much, but what would you recommend for, let’s say, an entrepreneur or someone who owns a business or an enterprise? What’s the minimum they should get in terms of insurance? How many policies?
Emmanuel: Actually, bro, it really depends. Ako, for me, kaya siya 12 is because I knew that yung capacity ko to be able to invest, it’s gradual. Like for example, I’ll give you a benchmark. The benchmark is 10 times of your annual income. So basically, yun yung, of course, there’s a more complicated version of that.
Pero para simple lang, 10 times of your annual income. Basically yung yung, of course, there’s a more complicated version of that. Pero para simple lang, 10 times of your annual income.
Emmanuel: Basically, you’re giving your family, if ever something happens to you, you’re giving your family 10 years worth of your income so that they won’t have to sacrifice their standard of living. And especially if you have kids, matapos sila ng pag-aaral, even when you’re taken out of the picture
Philippe: That’s a very good thought.
Emmanuel: So kumbaga, yung ano, you work on that benchmark. So that’s why I have 12 policies because I keep working on that benchmark. And then, syempre, yung income mo nag-i’increase through the years.
It’s like a moving target also. So that’s why you get to accumulate more plans. Kasi nga, you’re going for that target. And especially for business owners, one of the things that they should also think about is yung estate planning or legacy planning.
Philippe: That’s something that most are not aware of. Tell us more about estate planning.
Emmanuel: Estate planning is basically legacy planning. How you’re able to turn over your assets when you’re taken out of the picture to your family. Kasi yung estate tax natin, actually it’s more favorable now with the TRAIN law. It’s 6%. Before, bro, not sure if you were here already in the Philippines, umabot siya ng 20%.
Philippe: Woah.
Emmanuel: So for example, your net worth is 1 billion. Before, 20% is 200 million. Ngayon, 6%, 60 million. So there’s
Philippe: A big gap talaga.
Emmanuel: Big gap. Pero oo yun, you need to pay that 60 million to the government. Otherwise, it will incur interest if you don’t pay on time. So estate planning is basically parang the gist of it is to be able to manage the estate tax and to be able to create equitable share among your dependents and your heirs.
So that, kasi kung minsan, bro, di ba, andami nag-aaway dahil sa mana. So yun yung nagiging parang source of family conflicts.
Philippe: It’s a good thing you mentioned about the estate tax at 6%. Isn’t it the same right now for either?
Emmanuel: Yeah, donation, estate, sale, yeah.
Philippe: Excuse me.
Emmanuel: Yung difference lang is that when you donate, you don’t have any control anymore of the asset.
Philippe: I see.
Emmanuel: Like for example, bro, this is a real story. There was a matriarch and para maka save on taxes at that time, kasi nga 20% pa nun, she donated the property where she lived it was a big property to her son, the son had a wife unfortunately what happened, the son passed away and the wife remarried.
Philippe: Another.
Emmanuel: Another man and the matriarch were still living in that house and eventually they had to get her out of the house.
Philippe: Oh, that’s so sad
Emmanuel: That’s so sad. Pinaghirapan mo and everything and then papalayasin ka because of you know so that’s why the best recommendation would be to keep your assets and then just prepare for the for the liquidity to be able to pay for the estate tax
Philippe: that is some good advice to be honest because we were trying to figure out when I just when I moved here I believe that was 2016 so we were trying to manage all the assets and everything and they gave us the options kaya yun.
For sale or estate transfer and then donation and stuff and they’re all the same, they’re all 6% and then they’re like whatever you choose there it’s fine, but this is very good insights, I mean after 10 years, nalaman ko lang pag donation, wala ka ng control pala ano
Emmanuel: Yeah, wala na. Oo. The sale din, when you sell to your kids, well first of all dapat may capacity to purchase sila, hindi pwedeng college student palang sila i-sell mo na, hindi rin yung pwede, yun so in either of those cases yung selling of an asset or donation of an asset, you lose control so the best way is to keep control and just prepare for the ano, for the.
Philippe: For the worst?
Emmanuel: For the ano, for the yung ano estate tax.
Philippe: I have a question regarding that,
Emmanuel: And actually, one of the things that you can do is use insurance as a way to in a way legally avoid estate taxation
Philippe: I see
Emmanuel: yeah you can do that, like for example you get a policy and then you’re the owner, policy owner sa insurance kasi bro, tatlo yung tatlo yung entities the policy owner, the insured and the beneficiary so normally the policy owner and the insured parehan tao lang,
like when you purchase your own life insurance policy you are the policy owner and you’re the insured, but what you can do is that you can be the policy owner.The estate owner is the policy owner and then the insured is the anak,
Emmanuel: the child who will eventually become the contingent owner of the policy so if for example you’re getting a plan that has payouts for example, may mga ganun plan they’re called endowment, wherein you get yearly or every other year na payouts at first.
Ikaw yung policy owner you’re the one who’s getting the payouts, and then when you’re taken out of the picture, the ownership is transferred to the child, tax free walang 6% yun, and then the child is the one who’s able to enjoy the payouts and then may maturity yun at age 65 or something 20 years sya yung mga kuhan nung for example 10 million or something, tax free din yun
Philippe: Wow! So may hack pala
Emmanel: May hack, insurance hack.
Philippe: In terms of estate tax, would it be wiser for example, kasi traditionally, parents tumanda na marami silang lupa.
Emmanuel: Yes, yes.
Philippe: And then gusto nila ipamana sa mga anak so syempre, babayaran nila yung estate tax of 6%, whatever the amount naman, wouldn’t it be smarter what if pagbili nila ng lupa, habang bata sila ipangalan na sa anak nila. Is that smarter? Is that a hack?
Emmanuel: Pwede, but again you lose control
Philippe: You lose, yeah
Emmanuel: Yeah, you lose control of the property.
Philippe: But you also, but if let’s say,
Emmanuel: You save but you lose control, yung hindi mo makontrol dun is sino mo papangasawa ng anak mo? Maldita ba siya? Gahaman ba siya sa pera?
Philiipe: Ahhh, ganoon pala yun?
Emmanuel: So, pag dinonate mo, parang ano na yun you consider it as talagang hindi na sayo
Philippe: That’s quite, that’s great insight not everyone knows this
Emmanuel: Yeah, yeah. And ano, yung insurance dun bro, pwede din siyang equalizer for estate, For example bro, ganito, you have 3 kids so yung and then you have 3 properties yung unang property 10 million, yung isang property 15 million, yung isang property 20 million. Paano mo siya pagpapantayin?
Kasi hindi pwedeng, ano diba yung iba ginagawa nila corporation pero yung nagiging downfall naman nun or challenge naman nun kailangan dun sa family corporation pag magbibenta everyone should be agreeable to sell the property.
Emmanuel: Ganun siya Hindi pwedeng merong mag-object. That’s why kung may kita mo kung minsan sa EDSA may mga property na underdeveloped or dilapidated Some of these are properties sa family corporation na naging infighting pa kung ibibenta or hindi yung property nila so ganun parang naka tenga lang
Philippe: Stagnant
Emmanuel: So 10, 15, 20, How can you make it equitable?
So pwede kang bumili ng insurance sa sarili mo yung 10 million, siya yung beneficiary for a 10 million policy and then for the 15 million, bibili ka ng 5 million policy na insurance coverage, siya yung beneficiary, so naging 20 million lahat sila
Philippe: Wow, that is a nice
Emmanuel: So parang equalizer din siya yung insurance. Marami kang pwedeng gawin sa insurance, yun lang no kumbaga hindi kasi lahat ng tao nagiging aware or again, even the financial advisors hindi lahat have the knowledge to be able to suggest all of these things
Philippe: It’s quite interesting because not many, I’ve met a lot of financial advisors like literally a lot.
Magnet ako ato sa mga I’ve never heard such advice. Maybe it’s because based on their experience, hindi pa nila pinagdaanan or it wasn’t really part of what they were educated about.
But for you you’re very well aware of what’s going on and that advice on how using insurance just to ensure your power of your properties and your finances is on a different level talaga, and i think..
Emmanuel: I think, sorry. I think, it’s important for a person to go for continuous knowledge, continuous learning, so I attended intermediate or advanced courses to be able to deepen my knowledge. Knowledge base for insurance.
So kailangan talaga bro, I mean in business in general you should treat this kumbaga your best investment or your best asset is yourself. So kailangan in-nurture mo yung sarili mong you’re your best asset.
Emmanuel: So kailangan in-nurture mo yung asset na yun So you have to let it grow you know deepen your knowledge, your skills and everything. Kasi ako for me this is going to be my lifetime business.I have, I have other endeavors, business endeavors but it’s really revolving around finance talaga.
Philippe: And for the typical Filipino sabihin natin an OFW, because them watching this conversation they feel like, wow, usapan ng mga mayayaman daw to and they have there’s that misconception na insurance para lang sa mayaman. So what if sabihin natin si nanay OFW nasa sabihin natin sa Kuwait siya, what would your advice for her be to start with insurance
Emmanuel: So actually bro yung OFWs are really underserved in terms of financial planning. I have a friend na nascam siya recently So parang hindi naman siya malaking amount no. Pero parang it really is a is an evidence na ang daming miscommunication or misinformation that is going around for our fellow OFWs.
And the sad part is that sila nga yung nagdadala ng pera dito sa Pilipinas eh, through remittances diba OFWs and BPOs they are the main drivers of the economy. So so for the OFWs it’s really very important for them to plan, especially for the time na hindi na sila magtatrabaho sa abroad.
Emmanuel: So of course, habang nagtatrabaho sila sa abroad kumikita sila ng sizable amount of money na pinapadala dito. So ang important is that yung pera na yun, hindi lang siya para sa ngayong panahon dapat magtabi for them to be able to plan for their retirement because as an OFW, contractual kaya eh.
So most of the time wala siyang any retirement funding.So yun ang kailangan mo paghandaan. So the same din naman with all Filipinos eh. Anong kailangan mo paghandaan? Number one is retirement. Number two is if you have kids, their education.
Emmanuel: Number three is medical funding or health funding depende yun hindi siya set in stone yung priorities but basically you need to prioritize among these three things kung ano yung number one na pinaka-importante sa’yo at this point. For me nga at this point is really health funding eh,
kasi alam naman natin dito sa Pilipinas hindi masyadong malalim yung support system for health unlike in other countries like PhilHealth would only cover 10 to 20 percent of your bill. So kung 100,000 yung ginastos mo sa hospital 10,000 to 20,000 lang yun, anong mangyari dun sa 80,000?
Emmanuel: So if you don’t have an HMO or a critical illness fund, ikaw yung mag-shell out nun. Yung 80,000 na yun, dapat para sa retirement mo yun or dapat para sa tuition fee ng anak mo. So that’s the sad part. Kailangan talagang for the OFWs na paghandaan yung kanilang planuhin na nila yung pagbalik nila dito. So think of their health funding, think of their retirement funding and kasama na rin yung education funding for their children.
Philippe: For the typical OFW makaano dapat itabi nila? Kasi we know they’re guilty na lagi silang ganito, pag sumaho na sila, pinapadala lahat. Tapos pag uwi nila ng Piinas, wala ng natira. Either ginamit sa ibang bagay, pinagawa daw yung bahay pero hindi pa tapos, anong nangyari? How much.
Emmanuel: Napunta sa lechon
Philippe: Sa alak, sa libre, sa celebration. So for a typical Philippine, let’s say sabihin natin domestic helper in Hong Kong ang range kasi ng salaries these days kasi hindi siya, alam ko from 500 depending na to, starting 500 US dollars kung swerte sila up to 1,000 So makaano dapat itabin nila?
Emmanuel: Ano bro, percentage wise na lang tayo mag-usap kasi yung absolute amount, iba iba yun tas yung range ng salary. So the advice para magtabi for your insurance and savings 10-20% of your annual income.
So basically yun yung benchmark mo or para simple one month salary, yun. if you’re earning, earning for 12 months, that yung one month na salary, itabi mo na for your future at the very least. Kung single ka dapat mas malaki pa.
Philippe: Pwede
Emmanuel: Oh kasi kapag single ka, wala ka pang pamilya eh. Diba? So dapat that’s the best time for you to be able to save up for yourself. So when you’re single when you’re in your 20s you still have more capacity eh and then wala ka pang any dependents na wala ka pang binabayaran na diaper or gatas and everything, diba?
So you can actually do even 30% of what you’re earning, i’save mo either for insurance or savings fund to be able to, para pag nag-asawa ka na tapos ka na sa plano mo. Most likely, diba?
Emmanuel: So instead na for example, you start at 25 and then you get a plan na for 10 years, 35 years old by that time, dun ka palang mag-asawa or nasa early stage of the marriage ka tapos na yung plan mo, secured ka na for the rest of your life.
Philippe: We need to educate 20 year olds to do that
Emmanuel: sa mga millennials, Ano nga ba yun, Gen Z
Philippe: Gen Z
Emmanuel: Gen Y.
Phillipe: Eh tong mga to, cause they’re 20 plus, they have no idea how to handle their finances. That’s the first reason. They don’t have a family. But actually, that’s the best time. Especially for the insurance products. It’s cheaper when they’re younger.
Emmanuel: I see. Yes, yes. It’s really based on mortality. The possibility of passing away. And we all know that when you’re na sa ano nasa mature age ka na, you’re more prone to mortality or getting sick and everything. Kaya mas mataas yung premium. So the best talaga na panahon is during your 20s.
You start on your insurance fund. It doesn’t matter how much. Basta masimulan mo lang siya and then build on it through the years. So Bro, 20’s ka pa lang
Philippe: Wow, wow, thank you.Wow, wow, wow.
Emmanuel: Oo,
Philippe: Sana. Sana, sana.
Emmanuel: Dapat nag aano ka, nag accumulate ka pa.
Philippe: Dami kong na accumulate na expenses.This is a great conversation. We’re learning a lot from a real financial advisor. Because to be honest, it’s nobody. Either they don’t have the knowledge or they don’t want to share it.
And because for the typical Filipino, wala silang alam. And when you said like in Japan, Hong Kong, Singapore, mandatory ang insurance? Or is it just a culture-wise thing?
Emmanuel: It’s not mandatory. It’s really cultural. Like as I said, in Japan, more than 90%. Baka nga 95% or 99% are insured by more than one policy. Two policies, three policies. The same in Taiwan.
May theory nga akong naisip ngayon eh, world War. Because, siyempre, Japan was one of the hardest hit nung ano. And they saw kung gaano nag struggled yung economy nila nung time na yun. So that’s why, siguro because of that
Philippe: Naging ano na siya
Emmanuel: Eh tayo din naman, ang dami ding worst na pinagdaanan, we also had the World War II. Pero di tayo nadala sa pinagdaanan natin non.
Philippe: I think with our politicians, di nadadala eh. We keep voting for the same ones.
Emmanuel: Agree, agree.
Philippe: Diba
Emmanuel: So yun, Bro. Ang kailangan natin. And it’s a movement. That’s why, you know, when you invited me, parang pag may nag invite sa akin to talk about insurance and finance, I say yes. Because it’s part of my advocacy. This is more than just a business for me. This is really a mission. To be able to, you know, spread awareness among our fellow Filipinos.
Philippe: And that’s great to know because we need more people like you to help us rise from… I don’t believe the Philippines is in poverty. I don’t believe it at all. What I believe is that there’s a big influence that’s oppressing the Filipino people in getting to their potential ability of doing great things.
Emmanuel: Yeah, yeah, yeah.
Philippe: And, of course, I don’t want to get into politics, but based on what happened last year with billions going into pockets of politicians, it just shows that we’re rich.
Emmanuel: We’re rich, actually.
Philippe: We’re very rich.
Emmanuel: Kasi bro, nasa ano tayo ngayon, nasa demographic sweet spot tayo. When you say demographic sweet spot, more than 50% of the adults are working. So ibig sabihin non, so all of these is working, all of these are paying taxes. So the government is really you know, raking in a lot of taxes.
So supposedly, bro, pag nasa demographic sweet spot ka, yung Japan, Korea tapos na sila sa kanilang demographic sweet spot. Yung growth spurt of the economy should be mataas, during the demographic sweet spot. So right now, yung growth natin is not as fast as when you know, Japan and Korea and the other ASEAN nations were in that sweet spot. I think it’s really…
Emmanuel:I don’t want to point fingers, pero yung government is a big factor, kung paano, kung paano minomobilize nang government yung mga funds na yun to be able to help the public improve the economy.
Philippe: I should agree with you because it all starts from up there.
Emmanuel: Yeah, yeah.
Philippe: And if up there is not as good as we expected, wala nang mangyayari sa atin.
Emmanuel: Kaya ako, parang, you just, I still love the Philippines despite its flaws and everything. Dito tayo pinanganak, dito tayo nilagay ni Lord, eh. Pinanganak ni Lord.
So you just do what you can as a private citizen to be able to… That’s why, yung nga, as I said, we’re doing what we can to be able to educate our fellow Filipinos about saving, about risk management, and everything.
Philippe: Risk management. Let’s talk about that.
Emmanuel: Oh, sige.
Philippe: We’re very risky as citizens. Or maybe we’re exposed to a lot of risk.
Emmanuel: Yes, yes, yes.
Philippe: Especially here in Metro Manila. We have construction everywhere. We have, basically businesses that is with high-risk. BPO.
Emmanuel: Yes, yes, yes.
Philippe: Because they work at night. So meron din, I think meron silang take-home risk. What’s that? What do you call that? There’s a category.
Philippe: Hazard pay.
Emmanuel: Hazard pay.
Philippe: Yun pala, matagal na yun.
Emmanuel: Ano yun, magkabaliktad yun ano nila, yung working cycle nila.
Philippe: Yes.
Emmanuel: So, so it’s a, runs counter to our… What do you call that? Circassian, ano ba yun.
Philippe: Circassian rhythm or timing. Mga ganoon. So they have that. Not only that, that we have, of course, pollution and everything. And right now, there’s the risk of mental health.
Emmanuel: Yes, yes, yes.
Philippe: What are your thoughts on that? Do you think it’s… From what I know, I’ve seen… I’ve done research. I’ve seen stats. Mental health is just… It’s growing, growing.
Emmanuel: Yes, yes, yes.
Philippe: It’s very unstable.
Emmanuel: Yeah, correct.
Philippe: And I don’t think, in terms of our Department of Health, I don’t think they’re rampant about the idea of the increase. If someone is exposed to, let’s say, mental health issues, are they insurable? Because I know, diba, when it comes to insurance…
Emmanuel: May risk.
Philippe: The risk factor is… Diba, if you’re exposed to a lot of risk… If you’re suicidal, if you’re mentally unstable, you can’t get insured. Tama, right? I mean, to our citizens, what is the balance there? What do you think should happen in order for everyone to be insured?
Emmanuel: Yeah, yeah, yeah. So I’d like to start first by identifying the three main risks sa buhay natin. And no one can escape from these three risks. The first is, you die too soon. So you’re the breadwinner of your family, yung mga anak mo, three years old, may bagong pang panganak, and everything, and then you’re taken out of the picture.
Like, for example, binagsakan ka ng. Diba meron sa, recently, may nag fall na ano something, and then wala na yung ano. So, anyway, so stuff like that. You die too soon. Without your family finishing their dreams yet. And then the next naman is yung kabaliktaran, you live too long. So this is another problem.
Emmanuel: Yeah, this is a problem kasi, bro, yung, based on eto facts to ah, yung average savings of Filipinos when they retire is only 3.6 months of their salary.
Philippe: Oh my!
Emmanuel: So for example, bro, mag re retire ka nang 60 years old, tapos yung sweldo mo at that time is P50,000, for example. Yung average savings ng Pinoy, well, in that case, P150,000 lang yung savings mo. Eh, gaano pa kahaba yung buhay mo.
Yung age of mortality of Filipinos is 76 years old. So 16 years old ka, bro, naka asa sa anak mo, sa mga kapatid mo, sa asawa mo. So that’s the sad story. Kaya meron tayong tinatawag na Sandwich Generation. Narinig mo na ba yun? Di pa?
Philippe: Enlighten us.
Emmanuel: Sandwich Generation. Ikaw yung palaman, ini ipit ka ng pangangailangan ng parents and siblings mo. And then you totoong pamilya mo, yung wife mo, your spouse and the children. So it becomes like a vicious cycle.
You’re not able to provide the best for your children kasi laging mong iniisip yung parents mo. Since yung children mo ganoon yung kinagawian, ganoon siya. So parangcit becomes like a vicious cycle. So what we want to do is to be able to break free from that vicious cycle.
Emmanuel: It starts with the current generation, the working generation right now, becoming self-sufficient when they retire. So that when we’re self-sufficient, we don’t give the burden anymore sa ating mga anak na umasa sa kanila. And they’re able to give the best for their children, and so on and so forth. It becomes now a virtuous cycle instead of a vicious cycle.
So yun yong living too long. Bliness ka ni Lord ng napaka habang buhay, pero yung retirement plan mo is 3.6 months. And yung pangatlong risk, bro, is being seriously ill before you pass away, which andami ngayon eh. Kaliwa’t kanan nakikikita ko, condolence, i miss you, ganun ganun, sa facebook, diba?
Emmanuel: So yung first na thought ko is that or yung nga na nagkakasakit, please pray for me, and then yun nga, meron mga ito yung Gcash ko, ito yung GoFundMe ganun, And when I see that, nalulungkot ako kasi parang ibig sabihin wala silang any other vehicle to be able to support the medical funding of that person. So kailangan prepare tayo doon sa tatlong risk na yun.
So if you die too soon, dapat meron kang coverage. Ah alam natin na hindi, hindi di ka marereplace as a person, pero at the very least, your financial capacity should be replaced. So that hindi mag suffer yung pamilya mo. If you live too long, kailangan meron kang vehicle for yourself that will support you in your golden years.
Emmanuel: Kaya nga golden eh. Kasi supposedly these are the best years of your life, pero for a lot of people, di na naging golden. And then thirdly, is if magkaroon ka ng sakit, you should not be a burden to your family. Wala dapat yung GoFundMe, eto yung GCash namin, and everything. So basically, yon yung kailangan mo paghandaan.
Especially when you’re living in the Philippines, mas, mas risky dito mabuhay. Mas risky mabuhay. Kasi nga when you, especially when you get sick, yung government support is not as comprehensive as in the other countries. So having said that, if you have a risky job, then all the more, dapat mag ano maghanap ka ng something that can insure you.
Emmanuel: Yung mga jobs naman, bro, most of the time, insurable naman. Except for example, kung siguro construction worker ka, ganun and everything, super ano na yun, pero, may added premium ka lang naman na idadagdag sa premium mo to be able to avail of the insurance.
Or meron lang mga, for example, accident benefits na di pwede idagdag sa plan mo if your occupation is too risky. With regards to mental health, actually there are some people na na de declined or na po postpone because they have mental health issues.
Philippe: How can you tell, let’s say if someone wants to get insured, how can you tell na unstable? May medical, do they need to do a certain medical test to go through that? Or a psych test?
Emmanuel: May medical questions pag when you’re applying for insurance, and you have to be, you know, transparent if meron kang mga mental health problems. Kasi in the future, pwede din yung hindi mabigay yung benefit mo kung meron kang withhold na fact dun sa application .
Philippe: I see. Eventually, ire refund if they find out.
Emmanuel: Hopefully, with ano, like for example, meron ngayon bago, bro, na pinasa na bill yung National Autism Act. Last month lang siya or this month lang siya na approved. One of the sections there is that ano,
Para magkaroon ng equitable opportunity for people with autism to be able to avail of insurance. So hopefully, with this landmark act, other people with mental health issues will be able to also get, you know, insurance na hindi na nila maiisip kung madedecline sila or something.
Philippe: That’s good news.
Emmanuel: Yes.
Philippe: Wow. Well you’re about to have moment yan ah. That would be great, lalo na for autism children.
Emmanuel: Yes, yes.
Philiipe: Oo naman, dumadami actually sila.
Emmanuel Yeah, yeah..
Philippe: I don’t know what’s going on. Maybe, it’s just sad, dumadami sila. That was such a great conversation, bro. It’s very insightful. I never thought that there’s so much. I never thought that it’d be so risky living longer.
Emmanuel: Pero totoo, diba?
Philippe: I never thought. Usually, pag na aksidente ka, pag maaga ka namatay, illness, but living too long? Oh my God.
Emmanuel: It’s a risk. For example, ano, yung buhay ngayon, because of ano, siguro one of the things na kailangan natin i’factor is that I think, in the next 5 years, there will be like a cure for cancer. In the next 5 to 10 years. So pag ganoon, hahaba na yung buhay mo pag nagkaroon ka ng cancer pwede kang gumaling.
Emmanuel: Ngayon kasi, pag may stage 4 cancer ka medyo slim na yung chances mo, pero with ano, pwedeng humaba buhay mo. Tapos ngayon, bro, meron ng, meron ng mga tiny robots na nag u’unclog ng ano,
Philippe: Arteries
Emmanuel: Yung arteries mo. So if meron kang heart disease, pwedeng, pwedeng humaba pa ang buhay mo. And then with diabetes, Sorry, andami kong,
Philippe: No, no, it’s great. It’s great.
Emmanuel: Mga trivia. May nabasa ako in Germany, there’s actually already a cure for diabetes.
Philippe: Wow, look at that. Sana meron din tayong ganiyan. Philippines, cure for?
Emmanuel: Corruption. Sana kung pwede si ano nalang, si, ano nga pala tawag nun, si ano, si Thanos. Ganun lang tayo.
Philippe: Naku
Emmanuel: Naku baka ma ano yan, Aryans, ganoon lang tayo mawala lahat ng corrupt
Philippe: Pero magaling tayo ganiyan lang, nawala yung pera. Yun lang yun budget natin.
