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As we were browsing entries in Facebook, we came across this article entitled "Philamlife lures Pinoys with new insurance-investment schemes." Here's an excerpt from the news article:
Philamlife Lures Pinoys with New Insurance-Investment Schemes
by Edgardo Tugade December 3, 2012.
The Philippine American Life Insurance Co. (Philamlife) on Monday said it was mostly foreigners who took advantage of the growing Philippine economy by directly investing in industries, while Filipinos kept their money in low-yielding accounts.
Thus, the insurer is introducing new products to help Filipinos benefit from the economic growth of 7.1 percent as measured by the gross domestic product in the third quarter, the fastest growth in South East Asia.
The company is promising returns of at least 8 percent in an insurance and investment plan.
Rex Mendoza, Philamlife president and chief executive officer, said most Filipinos placed their hard-earned money in savings or time deposits which earn 0.375 percent and 2.75 percent per year, and cannot even catch up with the benign inflation rate at 3.1 percent.