As the holiday season focuses on gift-giving, a leading financial executive highlights a more enduring present for Filipino families: long-term financial security through life insurance.
The Essential Safety Net: Why Every Breadwinner Needs a Plan B
Renato A. Vergel De Dios, President and CEO of BDO Life, is championing a crucial message for Filipino households. He stresses that while a breadwinner is the family's primary source of income, or "Plan A," they must also establish a "Plan B" to safeguard their loved ones against life's uncertainties.
"Your most valuable asset is your ability to earn," Vergel De Dios stated. "But because we never know what tomorrow brings, your family has to have a financial net, a back-up—a Plan B." He identifies life insurance as the fundamental instrument to protect this asset, ensuring the family's continuity if the primary income unexpectedly stops.
Drawing from personal experience, the CEO explained that life insurance performs three critical functions: it settles outstanding debts, covers final expenses, and provides a continuing income stream for the family left behind. "Ang pamilya mo ang nangangailangan ng Plan B," he emphasized, framing it as a selfless act of love.
Dispelling Myths and Overcoming Hesitation
Despite its importance, many Filipino breadwinners remain without life insurance coverage. A BDO Life market study revealed the top barriers: tight budgets, more pressing immediate needs, and the pervasive belief that insurance is costly and only for the wealthy.
Vergel De Dios directly counters this notion. "That's a myth," he asserts. "Insurance has never been primarily for the rich. It's for those who need to go to work every day to provide for their families." He clarifies that pure protection plans are affordable and that costs increase only with added living benefits.
He also points to a cultural hesitation to discuss topics like illness, death, or financial hardship as a significant obstacle. Overcoming this silence, he says, is the first step toward genuine financial security.
BDO Pay: Simplifying Holiday Finances with a P500 Cashback
Separately, BDO is also helping Filipinos manage their festive season finances with its digital payment app, BDO Pay. The app aims to reduce the stress of holiday shopping by enabling cash-free payments directly from BDO accounts.
From October 15, 2025, to January 15, 2026, users can enjoy an exclusive promotion. By reaching a cumulative spend of P50,000 using BDO Pay, they will earn a P500 cashback.
The app facilitates various holiday activities:
- Festive Shopping: Pay securely at malls and stores without cash.
- Celebratory Dining: Split bills easily using QR payments.
- Sending Gifts: Transfer money instantly to any BDO account with zero fees, or send a QR code for cash withdrawal at ATMs.
- Travel: Reload RFID or toll accounts directly through the app.
Vergel De Dios's advocacy and BDO's digital solutions converge on a central theme: proactive financial management. He urges breadwinners to view life insurance not as an expense, but as the ultimate gift of security. "It is the most selfless purchase a man can make for his loved ones. It's a gift that keeps on giving," he concluded.
Interested individuals can visit any BDO branch to speak with a BDO Life Financial Advisor or use the online "Get a Quote" tool at www.bdo.com.ph/bdo-life/get-a-quote to explore plans suited to their budget.
