Millennials are becoming the primary growth engine for the Philippines' pre-need industry as younger Filipinos increasingly adopt advance memorial planning, according to top industry stakeholders. Cosmopolitan Funeral Homes Inc. chairman and president Renato Dychangco noted a cultural shift, with Filipinos becoming more open to discussing death and preparing for it.
Changing Attitudes Toward Death
“People have changed and accepted these things because, in reality, we all have to face them. Preparing for any eventuality helps ease the financial burden on the family left behind,” Dychangco said during the company’s 75th anniversary celebration on June 6, 2026.
Cosmopolitan partnered with cooperative-backed Cosmo Climbs Life Plans Inc. (CCLPI), marking what Dychangco described as the first collaboration between a private funeral service provider and the cooperative sector in the Philippines. This partnership gives Cosmopolitan access to a network of about 4,700 affiliated cooperatives nationwide.
Millennial-Focused Payment Plans
CCLPI president Mansueto dela Peña said the company introduced seven-year and 10-year payment terms after a market study revealed that millennials account for approximately 45 percent of the cooperative sector’s membership. “We have undergone a study on the millennials. Based on the cooperative sector, the millennial group is very receptive, which is why we launched longer amortization periods of seven and 10 years,” dela Peña said.
He added that many millennials are purchasing life plans not only for themselves but also for their parents, noting that the plans are transferable and assignable. CCLPI now has more than 52,000 plan holders nationwide, with plans valued at about P2.1 billion. Monthly premiums start at P540 for a memorial plan with benefits worth P60,000, with coverage that can be increased to as much as P1 million.
Digital Investment and Regulatory Stability
Dela Peña said the company invested heavily in digital payment and monitoring systems to make premium payments more convenient and transparent for clients. Dychangco noted that the pre-need industry has become more stable after tighter regulation by the Insurance Commission, with only about 14 to 15 licensed pre-need firms remaining from more than 100 companies previously operating in the country. “The Insurance Commission tightened regulations to protect the public and ensure companies have the necessary funding to honor future claims,” he said. He also cautioned the public against informal memorial contribution schemes that operate without regulatory oversight or trust funds.
Cosmopolitan Legacy Museum
As part of its diamond anniversary celebration, Cosmopolitan opened the Cosmopolitan Legacy Museum, which chronicles the company’s 75-year history through photographs, historical artifacts, stories, heritage pieces and memorabilia documenting the evolution of funeral care in Cebu. The museum also aims to encourage more open conversations about death, remembrance and legacy, while promoting the importance of advance planning and compassionate end-of-life care.
