Health security, business endeavors among Filipinos’ top priorities — BCG

By Chloe Mari A. Hufana, Reporter

HEALTH SECURITY and business endeavors are among the top priorities for Filipinos in October 2024, according to a study by international firm Boston Consulting Group (BCG).

In a study published on Tuesday, BCG found that 58% of Filipinos ranked financial security for health services as a top priority.

“What we’re getting is they appreciate that there is [the Philippine Health Insurance Corp.] (PhilHealth), but in terms of how they feel fully protected, it’s not there yet, and that’s why many have kind of gone into more private health insurance,” Julian L. Cua, BCG Managing Director and Partner told BusinessWorld in mixed English and Filipino on the sidelines of the “The Filipino Dream” launch in Taguig City.

“We do want to acknowledge that there’s been a lot of improvements in PhilHealth for the country, but then, there are still some ways where it could make people fully protected,” he added.

The study, which surveyed a market-representative sample of 1,500 respondents, provides a glimpse into the aspirations and hurdles faced by Filipinos today.

While this is the inaugural iteration of the study, Mr. Cua said the aftermath of the coronavirus pandemic might have affected Filipinos’ perception of health security.

“We do believe that COVID-19 has made an impact in terms of raising awareness because…if they got sick or they bought something, they have to make a lot of payments. So, they’re unable to pursue other dreams because they’re making payments to support themselves or their family in terms of medical bills,” he said.

Following health security, 56% of Filipinos said they aspire to start their own businesses.

Lance P. Katigbak, BCG’s Principal, said respondents equated having businesses to financial freedom and having more control of their time.

He said most of the respondents aimed to establish traditional business ventures, such as retail and food and beverage.

“They’re opening these traditional businesses because they feel perhaps that they can help the community, and that it’s a way to have added income. It’s a way to help them achieve their dreams for themselves and for their families,” he said during the briefing.

Mr. Cua said this highlights a sense of optimism among Filipinos as they aim to feel independent and empowered.

“The pandemic also appears to have influenced this shift, prompting many Filipinos to explore side gigs and alternative employment opportunities,” he told BusinessWorld, noting the rising trend of business registrations from the Department of Trade and Industry.

Mr. Katigbak, meanwhile, said one of the reasons why Filipinos want to start a business is due to their low trust in government institutions and their trust in the private sector being medium.

“But they have a lot of trust in themselves. They have high trust in their education, their healthcare and their ability to get things done. So it’s like their own effort, that’s why they feel the need to start a business because they feel that they cannot rely as much on their job or their employer to fulfill their own needs,” he told BusinessWorld.