As part of its commitment to advancing financial inclusion and providing insurance for all, regional insurtech Igloo has partnered with consumer finance platforms in the Philippines to offer gadget protection products to shoppers. Igloo aims to extend access to insurance products and streamline the process of protecting items purchased through digital loans or alternative financing, whether online or in-store, providing consumers with a more accessible and convenient means to secure their purchases effectively.

“While the Philippines has made notable strides in financial inclusion, a considerable portion of the population remains unbanked. This translates to the inability to establish a credit history, which is essential for accessing financial products such as credit cards and loans,” said Roberto Vea, Commercial Lead at Igloo Philippines. “This is why the consumer lending industry has risen by leaps and bounds–it caters to the needs of the unbanked population by providing alternative financial solutions such as digital loans that do not rely on traditional banking infrastructure."

Lower barriers to entry, competitive interest rates, and simplified application processes have facilitated Filipinos' access to crucial loan products, driving the popularity of installment financing and buy-now-pay-later (BNPL) schemes. BNPL, in particular, is forecasted to reach US$2.29 billion by 2024. Many of these loans are facilitated in physical retail outlets, offering consumers the flexibility to make purchases and arrange financing conveniently in-store.

"At Igloo, we firmly believe in being where we can impact consumers most. That’s why we partnered with leading digital lending companies Skyro and Salmon alongside Etiqa to develop a product designed to protect installment purchases and ensure accessibility wherever our customers are,” Vea explained. “Now, they can protect their purchases wherever they buy it–whether through online merchants or offline stores, we’re giving them the peace of mind they deserve.”

In partnership with Etiqa, Igloo has introduced innovative products like Gadget Protection, Loan Protect with Skyro, and Loan Protect with Salmon. Soon, Salmon, Etiqa, and Igloo will also launch Accidental Damage and/or Liquid Damage, along with Extended Warranty products. These offerings provide comprehensive protection for customers' purchases through consumer finance platforms.

These products provide extensive coverage for device repairs, replacements, and loan repayments in the event of unexpected incidents that impact the customer. These protection products are available in top mobile and appliance stores nationwide.

The process is simple: when a customer purchases a device, the insurance product is seamlessly integrated into the client's loan amount. This integration ensures that premium payments are effortless, hassle-free, and budget-friendly.

Once the policy is active, Gadget Protection will step in if the consumer faces device issues requiring repairs or replacements. The policy covers the costs associated with these services, providing the customer with peace of mind and financial security.

“We are committed to our mission of providing ‘insurance for all’ and that includes safeguarding purchases made by an underserved sector because it offers a layer of financial protection that they may not otherwise have access to. We will continue to work with our partners to develop products that cater to the diverse needs of the people we serve,” Vea ended.

Learn more about Igloo’s products by visiting iglooinsure.com

Cha-ching! Well, it that was the iconic sound of the cash registry, when you're having money coming it make a sound of Cha-ching. It is more like "cashing-in" but anyway I'm just creating a trivial information that I don't really know if it is trivial or not but what I currently know is that Pru Life UK made something about that cha-ching thing. Yes, the company just launched its “Cha-Ching Kid$ at Home,” it's an online resources to help and encourage Filipino parents to teach key money management concepts to their children at home. This initiative was developed by Prudence Foundation, the community investment arm of Prudential in Asia and Africa.

Since, physical events are not yet allowed Pru Life UK did an online zoom conference and invited media and bloggers to get a word out and of course to share what is the project is all about.

According to the latest financial literacy report published by The Organisation for Economic Co-operation and Development, 94 percent of students said they get information about money matters from their parents[1]. However, parents may not know how best to teach this subject to their children.

Designed for children aged between seven and 12, the “Cha-Ching Kid$ At Home” materials guide parents on teaching key money management concepts – Earn, Save, Spend, and Donate – in an interactive and engaging way. Based on the Cha-Ching curriculum, each guide directs parents to a relevant Cha-Ching music video, key topics for discussion, and activities to help their children put learning into practice. The parent guides are downloadable for free on the Cha-Ching website and can be viewed online or printed out.

In addition to the parents’ guide, Prudence Foundation is also rolling out Cha-Ching daily challenges, which include activities or discussion pointers, posted on the website every weekday of June. Each challenge takes approximately 15 minutes to complete, aiming to encourage parents to incorporate discussions around money with their children as part of their daily life.

The guides are in English and will soon be translated into Filipino versions.

“We noticed that the global COVID-19 pandemic has significantly changed the ways children learn and interact with their parents, and we understand the important role that parents play in promoting continued learning of their children. Through providing fun and engaging ‘Cha-Ching Kid$ at Home’ materials, Prudence Foundation aims to promote discussions around responsible money management skills among families in the region. This initiative is particularly relevant and important as many schools across the Philippines remain closed due to the pandemic,” said Prudence Foundation Executive Director Marc Fancy.

Meanwhile, the Cha-Ching website also contains a resource center where teachers can easily access the digitized version of the Cha-Ching curriculum teaching materials for self-study or review. Educators can simply log onto the Teacher section of the Cha-Ching website to download the Cha-Ching curriculum’s master list of teaching aids, session implementation video guides, music videos, and comic books on their personal electronic devices. Cha-Ching teachers can also freely equip themselves with materials of the in-class and take-home activities that they can repurpose for their students.

This initiative will help expand the reach of Cha-Ching across the Philippines and promote money-smart knowledge among students.

Cha-Ching is a financial literacy program designed for children aged seven to 12. It aims to instill the knowledge, tools and practices needed to help a child become financially responsible.

Cha-Ching is created as a series of music videos and comic books developed by Prudence Foundation in partnership with Cartoon Network, and Dr. Alice Wilder, a renowned education specialist. The program comprises a structured school curriculum incorporating activity-based learning and has been rolled out in Asia with Junior Achievement, one of the world’s largest youth-serving non-government organizations. The Cha-Ching Curriculum is currently being implemented in schools across Asia and Africa.

What is P2P Lending?

Peer-to-peer lending, also known as P2P lending, is a system where borrowers and lenders can directly coordinate with one another. When it comes to P2P lending platforms, they act as middlemen that offer different kinds of P2P loan investing opportunities. Moreover, if you are planning to either invest or borrow money through P2P lending platforms, it is crucial that you understand how each type of loan is subjected to different risk profile and return.

Over the years, the number of companies that have taken on the role of an intermediary between borrowers and lenders has drastically increased over the years. Nevertheless, there are two types of P2P lending websites.

The first one is P2P lending marketplaces wherein several loan originators are grouped under one platform or website. The second type if P2P loan originators who directly engage with both lenders and borrowers.

What is the Difference Between P2P Lenders and Traditional Banks?

There is a reason why the P2P lending system still exists to this day. While it is true that an economy cannot function without banking services, this doesn’t mean that it cannot survive without banks.

With that in mind, P2P lending provides both borrowers and lenders an opportunity to raise and acquire funds through technology. In addition, the P2P lending system is known for providing higher interest rates at the price of risk.

Today, P2P lending is now tapping into various niche markets which were previously restricted to banks. You see, P2P lenders can still operate from small premises as compared to banks that are tied up to a lot of capital. P2P lending is a form of investment while bank deposits are a way to save money.

In addition, there are also certain risks applied when it comes to P2P lending. For one, bank deposits are guaranteed by the Government, whereas, P2P lending is not. Bank deposits are also subjected to a number of local laws, which is a way to reduce withdrawal rates at times of economic crisis. For P2P lending, this factor doesn’t exist.

Nevertheless, more and more people are engaging in various P2P lending transactions for a number of reasons. Here’s why you should too!

Top Reasons to Invest in P2P Lending

• Fast and easy

One of the popular reasons as to why people are investing in P2P lending systems is because the process is very fast and easy. Since everything is done online, you no longer have to spend so much time, effort, and money to go to the bank.

P2P lenders will only require you to fill out an online application form, which takes about a few minutes to accomplish. This level of convenience provided by P2P lending platforms lets you avail of a loan wherever and whenever as long as you have your device and internet connection.

• Monthly cash flow

With P2P lending systems, investors are given regular cash inflow into their account on a monthly basis. This is a feature that is not present in traditional methods of lending money.

• A variety of options in lending

There are a number of P2P lending companies that offer both the borrower and the lender various loan options. As a lender and an investor, you can choose to lend your money to an individual, a well-established business, or an organization.

• Better rates of return for your money

Do note that 0.25% is the average rate for a typical bank savings account, and this is per annum. Let’s try and do the math:

If you invested a total of Php 100,000 through a bank savings account, then your return on investment (ROI) is only Php 250. On another note, if you invest the same amount through a P2P lending platform with an average return rate of 10% up to 15%, you will get an ROI of Php 10,000 in a year.

Remember, when it comes to investing, the higher the risk, the higher the chance you will get a better ROI; this chance is provided to you by the P2P lending system.

• The option to diversify your investments

Another common tip when it comes to investing is to always diversify. Never put all of your eggs in one basket. The P2P lending system provides you with this opportunity. You can easily diversify your investments to reduce the risk.

A P2P lending platform allows you to lend money across different loan types. With a diversified portfolio, you can make use of the law of averages. If you invested in three loans, one of which resulted in a negative ROI, the other two winning picks can easily even out that one loss.

• Passive income stream

If you invest your money through a bank or a credit union, that money is essentially tied, especially if you are just starting out. This is the type of investment wherein you have to sit and wait for it to accumulate over a period of time to ensure significant returns.

On the other hand, P2P lending platforms provide you with the opportunity to earn potential passive income streams through a monthly payout.

• Low barrier entry investment option

The entry point for most banks is too high for someone who is just beginning to learn the ropes of investing. For P2P lending platforms, you can start investing for as little as Php 5,000. With this amount, you can fund loans from borrowers and start earning your ROIs by the next month.

The low barrier entry investment option that is provided to you by P2P lending platforms sounds enticing for beginner investors. If you are in this position or if you want to test out the waters of high stakes investing, much like that of stock trading, you can try P2P lending platforms to get the feel of things.

• Faster in reaching significant gains 

As explained earlier, if you invest in banks or credit unions, you will need to sit and wait for your ROI to accumulate. On top of that, the yearly ROI ratio is quite low as compared to what you can earn through P2P lending platforms.

Furthermore, P2P lending allows you to build up your assets and earnings at a faster turnaround time as compared to when you invest in mutual funds or a regular banks savings account.

When was the time you found your perfect match? Well, in life, we all been looking for that perfect match and I had found it. This June, celebrates the what you call Financial Independence Month, so HAVE YOU MET YOUR PERFECT MATCH?
With the rise of do-it-yourself financial planning, more Filipinos can now take charge of their hard-earned money. But despite the growing information and advice on personal finance, many still lack an investing mindset. This means looking beyond traditional savings instruments to achieve future goals. In fact, Sun Life’s SOLAR (Study of Lifestyle and Relationships) reveals that only 38% of Filipinos are willing to take investment risks in order to earn more and that only 8% actually invest. Furthermore, only 16% claim to have life insurance despite 88% of Filipinos worrying about their financial situation in case something happens to the breadwinner.

Clearly, many Filipinos still need guidance and advice on how to achieve lifetime financial security. A role that a Sun Life Financial Advisor can fulfill with their professionalism, a caring attitude, a winning mindset, and an inspired vision.


It’s a brilliant match!

In time for the Financial Independence Month of June, Sun Life puts the spotlight on the value of meeting a trusted financial partner via the #SunLifePerfectMatch campaign. Here, the country’s first and #1 life insurer aims to educate Filipinos on choosing the right Financial Advisor to help them with your financial goals. And with the Advisor Match tool, your perfect Sun Life advisor may just be a click away.

How does it work? Simply go to their website to access Advisor Match. Enter your location to generate a list of advisors in your vicinity. Each profile contains a short description of their credentials and how they can extend help – a very nifty way to show you what they have to offer. Such freedom to choose a Financial Advisor is both innovative and relevant, especially for consumers who want personalized service on-demand and at their convenience.

Make your brighter choice!

More than a handy online tool, Advisor Match is about empowering Filipinos to be more exacting and selective when looking for a financial partner. A series of online videos called “My Dream Advisor” puts a humorous twist on the challenging journey that comes with seeking one’s perfect advisor match. Taking a cue from the 90s dating game shows, the videos feature searchers faced with a rather disappointing line-up of advisor searchees – each embodying undesirable characteristics that have unfairly stereotyped life insurance agents for the longest time.

For its part, Sun Life emphasizes four core values that every financial advisor should possess: (1) professional in doing business; (2) one who cares for your welfare; (3) a desire to win for your dreams; and (4) an inspiring commitment to serve rather than sell. These values define Sun Life’s over 11,000 financial advisors. “We’ve seen a growing interest in personal finance lately with the number of inquiries and requests for advisor referrals doubling the past couple of years. We are happy to share that we are now empowering Filipinos to choose their very own Sun Life Advisor with just the click of a button. With Sun Life’s Advisor Match, they can be assured of finding competent and committed financial advisors to help them achieve their financial goals,” affirmed Sun Life Philippines Chief Marketing Officer Ms. Mylene Lopa. After all, finding your #SunLifePerfectMatch should never be difficult.

Go to advisormatch.sunlife.com.ph to experience the Advisor Match tool and learn more about finding the right partner in your financial journey.