30/09/2026
Are you ready for the longest holiday of your life?
Former BSP GOVERNOR, and now Finance Secretary, BENJAMIN E. DIOKNO, Ph.D. said these words during the Executive Briefing on Digital Transformation last Sept. 8, 2020:
“Based on the latest report of the Philippine Statistics Authority, the Philippines has around 7.6 million Filipinos aged 60 years old and above.
Of this group, only 20% are covered by either SSS or GSIS, leaving 80% of senior citizens with no mandatory pension at all.
Retirees who are fortunate enough to be covered by state-sponsored retirement systems receive an average of P5,123 for SS and P18,525 for GSIS. Depending on the lifestyle you would have in your senior years, this pension may or may not be enough to meet all your needs.
According to a recent survey, we Filipinos tend to NOT prepare for our own retirement. Specifically, Filipinos only set aside 3.6 months' worth of income for retirement- way below the regional average of 2.9 years.
In terms of expectation, Filipinos believe that savings equivalent to 2.1 years’ worth of personal income would be enough for retirement. This is the LOWEST expectation in Asia compared with the regional average of 12 years. PSA reported that the share of social security benefits to Gross Domestic Product also remained relatively low at around 2.0 % from 2012 to 2017.
Security benefits include retirement and survivorship pensions, sickness, disability, death, and other related allowances or benefits.”
source: http://www.bsp.gov.ph/publications/speeches.asp?id=733
If these words resonate with you, I can give you a free retirement planning online session. Just register via this link to signify your preferred day and time.
http://bit.ly/RetPlanReg
