Sun Life of Canada (Philippines) Inc. seeks to promote life insurance as an essential expense to drive growth as Filipino consumers tighten their belts following a recent corruption scandal involving flood control projects.
Sun Life Philippines president Jonathan Juan Moreno told reporters at an event on Saturday that the company is looking to pivot its strategy toward the resilience seen in essential goods.
Moreno said that if the firm is able to position life insurance as an essential spend, it would likely see more growth on that side.
The executive said the recent controversies have impacted industries differently. Based on discussions with other business leaders, Moreno observed that while the retail sector is growing at a rate roughly equal to or slightly above gross domestic product, the construction and logistics sectors have seen a downturn.
He said the most resilient businesses are those operating within the essential services space.
Moreno said life insurance qualifies as an essential spend because it provides financial certainty during critical moments when death or life benefits are required.
He said that as people become more affluent and informed, their appreciation for life insurance products improves, allowing the company to leverage its brand and heritage to increase sales.
The strategic shift comes ahead of a leadership transition at the firm. Moreno is scheduled to succeed Sun Life Philippines chief executive and country head Benedict Sison, who will retire from those roles effective April 1, 2026.
Sison will remain with the organization as a strategic advisor and chairman of Sun Life Philippines Holding Company and the Sun Life Foundation until Dec. 31, 2026.
The company continues to monitor the local economic landscape, where consumer caution remains high.
By framing insurance as a necessity rather than a discretionary cost, the firm hopes to capture a larger share of the household budget even as many Filipinos remain wary of additional financial responsibilities.
