The majority of Filipino households, or 86 percent of the survey respondents did not have a deposit account. Also, the prior survey covered only Regions I, VII and XI. At present, a significant percentage of employees in both the government and private sector are not covered by retirement insurance. “In view of this, the current retirement programs will have to be expanded to be able to increase retirement insurance coverage across employment status. More affordable retirement insurance programs may be formulated to enable those working for MSMEs, private households, the self-employed and homemakers to be covered by retirement insurance,” it suggested.

Source: Manila Times January 13, 2017 16:39 UTC