Pru Life UK President and CEO Sanjay Chakrabarty talked about savings and retirement at the Manila Tech Summit 2025.
Chakrabarty urges Filipinos to prepare for retirement and introduced the Personal Equity and Retirement Account (PERA) as a 'bold and necessary initiative' to help Filipinos save and invest, but warned that financial protection can easily collapse without insurance cover. "Financial protection is fragile if not ring-fences against uncertainties of life and death."
He also added that "It is imperative that we build new forms of protection- ones that are institutional, scalable and sustainable."
"PERA offers a powerful bridge where insurance can become an embedded feature of the retirement journey."
His remarks came during the panel "Open Finance x Insurance: The Future of Financial Empowerment and of Seamless Protection," on Day 1. The session was moderated by FinTech Alliance.PH Trustee and Pru Life UK Director Ida Tiongson, also featured ATRAM Trust Corporation Chief Experience Officer Deanno Basas, BSP Deputy Director for Fintech Innovation Jovelyn Hao, and Insurance Commission Deputy Commissioner for Technical Services Arturo Trinidad II.
Basas reiterated that digitalization and open finance are making retirement planning more accessible and transparent for Filipino savers. He said technology can expand access to PERA and bring retirement planning into everyday decision-making.
The Manila Tech Summit gathered policymakers, regulators and industry leaders to explore the intersections of technology, policy and financial inclusion. With over 80 percent of the Philippine Population now online, the event highlighted the opportunities for digital finance to close the protection gap and strengthen financial security.
"Insurance is more than a financial product- it is a shield," concluded Chakrabarty. "Our responsibility is to ensure Filipinos are not only financially prepared for retirement, but also resilient in the face of life's uncertainties."
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