Pru Life UK President and CEO Sanjay Chakrabarty has urged the Philippines to rethink how it prepares for retirement, saying savings alone will not be enough to protect Filipinos in their later years.

Pru Life UK President and CEO Sanjay Chakrabarty has urged the Philippines to rethink how it prepares for retirement, saying savings alone will not be enough to protect Filipinos in their later years.

Speaking at the Manila Tech Summit 2025, Chakrabarty welcomed 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-fenced against the uncertainties of life and health,” he said.

He pointed out that as Filipino families shift from extended to nuclear households, the traditional safety net of family support is weakening. “This makes it imperative that we build new forms of protection—ones that are institutional, scalable and sustainable,” he added.

Chakrabarty called on the insurance industry to design products that are simple, affordable and accessible. Beyond addressing mortality, he said, the focus must also shift to morbidity risks such as long-term illness, disability and the need for care. “PERA offers a powerful bridge where insurance can become an embedded feature of the retirement journey,” he noted.

His remarks came during the panel “Open Finance x Insurance: The Future of Financial Empowerment and of Seamless Protection,” part of Day 1 of the two-day summit. The session, moderated by FinTech Alliance.PH Trustee and Pru Life UK Director Ida Tiongson, also featured ATRAM Trust Corporation Chief Experience Officer Deanno Basas, Bangko Sentral ng Pilipinas Deputy Director for Fintech Innovation Jovelyn Hao, and Insurance Commission Deputy Commissioner for Technical Services Arturo Trinidad II.

Basas of ATRAM echoed Chakrabarty’s views, stressing how digitalisation 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.

Pru Life UK reaffirmed its commitment to working with government and industry partners to support sustainable retirement planning. “Insurance is more than a financial product—it is a shield,” Chakrabarty concluded. “Our responsibility is to ensure Filipinos are not only financially prepared for retirement, but also resilient in the face of life’s uncertainties.”

Learn more about the Philippines’ leading life insurer at www.prulifeuk.com.ph

 

Pru Life UK President and CEO Sanjay Chakrabarty delivering his talk 

at the Manila Tech Summit.

 

(Left to right) FinTech Alliance.PH Trustee and Pru Life UK Director Ida Tiongson; Insurance Commission Deputy Commissioner for Technical Services Arturo Trinidad II; Bangko Sentral ng Pilipinas Deputy Director for Fintech Innovation Jovelyn Hao; ATRAM Trust Corporation Chief Experience Officer Deanno Basas; and Pru Life UK President and CEO Sanjay Chakrabarty during the panel discussion tackling open finance and insurance

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About Pru Life UK

Pru Life UK is the leading life insurer in the Philippines demonstrating its commitment to protect Filipinos’ financial future and well-being for every life, for every future. 

Established in 1996, Pru Life UK operates in over 200 branches and general agency offices in the Philippines, and holds the largest life insurance agency force of close to 38,000 licensed agents. 

Pru Life UK offers a wide range of tailored solutions that address the unique and evolving needs across demographics and life stages. These include life protection, health, accident and disability, and investment-linked insurance. 

Currently, Pru Life UK serves over 930,000 individual policyholders and more than 85,000 insured group members, and ranks first in New Business Annual Premium Equivalent* as of Q2 2025, according to the Insurance Commission. 

Pru Life UK is a subsidiary of Prudential plc, with a 177-year legacy of safeguarding the future of millions of families for this generation and generations to come. 

Pru Life UK is headquartered in 9/F Uptown Place Tower 1, 1 East 11th Drive, Uptown Bonifacio, Taguig City 1634, Metro Manila, Philippines. Its main customer center is located in G/F Cluster 2, Uptown Parade, Megaworld Blvd. corner 36th street, Uptown Bonifacio, Taguig City 1634, Metro Manila, Philippines. PRU Customer Contact Center contact details: +63 (2) 88875433 (within Metro Manila) and 1-800-107785465 (for domestic toll-free via PLDT landline); email: contact.us@prulifeuk.com.ph​

The PRU Customer Center processes customer concerns based on applicable timelines provided by the law. Visit www.prulifeuk.com.ph/en/contact-us/ for the complete list of our branches. Pru Life UK is legally permitted to provide financial products or services in the Philippines as regulated by the Insurance Commission.​

The Insurance Commission’s head office is located in 1071 United Nations Avenue Ermita, Manila, Philippines. Their Cebu District office is located at Unit 17, Ground and Second Floors, The Gallery, Pope John Paul II Avenue, Barangay Kasambagan, Cebu City, while their Davao District office is in Door 2 & 3, 3rd Floor of YAP Building Quimpo Boulevard, Ecoland, Davao City. Visit www.insurance.gov.ph/contact-us/ for the Insurance Commission’s complete contact information.

*New Business Annual Premium Equivalent (NBAPE) – premium for a new policy paid in a year

Note to the editor: Please use "Pru Life UK" when referring to the company.