COVID-19 was a major blow to gender equality in the Philippines. The Philippine Statistics Authority reported that the country’s jobless rate hit 8.1% last year, with more women (8.3%) than men (7.9%) being laid off.  Women in sectors most affected by the pandemic worked longer hours and faced more significant risks. As women struggled with various financial pressures, three financial advisors share how financial literacy and planning became a saving grace for their female clients.  

Sherwin Anne Dulay Espinoza, two-year MDRT member and certified investment advisor  

Women face all kinds of stigma, from personal choices to work setups. But the reality is that we cannot and do not have to conform with societal expectations because our life experiences vary. We all have our priorities in life. That’s why financial planning is never one size fits all. 

Since I turned 30, there has been increasing pressure to marry and have children because of societal expectations at my age. I am particularly concerned about the realities of belonging to the “sandwich generation” where adults take on the financial burden of caring for aging parents and young children.   

It motivates me to stay on track with my financial goals and help other women in the same boat. For example, I have a doctor-client in her 30s, who initially was doubtful of insurance but became an advocate for it. Through my financial coaching, she was able to build her emergency fund and save money for the things she wanted to do in life. Understanding the value of insurance, she even got a policy for her sister and set up an education fund for her nephew.  

Financial planning is for men and women. But with the seemingly default opportunity gaps for the latter, I do my best to help out female prospects and clients. The doctor-client is just one of my many cases. It’s fulfilling to know that even before being a wife and mother, she’s already working on the security of her future family.  

Abigail Venida-Yabot, two-year MDRT member 

I recently lost a client to lung cancer. She was a 31-year-old wife and a mother of a one-year-old. It happened all so quickly. One day I met up with her to deliver her second policy. She had a cough that time, but she didn’t think much of it. Who would have thought it was the early symptoms of cancer? I was caught off guard when she asked about the extent of her critical illness coverage three months after, and eventually, she disclosed her illness. I helped her throughout her journey, from the insurance aspect to finding a nurse, assistant, and helper at home. I was also there to support emotionally. It was overwhelming as it was the first time I serviced a client to such an extent, as this happened in my rookie year. Unfortunately, when the critical illness coverage claim was approved, she had already passed away.  

I’ve always wondered what I could have done better. If I had offered extra protection sooner, would she have survived? 

Insurance is precious, and it doesn’t matter if people get it from another agent or me. This client of mine lived a healthy lifestyle pre-cancer stage. It’s a consolation to know that my client’s financial planning helped her family get through after her passing. It taught me to persist despite being rejected, seen zoned, and ghosted by potential clients. 

Judith Sun Pustrado, six-year MDRT member and licensed estate planner 

The modern woman is breaking stereotypes every day. From managing households to businesses, women are changing all traditionally held perceptions. Financial planning for women is a necessary part of their everyday lives. Unfortunately, most women naively avoid managing their finances, likely due to the Philippines being a largely patriarchal society.  

Financial management is key to financial independence and the freedom to live on one’s terms. As it transcends culture, it’s important to note that change needs to empower women. When a woman becomes empowered, her journey to financial independence begins.  

Financial planning starts with goals. What does the client want to do with her money? What are her short-term, mid-term, or long-term financial goals? These goals may include buying a house, traveling abroad, enjoying a particular lifestyle or hobby, or retirement. Next, determine her current financial standing. Help the client calculate her net worth by subtracting assets from liabilities. Offer solutions to help her invest in liquid instruments, so she does not have trouble accessing them when needed. Lastly, help her plan her emergency fund to be ready for the unexpected, equal to six months’ income. These are commonly the financial gaps women face that advisors can help with. In the long run, financial advisors help women by guiding them in improving their financial situation, regardless of gender gaps and biases.  

Contact: MDRTeditorial@teamlewis.com