Addressing the rising cost of college education in the Philippines
Health and Family Leading the GradMaker launch in the Philippins are Ryan Charland, president and CEO of Manulife Philippines, and Manulife brand ambassadors Bianca Gonzalez-Intal and daughter Lucia. They are joined by Melissa Henson, SVP and chief marketing officer, and Bim Gutierrez, SAVP and chief innovations officer. Released Addressing the rising cost of college education in the Philippines Ryan Charland 6:05pm What you need to know to support your children’s dreams
It’s a universal truth that parents want the best for their children. This resonates with me now more than ever after becoming the father of two young girls. A big part of providing the best for our children is giving them a great education.
A new school year is right around the corner. While teens are anxious at the thought of starting college, their parents worry about paying for the higher cost of tuition fees. Over 260 higher education institutions (HEIs), including universities, are set to implement hikes averaging about 7 percent. 1
Without a government cap on these rising costs, the Bangko Sentral ng Pilipinas computes that HEIs will increase their tuition and other school fees by about 10 percent year-over-year.
This makes parents feel uneasy about the cost of funding their children’s education. But there is another resource besides money that is as limited and valuable — time.
To achieve the best quality of life possible for their children, many families in the Philippines have had to become two-income households. With their weekdays devoted to the demands of their full-time jobs and their weekends overflowing with family commitments, many parents struggle with finding the time to take the first step toward achieving their financial goals.
Helping these parents was our motivation at Manulife when we came up with GradMaker , the first mobile application in the local industry that enables parents to start preparing for their children’s college education. For only P10,000, they can purchase a variable life plan (subject to the terms and conditions of Manulife GradMaker) using their mobile device anytime — whether they are at home, at work, or even while in caught traffic.
We commissioned a Manulife regional study that looked into key trends in connectivity, digital and social media, which gave us a deeper understanding of our customers across 56 markets. In the Philippines, most Filipinos have at least two digital devices, one is usually a smartphone, and spend an average of 9.2 hours a day online, 39 percent of the time using mobile internet. 2
The mobile application also coaches parents about projected education costs at their preferred local university by the time their child goes to college as it calculates how long and how much they need to save. It also comes with life insurance coverage of at least 125 percent of the customer’s investment.
By giving parents more control over their money and time, we can help them prepare for their children’s future with peace of mind. Being both an investment professional and a father, I believe that education and family time are some of the most priceless and most rewarding investments you can ever make in life.
Ryan Charland is the President and Chief Executive Officer of Manulife Philippines. He is based in Manila with his wife and two daughters.