Lance Katigbak —VANESSA B. HIDALGO
What’s the Filipino dream?
“In a world the place nations typically rally round a unifying imaginative and prescient—the American Dream, the Chinese language Dream—it’s peculiar that the Philippines, the thirteenth most populous nation on the globe, lacks a transparent articulation of its personal,” says Julian Cua, managing director at Boston Consulting Group (BCG) Manila within the “The Filipino Dream” report.
BCG initiated in late 2024 a survey on what constitutes “The Filipino Dream,” drawing insights from 1,484 people throughout Luzon, Visayas and Mindanao.
The report was authored by Anthony Oundjian, Julian Cua, Lance Katigbak, Anjeli Panis and Lilian Cheong. The highlights had been lately shared by Katigbak in a discussion board hosted by Thames Worldwide Faculty.
“Filipinos are nonetheless very hopeful and really optimistic. We’re nonetheless dreaming of a greater future, residing wholesome, affluent lives. All of us share a dream however the causes they pursue these goals are very totally different,” says Katigbak, a principal at BCG Manila.
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Greater than half of surveyed Filipinos dream to have the ability to fund any medical emergency or well being scare, and to begin their very own enterprise.
Particularly, 58 % of respondents picked well being safety as their best choice, whereas 56 % opted for entrepreneurship.
Concluding the highest 4 checklist, Filipinos additionally dream of getting a big financial savings fund (51 %) and transferring into their dream home (44 %).
3 buckets of goals
After rating their goals, they had been categorized into three buckets: large, consensus goals; secondary shared goals; and distinctive goals.
The primary bucket (large, consensus goals) comprises the highest two goals.
The second bucket constitutes aspirations which can be value pursuing, however of a lesser precedence—like transferring right into a dream house, having giant financial savings, paying off money owed and touring extra steadily.
Proudly owning a dream automobile, upgrading home equipment, migrating overseas in addition to shopping for luxurious objects make up the final bucket (distinctive goals), or these which can be of “larger precedence for some individuals, though not as a lot as others.”
However the report additionally brings into focus that solely 46 % of Filipinos are ready to face a monetary disaster.
Extra health-conscious
“On a extra optimistic notice, Filipinos understand themselves as more healthy and are actively investing of their well being. Greater than half (58 %) reported that their well being had considerably or considerably improved in comparison with the earlier yr,” says the report.
Filipinos are additionally spending extra on health-care merchandise, with dietary supplements as the highest product class, like cough treatments produced from lagundi, capsules with mangosteen extract or natural meals dietary supplements to fight sore throat and physique ache.
Survey knowledge present that over 60 % of Filipinos are lined by some form of well being plan akin to well being upkeep organizations, or are insured by the Philippine Well being Insurance coverage Corp. Nonetheless, solely 65 % of these with well being plans are ready to cowl pricey medical remedies.
As well as, the report factors out that Filipinos concern emergencies befalling not simply themselves, but in addition their households and family members.
“Consequently, many have turned to conventional financial savings and lending techniques to assist construct that monetary security internet,” the report notes.
Counting on personal functionality
The pandemic has additionally sharpened Filipinos’ entrepreneurial expertise, the examine notes.
Extra Pinoys began their very own enterprise between 2019 and 2023, principally in retailing, akin to opening sari-sari shops or meals and beverage shops like karinderyas.
The analysis additionally unveils a number of features of how Filipinos view their goals.
The primary side reveals that their goals are extremely interpersonal: 76 % say that the majority of their goals are for the betterment of their households.
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The second side reveals that Pinoys stay optimistic that they’ll obtain their goals: 53 % say that they’re one step nearer to attaining their aspirations. This sentiment is stronger within the rural communities (58 %) than within the city areas (49 %).
In pursuing their goals, Filipinos really feel they should rely extra on themselves than search assist from private and non-private establishments. Sixty-five % of the members leverage their academic background to attain their goals. That is a lot larger than their belief of their job (49 %), employer (43 %) or large companies (38 %).
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As well as, Filipinos surmise that public establishments shall be of little assist in turning their aspirations into actuality.
“Our interpretation of that is that Filipinos really feel distrusting towards establishments and as a substitute assume they have to depend on themselves. Dreaming of monetary safety for well being scares is an indication of an absence of belief within the nation’s well being care system, whereas the need to begin a enterprise will be learn as a must construct monetary stability unbiased of employment,” the report says.
