MANILA -- There are Filipinos who still prioritize investing in insurance products despite inflation and other headwinds biting into their spending budget, a stakeholder said on Monday.

Some see economic challenges as a call to protect themselves and their families, Philippine Life Insurance Association Inc President Rico Bautista told ANC.

"People of course will prioritize food, education, shelter, clothing and some would see insurance policy as maybe towards the end of their priority. But for us we believe if there are crunches happening, economically, there are also a lot of people who prioritize insurance," Bautista said.

"They could be thinking times are hard right now, what if times are harder in the future, therefore it is important for us to be able to protect our selves and the things that we value most, particularly our lives and from there we should be secured," he added.

He said insurance companies should find ways to remain viable even during an economic turmoil. To do that, companies must always deliver on their promises and also tap digital to reach more consumers.

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