Lance Katigbak: BCG Filipino Family Report, Overseas Foreign Workers & Health Shocks – E655
"One of the headline stats we identified was that 64% of families would not be able to afford a hospital bill of 10,000 pesos without having to borrow or use an HMO or health insurance plan. Ten thousand pesos is under 200 US dollars, an extremely small amount of money, and the fact that two thirds of the population is unable to afford that was quite shocking." - Lance Katigbak, Principal at BCG Manila
"The first thing we learned is that there are six different kinds of Filipino families. When asked to define a family, most people describe two parents and two kids, but in reality this standard nuclear structure represents less than half of the Philippine population. The third and more interesting segment is multi earner families, where more than two people work and make a living. These include sandwich families made up of grandparents, parents, and kids, as well as extended families that add an uncle, cousin, or another relative." - Lance Katigbak, Principal at BCG Manila
"So we ran a survey called the Filipino Dream last year, and the top two dreams that emerged were financial security to absorb health scares and starting a business. To understand why these rank highest, it is important to note that when Filipinos talk about financial security against health risks, they are not most afraid of getting sick themselves but of a family member getting sick. When a mother or grandmother falls ill, the entire family is expected to pitch in and help pay for the hospital bill." - Lance Katigbak, Principal at BCG ManilaLance Katigbak, Principal at BCG Manila, joins Jeremy Au to break down why Filipino households, not individuals, are the true drivers of economic decisions in the Philippines. Drawing from BCG’s large scale research on the Filipino family, they explore how family structures shape spending, saving, and borrowing behavior, and why health risk sits at the center of financial anxiety. The conversation covers multi earner and extended households, the role of informal lending, and how overseas Filipino workers remain deeply involved in family decisions from abroad. Lance also explains why most products miss the market by designing for individuals, and how companies can unlock real opportunity by building for the household instead.
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