TF journo bags 2nd award in financial literacy reporting

CEBU, Philippines — For the second time, The FREEMAN business reporter Carlo Lorenciana was named the Visayas winner for print category in the 2018 Sinag Financial Literacy Journalism Awards by insurer Sun Life Financial.

Lorenciana, together with other print journalists and bloggers, was recognized during the awarding ceremony on Wednesday at the Marquis Events Place in Bonifacio Global City, Taguig City.

Top executives from Sun Life led by its CEO and country head Benedict Sison joined the awardees.

Now on its fifth year, Sinag Awards aims to recognize digital and print journalists who have helped increase awareness on the importance of financial literacy.

Sun Life has been advocating educating the Filipinos on financial matters such as saving and investing.

Lorenciana, who has been with the paper since 2014, received the same recognition back in 2016.

This year, among his story entries include “Lottery Offers Slim Chance: Save and Invest Mindset Can Make One A Millionaire,” “Most Pinoys Hold Back Due To Investing Myths,” and “Why Millennials Need To Invest Early.”

“The concept of personal finance is normally intimidating. And it’s part of our role as business journalists to make financial matters understandable to the ordinary people,” Lorenciana said.

Sison, in an interview with reporters, said Filipinos’ literacy in financial matters has become more relevant nowadays with the country’s unprecedented economic growth.

He said that while financial literacy among Filipinos has consistently improved in recent years, much still needs to be done to engage more into the financial system.

“More and more Filipinos are realizing the importance of savings, insurance and investments as key assets to life,” Sison said.

“With our national progress, financial literacy has become more relevant nowadays,” the executive pointed out.

Sison said the need to invest has slowly become among the topmost aspirations of Filipinos.

“But we still need to empower more Filipinos and keep them away from having a mindset of short-sightedness, financial insecurity and debt,” he added.

The insurance industry, in particular, has continued to see growth in premiums in recent years, an indication that Filipinos are getting themselves secured and invested at the same time, Sison said.

Sun Life, a Canadian insurer, had eyed to grow its business in Cebu by at least 30 percent in the next two to three years, banking on the growth potential of the Cebuano market.

“Cebu has always played a significant role in Sun Life's operations but we believe that there is still so much potential for our business here,” Sison said.

He noted the Cebu market remains "under-penetrated" in terms of life insurance and that its growing middle class presents a lot of opportunities for the firm to increase the insurance penetration among Cebuanos. (FREEMAN)