How to prepare for the future, from estate and family planning, to health and business

There is also a lot of optimism, particularly for Filipino cuisine, in the F&B industry. Reports Hilton, “In Melbourne, the food capital of Australia, a Filipino restaurant was named Best Restaurant for 2023. In Chicago, Sama has been awarded a Michelin star. It is an exciting time for Filipino cuisine. Even in the Philippines, restaurants and bars are earning international recognition.” Such confidence pushed the “proudly Australian-Filipino” to launch a multitude of restaurants and bars this year.

A major positive result of the pandemic is the hastening of digitisation in the Philippines. And the field of interior design is enjoying the blessings. “It used to be something that only the affluent can afford but interior design has become more accessible to everybody because of digitisation. This has lowered the costs as well so much so that interior design today is more affordable,” declares Beltran.

An events stylist as well, she sees only positive signs. “Events are back on track, more than ever as experiential marketing is gaining ground as the way to go for many brands.” Those signs are in the jewellery business, according to Reyes. “I see a good and promising future because people now look at jewellery more as an investment. Prices of gold and other precious metals have also gone up, so with that understanding, the future for the industry is quite good,” she explains.

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The same is true for the media, Tatler’s Managing Director Irene Martel Francisco says. “When we started it was simply a client giving us a camera-ready artwork. Today, we have clients who come to us and say, ‘We have this idea, we want to launch this project, how do you propose to help us do this?’ With media marketing has become very inclusive. And at the core, it’s making your client your partner, not principally a customer to make money out of. Yes, the future in media looks rosy too.”

“I agree!” enthuses Laurel. “For us actors, the pandemic brought more opportunities because there are now more shows not just in theatres but on streaming platforms as well. There are now more avenues open for actors.”

Admittedly, the pandemic affected a lot of businesses and industries but there were some who did well, like the insurance industry. “We actually saw some uptick right when there was the pandemic,” says Balingit who’s been in the business for half her career. “Everyone was afraid; many were not financially prepared. Everyone wanted something that’s there when they need it.”

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Crisologo concurs that insurance, specifically life insurance, still suffers a stigma of being all about death. “But the pandemic caused a big bump-up in terms of the awareness of how important insurance is,” he says. The direction, he expounds, is toward a combination of both life insurance and health protection, with the latter increasing its appeal because of the pandemic. “We cover a full coverage in health protection. We start with the diagnostic, then the preventive, then finally the cure. We educate consumers right from the start.”

Cu, born and raised in the US, went home to the Philippines, her mum’s home country, to bide away the American recession and planned to just stay for one year. “But I realised there were so many opportunities for us to build within the country,” Cu shares, adding that her parents have also moved back from the US because they also saw the opportunities here. “I would like to be part of the next generation of leaders that will make a difference in the country.”

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Sharing a similar vision is Varona. “As an investor who’s focusing on early stage entrepreneurs, I also want to invest in entrepreneurs who will make an impact in the Philippines, who are building businesses for the future, who are servicing what I say are Filipino solutions to Filipino problems,” he says.

Everyone—except for Juan who has no children and Hilton, who is still dreaming of having a family of his own—is planning for the future with their children top of mind. “I am a mother of three, with a very young baby, and I’m very much into not thinking of where they will be in the future,” says Beltran. Crisologo, a widower with two children, 22 and 23, says, “Right now, since I am the only one providing for them, I’m really focusing on what I can do to prepare them for my demise.” Cu, glowing in her fourth month of pregnancy with her second child, says, “Things are different for me too now that I have children.”

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“I also have three kids, so to be practical, the future is really about being financially stable, to make sure that your kids and the generations after them are going to be able to face whatever challenges may come their way,” adds Reyes. Laurel follows the thread, “I’m a father of four; my children’s ages range from 5 to 32. My ideal future is really for my children, that I can give them a comfortable and worry-free life.” Balingit has two, aged 9 and 7. “I want, of course, a comfortable life with them. And I say ‘with’ because I want to be there. I want my family to be comfortable, but that I am not forgotten that I am part of the story.”

Varona admits that his goal in finding great entrepreneurs to help build the nation is to achieve intergenerational comfort. “This will ensure that my three girls will continue to be comfortable, that their children become comfortable as well,” he says

The concepts of slow food, farm-to-table, organic and natural food have crept into the F&B industry for three decades or so ago. But the pandemic has sharpened the focus on them with the realisation that eating healthy means living longer. Hilton sees this clearly. “It is really a focus on the story, going away from the commercial as everybody becomes more interested in knowing who the people are behind the brand, the food on their table. The story about the farmers creates an emotional connection now between the grower and the consumer.” Juan could not agree more. “I espouse knowing the farmer,” she adds but goes farther and says, “I really believe in growing our own food.”

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With their aspirations for the future in clear focus, the panel around the table shares what they have done towards making their dreams a reality. Laurel says he invested in things that will last, like real estate. Beltran says she has “dipped into a lot of opportunities—the stock market for which I had zero knowledge of; I put up my Airbnb; made my life pandemic-proof. I also already computed how much money I’d need for my kids to go on a masteral degree and have set that money set aside”.

Diversification is Hilton’s key to preparing for the future. “Businesswise, I am already diversified—food and beverage. But I am also investing in start-ups and distribution and recently, in the beauty industry,” he elaborates. Juan, who says she has a sister who is an insurance agent, has seen the wisdom in being insured. “I bought insurance when I was younger,” she says. “But how do we convince our young single children to invest?” Elizalde asks the panel.

Crisologo picks it up. “Interesting that you ask because my 24-year-old daughter early this year started to ask me about mutual funds as investment. So, I tried to make her understand that investment has a purpose, that protection, savings and investment are three different categories. But probably what excites them more right now are saving and investing, rather than protecting them in case of death. I suggest that you start talking about preparing for the future, or maybe even just something important to them now like a home, or a trip.”

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Interestingly, Crisologo presents a newly launched offering of AIA called AIA A+ Signature. “It can cater to anyone from 23 or 50 or even 60. If I am 23, I will avail of this to save for a future big expense. Fast forward to 50. You’re probably on the lookout for something that will help you add on to your income stream when you retire in the next few years. This product will be able to help you with that as well. Depending on what life stage you’re in, and what you want to spend on later, AIA A+ signature ensures you will receive a guaranteed amount. In general, the appetite right now in the market is more on guaranteed returns. And the fun part of AIA A+ Signature is you get cash pay-outs every 2 years.”

Cu looks inward as she arms herself to face her ideal future. “Regardless of our ages around this table, the continuation of learning is very important. We don’t really know what AI would bring or do. I’ve begun to read a book a month. Or even listening to podcasts which are quite snack-able. But we must continue to teach ourselves and stay on top of what’s happening in the world.

“Secondly. Maintaining a positive outlook. There so many negative things happening in the world and unfortunately it is often shoved down your throat. So, you have to pull yourself out of that and see the positivity of what you can do in your own little space.

“Thirdly. Continuing to build a network. Personally, I reach out and be welcoming to others.”

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Though everyone is still in the middle of the action, slowing down and eventually retirement is in the horizon.

Beltran comments, “Retirement for me does not mean I will not work; it just means that I don’t have to work for the money. I will only be working for passion. And it will also be that stage in life that I can afford to say no.”

Martel Francisco is thinking along this line as she says, “To me, the ultimate luxury is working at what you want and being able to look at something and say this is not for me. It can give back that much return but I’m not suited to it and it isn’t something I can add value to.”

Elizalde wants to continue giving wellness workshops as she works toward getting her new certification for being a health coach. “So that whatever I am talking about will have a science backing behind it,” she explains. But Cu’s suggestions really resonated with her and says that she will take reading a book a month seriously, something she had actually already started.

Varona wants to be able to look back in 20 years’ time “and see that some of the businesses that we invested in are the ones we speak about daily now. That the services that we’ve created become part of the daily vernacular”.

Crisologo has the clearest picture of where he will be. “During the pandemic, I discovered that I can cook!” So, he sees himself running a bar/coffee shop either on the beach or in the mountains. “In fact, I can already smell the coffee!” he gets excited. “But I can only do this because I prepared for it.”

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