2013 Outlook, part 2By Randell Tiongson on January 9th, 2013
To start off our outlook series, it is such an honor to present the views of one person I admire and respect much, Mr. Henry Herrera.
An actuary by training, Mr. Herrera has become one of the most influential figures in financial services industry. He is one person who truly practices what he preaches and allowed him to retire from the corporate life at a young age of 50, largely because of proper investments throughout the years.
2013 Outlook of Henry Joseph Herrera
2013 will be interesting for the financial markets – the Philippines included. The US and a number of EU nations face strong headwinds on fiscal challenges and rising debts. We may see more nations see the sovereign ratings downgraded as a result of these issues. As such, markets in these countries may experience increased volatility in 2013.
The contagion from developments in these advance nations in the US and EU will surely impact other economies, Philippines not excluded.
However, the Philippines may continue to be in a sweet spot of continued economic growth without the attendant rise in inflation given that the economy is largely domestic consumption driven.
As such, we can expect a continued low interest rate environment. Thus, investors may continue to flock to investments in real estate and stocks. The Philippine peso will likely remain stronger against the US dollar and may end the year below the P40 level.
Henry joined Sun Life in 1998 and has held a number of senior positions including EVP & Actuary, VP & Actuary, and SLAMC COO. He was AVP, Actuarial for the Region in 1998. Prior to his career at Sun Life, Henry was the President and Director of Philippine Asia Life Assurance Corporation.
Henry has over 28 years experience in the life insurance industry. He holds an MBA degree major in finance and a B.S. in Statistics, cum laude, from the University of the Philippines. He is also a Fellow and past president of Actuarial Society of the Philippines and a member of the International Actuarial Association. He is a past president of the Philippine Life Insurance Association.
Mr. Herrera has recently been appointed as Chairman of the Board of Pru Life U.K.