Financial security and business ownership are found to be the two primary aspirations of Filipinos in a recent study launched by Boston Consulting Group (BCG) in Taguig City on November 26.
In an exclusive media briefing, global management consulting firm BCG unveiled its research study on the Philippine market, “The Filipino Dream,” a comprehensive study that explores “what dreams unite this nation and where barriers to those aspirations lie.”
According to the survey, 58 percent of respondents ranked financial security to handle healthcare emergencies as a primary goal, while 56 percent expressed aspirations to start their own businesses.
“[The study] goes a little bit deeper in terms of the psychographic understanding of consumers, and we wanted to do it because we believe, in the Philippines, it’s not just all what people think, but what people feel,” BCG Managing Director and Partner Julian Cua said.
While Filipinos share common values and aspirations, only 53 percent of respondents feel they are closer to achieving their top dream than last year, with 68 percent expressing optimism about the coming year.
Rising living costs, healthcare expenses, and institutional distrust are major hurdles, with only 46 percent of Filipinos feeling financially prepared for emergencies—many turning to the “paluwagan” system of saving to create a safety net on their own.
“We think the findings of our study will surprise many people, but we think it presents a clear picture of the barriers Filipinos face and their resilience in overcoming them. By understanding both the dreams of different Filipinos and the motivations behind them, we believe corporations in the Philippines will be able to support and empower them at every stage of their journey,” Cua added.
At the same time, BCG Principal Lance Katigbak stressed the implication of financial security as Filipinos’ number one dream, stating, “In some ways, the reason why this is the number one dream is because it’s the dream that can unlock the other dreams along the way.”
These dreams resonate most deeply with Filipinos, underscoring their desire for resilience, self-sufficiency, and progress that reflects the Filipino spirit.
“Every dream here is important to at least five million Filipinos, so every dream is somebody’s top dream,” Katigbak reechoed.
BCG’s study calls for financial institutions to develop accessible financial products, for healthcare providers to improve accessibility and affordability, and for businesses to strengthen micro-entrepreneurship support to help Filipinos achieve their dreams.
“Our hope is that these findings serve as a rallying point for leaders across sectors. The Filipino Dream is not just an individual goal; it’s a collective vision for progress. Together, we can empower every Filipino to achieve their fullest potential and address the barriers that hold them back,” Cua said, emphasizing the importance of collaboration.
The study surveyed a market-representative sample of 1,500 Filipinos and used a combination of online and offline-assisted methods to capture insights while preserving age, income, and geographic diversity.
Employing advanced clustering techniques, the study identified four main segments of Filipino dreamers that represent the Filipino dream: working-class millennial women (Providers), single Gen Zs (Trailblazers), older Filipinos (Guardians), and millennials with diverse backgrounds (Rebuilders).
Co-authors of the study are BCG Manila’s Managing Director and Senior Partner, Founder and Office Head Anthony Oundjian, BCG Manila’s Senior Associate Anjeli Panis, and BCG Singapore’s Lead Knowledge Analyst Lilian Cheong.
BCG is a global leader and the largest premium management consulting firm in the Philippines, founded in 1963. They empower organizations to grow, build sustainable competitive advantage, and drive positive social impact, fueled by the goal of helping their clients thrive and enabling them to make the world a better place.
