How Plan B Can Help You Navigate the Unpredictable Tides of the 2023 Global Recession

The very thought of a global economic recession is enough to make anyone’s blood run cold. But what if there was a way to prepare yourself and your family ahead of time so that you can navigate through it with ease?

That’s where Plan B comes in. In the face of the looming threat of a global recession in 2023, implementing a Plan B is no longer an option, it’s a necessity.

But what does Plan B mean, and how can it help you weather the storm?

That’s where BDO Unibank steps in. The institution has taken proactive measures to ensure consumers are proactive in securing their financial plans amidst the warning signs of a global recession in 2023.

In a recent online seminar named “Life Insurance: Plan B against Economic Uncertainty” hosted by financial guru Chinkee Tan, BDO Unibank SVP and chief investment officer, Frederico Rafael “Fritz” D. Ocampo, emphasized the importance of having a contingency plan in place.


One fundamental step is the need for individuals to re-evaluate their investments, particularly the riskier type of investments, such as equities, and align them with their investment horizon and risk profile. This strategy will ensure that the investment plans match individuals’ financial goals and are geared towards long-term financial stability in the event of an economic downturn.

Another essential tool for securing one’s financial plans is life insurance—commonly referred to as Plan B.

“One instrument that many often dismiss as unnecessary, but in fact remains essential to enhance one’s family’s financial security and survival, especially during challenging economic times is life insurance. The more difficult the economic environment, the more an individual needs financial protection in place, one that ensures the family’s financial dignity in the event of the breadwinner’s premature death,” he explained.


Insurance expert Renato Vergel de Dios, President and CEO of BDO Life, calls it the cornerstone of every family provider’s Plan A. By Plan A, he refers to an individual’s program of savings and investment, which is funded by the income saved from their salaried jobs, professional practice, or business.

Completing Plan A is crucial when aiming to enjoy one’s current lifestyle as well as the desired lifestyle during retirement years when there must be reliance on passive income to support personal and family requirements.

While creating a Plan A is essential for every family provider, a Plan B is equally important. By injecting cash into a family’s account, it narrows the gap left behind by an aborted Plan A, providing financial protection and ensuring that the family’s financial dignity is kept intact in case of the premature death of the breadwinner.


During a recessionary period, people’s financial plans and goals that make up Plan A are threatened. A responsible head of a family needs a Plan A in place during turbulent times, and the key to achieving it is having life insurance protection. Without a Plan B, it’s harder for a family that just lost their financial provider, especially during times of high inflation.

Despite the potential impact of an economic downturn, spending for life insurance protection is a smart decision even during periods of economic uncertainty. It addresses the uncertainty of death and its threat to a family’s quality of life, especially when the family’s main income earner dies prematurely.

“From one’s life insurance proceeds, a family can fund their everyday needs, keep the children in school, pay for monthly utility bills, and in some cases, even provide a modest capital for a small business. As the saying goes, there are only two sure things in life: death and taxes. No matter what state the economy is in, whether in a robust upswing or entering into a creeping recession, failing health and premature death represent lingering risks to our family’s financial security,” Vergel De Dios said.

BDO’s concerted effort to raise awareness about the importance of Plan B is a timely reminder that there is never a better time than today to ensure financial security. By being proactive and implementing a Plan B through life insurance protection, consumers can make sure they safeguard their financial future, even in the face of economic uncertainty, and emerge stronger amid economic adversity.

Chinkee Tan, Fritz Ocampo, Renato Vergel de Dios, and Janice Sabitsana during the BDO Life Online Seminar

For more information on how BDO Life Insurance can help you start your Plan B, visit a BDO branch near you or

This is a press release.

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