No, the financial and securities markets of the Philippines is not as well developed as those in the US or other western countries. They don't have 401K plans where you put money and you choose how that money is invested.

But they do have pension plans, depending on the company offering. What they have, which life insurance sells, are pre-need pension plans such as this one offered by SunLife http://www.sunlife.com.ph/preneed/pension.asp

Philippine companies such as Globe Telecom often have has a defined benefit pension plans for its regular employees, the benefits of which are based on years of service and compensation based on the last year of employment. http://sec.edgar-online.com/2004/03/31/0001193125- 04-054707/Section8.asp