Finance Secretary Ralph G. Recto proudly acknowledged the Insurance Commission (IC) for its outstanding contribution to the Philippines’ insurance industry, during IC’s 75th Milestone Anniversary Celebration. The IC, attached to the Department of Finance, has been the stalwart regulator and supervisor of the insurance, pre-need, and health maintenance organization (HMO) industries for 75 years.
Recto highlighted the sustained growth in assets, earned premiums, and investments as evidence of the industry's transformation. The total premiums collected by the industry reached PHP 289.60 billion as of the third quarter of 2023, higher by 2.8 percent from the same period in 2022.
Total assets grew by 10 percent, reaching a record PHP 2.23 trillion by the end of the third quarter of last year. Total investments also jumped by 15 percent to PHP 1.98 trillion in the same period. These figures underscore the formidable strength of the insurance industry and the efficiency of the regulatory measures implemented by the Insurance Commission.
To sustain the insurance industry’s continued growth, Recto ordered the Commission to strengthen the implementation of the Financial Products and Services Consumer Protection Act. This act helps consumers access financial products and services within a secure environment that prioritizes their rights and interests.
Recto also instructed the IC to proactively collaborate with schools and universities nationwide in fostering financial education among students. A financially literate population, he stated, is crucial for the development of a strong capital market and a globally competitive Philippine economy.
Secretary Recto urged the IC to take a leading role in pioneering creative, out-of-the-box solutions to tackle emerging issues, such as the development of new insurance products addressing the country’s vulnerability to disasters and climate change.
He also ordered the IC to continuously institute regulatory measures and enforcement mechanisms to ensure the financial stability of its regulated entities and protect the insuring public.
The Finance Chief pointed out that the Commission should capitalize on emerging technological innovations and pursue ongoing information system projects to broaden Filipinos’ access to a wide range of financial products and services.
While acknowledging the challenges to broaden insurance coverage in the country, Recto expressed confidence in the courage, commitment, and innovativeness of the IC to meet the demands of this time. He also expressed his eagerness to work closely with the IC to ensure a stable, secure, and quality life for every Filipino—a vision shared for Bagong Pilipinas.
According to Recto, a credible insurance industry encourages more people to avail themselves of financial protection. This is vital in strengthening our people’s financial resilience in the face of uncertainties.
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