The Philippines Department of Finance published remarks by Finance Secretary Ralph G. Recto, delivered at the Insurance Commission’s 76th anniversary celebration, calling on the Commission to go beyond its supervisory mandate by setting higher standards, championing financial empowerment, and ensuring insurance-related policies and regulations meet Filipinos’ evolving needs. Recto pointed to 2024 industry performance, with combined assets up 6.4% to PHP 2.5 trillion, premium collections up 12.8% to PHP 440.4 billion, net income up 16% to PHP 56.3 billion, and total benefit payments up 19% to PHP 160.3 billion, alongside a 12.6% rise in insurance density to PHP 3,892.8. The speech also referenced initiatives to ease doing business and broaden inclusion, including approval of Takaful (Islamic insurance) products, digitalisation programmes, and the establishment of a Registry of Licensed Insurance Agents, and credited collaboration with the Anti-Money Laundering Council as supporting the Philippines’ exit from the Financial Action Task Force greylist.
Department of Finance (Philippines) 2025-03-21
Philippines Department of Finance urges the Insurance Commission to raise standards and deepen financial inclusion
Finance Secretary Ralph G. Recto urged the Philippines Insurance Commission to exceed its supervisory role by setting higher standards and promoting financial empowerment. He highlighted 2024 industry growth in assets, premium collections, net income, and benefit payments. Recto noted initiatives to ease business operations and enhance inclusion, including Takaful product approval, digitalisation efforts, and collaboration with the Anti-Money Laundering Council.