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Manila Bulletin devider Business devider Banking & Finance devider IC orders retrospective review of DPWH surety bonds

IC orders retrospective review of DPWH surety bonds

Published Dec 19, 2025 04:00 pm

At A Glance

  • The Insurance Commission (IC) has directed all non-life insurance firms that issued surety bonds for the Department of Public Works and Highways (DPWH) to submit a retrospective report to better assess their overall risk exposure.
The Insurance Commission (IC) has directed all non-life insurance firms that issued surety bonds for the Department of Public Works and Highways (DPWH) to submit a retrospective report to better assess their overall risk exposure.
Under Circular Letter (CL) No. 2025-25, the IC ordered surety firms to submit additional details on top of the “previously submitted reports on bonds issued in favor of the government, including those for DPWH infrastructure projects.”
A surety bond is a legal contract that guarantees payment if the principal, such as a contractor or principal debtor, fails to meet its obligation to the government.
According to the IC, the issuance of the circular aims to streamline and consolidate reporting for bonds issued to the government, its agencies, and judicial authorities to help the Commission “further assess the overall risk exposure and potential concentration risk of surety companies.”
All non-life insurance companies authorized to issue surety bonds for the government and its agencies, including state-owned corporations, are required to submit monthly reports on their bond issuances.
For DPWH infrastructure projects, including controversial “ghost” flood control projects, the IC tasked companies with submitting a retrospective report covering issued bonds for public works from January 2022 to November 2025.
Required details include the bond’s status, project or contract ID, project title, total contract amount, co-surety, and whether the bond is fully secured. The report must be submitted by Jan. 15, 2026.
Insurers must submit monthly reports on issued and canceled bonds within 30 days after the end of each reporting month.
Late report submissions will be subject to a ₱5,000 daily penalty, and incomplete reports will be treated as non-submission.
If a court requests a special or urgent verification of a bond, the insurance company must respond within three working days.
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