As Palawan Group of Companies (PGC) eyes expanding its customer base to up to 10 million in 2026, the nonbank is also set to roll out its own health maintenance organization (HMO) to sustain the “high” double-digit growth of its insurance products since launching ProtekTODO microinsurance over a decade ago.

In a briefing on its ProtekTODO Critical Illness Insurance on Friday, Jan. 23, PGC President and CEO Karlo M. Castro said the insurance segment posts a “high double-digit” expansion annually, though he declined to disclose exact revenue figures.

Castro noted the growth reflects increasing demand for insurance among Filipinos despite the country’s still below two-percent insurance penetration.

“We’re seeing momentum not just over the counter, but also through PalawanPay and online channels,” Castro said.

PGC Chief Marketing Officer Bernard V. Kaibigan told reporters the insurance product has so far reached more than seven million Filipinos, each holding a policy, highlighting that roughly one-tenth of the adult population in the Philippines is now Palawan clients.

Kaibigan said the insurance product’s target market is primarily Class C, D, and E, including market vendors, construction workers, and households without access to insurance.

In addition to its insurance offerings, Kaibigan said Palawan will launch its own HMO in the second quarter of 2026 to address the shortage of coverage available to Filipinos.

Palawan rolled out Palawan ProtekTODO Critical Illness in partnership with Oona Insurance Corp., which acts as its underwriter. Policyholders can choose a Basic Plan with ₱50,000 coverage for ₱550 per year, or a Plus Plan with ₱100,000 coverage for ₱1,100 per year.

Castro explained that the insurance product was introduced to address gaps in health coverage, particularly for the top three causes of death in the Philippines—cancer, heart attacks, and strokes. He added that many Filipinos still perceive insurance as expensive and only for the wealthy, realizing its importance only when faced with costly medical emergencies.

For their part, Oona Insurance Philippines President and CEO Ninoy F. Rollan said the partnership with Palawan has made it easier to access and understand insurance.

“Most of Oona’s products are digital, so integration into our system was easy,” said Lisa Lou Castro-Sabado, PGC’s chief business development officer.

PalawanPay, the nonbank’s e-wallet, embeds insurance into all its services, so transactions like sending money, buying jewelry, or renewing payments are covered, aiming to protect more Filipinos.

PGC has over 3,500 branches across the Philippines and millions of PalawanPay users. The nonbank is leveraging both its brick-and-mortar presence and digital channels to expand its reach nationwide.