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Manila Bulletin devider Business devider Banking & Finance devider Filipinos get repayment break on insurance loans, HMO premiums

Filipinos get repayment break on insurance loans, HMO premiums

Published May 14, 2026 10:05 am

At A Glance

  • Insurance consumers could enjoy a range of relief measures, including a three-month grace period for premium payments, coverage extension, and a grace period for loan repayments, according to the Insurance Commission (IC).
The Insurance Commission (IC) has ordered a set of relief measures for consumers, including a three-month grace period for premium payments and loan repayments, as the country grapples with an energy emergency triggered by geopolitical tensions.
Under Circular Letter No. 2026-11, issued May 13, Insurance Commissioner Reynaldo A. Regalado directed insurers to provide financial breathing room to policyholders, plan holders, and health maintenance organization (HMO) members.
The regulator cited the country’s current energy emergency, fueled by hostilities in the Middle East that have disrupted global energy markets and applied upward pressure on international oil prices.
The directive mandates a minimum three-month grace period for all premiums due through May 2026.
Further, any insurance coverage scheduled to lapse or expire on or before May 31 this year will be extended for three months, the circular noted. This extension is contingent upon the payment of corresponding premiums to maintain the validity of the insurance policy or agreement.
“A three-month grace period for loan repayments” is also granted, a measure that could provide financial breathing room for affected consumers.
For IC-regulated entities (ICREs), including insurance firms and other entities, the regulator granted a one-month extension for submitting reportorial requirements covering the months of April to June.
“Any submission made within the extended period shall not be subject to fines and penalties,” the IC noted in a May 14 statement.
Employees—officers and sales associates—of insurance firms may also be relieved from rigid loan repayment deadlines. “Loans to employees shall also be granted a temporary grace period of at least three months without penalties or interest,” the circular read.
“These measures are intended to provide meaningful relief to both consumers and ICREs, ensuring that they are able to navigate the challenges brought about by the current economic conditions while maintaining continuity of coverage and compliance,” Regalado said.
“In times of economic strain, it is imperative that regulatory frameworks remain responsive—balancing consumer protection with operational flexibility for industry players so that no stakeholder is left behind,” he added.
Insurance agents are encouraged to be proactive in reaching out to policyholders to provide “accurate information on policy coverage and any relief measures available.”

Related Tags

Insurance Commission (IC) Energy Emergency
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