The Insurance Commission (IC) has ordered all regulated insurance entities to streamline their operations by expediting claim payments and relaxing strict documentation requirements for those hit by the magnitude 7.8 earthquake in Mindanao. The order, issued on Wednesday, June 17, activates...
The Philippine Health Insurance Corporation (PhilHealth) on Sunday, June 14, said it has reached out to the family of a deceased member and is coordinating with the hospitals involved after a viral social media post claimed that the patient was denied benefits because his confinement reportedly...
Local insurance sector is expected to escape severe financial strain following the destructive magnitude 7.8 earthquake in Mindanao, as significant portion of the country’s domestic property and infrastructure is uninsured. In a commentary published on Tuesday, June 9, global credit rating agency...
State-owned Government Service Insurance System (GSIS) has earmarked ₱15.1 billion in emergency financial relief to support over 608,000 members and retirees affected by the magnitude 7.8 earthquake in Mindanao. In a statement, Wick Veloso, GSIS president and general manager, announced the relief...
With early reports showing damage from the magnitude 7.8 earthquake to insured assets of Filipinos living in Mindanao, the Philippine Insurers and Reinsurers Association, Inc. (PIRA) and its member companies said the industry group is prepared to process and settle claims. “Early reports from the...
Philippine life insurers are poised for a decade of double-digit expansion that will significantly outpace global peers, driven by prolonged elevated interest rates and the widening regional gap in financial protection, according to Allianz PNB Life Insurance Inc. Henry Yang, chief investment...
The central bank and insurance regulators are pushing for the bundling of parametric insurance with traditional credit lines, aiming to unlock vital financing for sectors most exposed to worsening climate risks. By tying automated weather-indexed payouts directly to bank loans, regulators hope to...
Pioneer Insurance is encouraging motorists and riders to look out for one another on the road, as the country observes Road Safety Awareness Month. With rising fuel costs, more Filipinos are adjusting how they move, whether by shifting to motorcycles or electric vehicles, managing fuel consumption,...
The national government’s (NG) usual April budget surplus shrank by more than half this year after the annual income tax returns (AITRs) filing and payment deadline was extended by one month due to the national energy emergency, although revenues were partly supported by millions of pesos in...
The interagency Financial Stability Coordination Council (FSCC) has flagged rising risks to the Philippine financial system stemming from the prolonged war in the Middle East, increasing corporate vulnerabilities, and growing household debt, although officials said the country’s banking sector...
Social Security System (SSS) is preparing to launch an energy sustainability loan program in September to help qualified members finance residential solar panel systems amid elevated electricity costs. In a statement on Friday, May 22, SSS President and Chief Executive Officer (CEO) Robert Joseph...
The Government Service Insurance System (GSIS) posted a 170 percent surge in first-quarter net income, driven by rebound in investment gains and steady premium growth, positioning the state pension fund to meet its ambitious full-year targets. In a statement, Wick Veloso, GSIS president and general...
