Finance Secretary Ralph Recto asked the Insurance Commission (IC) to elevate its role beyond regulation and become a “relentless guardian of the Filipino dream.”
“This means setting higher standards, championing financial empowerment and ensuring that every policy and every regulation truly serves the evolving needs of the Filipino people,” Recto said in a speech delivered by Department of Finance (DOF) Undersecretary Maria Luwalhati Dorotan Tiuseco at the 76th anniversary celebration of the IC on March 20, 2025.
“For this is what you do—you give our people a fighting chance. You make sure that no matter what crisis lies ahead, they have a shot at stability, dignity, and hope,” Recto said.
The IC is an attached agency of the DOF mandated to regulate and supervise the insurance, pre-need and health maintenance organization (HMO) industries in accordance with the provisions of the Insurance Code.
Recto lauded the IC for steering the Philippine insurance industry toward becoming a strong, resilient and dependable sector that safeguards the well-being of Filipinos.
The IC’s combined industry assets grew by 6.4 percent to P2.5 trillion in 2024. Premium collections increased 12.8 percent to P440.4 billion, while net income climbed 16 percent to P56.3 billion.
The total benefit payments also grew by 19 percent to P160.3 billion.
The insurance density improved by 12.6 percent last year to P3,892.8. Insurance density refers to the amount of premium per capita or the average spending of each individual on insurance.
Recto said the gains prove that more Filipinos are making the wise decision to invest in their security as jobs and incomes continue to rise in pace with the fast-growing economy.
“These are encouraging signs that we are making good, steady progress in widening financial inclusion among Filipinos. So I am confident to say that we are doing the right things in building a stronger safety net for our people—one that does not only secure but uplift the lives of every Filipino,” he said.