The Asian Development Bank (ADB) has approved a $400m policy-based loan to support reforms aimed at raising the efficiency of the Philippines' insurance industry, creating an enabling environment for broader participation in the sector, and helping stimulate stronger economic growth. The  Insurance Reform Program, Subprogram 1  supports broader financial sector development reforms in regulation and supervision, including greater intermediation of long-term credit for government infrastructure projects. It is designed to foster a more efficient, consumer-oriented, and technologically advanced insurance market that strengthens climate risk management and disaster resilience. ADB country director for the Philippines, Andrew Jeffries said that the program is a strategic investment in the Philippines’ sustainable and inclusive economic future. “By modernising the regulatory framework, we are not only strengthening the insurance industry itself—we are building a critical line of protection for the nation, mobilising long-term capital for development, and ensuring that the benefits of economic growth reach every Filipino entrepreneur and household,” he said. The new program will be implemented in three sequenced subprograms, in close partnership with the Insurance Commission. It supports comprehensive reforms—including cutting-edge digitalisation and climate finance—to enhance resilience, financial inclusion, and consumer trust. This is ADB’s first dedicated insurance reform program, building on the bank’s ongoing support to the Philippine insurance industry and capital markets development since the late 1990s. Past initiatives include the  Inclusive Finance Development Program  and the  Support to Capital Market-Generated Infrastructure Financing Program . It also complements ADB’s recent support for related reforms, such as parametric and indemnity insurance under the  Second Disaster Resilience Improvement Program , agriculture insurance under the  Climate Change Action Program , and health insurance under the  Build Universal Health Care Program . Source: www.asiainsurancereview.com

October 6, 2025, at the Independence Flagpole at Rizal Park Luneta.

Philippines Congress is likely to consider a request from the government to double the crop insurance subsidy it pays to the country's farmers to PHP8bn in 2026 so that it covers up to 4.2m farmers. According to a news report on the news portal bilyonaryo.com most of these farmers are rice growers. The news report said the Philippines agriculture secretary Francisco P Tiu Laurel Jr has urged the Congress to take up this proposal so that the number of farmers covered under the scheme goes up from the present 2.3m to 4.2m. The Philippine parliament is formally known as the Congress. Currently, the farmers are insured under the Philippine Crop Insurance Corporation (PCIC) and the rice cultivating farmers number around 1.25m. PCIC provides a maximum coverage of PHP20,000 per hectare, about a third of the estimated PHP60,000 cost of rice production. Mr Tiu Laurel said “PCIC’s current subsidy level is simply inadequate.  We need to insure more farmers at realistic levels that reflect the true cost of production, especially as climate change and market volatility continue to impact the sector.” Under the proposed 2026 national budget, PCIC’s subsidy remains at PHP4.5bn, the same level since 2022. The agriculture secretary said this limits the government’s ability to protect farmers from rising risks like typhoons. “To insure 4.2m farmers, we need about PHP8bn. That means we are short by PHP3.5bn. Of the 4.2m farmers we aim to cover, 2.2m will be rice farmers—an increase of nearly a million from the current number.” The agriculture secretary emphasised that expanding insurance coverage is a strategic investment in food security. “Crop insurance isn’t just a financial product—it’s a critical lifeline. When typhoons, droughts, or pest outbreaks hit, insured farmers can recover faster and get back to planting. Without it, many are left in debt or forced to abandon farming altogether.” Mr Tiu Laurel appealed to lawmakers to prioritise agricultural resilience in the national budget, stressing that a fully funded insurance system is important to stabilise rural incomes, sustaining productivity, and protecting the country’s food supply. Source: asiainsurancereview.com

As part of its initiative to ensure that only approved products are offered to the public, the Filippino insurance regulator, the Insurance Commission (IC), has directed all insurers, mutual benefit associations, health maintenance organisation, and pre-need companies to submit an inventory of all existing products and services. This is in line with the IC’s efforts to ensure that entities are not allowed to offer unapproved products, as strengthened by the implementation of the Financial Products and Services Consumer Protection Act. As of 2 October 2025, 131 licensed companies and associations were able to comply, while others, including two composite companies and three life insurers, failed to submit the report. Source: www.asiainsurancereview.com

The Filipino Department of Finance (DOF) has ordered all agencies, government financial institutions, and government-owned and controlled corporations under its supervision to extend much-needed aid to the victims of the recent 6.9 magnitude earthquake in Cebu and severe tropical storm Opong. DOF secretary Ralph Recto emphasized the need to mobilize ground support and faster rollout of services to the public in the aftermath of the Nat CAT natural calamities. On its part, the Insurance Commission (IC) has issued IC Circular Letter No. 2025-19 ordering all insurance companies and related entities to: Provide assistance so that policyholders can receive immediate payments for claims. Extend deadlines for filing notices of claims and submitting of supporting documents. Improve customer service. Fast track the processing of insurance claims for damaged properties, allied perils, sustained injuries and tragic loss of lives. Source: www.asiainsurancereview.com

Agriculture Secretary Francisco P. Tiu Laurel Jr. is urging Congress to double the government’s crop insurance subsidy to ₱8 billion in 2026, enough to cover up to 4.2 million farmers, most of them rice growers. Currently, 2.3 million farmers are insured under the Philippine Crop Insurance Corporation (PCIC), with rice farmers comprising 1.25 million. PCIC provides a maximum coverage of ₱20,000 per hectare, about a third of the estimated ₱60,000 cost of rice production. “PCIC’s current subsidy level is simply inadequate,” Tiu Laurel said. “We need to insure more farmers at realistic levels that reflect the true cost of production, especially as climate change and market volatility continue to impact the sector.” Under the proposed 2026 national budget, PCIC’s subsidy remains at ₱4.5 billion, the same level since 2022. Tiu Laurel said this limits the government’s ability to protect farmers from rising risks. “To insure 4.2 million farmers, we need about ₱8 billion. That means we’re short by ₱3.5 billion,” he said. “Of the 4.2 million farmers we aim to cover, 2.2 million will be rice farmers—an increase of nearly a million from the current number.” The agriculture chief emphasized that expanding insurance coverage is a strategic investment in food security. “Crop insurance isn’t just a financial product—it’s a critical lifeline,” he said. “When typhoons, droughts, or pest outbreaks hit, insured farmers can recover faster and get back to planting. Without it, many are left in debt or forced to abandon farming altogether.” Tiu Laurel appealed to lawmakers to prioritize agricultural resilience in the national budget, stressing that a fully funded insurance system is key to stabilizing rural incomes, sustaining productivity, and protecting the country’s food supply. Source: bilyonaryo.com

Beneath the waters of the South China Sea lies a silent threat — one capable of unleashing a disaster unlike anything we’ve seen before. The Manila Trench, a vast undersea fault stretching a thousand kilometers, is among the world’s least known yet most dangerous subduction zones. it may be one of the most overdue fault systems on Earth — a sleeping giant waiting to rupture. So what happens when a fault this powerful stays silent for too long? What lies beneath this geological stillness — and how close are we to a moment that could reshape an entire region? Today, let’s delve into the Dangers of the Manila Trench —examining its volatile geology, mysterious history and the looming danger that could erupt without warning.

Mark your Calendars! Join us for various activities, including learning sessions, networking events, sports for a cause, and community service. There's something for everyone in the industry and beyond. We look forward to highlighting the vital role of insurance in building a stronger, safer, and more resilient future.

By Michael F. Rellosa As I write, Typhoon Ragasa, the strongest typhoon anywhere in the world in 2025 thus far, made its power felt, with another weather disturbance threatening to turn into another typhoon close at its heels. We also survived a weekend of national protests ironically because we exposed anomalies in projects meant to protect us from the effects of such typhoons. Mayhem and chaos are becoming uncomfortably common. In a world that feels more unpredictable than ever — where the news is filled with stories of intensifying natural disasters, complex cyberthreats and shifting global landscapes — we in the insurance industry understand the uncertainty you feel. The role of an insurance policy is changing, and so is our relationship with you, our valued customer. This isn’t just about us providing a safety net; it’s about us working together to build a safer and more resilient future. Our message to you is simple, yet profound: together, we can make it work. Our most important piece of advice is to view your policy not as a magic shield, but as a critical last line of defense. True security begins long before you ever need to file a claim. We strongly encourage you to take proactive steps to prevent risks from happening in the first place. For your home, this might mean installing smart smoke detectors and alarms, securing your roof against high winds, or having an emergency plan for floods. On a larger scale, it means working with your local government units and investing in community-wide flood barriers or strengthening local infrastructure. For your digital life, it means being vigilant against cyberattacks, using strong passwords and regularly backing up your important data to a secure off-site location. By taking these actions, you’re not just protecting your property; you’re protecting your peace of mind and the well-being of your family and community. The best outcome for all of us is a future where the claim you never have to file is the one you were prepared for. We also want to be perfectly clear about the limits of what insurance can do. In this modern landscape, some risks are simply too widespread or unpredictable to be covered by a commercial policy. These “uninsurable” events — such as pandemics, acts of war or global economic crises — are forces of nature and geopolitics that affect everyone at once. They are considered “systemic risks” because their sheer scale makes them unmanageable for a private insurer, whose business model relies on the diversification of risk. We don’t pretend that we can provide a solution for these, but we can help you understand where your policy’s protection ends. We urge you to read your policy carefully and ask us questions, because a clear understanding of your coverage’s boundaries is a powerful tool. It allows you to focus your preparedness efforts where they matter most, rather than on a false sense of security. Because you can’t transfer all risks, the responsibility for them falls on you, and that’s where our partnership truly begins. We advise you to focus on building your personal and financial resilience. For individuals and families, this means having an emergency savings fund that can see you through a job loss or a sudden economic downturn, and creating an emergency kit with supplies that can last for several days. For business owners, it’s about more than just financial reserves; it’s about building flexible supply chains, having a robust business continuity plan and creating a succession plan to weather market shocks. We are committed to providing you with the resources and guidance you need to make these decisions — not just as your insurer, but as your partner in holistic financial planning. The human element of risk is also a critical part of this conversation. While we can help you recover financially from a disaster, the emotional and mental toll is something no policy can cover. This is why we encourage our customers to not only have a physical plan for a disaster, but a psychological one as well. Know who you will contact, where you will meet and what steps you will take to ensure the well-being of your loved ones. This preparedness reduces panic and allows for clearer thinking during a crisis. It’s about empowering you to take control of your situation, even when it feels chaotic. Finally, we want you to think of us not just as a service you use after a disaster, but as a resource you can use to prevent one. Many of our modern services are designed to help you proactively manage risks. We can provide you with data-driven insights to help you identify vulnerabilities in your home, or offer you tools to strengthen your business’ cybersecurity. This is a shift from being a reactive payer of claims to a collaborative partner in your long-term security. The invitation is always open: let’s work together to navigate this uncertain world, because your resilience is our shared success. Source: www.manilatimes.net