The Asian Development Bank (ADB) has approved a $400 million policy-based loan to support reforms aimed at improving the efficiency of the Philippines’ insurance industry and promoting broader participation in the sector.
Under the Insurance Reform Program, Subprogram 1, the initiative seeks to modernize regulations and supervision to create a more efficient, consumer-oriented, and technologically advanced insurance market. It also aims to strengthen climate risk management, disaster resilience, and the industry’s role in financing long-term infrastructure projects.
“This program is a strategic investment in the Philippines’ sustainable and inclusive economic future,” said ADB Country Director for the Philippines Andrew Jeffries. “By modernizing the regulatory framework, we are not only strengthening the insurance industry itself—we are building a critical line of protection for the nation, mobilizing long-term capital for development, and ensuring that the benefits of economic growth reach every Filipino entrepreneur and household.”
The program will be implemented in three phases in partnership with the Insurance Commission. It includes reforms in digitalization and climate finance to enhance resilience, financial inclusion, and consumer trust.
This is ADB’s first dedicated insurance reform program, building on its support to the Philippine insurance industry and capital markets since the late 1990s. It complements previous and ongoing initiatives and reforms on disaster, agriculture, and health insurance.
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