MANILA – The Philippine life insurance industry ranked second in ASEAN in terms of how closely aligned local regulations are with international standards.
The Milliman ASEAN Liberalization Index measures the level of development of insurance markets in the region, assessing each in terms of product development, distribution, investment, sophistication of capital regime, policyholder protection, foreign ownership, new licenses and talent mobility.
The Philippines ranked second only to Singapore.
“This is a clear indication that our life insurance industry regulatory regime is robust and that the industry is very much capable to go head to head with other life industries in ASEAN,” Insurance Commissioner Emmanuel Dooc said.
“We are better prepared than most of our neighbors and ready to face the challenges of the approaching ASEAN Economic Community integration,” he added.
Life insurance penetration in the Philippines stood at 1.2 percent last year.
“We are pleased to find our life insurance industry’s placement in the ASEAN rankings. This affirms that our rapidly growing sectors are underpinned by sound regulatory regimes and enabling environments,” Finance Secretary Cesar Purisima said. –Rain Castro, InterAksyon.com
May –
Anti-Graft and Corruption Awareness Month
“Corruption drains the nation
and victimizes workers who build the nation.
Accountability now!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
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May 1 – Labor Day
May 2 – World Freedom Day
May 12 – World Communication Day
May 15 – International Day of Families
May 16 – International Day of Living
Together in Peace
May 21 – World Day for Cultural Diversity
for Dialogue and Development
Monthly Observances:
The Month of the Ocean
Anti-Graft and Corruption Awareness Month
Volunteerism Month
Weekly Observances:
Week 2: Safe Motherhood Week
Daily Observances:
May 1: Labor Day
May 7: Health Worker’s Day
May 31: National Fisherfolks Day
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