Insurance Commissioner Reynaldo Regalado; Deputy Insurance Commissioners and officials of the Insurance Commission; fellow workers in the government; friends from the industry; ladies and gentlemen: Magandang hapon po sa inyong lahat.

First, let me congratulate the dedicated men and women of the Insurance Commission on your 76th anniversary.

It is my great pleasure and privilege to deliver this speech on behalf of Finance Secretary Ralph G. Recto.

We are here to celebrate not just this institution but the legacy it has built—one founded on trust and an unshakable commitment to securing the future of the Filipino people.

Sa mahigit pitong dekada, nanatili kayong matatag at matibay. Araw-araw, pinapatunayan ninyo na kayo ay maaasahan ng bawat pamilyang Pilipino. Kaya naman, taos-pusong nagpapasalamat ang Department of Finance sa inyong dedikasyon at pagsisikap.

Because of the work of the IC, the Philippine insurance industry has continuously transformed into a strong and reliable sector.

And its impressive strength is seen in the growth of the industry’s assets, premium collections, and benefit pay-outs.

For instance, in 2024, the combined industry assets grew by 6.4 percent to 2.5 trillion pesos.

Premium collections surged by 12.8 percent to 440.4 billion pesos, while net income climbed 16 percent to 56.3 billion pesos.

More importantly, the total benefit payments grew by 19 percent or 160.3 billion pesos.

With these gains, the insurance density improved by 12.6 percent last year. This is proof that more and more Filipinos are making the wise decision to invest in their security as jobs and incomes continue to rise in pace with our 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.

But of course, the reason why we are here is way beyond those figures. For what truly matters is the lives you change.

Tungkol ito sa pamilyang mahimbing na nakakatulog sa gabi, panatag na sila ay protektado.

Tungkol ito sa mga breadwinners na may lakas ng loob na harapin ang kinabukasan nang walang pag-aalinlangan.

Tungkol ito sa pagtupad ng pangarap ng bawat Pilipino.

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.

And what better way to further demonstrate this commitment than the groundbreaking approval of Takaful or Islamic Insurance Products.

This milestone underscores our dedication to inclusivity—that no Filipino, regardless of faith or background, will be left behind sa Bagong Pilipinas.

And I applaud the IC for embracing innovation and digitalization so that more people are served with greater efficiency, transparency, and ease of doing business.

The Commission has also mandated the establishment of a Registry of Licensed Insurance Agents. Now, every Filipino can verify the legitimacy of agents, strengthening trust and confidence in our financial products and services.

I also commend the Commission’s firm collaboration with the Anti-Money Laundering Council, which helped secure the Philippines’ long-awaited exit from the Financial Action Task Force’s greylist.

This seal of good housekeeping strengthens public confidence in our financial system and directly benefits our OFWs, our businesses, and every hardworking Filipino.

So as we look ahead, I challenge the Commission to take this year’s theme to heart: to reimagine the role of IC as more than a supervisory and regulatory body, but as the tireless 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.

On our end, let me assure you that the Department of Finance stands firmly behind the IC, ready to support its initiatives in strengthening and expanding the sector.

Sama-sama po nating patunayan sa ating mga kababayan na ang Insurance Commission ay laging nariyan—handa, maaasahan, at umagapay sa bawat Pilipino.

Once again, I extend my heartfelt congratulations to the IC on this exciting new chapter. I look forward to all the things we can achieve together in the years to come.

Maraming salamat po, mabuhay ang Insurance Commission, at mabuhay ang Bagong Pilipinas!