Finance Secretary Ralph G. Recto has called on the Insurance Commission (IC) to go beyond its regulatory role and embrace a higher mission—as the 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,” he 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,” the Finance Chief added.

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.

During its anniversary, Secretary Recto commended the Commission for steering the Philippine insurance industry toward becoming a strong, resilient, and dependable sector that safeguards the well-being of Filipinos.

In 2024, the IC’s combined industry assets grew by 6.4% to PHP 2.5 trillion. Premium collections increased by 12.8% to PHP 440.4 billion, while net income climbed 16% to PHP 56.3 billion.

The total benefit payments also grew by 19% to PHP 160.3 billion.

As a result, the insurance density improved by 12.6% last year to PHP 3,892.8. Insurance density refers to the amount of premium per capita or the average spending of each individual on insurance.

Secretary Recto stressed that the above gains are proof 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.

The Finance Chief also commended the IC on its new initiatives to ease the conduct of business and broaden financial inclusion, such as the approval of Takaful or Islamic Insurance Products, its digitalization programs, and the establishment of a Registry of Licensed Insurance Agents.

He likewise thanked the Commission’s firm collaboration with the Anti-Money Laundering Council, which helped secure the Philippines’ exit from the Financial Action Task Force’s (FATF) greylist—a move that will strengthen public confidence in the country’s financial system.

Secretary Recto assured the IC of the DOF’s strong support for its new or ongoing initiatives in strengthening and expanding the insurance sector.