Thank you, Commissioner Regalado, for the kind introduction.

Colleagues in government;
Deputy Commissioners;
Industry partners;
All personnel of the IC;
Special guests, good afternoon.

It is an honor to join you today as we celebrate the 77th anniversary of the Insurance Commission.

Insurance is often invisible—until the moment people need it most. When illness strikes, when disasters hit, or when livelihoods are suddenly at risk, insurance becomes the difference between hardship and recovery.

For 77 years, the Commission has helped make that protection possible. It has quietly stood behind every Filipino—helping families recover, businesses rebuild, and communities thrive. Behind every policy issued and every claim settled is a system working to safeguard the financial security of millions of Filipinos.

Today, the IC supervises 164 regulated entities across insurance, HMOs, and pre-need companies, along with brokers, agents, and other intermediaries. This growing system reflects a stronger industry and growing trust from the Filipino public.

And the numbers from 2025 tell a compelling story.

Across nearly every major measure, the Philippine insurance industry posted strong performance.

One milestone stands out in particular. For the first time in history, total premiums surpassed the half-trillion peso mark, reaching over 500 billion pesos. Congratulations to the IC and to all our industry partners!

But beyond the numbers, this milestone tells us something even more important. It reflects broader public participation and a growing awareness among Filipinos that insurance is an essential tool for financial protection. This also reaffirms the industry’s role as a cornerstone of economic resilience.

And with greater trust comes greater responsibility.

If more Filipinos are embracing the insurance mindset, then we must make sure that protection reaches even further.

This momentum should drive us to strengthen the system, expand access, and develop programs that bring insurance within reach of more Filipino families, workers, and entrepreneurs.

The industry’s strength is also reflected in its growing asset base, much of which supports government securities and domestic investments that help finance infrastructure and national development priorities.

Meanwhile, healthcare protection continues to expand as the HMO sector steadily recovers, providing more Filipinos with access to quality medical care.

The pre-need industry likewise remains stable, helping families prepare for future educational and memorial needs with greater confidence.

Together, these sectors demonstrate sustained public trust and highlight the industry’s important role in supporting both individual financial security and national economic stability.

Now, let’s be clear about one thing. Good numbers alone are not enough.

The way I usually check if we are on the right track is simple. I compare our performance with the best in the region and in the world.

Benchmarking against global standards tells us whether our systems are truly efficient, if our processes work, and if we are operating at the level we should be.

Because the real question is not whether our numbers look good. The real question is if we are reaching our full potential and delivering the level of protection and reliability that Filipinos deserve.

For instance, questions like: are we processing applications as fast as our regional peers? Are our processes at par with the best in the world? Questions like these need to be asked.

As we look ahead, the DOF recognizes the IC’s continued commitment to inclusion and accessibility. Initiatives such as Takaful, microinsurance, and accident coverages must be further developed and refined to ensure that financial protection reaches more Filipinos, while maintaining the stability and resilience of the system.

Consumer protection must remain central to every regulatory decision. Transparency, fair claims practices, and efficient dispute resolution are essential to sustaining public trust and ensuring that Filipinos can rely on the industry when they need it most.

At the same time, digital transformation should continue to improve licensing, payments, and certification systems. Faster and simpler processes allow companies to serve the public better and make protection more accessible.

Equally important is collaboration.

At the national level, coordination among government agencies, industry associations, and consumer groups must remain strong in order to build policies that are both responsive and inclusive.

As I mentioned earlier, at the regional and global level, continued engagement with ASEAN partners and international regulatory bodies will help align the Philippine insurance industry with global best practices, strengthen knowledge sharing, and enhance competitiveness in an increasingly interconnected financial system.

In the end, our success cannot be measured by industry growth alone. It must be measured by the people whose lives are protected. Families who can focus on recovery when illness strikes. Communities that can rebuild after disasters. Employees who receive support after accidents. Entrepreneurs who can keep their businesses going despite unexpected setbacks.

These are the real outcomes that define the value of insurance.

I therefore encourage the IC and our industry partners to continue advancing inclusive, socially responsive solutions. Every step forward strengthens the industry’s role as a trusted partner in nation-building, safeguarding lives, empowering communities, and supporting the sustainable growth of our economy.

As we celebrate 77 years of progress, growth, and service, the work is far from over.

To the IC family, let us continue strengthening regulation that is principled, forward-looking, and responsive to change. Let us push further in modernizing our systems, improving supervision, and ensuring that our policies keep pace with innovation and evolving risks.

To our industry partners, we ask you to continue expanding protection to more Filipinos, especially those who remain underserved. Innovate responsibly. Develop products that are simpler, more accessible, and better aligned with the realities faced by Filipino families and businesses.

Together, we can ensure that this industry grows not only in size, but also in its ability to protect more lives, empower more communities, and contribute even more meaningfully to our nation’s development.

Rest assured that the DOF stands with you as a partner in advancing this shared vision.

Thank you very much, and happy anniversary to the IC family!