PH gets $400-M ADB loan for insurance sector
The Asian Development Bank (ADB) on Tuesday announced a $400-million policy-based loan to help boost the Philippines’ insurance sector by creating an enabling environment for broader participation in the industry.
The Insurance Reform Program, Subprogram 1, would support broader financial sector development reforms in regulation and supervision, including greater intermediation of long-term credit for government infrastructure projects, the ADB said in a statement.
This is ADB’s first dedicated insurance reform program, building on the bank’s ongoing support to the Philippine insurance industry and capital markets development since the late 1990s.
The Manila-based lender also said the financing was designed to foster a more efficient, consumer-oriented and technologically advanced insurance market that strengthens climate risk management and disaster resilience.
The new program will be implemented in three sequenced subprograms, in close partnership with the Insurance Commission.
It would support comprehensive reforms—including cutting-edge digitalization and climate finance—to enhance resilience, financial inclusion and consumer trust, the ADB explained.
“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,” he added.
