The initiative seeks to make the sector more efficient, consumer-centered, and technologically advanced—while also strengthening climate resilience and financial inclusion.
Under the Insurance Reform Program, Subprogram 1, ADB will help the Philippines enhance regulation and supervision, and channel long-term credit into critical infrastructure projects.
Modernizing regulatory framework
“This program is a strategic investment in the Philippines' sustainable and inclusive future,” said ADB Country Director for the Philippines Andrew Jeffries in a statement.
“By modernizing the regulatory framework, we’re strengthening the insurance industry and building a vital line of protection for the nation.”
The program will unfold in three sequenced subprograms, in partnership with the Insurance Commission, focusing on digitalization, climate finance, and consumer protection.
ADB’s first dedicated insurance loan program
This marks ADB’s first dedicated insurance reform program, complementing its past support for inclusive finance and capital market reforms. It also aligns with recent ADB initiatives in disaster, agriculture, and health insurance, reinforcing the country’s resilience against climate and economic shocks.
Founded in 1966, ADB continues to champion inclusive, resilient, and sustainable growth across Asia and the Pacific, working with partners to deliver long-term development solutions. ---Ed: Corrie S. Narisma
