From The Report: The Philippines 2012
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The Philippines insurance industry is poised for strong growth from a low base, being ranked as the third-smallest insurance market in the East Asian region. Penetration levels of just 14% indicate that there is considerable room for expansion. Sectoral figures are lobbying, with some success, to rewrite existing regulations, which they feel impose burdensome tax costs on the industry. Other expected changes include a gradual ramp-up of capital requirements, which should precipitate a wave of consolidation among the Philippines’ many small insurance providers.
This chapter features interviews with Emmanuel Dooc, Commissioner, Insurance Commission; and Riza Mantaring, CEO, Sun Life.