The Insurance Commission of the Philippines (IC) has released two regulatory measures intended to modernise investment practices for the country’s insurers and reinsurers while also promoting the development of insurance products tailored to gender-specific health needs.
Circular Letter No. 2025-09 introduced updated investment guidelines applicable to insurance firms, professional reinsurers, and mutual benefit associations (MBAs), collectively referred to as entities under the commission’s oversight.
The new rules streamline earlier issuances by consolidating 15 previous circulars into a single reference document.
Insurance Commissioner Reynaldo A. Regalado said the changes are designed to enable these entities to respond more effectively to evolving financial markets.
“It aims to further empower the commission’s regulated entities to make well-informed investment decisions with the aim of ensuring the stability and growth of their respective financial assets while safeguarding the interests of their policyholders,” he said.
Among the notable changes are the inclusion of new permitted investment instruments such as structured securities, supranational organisation bonds, and specific collective investment vehicles. These no longer require pre-approval from the commission if they meet regulatory safeguards, including minimum credit ratings or exchange listings, which are intended to uphold market integrity and oversight.
In addition, the circular removes the prior approval requirement for select investments denominated in Philippine pesos and foreign currencies that conform to accepted standards, including those reviewed externally or listed on regulated exchanges.
Regalado added that the commission is seeking to reduce administrative delays in the investment process and ease regulatory burdens while ensuring prudent risk management practices remain in place.
In a separate release, Advisory No. RS-2025-009, the IC urged life and health insurers, including health maintenance organizations (HMOs), to design and promote health insurance policies that address gender-specific risks and medical needs.
The advisory highlighted the importance of developing products that cover maternal and reproductive care, gender-related critical illnesses, and other health services aligned with sex-based risk profiles.
“The commission supports initiatives that promote inclusivity, empowerment, and financial resilience through the availability of specialised insurance and HMO products that address women’s health, financial security, and overall well-being,” Regalado said.
This advisory comes amid a projected rise in healthcare expenses. Data from global consultancy WTW estimates that the Philippines could see medical costs climb by 18.3% in 2025, one of the steepest projected increases in the Asia-Pacific region. Contributing factors include growing healthcare utilisation, higher service fees, and an increased burden from chronic diseases.
The commission also encouraged industry stakeholders to collect and assess sex-disaggregated data, emphasising that this information could improve the design and delivery of inclusive products.
Through these initiatives, the IC aims to align regulatory approaches with both financial market realities and the evolving healthcare environment in the Philippines.
