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DBM releases P900 million crop insurance funding
To cover the crop insurance premium of subsistence farmers and fisherfolk in the country, the Department of Budget and Management has released P4.5 billion and its corresponding Notice of Cash Allocation for the 1st Quarter of the year in the amount of P900 million to the Philippine Crop Insurance Corp......»»
Insurance commission OKs doubling of vehicular accident indemnity claims
The Insurance Commission has doubled the indemnity claims for vehicular accident victims as part of government efforts to improve overall insurance coverage in the country......»»
Clark Aurora Festival partners with FWD to provide insurance to attendees
Aurora Music Festival Clark 2024 announced that FWD Life Insurance as its official partner providing insurance to its attendees......»»
PDIC settles P614 million in deposit insurance claims
State-run Philippine Deposit Insurance Corp. has settled P614 million in deposit insurance covering 15,796 accounts from padlock banks in 2023......»»
GSIS non-life insurance premiums hit record high P9.8 billion in 2023
State-run pension fund Government Service Insurance System saw its collection of non-life insurance premiums rise to an all-time high of P9.8 billion in 2023......»»
Insurance complaints rise in 2023
Insurance complaints rose by nearly eight percent to 5,400 last year, largely coming from mutual benefit associations and health maintenance organizations......»»
Sun Life reigns as top insurance company for 13th year in a row
This milestone comes on the heels of Sun Life’s 129th anniversary, making it the first and longest-standing life insurance company in the Philippines......»»
Insurance penetration rate slips further to 1.6 percent
The insurance industry saw its net income rise to P48 billion last year, but its contribution to the overall economy slipped further for the second straight year to only 1.6 percent......»»
Books, greens & unfinished business
I recently had lunch with very busy insurance executives and since the topic was about insurance, I raised the question on how prepared were they for retirement or even semi-retirement. Of course, NO ONE, not a single one, had really entertained the thought or been working on the inevitable......»»
Recto backs insurance for OFWs
The availability of insurance products should extend to overseas Filipino workers , according to Finance Secretary Ralph Recto – indicating the possible lifting of restrictions in the current framework......»»
NMP nabs 'Outstanding e-NGAs User Entity Award'
NMP's remarkable use of the Electronic New Government Accounting System (e-NGAs) received recognition for its commitment to transparency and the timely submission of financial statements and other reports for FY 2022, as mandated by the Commission on Audit (COA)......»»
53% drop in Davao City’s road accidents: DCPO-TEU
The Davao City Police Office-Traffic Enforcement Unit (DCPO-TEU) has reported a significant 53% decrease in road accidents during the first 16 days of 2024 compared to the same period in 2023. Deputy Chief Pcpt. Raymundo B. Bacera Jr. revealed these statistics during the ISpeak media forum, citing 213 recorded incidents in 2023, compared to only 102 in 2024. He noted a reduction in the number of vehicles involved, from 120 to 51. Human error was identified as the primary cause of accidents, accounting for 97% of cases, while vehicle defects and road defects contributed to 2% and 1% of incidents, respectively. Private vehicles were involved in 40% of the accidents, with common human errors including texting/calling while driving, overtaking, and speeding. The peak hours for accidents were identified as between 2 pm to 4 pm. Despite the implementation of the New Speed Limit Ordinance, which came into effect on January 11, 2024, Dionisio Abude, head of the City Transport and Traffic Management Office (CTTMO), emphasized that the ordinance cannot guarantee the absence of road incidents, highlighting the critical role of driver behavior and driving habits. Since the ordinance's enforcement, CTTMO and DCPO-TEU have issued citations to 730 violators, with private vehicles constituting 49% of the total, followed by motorcycles, taxis, trucks, public utility jeepneys, buses, and public utility vans......»»
World Bank pushes new agri insurance products
The Philippines needs to come up with new and better agricultural insurance products to help farmers cope with natural disasters, according to the World Bank......»»
DBM releases P4.5 billion for crop insurance
The Department of Budget and Management has released P4.5 billion to cover the crop insurance premium of some 2.3 million farmers in the country......»»
Toral: Add cyber insurance on your digital shield
Toral: Add cyber insurance on your digital shield.....»»
Philippines upper middle-income status seen to boost insurance penetration
Higher insurance penetration hinges on the country’s ability to reach upper middle-income status as Filipinos’ disposable income remains limited amid the high cost of basic goods and services......»»
Microinsurance premiums up 20 percent
Insurance contributions from low-income Filipinos amounted to P10.2 billion from January to September 2023, up by nearly 20 percent from P8.49 billion in the same period a year ago, according to the Insurance Commission......»»
No ‘cruel summer’ for PAL as Swifties fill flights
Fans of US music royalty Taylor Swift, collectively called Swifties, can’t seem to shake off the excitement of watching her in concert as flag carrier Philippine Airlines’ bookings to Singapore went with almost no blank space in flights......»»
Cebu Province passes ‘Good Financial Housekeeping’ from DILG
CEBU CITY, Philippines — The Cebu Provincial Government recently passed the Department of Interior and Local Government’s (DILG) ‘Good Financial Housekeeping’ (GFH) for the year 2023. Based on DILG’s data on Jan. 25, 2024, Cebu Province is among the passers of the GFH. This assessment is given to an LGU that exhibits compliance with accounting.....»»
Cebu Pacific shelves plans for Saudi, China flights
Low-cost carrier Cebu Pacific is focusing its international expansion within East and Southeast Asia this year, shelving plans of launching flights to Saudi Arabia and reopening trips to Beijing as supply issues shake the airline......»»