The authorities are reviewing minimum capital requirement

The regulatory authorities in the Philippines have revised upwards the minimum capital required to operate as a non-life insurer. The minimum paid up capital will increase from 125 million PHP (2.8 million USD) to 175 million PHP (4 million USD) by 2012.
It is due to reach 250 million PHP (5.7 million USD) in 2015, the date scheduled for the opening of the market to all insurers of the ASEAN region. This decision has been taken to strengthen the local companies and upgrade them for competition with their Asian counterparts. The Philippines has currently 83 non-life insurance companies.