Magazine date:
Oct 2013 The Philippine government passed a law that modified the minimum capital required for the establishment of an insurance company. This development is designed to prepare insurers to the country's accession to the Association of South East Asian Nations (ASEAN) and to the ensuing competition of Asian companies. It will also help insurers cope with the growing demand for more complex financial products.
The law provides for a gradual adjustment of the capital required every three years. Insurers will detain a minimum capital of 1.3 billion PHP (31.6 million USD) by June 30, 2022. This minimum was set at 250 million PHP (6 million USD) in June 2013.