ADB grants Philippines $400M loan to boost insurance sector

The Philippines has secured a $400 million loan from the Asian Development Bank (ADB) aimed at enhancing its insurance sector.

This significant loan will drive the digitalization of the insurance industry, enabling it to provide more long-term credit for crucial government infrastructure projects.

The ADB anticipates that this modernization will lead to a more efficient and consumer-focused insurance market, better equipping Filipinos to handle climate risks and bolster disaster resilience.

ADB country director for the Philippines, Andrew Jeffries, highlighted that strengthening the insurance industry is vital for national protection, mobilizing capital for development, and ensuring economic growth benefits all Filipinos.

The program will be rolled out in three stages through a partnership with the Insurance Commission.