He is so satisfied with the performance of the Insurance Commission, President Benigno Aquino 3rd announced a P10,000 anniversary bonus for each of its employees.
In his speech during its 65th anniversary, the President praised the efforts made by the agency to increase the number of insured Filipinos in the country.
He said that they deserved anniversary bonus for their “exemplary” performance which also allowed him “to leave most of the problem solving as regards the insurance industry in your very capable hands.”
“The way Commissioner [Emmanuel] Dooc and his team carry out their duties inspires a lot of trust and confidence,” Aquino said.
“Your agency’s regulatory work, under the leadership of Commissioner Dooc, has fostered trust among all stakeholders; and while there is more to be done in this regard, your performance so far has already helped encourage the rapid growth of the industry,” he added.
According to him, from the end of 2009 up to 2013, insurance premiums have increased by more than one hundred fifty percent—from 78 billion pesos to up to 200 billion pesos.
In the same timeframe, he said that the number of insured Filipinos has increased by more than 72 percent.
“This means even more Filipinos insured, and even greater investments from insurance companies into other industries—all of which combine to spur a virtuous cycle of empowerment. As you empower consumers, so too do you help spur the growth of the wider economy. It is no exaggeration: With your help, the industry has certainly made giant strides,” he added
The President likewise announced a new six-year term for Commissioner Dooc.
“Due to his excellent work, I recently reappointed Commissioner Dooc to a fresh six-year term, which will give him the time and the breathing room to have needed reforms take full effect, and to allow him to continue his excellent management even after I have stepped down from office. I have also approved your agency’s reorganization plan, which will give you the resources and the manpower you need to meet the demands of your expanding industry,” he said.
“For every additional person insured is one more Filipino family that can live without the fear of one major accident destroying everything they have worked for. It is one more family that can sleep better at night—that can set aside their worries and focus on building a better life—knowing that they have authorship of the following chapters of their lives,” he added.
President Aquino also approved the agency’s reorganization plan, which he said will give them the resources and the manpower they need to meet the demands of their expanding industry.
“I trust that these will help your agency further accelerate reform, and help move our country closer to our vision: a Philippines where each Filipino can work their hardest with the belief that someone has their back; a Philippines where the people can aspire for greater and greater things; a Philippines where, truly, no one is left behind,” Aquino said.
“It is not that you just deserve it, but I think you even more deserve it because, I understand, the reason for the delay in transmission was your Commissioner felt it was improper to request for the same and was waiting, in a traditional sense, for his accomplishments and your accomplishments to be recognized by others,” he added. CATHERINE S. VALENTE