The Insurance Commission (IC) will be taking a stronger role in the country’s infrastructure development given rising interest among industry players.
“We need to more or less come up with a set of regulations … one is to encourage the industry to put in their money [into infrastructure],” Insurance Commissioner Emmanuel Dooc said.
He was responding to a Finance department call for rules that would facilitate
infrastructure investments by the insurance sector, tagged as an important component of Philippine growth.
Dooc said the IC, in particular, would be reactivating a reinvestment council that will guide insurance players.
“We have the investment provision in the Insurance Code and we have been meeting with the DOF (Department of Finance) and other authorities to allow the industry to invest in public-private partnerships,” Dooc added.
A major life insurance player recently announced that it would be making its first infrastructure investment in the country by venturing into power generation in Mindanao.
Sun Life Philippines said it had received the go signal from its parent company—Sun Life of Canada —to invest in the power plant via a 12-year loan agreement.