UN Avenue, Manila
21 January 2014
President Benigno S. Aquino III lauded the Insurance Commission for its exemplary performance when he graced its 65th anniversary celebration held in Manila.
In his speech, President Aquino emphasized that as the industry was failing due to the public’s distrust on insurance companies, IC’s performance fostered trust among stakeholders and helped encouraged growth in the industry. From the end of 2009 to 2013, insurance premiums had increased from P78 billion to P200 billion, indicating the increasing number of insured Filipinos.
“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 said.
The President also mentioned that the recent reappointment of Commissioner Atty. Emmanuel Dooc for another six years would give time for the needed reforms to take full effect and to allow him to manage the agency even after the end of his administration.
Working under the supervision of the Department of Finance, the Insurance Commission is an agency committed to strengthen the insurance industry and to protect the welfare and interest of the insuring public.
* * *