31/07/2024
IN PHOTOS: Finance Secretary Ralph G. Recto has challenged the life insurance industry to become a key poverty-fighting force by increasing its market pe*******on, and turning life insurance into a mainstream consideration and a basic necessity for Filipinos during his keynote speech at the Philippine Life Insurance Association (PLIA) during its 74th Anniversary celebration on July 30, 2024.
The Finance Chief stressed that the government’s ultimate goal is to reduce poverty incidence to a single digit or 9% by 2028.
As of 2023, the government has successfully lifted 2.5 million Filipinos out of poverty, lowering the poverty rate to 15.5%. To meet its target, it must elevate 10 million more Filipinos above the poverty line in the next four years.
Secretary Recto sees this as a challenge and an opportunity—a call to action for the industry to step up efforts in ensuring that every Filipino, especially those in low-income brackets, is protected and shielded from falling below the poverty line.
He strongly encouraged the members of the PLIA to aggressively innovate, educate, and advocate life insurance in a manner that every Filipino recognizes its indispensable importance.
Secretary Recto called on the life insurance industry to take advantage of the Philippines’ vibrant labor market, growing middle class, its demographic sweet spot, and its projected ascent to becoming an upper-middle-income country in 2025 as well as the world’s 13th largest market in 2030.
PLIA is the umbrella organization of all life insurance companies operating in the Philippines, which currently has 33 member-companies.
READ MORE: https://www.dof.gov.ph/recto-challenges-life-insurance.../
