MANILA, Philippines — The Insurance Commission (IC) ordered insurers to grant a three-month reprieve on premiums and loan repayments as a relief measure to ease the financial strain on Filipinos amid a national energy emergency.
The regulator has issued circulars outlining a series of initiatives not only for policyholders, plan holders and health maintenance organization members, but also for industry players.
Insurance Commissioner Reynaldo Regalado directed insurers to provide a minimum 90-day grace period for all premiums, installments or fees that are due from April 15 to May 31.
According to Circular Letter 2026-11, issued on May 13, policies or agreements coverage set to lapse or expire on or before May 31 will automatically be extended for three months, subject to the payment of corresponding premiums.
A 90-day grace period was also ordered for loan repayments.
Apart from this, the regulator said the IC-regulated entities (ICREs) are encouraged to adopt additional initiatives and relief measures.
“These measures are intended to provide meaningful relief to both consumers and ICREs, ensuring that they are able to navigate the challenges brought about by the current economic conditions while maintaining continuity of coverage and compliance,” Regalado said.
For its ICREs, the regulator said in a separate circular that it granted a one-month extension for submitting reportorial requirements covering the months of April to June.
“In times of economic strain, it is imperative that regulatory frameworks remain responsive – balancing consumer protection with operational flexibility for industry players so that no stakeholder is left behind,” Regalado said.
Submissions made within the extended period are exempt from fines and penalties, it added.
“Loans to employees shall also be granted a temporary grace period of at least three months without penalties or interest,” the circular said. By: Aubrey Rose Inosante – The Philippine Star
