Thursday, February 22, 2018

Philippine life sector to log double-digit growth

This year is expected to usher in more growth for the Philippine life sector.

According to the Philippine Life Insurance Association (PLIA), double-digit growth is expected in 2018, thanks to the strong macroeconomic fundamentals of the country.

PLIA president Olaf Kliesow said the life sector should prove expansive and post double-digit growth this year owing to the country’s strong demographics and the impact of reforms under the Tax Reform for Acceleration and Inclusion Act (Train).

He said the sector will benefit from national economic growth which is projected to be above 7% by most analysts for this year.

Inflation, he added, is only expected to go up slightly, in large part due to the Train. The PLIA chief said the sector’s main challenge now is to improve financial literacy and awareness in the population at large.

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