Philippine insurers ready to fund infrastructure projectsJune 15 2018 by InsuranceAsia News Staff
The Philippines insurance industry is interested in investing in the government’s ambitious “Build, Build, Build” infrastructure programme, according to Philam Life and General Insurance, the country’s leading life insurer.
Philam Life’s chief financial officer, Gary James Ogilvie, said the insurance industry can support these investments because they are good types of investments for the insurance industry.
The government is relying on overseas development assistance and expertise, especially from Japan and China, as its main sources of infrastructure funding, but the local banking industry has expressed its support for the program if bridging finance is needed.
The initiative currently involves 75 flagship projects, which include six airports, nine railways, three bus rapid transits, 32 roads and bridges, and four seaports, aimed at boosting the country’s economic growth at multiple levels.
- February 22
Insurers have been urged tap into their funds to help support national infrastructure and development projects.
- February 12
Insurers are estimated to hold just 2% of assets under management in infrastructure investments.
- January 19
Much still needs to be done to marry insurance capital in Asia with suitable projects. It is time to do it.
- December 21
The message is part of efforts to increase private investment in government-led projects