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Local insurers will officially be required to hike their capitalization at the onset of 2023 as the government will no longer postpone the implementation of the measure.
More foreign companies are likely to enter the insurance business in the Philippines as the final tranche of the increase in capital requirement – a move that would impact small local firms – nears implementation.
FROM THE MARGINS The President has appointed a new tax chief. Atty. Romeo Lumagui, Jr., tax lawyer and former Deputy Commissioner for Operations, recently took his oath, assuming leadership of the Bureau of Internal Revenue (BIR) amidst many challenges. With global inflation and an economy bearing
Local insurers are no longer optimistic on the possible extension of the final tranche of increase in capital requirement by yearend, but the industry maintained it would continue to push for its review.
FROM THE MARGINS Last week, House Speaker Martin Romuldez vowed to pass by December the administration’s priority bills, including the Passive Income and Financial Intermediary Taxation Act (PIFITA), the last tranche of the government’s Comprehensive Tax Reform Program. The PIFITA is laudable beca