Staff Reporter
,
Philippines
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HMOs shall not be precluded from early implementation.
The Philippines’ Insurance Commission (IC) urged health maintenance organisations (HMOs) to adopt the Philippine Financial Reporting Standard (PFRS) 17 beginning 1 January 2027 in their audited financial statements.
The IC also said that HMOs “shall not be precluded from early implementation” of the new accounting standard before 1 January.
“The Commission is presently working on a new prudential framework for HMOs, which we believe will further improve their solvency positions,” IC commissioner Reynaldo A. Regalado said in a statement.
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