, Philippines
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Philippines urges HMOs to adopt PFRS 17 by 2027

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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