In 2023, the value of insurance and pension services imports in the Philippines stood at 5.3. For 2024, the forecasted value is 5.4, marking a year-on-year increase of approximately 1.9%. From 2025 to 2027, the value remains stable at 5.5, indicating minimal growth. By 2028, the value rises slightly to 5.6, translating to a negligible growth pattern over the years. The Compound Annual Growth Rate (CAGR) over the five-year period from 2024 to 2028 is around 0.6%, suggesting modest growth in imports.
Future trends to watch for:
• Increasing adoption of digital insurance platforms, which could alter import patterns.
• Regulatory changes that may impact the import landscape of pension services.
• Macroeconomic factors such as interest rates and inflation, influencing demand for imported insurance and pension products.
