Philippine Insurers and Reinsurers Association (PIRA) said they are being approached by multiple global firms.
More foreign companies expressed interest to enter the insurance business in the country as the final tranche of the increase in capital requirement gets implemented.
PIRA, the umbrella organization of the non-life insurance industry in the Philippines, said a number of foreign firms are planning to do business here to ramp up the local insurance sector.
Among the firms include Koreans for M&A, representing Koreans, Thai, and Japanese capital.
For firms that are not able to comply with the mandated hike in capital requirement, they intend to enter into mergers and acquisitions, either with local firms or international companies
