Singlife Philippines is one step closer to unlock the potential of money for everyone

An important milestone has passed for Singlife Philippines after receiving the license to operate as a life insurance company from the Insurance Commission (IC) last Monday, February 17.  

“I’m very grateful to Mr. Funa and the people in the IC for the fast turnaround of our license application,” Singlife Philippines President & CEO Rien Hermans shares. “We submitted all the requirements for our license only last mid-December, and we actually have the license framed in our office barely two months after.”

 Apart from the usual documents for corporations and a detailed business plan, it is a requirement for every new insurance company to have an unimpaired capital of at least Php 1 billion to ensure contract liabilities can be met. After receiving Php 1.3 billion from its shareholders Singapore Life Pte Ltd., Di-Firm, and Aboitiz Equity Ventures, Singlife Philippines cleared all the requirements and passed the mark.

Singlife Philippines is not just another life insurance company. Aligned with its vision to unlock the potential of money for everyone, the company’s objective is to broaden the penetration of life insurance in the country. Current penetration of individual life insurance products is still low at 6% of the insurable population and is expected to double or even triple in the medium-term, based on experience elsewhere in the region.

Mr. Hermans states that “the key issue is that available products are not affordable nor attractive at the moment. Minimum premiums are too high, or benefits are not flexible enough to fit the needs of clients with a smaller budget.” He continues, saying that “distributors are more focused on clients who can pay high premiums and generate attractive commissions.”

Digital technology has changed many industries, allowed services to be distributed to a broader range of clients, and made customer experience reach a higher standard. Unlike the nineties when customers were fine with receiving statements of account twice a month, customers now check their balance twice a day through their mobile devices and expect payments transacted over social media platforms to be in their accounts within minutes.

Regulators recognize the change in customer demands, the need for financial inclusion, and the benefits technology can offer. The Bangko Sentral ng Pilipinas’ (BSP) support for electronic fund transfer services such as PESONet and InstaPay and regulation on e-wallets are testaments to this fact, just as the IC’s push for micro-insurance and support for new digital players like Singlife Philippines affirm the same.  

Commissioner Dennis B. Funa and the IC welcome the entry of Singlife in the market. He states: “technology has underpinned the consistent, continuous growth of the insurance industry in the Philippines. Singlife’s philosophy – of making insurance customer-centric and efficient through technology – is a game changer for the evolving needs of a digital, progressive middle class who expect to be served real time and in a fair manner.”

With the license received, Singlife Philippines is targeting to launch its first product in April.

About Singlife Philippines (Singlife PH)
Singlife Philippines is a majority-owned subsidiary of Singlife (65%) with partners Di-Firm (20%) and Aboitiz Equity Ventures (15%). The company’s vision is to unlock the potential of money for everyone by offering innovative financial solutions that help people manage, grow and protect their money distributed according to their preferences.

About Singapore Life Pte Ltd. (Singlife)
Singlife is the first independent life insurance company that is fully licensed by the Monetary Authority of Singapore since 1970. Valued at USD 360mn, the company has been recognized for its deep expertise in technology to provide a superior experience for its customers, attracting investments from major life insurers such as Aflac, Aberdeen Standard Investments, and Sumitomo Life Insurance. 



Color Manila, one of the leading race organizers in the country that specializes in fun run and marathons will celebrate their 8th anniversary on March 21, 2020 at SM MOA Event Groundsthrough their classic, Color Manila Run–on its 8th edition. Color Manila visions to create unparalleled euphoric experience, promoting health and happiness.


Color Manila Run Year 8 is co-presented by SMART COMMUNICATIONS, the Philippines’ leading mobile network for Call, Text and 4G Internet services. The event is also co-presented by KUMU, a powerful livestream platform that prioritizes the voices of over 100 million Filipinos around the world, where possibilities are endless – hang out, explore, meet and interact with the Kumunity. 


Color Manila promises a bigger, better and more colorful experience this year with 8,000 runners expected to join. Aside from the two co-presenters – Kumu and Smart Communications, parallel to the promise, Color Manila organized a space-themed event, taking runners to an out of this world adventure starting from collaterals, race kit inclusions – Event Shirt, Headwear, Drawstring Bag, Sunglasses, Revolving Medal, and Race bibs to stage and venue set-up and the overall vibe of the event. Runners can race through 3KM, 5KM, 10KM, and 21KM with various extravaganzas along the route while being flecked with colors! 


The fun does not stop at the finish line, the race is only a part of it! And it gets better beyond the run! Be entertained with the exciting activities at the venue from Color Manila’s sponsors and partners. A friendly dance showdown competition between runners showcasing their skills and talents through dancing is also set to happen! And the most anticipated part of the event, the music and color festival epic experience, where everyone playfully dance to the beats of the DJ and cap off the event with pop of colors!


Color Manila Run Year 8 is open for all. Family, friends, and couples will gather to experience a unique way of running. Businesses are also welcome to join the fun. In fact, corporate packages are offered to SME and large enterprises, involving employees creating value and uplifting positive culture among companies. For inquiries on corporate package and/or partnerships, kindly email


This event is sponsored by UCC, Oishi, and Goju. This is also in partnership with SM Mall of Asia – the official venue partner, SM Bowling, SM Skating – the official kit claiming partner, 361, Mizuno, – official registration partners, Impack, Pretty Huge Obstacles, Tai Chi, and Anytime Fitness.

For more details about this event, visit Register now and see you there!

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