Self-funded Group Benefit Programs
For employers providing its own funds to cover employee benefits, we can design the appropriate employee benefit plan, analyze reserves, pay-outs, and other protection products available in the market. In the case of self-funded group benefit programs, the employer assumes the direct risk for payment of benefit claims.
Actuarial cost studies for company-sponsored self-funded benefits such as group medical, hospitalization and life insurance
Determination of premiums and annual reserves for self-funded benefits, based on company demographics
Assistance in sourcing other insurance coverage available on the market
This section on Economic Outlook provides updates on the Philippine macroeconomic perspective, in general, and specifically, in order to provide a better understanding of how the macroeconomic factors underlying the actuarial and economic assumptions may affect the cost and funding of retirement plans.
2016 Philippine Economic Outlook
3Q’16: PH GDP Growth Momentum Sustained at 7.1%
Strong growth was in 3Q’16 as GDP expanded 7.1% yearon- year (YoY), following 7.0% YoY growth in 2Q’16 and 6.8% YoY growth a year ago in 1Q’15. As a result, the Philippines remained one of the fastest growing economies in the region. China followed at 6.7%, Vietnam at 6.4%, Indonesia at 5.0%, Malaysia at 4.3%.
2017 Inflation and Monetary Policy Update
Headline inflation reached 2.8% in July 2017. This was preceded by 2.7% in June, 3.1% in May, and 3.4% in April. The increase in July is due to higher prices of housing & utilities (+2.2%), transport (+3.8%), education (+2.3%), and restaurant and other miscellaneous services (+2.1%). Core inflation, which excludes selected food and energy items, decreased to 2.1% in July, preceded by 2.6% in June, 2.9% in May, and 3.0% in April. Read More
2017 Philippine GDP Update
PH GDP Expanded by 6.4% in 1Q 2017
The Philippine Gross Domestic Product (GDP) grew by 6.4% yoy during the 1st quarter which was primarily led by exports which expanded by 20.3% yoy. Trade has been picking up in the Philippines as in the rest of the world. Imports also grew quite strongly at 17.5% yoy. The solid numbers on the trade front offset the slower annual growth in household consumption which is the largest component of aggregate demand. Household consumption grew by 5.7% yoy, lower than the 7% growth figure registered in 2016. Capital formation also only expanded by 7.9% during the 1st quarter which is a weak number compared to the following capital formation growth rate figures --
2017 Philippine Economic Outlook
PH 2Q’17 GDP Up By 6.5% Y-O-Y
The Philippine economy grew by 6.5% y-o-y in the 2nd quarter of this year, marginally higher than the growth rate of 6.4% achieved in the 1st quarter. This was primarily due to the growth of the agricultural sector, which grew by 6.3% y-o-y, much higher than the 2.0% decline in the previous year. The country’s industrial sector expanded by 7.3% y-o-y while the growth of the services sector decelerated to 6.1% from the 8.2% growth rate figure achieved during the same period of the previous year.