PHILIPPINES ASSURERS ASK FOR TAX RELIEF

Life assurers in the Philippines have renewed their demand for the abolition of some of the taxes imposed on the industry. They claim that the taxes make it impossible for them to compete with foreign counterparts. The Philippine Life Insurance Association (PLIA) referred specifically to the 5% premium tax and the “documentary stamp tax”, noting that the Philippines was the only country in South-East Asia to have such a tax. PLIA president Peter Coyiuto said that the current tax levels had caused many policyholders to terminate their insurance cover, with the number of new life policies issued in the Philippines declining from 400,000 seven years ago to 310,000 last year.