Recto backs insurance for OFWs

The availability of insurance products should extend to overseas Filipino workers (OFWs), according to Finance Secretary Ralph Recto - indicating the possible lifting of restrictions in the current framework.

- LOUISE MAUREEN SIMEON

During the 75th anniversary of the Insurance Commission (IC), Recto said the agency must strive to further boost the sector and improve social protection in the country.

Along this line, he said the IC should strengthen financial literacy among Filipinos.

"We should intensify nationwide financial literacy initiatives, covering a broad spectrum of insurance products available in the Philippine market and extending beyond reach to our overseas Filipinos," Recto said.

While Recto has yet to go into specifics, he could be signaling a possible review of existing regulations on selling insurance policies to OFWs while they are working abroad.