The Philippines Insurance Commission (IC) plans to set valuation standards for mutual benefit associations’ (MBA) policy reserves. A draft circular issued December 26 outlines guidelines for computing reserves for basic and optional life insurance, with comments open until January 6. Policy reserves, dues collected from members to cover claims and obligations, will be computed using gross premium valuation aligned with global actuarial standards and the Actuarial Society of the Philippines’ framework. Reserves will be based on risk-free discount rates derived from Bloomberg reference rates for peso and dollar policies. The MBA sector’s contributions rose 6.27% year-on-year to PHP12.22bn (USD210,392m) as of September, with total assets at PHP158.23bn and liabilities at PHP93.23bn. Financial reports were submitted by 42 of 43 active MBAs during the period.