The Philippine Insurance Commission (IC) has issued new guidelines allowing life and non-life insurance companies, along with professional reinsurers, to invest in equities and debt instruments to finance priority infrastructure projects in the Philippines. The guidelines, outlined in Circular Letter 2024-23, align investments with the Philippine Development Plan (PDP) for 2023-2028. Life insurers can invest up to 40% of their admitted assets, while non-life insurers and reinsurers may allocate up to 40% of their net worth. The IC also imposed a 9% risk charge for equity investments and 6% for debt, with reduced charges for high-rated debt instruments. The circular requires prior approval for all investments, including supporting financial documentation and government approval of the projects.