The Insurance Commission of the Philippines has issued CRT the Notice of Award and the Notice to Proceed for the Modernization of the Enhanced Quarterly Report on Selected Financial Statistics (EQRSFS) under P.R. No. 2026-03-0330. With this engagement, CRT becomes a technology partner to its second Philippine financial authority, alongside the Bangko Sentral ng Pilipinas (BSP), a CRT client since 2017.

A second Philippine mandate

The Insurance Commission, an agency of the Department of Finance headquartered in Manila, supervises the Philippine insurance industry — regulating life and non-life insurers, reinsurers, mutual benefit associations, and intermediaries. The Notice of Award, signed by Insurance Commissioner Reynaldo A. Regalado, confirms the Commission's acceptance of CRT's bid, and the subsequent Notice to Proceed authorizes commencement of delivery in accordance with the approved implementation schedule.

About the EQRSFS modernization

The Enhanced Quarterly Report on Selected Financial Statistics (EQRSFS) is the Commission's quarterly statistical return through which supervised insurers submit selected financial data. The modernization programme will standardize and automate the submission, validation, and analysis of these quarterly statistics across the supervised insurance sector:

• Template-driven, standardized quarterly submissions for supervised entities
• Automated validation and reconciliation at the point of intake
• Faster aggregation and analytics for supervisory decision-making
• Strengthened data quality, traceability, and auditability end to end

Proven foundations

CRT brings to the engagement a prudential reporting blueprint proven in production with financial regulators across three continents — including the BSP API-XML prudential reporting programme that delivered a 29x efficiency improvement and won the Central Banking "Best Global Data Management Initiative 2019" award. The same disciplines that underpin the CORA AI Suptech Platform — standardized data collection, automated validation, and transparent, auditable processing — anchor the EQRSFS modernization.

With the Insurance Commission, CRT now serves eight regulatory authorities across 19 jurisdictions on three continents.