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’Insurance demand slowing as high costs squeeze budget’

Rising cost of living is forcing more Filipinos to put off life insurance purchases, while some business owners are withdrawing money from their existing policies to fund operations, with demand expected to weaken further over the next six months, according to FWD Life Insurance Corp.

FWD Philippines president and CEO Soon Liang Lau said the insurer has observed slower demand among lower-income customers as households prioritize essential expenses amid persistent inflation and economic uncertainty.

During a recent media roundtable, Lau said the slowdown has also extended to small and medium-sized business owners, some of whom have tapped their insurance investments to cover higher operating expenses, particularly fuel costs.

The withdrawals became more noticeable in the second quarter as businesses struggled with higher diesel prices and other expenses needed to keep their operations running.

Lau said the company is advising affected policyholders to retain sufficient coverage even when they need to withdraw part of their funds, rather than surrender their insurance policies altogether.

He warned that weakness in the mass market could worsen over the next six months as more households struggle to set aside money for financial protection.

Despite these challenges, Lau said FWD continues to record growth, supported by relatively resilient middle-income and affluent customers, as well as its bancassurance partnership with Security Bank Corp.

Bancassurance refers to the sale of insurance products through banks, allowing insurers to reach customers through existing banking relationships.

The company’s agency distribution business has also remained stable despite weaker demand in certain market segments.

The slowdown in some customer segments comes even as the broader insurance industry continues to report higher premium collections.

According to the Insurance Commission (IC), life insurance premium collections rose by 17.9 percent to P229.98 billion in the first half from P195.05 billion a year earlier, largely driven by variable life insurance products.

Meanwhile, FWD maintained its position as the country’s largest life insurer in terms of new business annual premium equivalent (NBAPE) in the first half, recording P5.26 billion, 23.5 percent higher year-on-year.

The company captured a 12.2-percent market share, supported by its agency network, bancassurance operations and expanding product offerings.

FWD chairman and former Philippine central bank governor Jose Cuisia Jr. said the Philippine insurance industry still has considerable room to expand, although limited household purchasing power remains a major obstacle.

‘What we lack is the purchasing power because our per capita income is still way below Thailand, Malaysia, not to mention Singapore,’ Cuisia said.

He also pointed to the country’s wide income inequality, saying stronger growth in the middle-income population would help expand insurance ownership over the longer term.

Latest IC figures showed that insurance penetration stood at 1.96 percent in the second quarter, up from 1.8 percent a year earlier but below the 2.04 percent recorded in the previous quarter.

Amid changing customer preferences, FWD is expanding its traditional insurance offerings to complement variable universal life (VUL) policies, which combine life insurance protection with investments whose returns depend on market performance.

Looking ahead, Lau identified P10 billion in annual new business sales as an important milestone, while expressing ambitions to eventually expand the business toward P15 billion to P20 billion.

However, he did not provide a firm timetable or formal growth target for reaching those levels.

The company is also looking to strengthen its presence outside Metro Manila, particularly in Cebu, as it seeks to expand its distribution network in the Visayas and Mindanao.

Lau said building an agency network in provincial markets requires substantial investment, particularly in areas where established insurers already have a strong presence.

He also expressed hopes of making FWD’s customer servicing operations more artificial intelligence-enabled within the next six to 10 months to improve efficiency and customer experience.

Azerbaijan’s gas exports to EU via TAP to remain stable this winter

Natural gas supplies from Azerbaijan to the European Union (EU) through the Trans Adriatic Pipeline (TAP) are expected to remain almost unchanged during the upcoming heating season.

This is stated in the International Energy Agency’s (IEA) Global Gas Security Review 2026.

According to the agency’s analysts, opportunities to increase pipeline gas supplies remain limited, as existing routes are generally operating close to their designed capacity.

The report forecasts a slight decline in pipeline gas imports to Europe compared with the previous heating season. Norwegian gas supplies to other European countries are expected to fall by 1% year-on-year, or 1 billion cubic metres, due to a production shutdown at the Ormen Lange field. The disruption is expected to continue until the end of January 2027.

These losses are expected to be partially offset by increased pipeline deliveries from North Africa. In line with the trend observed during the first nine months of 2026, supplies from the region are projected to rise by 4%, or 0.5 billion cubic metres, year-on-year.

“Azerbaijan’s natural gas exports to the European Union via TAP will remain almost unchanged, with transportation volumes expected to stay close to the pipeline’s designed capacity,” the report states.

Need a secure crypto app? GCash offers seamless transfers and quick registration via GCrypto

Finance super app GCash has made exploring and managing digital assets more secure and accessible through GCrypto, powered by Philippine Digital Asset Exchange (PDAX).

Found in GCash, the platform allows Filipinos to set up a crypto account in as fast as 30 seconds, seamlessly receive and transfer crypto holdings from other wallets and exchanges, securely trade digital assets on the market, and fund their portfolio with zero cash-in fees directly through their mobile phones.

By streamlining the onboarding process, supporting crypto transfers, and providing direct fiat-to-crypto conversion, GCrypto simplifies traditional barriers associated with digital asset platforms.

Users can participate in global market movements without relying on complex peer-to-peer (P2P) workarounds or encountering funding delays, all on a platform they use everyday to manage their finances.

Across the country, digital platforms like GCrypto continue to democratize access to diverse asset classes, providing Filipinos with convenient, mobile-first ways to diversify their portfolios.

Simplified onboarding and convenient transfers

Getting started on GCrypto is convenient. Users can complete verification, top up instantly from their GCash wallet, and trade 24/7 through their mobile phones without tedious paperwork submission. In addition to in-app trading, GCrypto supports seamless send-and-receive functionality, helping users to easily move digital assets to and from external crypto wallets and exchanges, without needing to sell or liquidate their holdings. For example, transferring Bitcoin from another wallet to GCrypto is straightforward:

Tap Bitcoin on your GCrypto dashboard and select Receive.

Copy your receiving address or display the QR code.

Paste the address into your external wallet, confirm the transaction details match and hit send.

Once confirmed on-chain, the funds appear in your GCrypto wallet, ready to hold or trade.

To register on GCrypto, fully verified eligible GCash users 18 years old and above need to open the app, select the GCrypto in the Invest tab, and complete the application process to receive instant approval. After registration, users can top up their trading wallet with no transfer fees and in real time from their GCash balance.

By integrating digital asset trading into a digital financial ecosystem already familiar to millions of Filipinos, GCash continues to fulfill its commitment of making financial tools safer, more accessible and more inclusive for all.

213,024 voters eligible for Wednesday’s Chamwino, 11 wards by-elections

Dodoma. A total of 213,024 registered voters are expected to cast their ballots on Wednesday, November 4, 2026, in the Chamwino parliamentary by-election and council by-elections in 11 wards across mainland Tanzania.

Independent National Electoral Commission (INEC) chairman Judge Jacobs Mwambegele said 133,864 voters were registered in Chamwino Constituency, while another 79,160 were eligible to vote in the 11 wards.

He said 665 polling stations had been prepared for the elections, including 441 in Chamwino and 224 across the 11 wards.

The by-elections, scheduled for Wednesday, November 4, 2026, will fill vacant parliamentary and councillor positions, with 67 candidates from 17 political parties contesting the available seats.

Presenting a statement on preparations for the elections, Judge Mwambegele said 16 candidates, comprising eight men and eight women, were contesting the Chamwino parliamentary seat.

‘In the 11 wards, 51 candidates are seeking councillor positions. Of these, 43 are men, accounting for 84.31 percent, while eight are women, representing 15.69 percent,’ he said.

He named the wards holding by-elections as Nonde in Mbeya City Council, Lugenge in Njombe Town Council, Bargish in Mbulu Town Council, Makole in Muheza District Council and Mwera in Pangani District Council.

According to him, other wards are Oldonyosambu in Ngorongoro District Council, Igalula in Uyui District Council, Shelui in Iramba District Council, Mvumi in Kilosa District Council, Nyarero in Tarime District Council and Ilolangulu in Mbogwe District Council.

‘The commission has concluded all the necessary preparations to enable political parties’ agents to monitor the electoral process at polling stations and counting and tallying centres,’ he said.

He urged political parties to deploy agents at all polling stations to strengthen oversight and ensure transparency throughout the exercise.

The INEC chairman also reminded political parties, candidates, agents and voters to comply with electoral laws and follow established procedures.

He said only people registered in the Permanent Voters’ Register would be allowed to vote, urging them to report to their designated polling stations with their voter identification cards.

‘Polling stations will open at 7 am and close at 4 pm. However, those still in queues at closing time will be allowed to vote,’ he said.

Judge Mwambegele said security personnel would stand behind the last person in the queue at 4 pm to ensure everyone already waiting had an opportunity to vote.

He insisted that those arriving after the official closing time would not be allowed to cast their ballots.

Furthermore, the INEC chairman said voters with special needs would be permitted to attend polling stations with assistants to facilitate their participation.

‘After voting, citizens would be required to leave polling station premises and follow instructions from election officials,’ he stressed.

Man Butchered At KO

A man believed to be in his 40s has allegedly been butchered to death at KO in Kumasi in the Ashanti Region, triggering a police investigation into the gruesome incident.

The body of the deceased has been conveyed to the Komfo Anokye Teaching Hospital (KATH) for preservation and autopsy to establish the exact cause of death.

Police have since commenced investigations to unravel the circumstances surrounding the suspected killing. However, no arrest had been made as of the time of filing this report.

The latest incident has heightened concerns among residents over reported cases of deaths involving vulnerable persons in the Kumasi metropolis.

Less than a week ago, a toddler was reportedly dumped into a water closet (WC) toilet and later pronounced dead following police intervention.

The disturbing incident attracted public attention, with residents expecting the police to establish the circumstances surrounding the child’s death.

Although there is no indication that the two incidents are connected, their occurrence within a short period has raised concerns about public safety in the metropolis.

Meanwhile, the identity of the deceased, the motive behind the suspected killing and the possible perpetrators are yet to be established as police investigations continue.

15 Islamiyya students abducted in Niger community

No fewer than 15 students of an Islamiyya school in Mai-Kujeri village, located between Kagara and Pandogari in Rafi Local Government Area of Niger State, have been abducted by gunmen.

The incident reportedly occurred at about 11 a.m. on Saturday when the students, who had gone to their Malam’s farm to harvest maize, received a warning from a Good Samaritan about the movement of suspected bandits towards their village.

Fearing a possible attack, the students reportedly rushed towards the village. However, as they approached the community, they sighted the armed men and fled in different directions into the bush.

Unfortunately, 15 of the students were reportedly intercepted and abducted by the gunmen, who took them to an unknown destination. Their whereabouts remained unknown at the time of filing this report.

It was also gathered that the Rafi Local Government Chairman was indisposed, while the Vice-Chairperson was away in Saudi Arabia to perform the lesser Hajj (Umrah) when the incident occurred.

A reliable source disclosed that the acting chairman of the local government, alongside the Divisional Police Officer (DPO) in the area, had visited the Islamiyya schoolteacher in Mai-Kujeri, who reportedly confirmed that 15 of his students were in the custody of the abductors.

The clarification has dismissed earlier reports claiming that 50 Islamiyya students were kidnapped in the incident.

However, neither the security agencies nor the Niger State Government had issued an official statement on the abduction as of the time of filing this report.

Meanwhile, the Niger State chapter of the Social Democratic Party (SDP) has condemned Governor Umaru Bago over what it described as his failure to adequately address the worsening security situation in the state.

The opposition party accused the governor of being more concerned about his re-election bid in 2027 than the safety of residents.

In a statement issued by Jonathan Vatsa, the spokesperson for the party’s governorship candidate, he said the governor had failed to protect the lives and property of the people whose mandate he would be seeking in the 2027 general election.

Vatsa alleged that attacks on rural communities had become frequent, with armed men reportedly abducting and killing innocent residents.

He lamented that communities across the state continued to face security threats, urging the state government to prioritise the protection of lives and property rather than political considerations.

2027: Lagos APC targets students with 400 campus captains

The All Progressives Congress (APC) in Lagos State has inaugurated no fewer than 400 campus captains to mobilise students’ support ahead of the 2027 general elections.

The inauguration took place at Aderemi Makanjuola Hall, Lagos State University (LASU), Ojo, on Tuesday,with participation from tertiary institutions across Lagos.

Mr Tolani Sule, State Commissioner for Tertiary Education, said the initiative was designed to bridge the communication gap between the party and young people.

Sule said the party had decided to place youths at the centre of its campaign strategy following the 2023 general elections.

He said the campus captains would help disseminate the party’s manifesto, programmes and achievements to students and other members of their communities.

According to him, the initiative involves 13 tertiary institutions in the state , with institutional leaders participating in the mobilisation effort.

Sule urged the newly inaugurated campus captains to engage their colleagues, parents and communities in promoting the party’s candidates ahead of the elections.

He said the programme was aimed at strengthening youth participation and ensuring that students were adequately informed about the party’s policies and electoral plans.

In her remarks, the Vice-Chancellor of Lagos State University of Education (LASUED), Prof. Bidemi Lafiaji-Okuneye, said students’ concerns extended beyond academics to transportation, fees, food, electricity and employment opportunities.

Lafiaji-Okuneye said students assessed government through its impact on their ability to access education, remain in school and secure meaningful employment after graduation.

She urged political leaders to address issues affecting students’ welfare and future prospects.

Also speaking, the Vice-Chancellor of LASU, Prof. Ayodeji Badejo, highlighted the importance of transportation, student loans and employment opportunities in improving young people’s lives.

Badejo said the Federal Government’s student loan scheme had helped address financial barriers to education, while collaboration between federal and state governments could improve students’ welfare.

She also highlighted proposed employment and sports development initiatives aimed at empowering young people in the state.

Badejo urged eligible students to collect their Permanent Voter Cards (PVCs), identify their polling units and participate in the 2027 elections.

She advised the campus captains to engage fellow students respectfully, use facts in their discussions and avoid violence while carrying out their assignments.

Badejo also urged the students to remain focused on their academic pursuits while participating in political engagement.

The event was attended by representatives of tertiary institutions and political stakeholders in Lagos State.

EFCC busts Chinese-operated illegal oil refinery in Ogun

The Economic and Financial Crimes Commission, EFCC said it has uncovered an illegal oil refinery operated by some yet-to-be identified Chinese in the Ogere area of Ogun State.

The operation, conducted on Saturday, October 31, 2026, by operatives of the Lagos Zonal Directorate 2 of the EFCC, followed credible intelligence and surveillance by the Commission on the activities of the illegal sludge oil refiners.

Dele Oyewale, the spokesperson for the anti-graft agency who announced this in a statement on Tuesday said the refinery was found deserted when EFCC operatives stormed the premises.

But he said waste products from the refining process were discovered at the location.

During the raid, the EFCC operatives also discovered underground tanks believed to have been used for heating and processing the sludge oil

Oyewale said two of the underground tanks inspected by the operatives contained substances suspected to be Automotive Gas Oil (AGO), otherwise known as diesel.

The spokesperson added that preliminary investigations revealed that the operators sourced sludge oil, also known as black sludge, from Warri, Delta State, and Port Harcourt, Rivers State, and transported it to the illegal facility in Ogere for processing.

He added that further investigation revealed that the illegal operators subjected the sludge oil to intense heat, allowing lighter petroleum components to pass through a series of chambers and filters in a process believed to produce Automotive Gas Oil (AGO) for sale in the Nigerian market.

Oyewale added that the security personnel found at the facility told EFCC operatives that the Chinese operators never disclosed their identities nor the name of the company behind the facility.

He operatives of the Lagos Zonal Directorate 2 of the EFCC have since taken over the premises as investigations continue to establish the identities of the operators, the ownership of the facility and the full extent of the suspected illegal activities and economic sabotage.

EFCC had also recently discovered four illegal lithium processing plants being operated by Chinese nationals in the same area of Ogun State

Price Tracker: Oil, fuel monitor for Nov. 3 – 9, 2026

Motorists are in for another round of mixed price adjustments this week as gasoline prices increase and diesel and kerosense prices decrease.

The Department of Energy announced on Monday, November 2, that oil and fuel product prices are again moving in varying directions and at bigger increments than industry forecasts suggested last week:

Diesel – down P1.00 per liter

Gasoline – up P3.50 per liter

Kerosene – down P1.90 per liter

Supply pressures linked to ongoing conflict in the Middle East, as well as fears that the United States will strike Iran after its midterm elections this week, continue to affect domestic prices. The peso’s depreciation against the dollar may likewise drive up the local cost of imported coal, diesel and liquefied natural gas.

The new price adjustments will be effective starting 6 a.m on Tuesday until Monday next week, November 9. Prices may still vary depending on locations and gas stations.

Here are the estimated new prices of local oil and fuel products for November 2 to 9, 2026.

Estimated New Fuel Prices for Nov. 3 – 9, 2026

Based on the price adjustments announced by DOE on November 2.

UNESCO REF, Foundation to rollout digital skills empowerment for women corps members with disabilities

The Read and Earn Federation for UNESCO (UNESCO REF) and the Risqat Societal Development Foundation (RSD Foundation) have partnered to roll out a digital skills empowerment programme for women serving in the National Youth Service Corps (NYSC) who are living with disabilities.

The initiative, known as The VOICE Initiative, is designed to equip women with disabilities with practical digital and artificial intelligence (AI) skills to improve their employability, promote economic inclusion and expand their participation in the digital economy.

Speaking on the partnership, Founder of RSD Foundation, Madam Risqat Oluwatoyin Jimoh, said the initiative was aimed at ensuring that women with disabilities were not excluded from opportunities in the rapidly evolving digital economy.

She said every young Nigerian woman deserved equal opportunities to contribute to national development, regardless of her physical circumstances.

‘By standing with UNESCO REF behind The VOICE Initiative, we are making sure that women corps members living with disabilities are not spectators of the digital age, but its builders,’ she said.

Jimoh added that the partnership represented the foundation’s commitment to building a society where talent, rather than circumstances, determined how far young women could go.

Under the partnership, RSD Foundation will support the identification, enrolment and sustained participation of eligible corps members, while UNESCO REF will provide the curriculum, certification and programme delivery.

The VOICE Initiative, which stands for Visionary, Outcomes-Driven AI for Inclusion, Capacity for Empowerment, is a professional advancement programme for women with disabilities in Nigeria and Africa.

Its first course, AI Innovation and Digital Enterprise (AIDE), is fully funded under the UNESCO REF Educational Financial Facility Scheme (EFFS).

Osun State is the first pilot state for the programme in Nigeria, with its launch on October 1, 2026, as part of activities marking the country’s Independence Day celebration.

Also speaking, President of UNESCO REF, Prince Abdulsalami Ladigbolu-Oranmiyan, in a statement on Monday, described the partnership as a significant step towards expanding access to digital education and economic opportunities for women with disabilities.

He said the initiative was conceived to ensure that women were adequately equipped to participate in the emerging digital economy, regardless of their circumstances.

Ladigbolu-Oranmiyan called on other institutions and organisations to support the initiative, stressing the importance of inclusive partnerships in expanding opportunities for underserved groups.

The partnership is expected to contribute to the attainment of the United Nations Sustainable Development Goals, particularly Goals 4, 5, 8 and 10, which focus on quality education, gender equality, decent work and reduced inequalities.

RSD Foundation is a non-governmental organisation committed to advancing the United Nations Sustainable Development Goals through initiatives that promote inclusion, widen opportunities and ensure that no one is left behind.