Philippines Insurance Commissioner, Dennis Funa has said that the micronsurance penetration rate in the country is expected to nearly double and increase from 25.4%, seen at the end of Q3 2016, to 48.7% by 2022. Of the 26 million Filipinos (roughly a quarter of the total population) protected by a microinsurance product, 59% (15.6 million individuals) were generated by the Microinsurance-Mutual Benefit Associations (Mi-MBAs), according to Mr. Funa.