CRT Selected by the Insurance Commission of the Philippines to Modernize EQRSFS Reporting

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 experience from the BSP–R²A API prudential reporting project. The project retrospective documents consolidation of 29 reporting schemes into one unified scheme. Central Banking’s 2019 coverage recognises BSP’s Data Management Initiative. Our BSP case study connects the original pilot results with BSP’s later institutional report. These are results from the BSP project, rather than promised EQRSFS outcomes. The same disciplines that underpin the CORA AI Suptech Platform — standardized data collection, automated validation, and transparent, auditable processing — anchor the EQRSFS modernization.

CRT’s current footprint spans 11 public institutions across 21 jurisdictions on 4 continents. The footprint includes supervisory authorities, contracting authorities and programme funders. Project scope and delivery stage vary by institution.