Manulife, Forticare partner to expand social protection

MANILA, Philippines — Manulife Philippines, the local unit of Manulife Financial Corp., has partnered with a health maintenance organization (HMO) company to expand social protection in the country.

In a statement, Manulife said it has partnered with HMO provider Forticare Health Systems International Inc. to become the sole provider of group life insurance bundled with Forticare’s existing HMO products.

As such, Forticare customers can get additional benefits to their current healthcare plans.

These include basic life insurance coverage, total and permanent disability, critical illness rider, hospital income, terminal illness, and family assistance.

Manulife Philippines president and CEO Rahul Hora said the collaboration with Forticare would not only empower more Filipinos to proactively monitor and manage their health and well-being better.

“It will also strengthen their resources so they are not financially burdened in case of illness or health emergencies,” Hora said.

Manulife is one of the country’s leading life insurance companies and is a wholly-owned domestic subsidiary of Manulife Financial Corp., among the world’s largest life insurance firms by market capitalization.

Forticare, on the other hand, ranks 20th among HMOs in terms of assets at P117.78 million as of the end of the third quarter last year.

During the period, it incurred a net loss of P10.57 million.