BACKGROUND OF THE STUDY
The Philippines is in the age of liberalization. Practically all areas of business are now open to foreign investors and Filipino businesses are free to compete in other markets. Global competition is the game. More and more business managers today take advantage of management science and statistics as tools for planning and control.
The financial services find themselves in an environment where they have to act or they die. The banking industry was the first among financial services to be liberalized. The insurance industry followed. Whereas before the industry was closed to new companies for a number of years, today, about ten foreign insurance companies have received the authority to do business in the Philippines.