September 9, 2026 Philippine HMO Market Sustains Nearly 20% Growth, with iCare at No. 3 

Membership fees across the Philippine HMO industry reached PHP54.82 billion in the first half of 2026, while iCare maintained its position as the country’s third-largest HMO by membership fee revenue.

The Philippine health maintenance organization industry continued to expand in the first half of 2026, reinforcing the growing role of managed healthcare in how Filipino companies finance and deliver health benefits. Membership fees collected by licensed HMOs reached PHP54.82 billion as of June 30, 2026, up 19.71 percent from ₱45.79 billion a year earlier, according to the latest industry performance report of the Insurance Commission. Total industry revenues increased 19.99 percent to PHP56.43 billion, while healthcare benefits and claims rose 13.62 percent to PHP41.23 billion.  

Within this expanding market, iCare maintained its position as the Philippines’ third-largest HMO by membership fee revenue. iCare had already ranked third at the end of the first quarter, when it reported PHP4.14 billion in membership fees; by June 30, cumulative membership fees had reached PHP8.45 billion, equivalent to approximately 15.4 percent of the industry total.  

The consistency of the industry’s growth is also notable. At the end of March, membership fees were 19.77 percent higher year on year; three months later, the first-half growth rate remained nearly unchanged at 19.71 percent. The figures point to sustained expansion in the HMO market and its increasing importance in how employers provide and finance healthcare benefits. 

A larger market with greater strategic importance 

The Insurance Commission report, based on unaudited interim financial statements submitted by all 27 licensed HMOs as of June 30, 2026, shows growth across several measures of industry scale. Total assets increased 18.75 percent year on year to PHP99.64 billion, total equity rose 37.15 percent to PHP15.99 billion, and healthcare benefits and claims reached PHP41.23 billion, up from PHP36.29 billion in the comparable period of 2025.  

The year-on-year comparison should be read with the qualification that the 2026 aggregate covers 27 licensed HMOs compared with 28 in the corresponding 2025 data. Even with that difference, the broader trend is clear: substantially more healthcare expenditure is being channelled through the HMO market, increasing its relevance to employers, employees and the wider healthcare system. 

The expansion comes as healthcare spending across the Philippines continues to increase. According to the Philippine Statistics Authority, total health expenditure reached PHP1.87 trillion in 2025, up 15.1 percent from 2024, equivalent to 6.7 percent of gross domestic product, while per-capita health spending increased 14 percent to PHP15,223. Household out-of-pocket payments continued to account for 41.2 percent of current health expenditure. 

For companies, these trends make healthcare an increasingly strategic component of workforce investment. Premiums and coverage limits remain important, but employers also have reason to consider healthcare access, prevention, primary care, digital health and chronic disease management as part of a broader benefits strategy. This brings the priorities of finance and human resources closer together as companies seek benefits that support employee wellbeing while remaining financially sustainable. 

The broader direction is also consistent with the government’s Universal Health Care agenda, which places greater emphasis on primary healthcare, prevention and improved access. The Department of Health identifies primary healthcare as a central component of the country’s health strategy, alongside stronger health promotion and more integrated healthcare delivery. 

iCare maintains its position as the market expands 

Against this backdrop, iCare’s continued No. 3 position provides a measure of its scale within the Philippine HMO market. The company recorded PHP4.14 billion in membership fees as of March 31 and PHP8.45 billion on a cumulative basis as of June 30, maintaining the same ranking across both reporting periods while the overall market continued to expand at close to 20 percent year on year.  

iCare’s market position is supported by a healthcare model combining nationwide provider access with digital and managed-care programs. The company reports a network of more than 2,000 hospitals and clinics and more than 55,000 accredited doctors and medical practitioners across the Philippines.  

Its healthcare programs also include iCare Telemed7, which provides eligible members with remote access to licensed physicians through Viber, alongside programs focused on preventive health and chronic disease management. These capabilities reflect a broader shift in managed healthcare towards giving members multiple ways to access and manage their health, complementing traditional hospital and physician access with digital and preventive healthcare. 

For employers, this broader approach is becoming increasingly relevant as healthcare spending rises. Large companies can integrate healthcare access, prevention and benefit design into their wider workforce strategies, while small and medium enterprises need healthcare arrangements that balance meaningful protection with affordability. For HR leaders, healthcare remains an important component of the employee value proposition; for CFOs, it represents a significant investment that must remain manageable over time. 

The next phase of HMO growth 

The Insurance Commission’s first-half figures point to an industry whose role in Philippine healthcare continues to expand. Membership fees grew 19.71 percent to PHP54.82 billion, healthcare benefits and claims reached PHP41.23 billion, and iCare recorded PHP8.45 billion in membership fees while holding its position as the country’s third-largest HMO by membership fee revenue.  

As healthcare spending increases and employers place greater emphasis on access, prevention and sustainable benefit design, HMOs are becoming an increasingly significant part of how companies support the health of their workforce. The industry’s continued expansion also strengthens its role within the broader Philippine healthcare system, complementing public healthcare financing with organiszed access to private healthcare services. 

For iCare, holding the No. 3 position in a market growing at nearly 20 percent reinforces its scale within Philippine managed healthcare. Combined with its nationwide provider network and digital, preventive and chronic-care programs, that position provides a strong platform for iCare to continue expanding access to managed healthcare for businesses, employees and families across the Philippines. 

Sources and References 

Insurance Commission of the Philippines. HMO Industry Performance as of 30 June 2026 and HMO Industry Performance as of 31 March 2026. Based on submitted unaudited interim financial statements of licensed HMOs.  

Philippine Statistics Authority. 2025 Philippine National Health Accounts. National data on healthcare expenditure and financing.  

Department of Health. National Objectives for Health 2023–2028. Policy context on Universal Health Care, primary healthcare and prevention.  

Editorial note on data 

The Insurance Commission’s March and June 2026 reports are based on unaudited interim financial statements submitted by licensed HMOs. The June 2026 aggregate covers 27 licensed HMOs, compared with 28 in the corresponding 2025 reporting period, and year-on-year industry comparisons should therefore be interpreted with that difference in mind. The Insurance Commission also specifies that the membership fee figures in its company-level statistics include only full-risk HMO arrangements.