DOF: PHL committed to joining disaster-risk insurance platform

More from author

Fully digital Overseas Filipino Bank up and running mid-2020–LBP

THE Overseas Filipino Bank (OF Bank) is expected to run as a fully digital bank by mid-2020,...

Reforms in property valuation could net local govts P12.6B

LOCAL government units (LGUs) stand to earn P12.6 billion in real property taxes if they will all adopt...

Dominguez to Congress: Pass ‘sin’ tax hike first as ‘UHC train leaving’

FINANCE Secretary Carlos G. Dominguez III is lobbying Congress to first pass the set of laws focusing...

THE Philippines is committed to join Japan and five member-countries of the Association of Southeast Asian Nations (Asean) in operating an insurance facility to strengthen financial resilience among Asean member-states amid climate change and natural disasters.

This was confirmed in a statement issued on Tuesday by Finance Secretary Carlos G. Dominguez III. The statement said Dominguez assured Japan Deputy Prime Minister and Finance Minister Taro Aso of the Philippines’s commitment to sign the memorandum of understanding (MOU) on the establishment of the Southeast Asia Disaster Risk Insurance Facility (Seadrif). The head of the Department of Finance said the signing would occur when the Asean Finance and Central Bank Deputies hold their regular meeting with their East Asian partners Japan, South Korea and China scheduled in Fiji in May.

Aso had urged Dominguez to make the Philippines a part of Seadrif during their recent bilateral meeting held on the sidelines of the Annual World Bank-International Monetary Fund (IMF) Spring Meetings in Washington, D.C.

“I hope you can consider signing the MOU at the Asean Plus 3 meetings to be held in May. I raised this issue because Cambodia, Indonesia, Laos, Myanmar, Singapore and Japan have already signed this MOU and this is insurance against natural disasters,” Aso has said. The signing was held at the Asean Plus-3 Finance and Central Bank Deputies Meeting last December 14.

Dominguez said the Philippines will “definitely sign up” for Seadrif since it is already familiar with the insurance facility.

“We are already doing the parametric insurance with the World Bank so we are quite familiar with this, and we will definitely sign the MOU in Fiji,” Dominguez said.

The Philippines successfully placed on the international market in December last year its parametric insurance policy with a maximum cover of P20.49 billion that can provide quick liquidity to national and local governments.

This program provides coverage for national and local government assets against natural calamities, including public elementary and high schools in 25 disaster-prone provinces in the country’s eastern seaboard.

The first product of this facility, which was formed with technical support from the World Bank, is the establishment of a regional catastrophe risk-insurance program for Lao PDR and Myanmar.

By signing the MOU, the countries agree to collaborate on setting up and operating Seadrif, which is initially cochaired by Japan and Singapore.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

- Advertisement -

More updates

SMART SOLUTIONS FOR SMARTER BUSINESS | Unleashing the fullest potential of Filipino enterprises

Cortex Enterprise Solutions was built to empower Filipino businesses to be on par with the digital...
- Advertisement -

Bill to stem entry of illegal cash tossed to House TWG

Members of the House Committee on Ways and Means have created a technical working group (TWG) to prioritize and finalize the bill criminalizing bulk cash smuggling and tighten the country’s measures against the transit of large amounts of cash to and from the Philippines. This was after House Ways...

World Bank private sector arm names new PHL chief

The private sector arm of the World Bank, the International Finance Corp. (IFC), has appointed a new Country Manager for the Philippines. In a statement, the IFC said it has appointed Jean-Marc Arbogast, who served as the adviser to IFC’s vice president for corporate strategy and resources. Arbogast helped...

Former government officials take oath as DBP execs

The Development Bank of the Philippines (DBP) introduced on Thursday two new members of its board of directors, Rafael L. Reyes and Jeannie N. Sandoval, who both held top positions in the business sector. Reyes is the founder and chief executive officer of FIGS Inc. He also held top...

Insurer inks agreement with 46-year-old cooperative

Malayan Insurance Co. Inc. recently signed a Strategic Cooperation Agreement with 1 Cooperative Insurance System of the Philippines (1CISP), to better serve the insurance needs of the Philippine cooperatives movement. Likewise, the accord will enable insurance support services pertaining to claims, process improvements, distribution and sales, and product development....
- Advertisement -

More updates

Bill to stem entry of illegal cash tossed to House TWG

Members of the House Committee on Ways and Means have created a technical working group (TWG) to...

In case you missed it