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Manila Bulletin devider Business devider PH secures P800-B state assets with disaster insurance

PH secures P800-B state assets with disaster insurance

Published Jan 1, 2024 04:09 am

At A Glance

  • The Philippines government has implemented a comprehensive insurance coverage to protect infrastructure from natural disaster losses.<br>The National Indemnity Insurance Program (NIIP) is now active, with coverage provided by the Government Service Insurance System (GSIS).<br>The NIIP aims to cushion government finances from unexpected losses arising from disaster events such as typhoons and earthquakes and ensure access to funding post-disaster for reconstruction.<br>A portfolio approach was taken to spread out the risk and maximize the available premium budget.<br>In 2024, the NIIP pilot program covers 132,862 Department of Education school buildings nationwide with an approximate value of over PhP 800 billion.<br>The Bureau of the Treasury funded the P2 billion premium for the pilot program using the surplus payout from the Catastrophe Bond, and the insurance policy becomes effective on Jan. 1, 2024.

The Philippines has officially rolled out a comprehensive insurance coverage aimed at protecting the country from infrastructure losses caused by natural disasters, the Bureau of the Treasury announced.

In a statement, Treasury Officer-in-Charge Sharon P. Almanza said the National Indemnity Insurance Program (NIIP) is now in effect, with coverage provided by the Government Service Insurance System (GSIS).

The NIIP is designed to shield government finances from unexpected losses resulting from disasters such as typhoons and earthquakes, and to ensure access to post-disaster funding for reconstruction. 

Rather than opting for single-asset insurance purchases, a portfolio approach was employed to spread the risk and maximize the available premium budget.

In 2024, the NIIP pilot program covers 132,862 Department of Education (DepEd) school buildings across the country, with a total value exceeding P800 billion.

The Treasury bureau funded the P2 billion premium for the pilot program using the surplus payout from the Catastrophe Bond. The insurance policy becomes effective on Jan. 1, 2024.

“We are glad to start the year strong with one of our flagship programs – the NIIP, finally being placed. The program will provide financial protection for our schools in the event of disasters,” Almanza said.

“We are also grateful to the GSIS who continues to be our partner in finding appropriate solutions to protect government assets against unforeseen losses,” she added.

For his part, Finance Secretary Benjamin E. Diokno said the NIIP will provide adequate and comprehensive insurance coverage for strategically important government assets, ensuring the country’s financial resilience against disasters. 

“This is just one of the many immediate actions we are taking to bolster our country’s financial resilience,” Diokno said.

“We are starting the year strong and well-prepared as we expect the realization of many more high-impact infrastructure projects under the leadership of President Ferdinand R. Marcos, Jr.,” he added.

The Philippines deals with about 20 typhoons every year, and this coverage is the government's way of responding to the dangers and ongoing risks linked to climate change.

“I am excited to see this program finally come to fruition. This is just one of the many programs the BTr implements to enhance our resilience against disasters,” Monetary Board Member (MBM) and former Treasurer of the Philippines Rosalia V. De Leon said.

“Our vulnerability to natural disasters makes it imperative for us to act now and implement solutions that would help us become more resilient and recover faster,” De Leon added, who led the development of the NIIP program during her tenure as Treasurer.

Related Tags

National Indemnity Insurance Program (NIIP) Sharon P. Almanza Finance Secretary Benjamin E. Diokno Bureau of the Treasury
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