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Manila Bulletin devider Business devider Treasury to claim insurance for typhoon-hit school buildings

Treasury to claim insurance for typhoon-hit school buildings

Published Jul 25, 2024 08:30 am

The national government will use the funds from its insurance program to cover the P308.5 million damage sustained by 451 public schools due to Typhoon Carina.

In a statement on Thursday, July 25, the Bureau of the Treasury (BTr) said it will file a claim under its National Indemnity Insurance Program (NIIP) to secure coverage for the public school buildings across eight regions affected by the typhoon.

The Treasury, Department of Education (DepEd), and the Government Service Insurance System are actively coordinating the filing of insurance claims under the NIIP.

Once a payout is confirmed, DepEd will be able to use the funds to repair and reconstruct the schools.

The NIIP, which was started on Jan. 1, provides comprehensive cover to government assets against fire, lightning, typhoons, floods, earthquakes, and volcanic eruptions.

For its pilot run, the Treasury secured coverage for 132,862 school buildings nationwide, with a total insured value of P843.11 billion.

“I commend the Bureau of the Treasury for its proactive steps in implementing the National Indemnity Insurance Program. Protecting our national assets is crucial for ensuring the economic security of our people,” Finance Secretary Ralph G. Recto said.

“Damaged school buildings pose a significant threat to this security, as they are the very places where we nurture the potential of our nation’s greatest treasure—our students,” he said.

“Poor school facilities negatively impact both teachers and students, leading to lower human capital development, reduced economic productivity, and persistent poverty. Thus, we must prioritize investing in resilient school buildings to secure a better future for our children and our country,” he added.

National Treasurer Sharon P. Almanza said the bureau and the Department of Finance (DOF) will remain committed to ensuring financial resilience against disasters.

The program is part of the country’s Disaster Risk Finance strategy, which aims to protect the government’s fiscal health, provide immediate liquidity post-disaster, and reduce the impact of disasters on the most vulnerable.

This strategy also includes the Quick Response Fund, the Local and National Disaster Risk Reduction and Management Fund, and the Disaster Stand-by Loan facilities secured by the DOF.

The DOF also announced that it is ready to borrow $500 million (or P29 billion) in a standby credit provided to the Philippines by the World Bank to assist in disaster relief and rehabilitation efforts in areas devastated by typhoon Carina.

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Bureau of the Treasury Typhoon Carina
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