The National Strategy for Microinsurance (NSM) seems to be working, as coverage in the Philippines rose to 28.1 percent last year from 20 percent in 2012 to reflect an annual growth rate of 18.4 percent in terms of the number of people covered.
The strategy made financial services available and accessible to all, including the low-income sector, the Department of Finance (DOF), which created NSM, said on Monday.
The importance of microinsurance was highlighted in the aftermath of Typhoon Yolanda (international name: Haiyan).
According to the DOF, microinsurance providers were able to infuse close to half a billion pesos in typhoon-affected areas after paying out damage claims within the required 10-day period.
“We are seeing how microinsurance works in the Philippines: not only to protect the most vulnerable, but also our sustained and inclusive growth trajectory… When the most vulnerable wins, we all win,” Finance Secretary Cesar Purisima said.
Since the strategy was launched, more than 50 licensed insurance entities and 89 Insurance Commission-approved products have come about and covered 28 million Filipinos
“Boosting microinsurance coverage rates is an effective anti-poverty measure: we minimize vulnerabilities of the poor and enable them to rebuild the pieces of their dreams that crack when disaster hits,” Finance Undersecretary Gil Beltran said.
Designed for the low-income sector, the amount of microinsurance premiums, contributions, and fees per day does not exceed 7.5 percent of the current minimum wage rate for non-agricultural workers in Metro Manila. – Kathrina Charmaine Alvarez/VS, GMA News
More from: http://www.gmanetwork.com/news/story/496358/economy/finance/dof-28m-low-income-pinoys-covered-by-microinsurance-as-of-end-2014
July 2025
Nutrition Month
“Give us much more than P50 increase
for proper nutrition!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the 2021 ILO Commission of Inquiry recommendations
against serious violations of
Forced Labour and Freedom of Association protocols.
Accept National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands #Distancing #TakePicturesVideosturesVideos
July
3 July – International Day of Cooperatives
3 July – International Plastic Bag Free Day
5 July – World Youth Skills Day
7 July – Global Forgiveness Day
11 July – World Population Day
17 July – World Day for International Justice
28 July – World Nature Conservation Day
30 July – World Day against Trafficking in Persons
Monthly Observances:
Schools Safety Month
Nutrition Month
National Disaster Consciousness Month
Weekly Observances:
Week 2: Cultural Communities Week
Micro, Small, and Medium Enterprise
Development Week
Week 3: National Science and
Technology Week
National Disability Prevention and
Rehabilitation Week
July 1-7:
National Culture Consciousness Week
July 13-19:
Philippines Business Week
Week ending last Saturday of July:
Arbor Week
Daily Observances:
First Saturday of July:
International Cooperative Day
in the Philippines
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