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
World Day for Safety and Health at Work
“Safety and health at work every day!”
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 #TakePicturesVideos
Monthly Observances:
March – Women’s Role in History Month
April – Month of Planet Earth
Weekly Observances:
Last Week of March: Protection and Gender Fair Treatment of the Girl Child Week
Last Week of April – World Immunization Week
Daily Observances:
Mar 25 – International Day of Remembrance of the Victims of Slavery and the Transallantic Slave Trade
Mar 27– Earth Hour
Apr 21 – Civil Service Day
Apr 22 – World Earth Day
Apr 28 – World Day for Safety and Health at Work
