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
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
#WearMask #WashHands
#Report Corruption #SearchPosts #TakePicturesVideos
September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
Daily Observances:
Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
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