BAGUIO CITY, July 21 (PIA) -- The Department of Finance (DOF) has intensified micro-insurance literacy program through the advocacy seminar on micro-insurance dubbed, “Magpaseguro para Protektado.”
DOF Undersecretary Gil Beltran said in a press conference on Friday during the Cordillera leg of the seminar, “The micro-insurance program in the Philippines is multi-awarded and the best among Asian countries and also stands second only to Peru, worldwide. With the sound economic climate in the country as growth rate stands at 6.4 percent this first quarter of 2012, it is a viable program to both service provider and potential clients.”
Beltran said the micro-insurance program intends to help the poor rise from poverty. Aside from financial risk protection – from natural or personal disaster or hazard, with micro-financing will also able to support the low-income earners sustains their livelihood.
Beltran said the country’s micro-insurance program is on track and running smoothly. From zero when they started two years ago, there are now four million micro-insurance policies sold by both mutual benefit associations and insurance companies.
He assured that micro-insurance has a big market as around 26 percent of the country’s population lives below the poverty line and with affordable premium or contribution which ranges from P1 to a maximum of P20 a day, policy holders are also guaranteed with insurance benefits of up to P200,000.
Beltran explained that along with their micro-insurance development partners such as the Insurance Commission, Asian Development Bank, Japan Fund for Poverty Reduction, and German International Cooperation, they are continuously working hard to put the whole system in place, including making sure that only capable and licensed micro-insurance providers are involved in the market.
Beltran also enjoined the local media practitioners in pushing for a wider acceptance of micro-insurance among the informal and low income sectors.
“By helping the poor, through micro-insurance, we can enable them to participate more actively, economically,” Beltran said. “By continuously improving the program and with the government’s goal of a stronger economic growth of around seven to eight percent, we are hoping to make a dent on the country’s poverty thresh hold, maybe from 26 percent, down to 15 to 16 percent by 2016,” he added.
Other panelists during the said press conference were Evelyn Singune of Insurance Commission Field Examination, Takahiru Etchu of Japan Fund for Poverty Reduction, Hiroyuki Aoki of Asian Development Bank, and Antonis Malagardis of German International Cooperation.
The advocacy seminar capped a three-day micro finance training from July 16 to 19 as part of the nationwide micro-insurance literacy campaign. (JDP/CCD-PIA CAR)
DOF Undersecretary Gil Beltran said in a press conference on Friday during the Cordillera leg of the seminar, “The micro-insurance program in the Philippines is multi-awarded and the best among Asian countries and also stands second only to Peru, worldwide. With the sound economic climate in the country as growth rate stands at 6.4 percent this first quarter of 2012, it is a viable program to both service provider and potential clients.”
Beltran said the micro-insurance program intends to help the poor rise from poverty. Aside from financial risk protection – from natural or personal disaster or hazard, with micro-financing will also able to support the low-income earners sustains their livelihood.
Beltran said the country’s micro-insurance program is on track and running smoothly. From zero when they started two years ago, there are now four million micro-insurance policies sold by both mutual benefit associations and insurance companies.
He assured that micro-insurance has a big market as around 26 percent of the country’s population lives below the poverty line and with affordable premium or contribution which ranges from P1 to a maximum of P20 a day, policy holders are also guaranteed with insurance benefits of up to P200,000.
Beltran explained that along with their micro-insurance development partners such as the Insurance Commission, Asian Development Bank, Japan Fund for Poverty Reduction, and German International Cooperation, they are continuously working hard to put the whole system in place, including making sure that only capable and licensed micro-insurance providers are involved in the market.
Beltran also enjoined the local media practitioners in pushing for a wider acceptance of micro-insurance among the informal and low income sectors.
“By helping the poor, through micro-insurance, we can enable them to participate more actively, economically,” Beltran said. “By continuously improving the program and with the government’s goal of a stronger economic growth of around seven to eight percent, we are hoping to make a dent on the country’s poverty thresh hold, maybe from 26 percent, down to 15 to 16 percent by 2016,” he added.
Other panelists during the said press conference were Evelyn Singune of Insurance Commission Field Examination, Takahiru Etchu of Japan Fund for Poverty Reduction, Hiroyuki Aoki of Asian Development Bank, and Antonis Malagardis of German International Cooperation.
The advocacy seminar capped a three-day micro finance training from July 16 to 19 as part of the nationwide micro-insurance literacy campaign. (JDP/CCD-PIA CAR)
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