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GENERAL SANTOS CITY, July 9 (PIA) -- The Philippine government through the Department of Finance (DOF) is pushing for the massive implementation of micro-insurance to help the poor cope during disasters.
Micro-insurance refers to the insurance, insurance-like and other similar business activity of providing specific products and services to ensure that the poor are financially protected and provided relief in times of disaster.
DOF Director III Joselito Almario, who is also deputy executive director of DOF-National Credit Council (NCC), said micro-insurance is affordable with premiums as low as P1 to P20 per day or as low as P30 per month.
According to him, aside from the low premiums, it also has guaranteed benefits. “It is 500 times the daily minimum wage for non-agricultural workers (Metro Manila), or in actual current rates, should not exceed P200,000.”
“Itong micro-insurance ay may kakayahang magbigay ng proteksyon sa may mga maliliit na kita o sahod sa halagang abot kaya (Microinsurance can give protection to the low-income sector in a very affordable rate),” he explained.
He said microinsurance was launched in 2010 as government’s strategy to ensure greater access of the low-income sector or the poor to risk protection especially in times of disasters.
“Sa microinsurance tiyak na maseseguro ang benepisyo kung may mga dumarating na di-inaasahang pangyayari (In micro-insurance, we are assured of benefits especially during unforeseen events),” he added.
Almario was speaker during a 3-day training on microinsurance advocacy held last week (July 3-5) at East Asia Royale Hotel here. The event was funded by the Asian Development Bank (ADB) and organized by DOF-Manila.
The 36 participants who came from national government agencies (NGAs), non-government organizations (NGOs), cooperatives, insurance agencies and rural banks readily embraced the multi-faceted learning on microinsurance advocacy.
Facilitator Laila Garcia, research and advocacy specialist from the ADB, said the training did not only focus on teaching participants on how to conduct a training and advocacy session; understanding the role and responsibilities of microinsurance advocates; honing their presentation skills and facilitation techniques, but it has also, in general equipped them with the knowledge on microinsurance and its status in the Philippines.
Speaker Melinda Grace Labao, Pioneer Life, Incorporated supervisor said “risk is the very aspect” that microinsurance came to existence, citing the importance of why low-income individuals should get themselves insured so they can be protected from risks.
“Ang pagkakaroon ng seguro ay magsisilbing proteksyon para sa mga impormal na sektor. Mas madali silang makakabawi dahil may mapagkukunan sila sa oras ng pagdating ng di-inaasahang pangyayari gaya na lang ng kamatayan, akisdente at pagkasakit, pagkasunog ng ari-arian, kalamidad at pananalasa ng kalikasan,” Labao explained.
(Having a microinsurance will guarantee the low-income individuals the protection from risks brought about by contingent events such as death, accidents and illness, loss of property resulting from fire, calamity and the like.)
At a news conference Friday (July 6), Almario described microinsurance as “savings for the future” recognizing though the lack of access of the poor “to formal financial services.”
Further, he presented the three special features of microinsurance which are “simplicity, transparency, and accessibility” as compared to commercial insurance.
The DOF also recognized the need to further boost the “microinsurance investment climate” by encouraging the active involvement of private sectors, NGOs and strengthening the participation of local governments for effective governance and provision of necessary infrastructure.
Microinsurance can be bought or accessed through licensed microinsurance agents such as cooperatives, NGOs, rural banks and other insurance companies approved by the Insurance Commission. (CT Apelacio/PIA-12 General Santos City)
Micro-insurance refers to the insurance, insurance-like and other similar business activity of providing specific products and services to ensure that the poor are financially protected and provided relief in times of disaster.
DOF Director III Joselito Almario, who is also deputy executive director of DOF-National Credit Council (NCC), said micro-insurance is affordable with premiums as low as P1 to P20 per day or as low as P30 per month.
According to him, aside from the low premiums, it also has guaranteed benefits. “It is 500 times the daily minimum wage for non-agricultural workers (Metro Manila), or in actual current rates, should not exceed P200,000.”
“Itong micro-insurance ay may kakayahang magbigay ng proteksyon sa may mga maliliit na kita o sahod sa halagang abot kaya (Microinsurance can give protection to the low-income sector in a very affordable rate),” he explained.
He said microinsurance was launched in 2010 as government’s strategy to ensure greater access of the low-income sector or the poor to risk protection especially in times of disasters.
“Sa microinsurance tiyak na maseseguro ang benepisyo kung may mga dumarating na di-inaasahang pangyayari (In micro-insurance, we are assured of benefits especially during unforeseen events),” he added.
Almario was speaker during a 3-day training on microinsurance advocacy held last week (July 3-5) at East Asia Royale Hotel here. The event was funded by the Asian Development Bank (ADB) and organized by DOF-Manila.
The 36 participants who came from national government agencies (NGAs), non-government organizations (NGOs), cooperatives, insurance agencies and rural banks readily embraced the multi-faceted learning on microinsurance advocacy.
Facilitator Laila Garcia, research and advocacy specialist from the ADB, said the training did not only focus on teaching participants on how to conduct a training and advocacy session; understanding the role and responsibilities of microinsurance advocates; honing their presentation skills and facilitation techniques, but it has also, in general equipped them with the knowledge on microinsurance and its status in the Philippines.
Speaker Melinda Grace Labao, Pioneer Life, Incorporated supervisor said “risk is the very aspect” that microinsurance came to existence, citing the importance of why low-income individuals should get themselves insured so they can be protected from risks.
“Ang pagkakaroon ng seguro ay magsisilbing proteksyon para sa mga impormal na sektor. Mas madali silang makakabawi dahil may mapagkukunan sila sa oras ng pagdating ng di-inaasahang pangyayari gaya na lang ng kamatayan, akisdente at pagkasakit, pagkasunog ng ari-arian, kalamidad at pananalasa ng kalikasan,” Labao explained.
(Having a microinsurance will guarantee the low-income individuals the protection from risks brought about by contingent events such as death, accidents and illness, loss of property resulting from fire, calamity and the like.)
At a news conference Friday (July 6), Almario described microinsurance as “savings for the future” recognizing though the lack of access of the poor “to formal financial services.”
Further, he presented the three special features of microinsurance which are “simplicity, transparency, and accessibility” as compared to commercial insurance.
The DOF also recognized the need to further boost the “microinsurance investment climate” by encouraging the active involvement of private sectors, NGOs and strengthening the participation of local governments for effective governance and provision of necessary infrastructure.
Microinsurance can be bought or accessed through licensed microinsurance agents such as cooperatives, NGOs, rural banks and other insurance companies approved by the Insurance Commission. (CT Apelacio/PIA-12 General Santos City)
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