Business World
Finance
Posted on September 30, 2011 07:35:24 PM
MOBILE MICROFINANCE bank BPI Globe BanKO will begin offering microinsurance after partnering with two other subsidiaries of the Bank of the Philippine Islands.
In a statement, BPI Globe BanKO said it has partnered with BPI Philam Life Assurance Corp. (BPI-Philam) and BPI-Mitsui Sumimoto Insurance Corp. (BPI/MS) to offer insurance products that are affordable and targeted at low-income earning Filipinos.
BPI-Philam, the bancassurance arm of BPI, is an alliance between BPI and the Philippine American Life and General Insurance Co., the country’s biggest life insurance company.
BPI/MS is a joint venture between BPI and Mitsui Sumimoto Insurance Co., a non-life insurance company based in Japan.
BPI Globe BanKO on Friday launched three microinsurance products, namely, PondoKO, PuhunanKO and PaniguroKO.
PondoKO entitles an individual to life insurance and to a 1% interest rate per annum on his or her deposit once this reaches P2,000.
In the event of death -- regardless of the cause -- his or her beneficiary will get five times of the amount of cash in the account.
PuhunanKO provides both life insurance and loan coverage. An individual who purchases this will entitle his or her beneficiary to P10,000 and to 100% loan coverage in case he or she dies.
PondoKO and PuhunanKO are offered in partnership with BPI-Philam.
PaniguroKO, offered in partnership with BPI/MS, gives the account holder access to a life insurance policy that costs only P365 for a one-year coverage.
With PaniguroKO, an account holder is entitled to a P50,000 coverage for accidental death, P5,000 assistance in case of fire and P2,500 assistance in case of flood, typhoon and earthquake. This insurance can be purchased through mobile phones, thus doing away the need to fill out documents.
"Through BanKO’s ’banking the unbanked’ concept, the market that other banks have failed to reach will be given options and this is a very good way of giving back. We at BPI-Philam are hoping that more from the lower income segment will be empowered and will appreciate the need to save," Stephen James Clark, BPI-Philam president and chief executive officer, was quoted as saying in the statement.
"Getting an insurance used to be expensive or at least that’s what a lot of people think, especially those who are not familiar with it. Through the BanKO-BPI/MS partnership, we hope more people will realize the value in securing one," Mr. Takaaki Ueda, BPI/MS president and chief executive officer, was also quoted as saying in the same statement.
In the same statement, BPI Globe BanKO said it had partnered with the German Agency for International Cooperation to conduct financial literacy seminars nationwide. This is in line with the bank’s objective to educate depositors on the importance of insurance. The seminars will begin in the fourth quarter of this year and will run up to next year.
BPI Globe BanKO is a savings bank that handles the mobile microfinance operations of BPI, the country’s third largest in terms of assets.
It is a shared venture between BPI, Ayala Corp. and Globe Telecom, Inc. The bank uses Globe’s GCash platform to electronically transfer funds to microfinance institutions and individual borrowers. -- Ann Rozainne R. Gregorio
Friday, October 14, 2011
Thursday, October 13, 2011
Cash transfer beneficiaries targeted for microinsurance
Economy
Posted on October 03, 2011 11:42:32 PM
TACLOBAN CITY -- Beneficiaries of the government’s conditional cash transfer program -- supposedly some of the poorest of the poor -- are being targeted for microinsurance coverage next year, a senior economic official said here recently.
Finance Undersecretary Gil S. Beltran, executive director of the National Credit Council, said in a recent interview here that the Department of Finance is in talks with the Department of Social Welfare and Development to tap cash transfer beneficiaries who are part of state livelihood programs.
“With livelihood programs in place for beneficiaries, the third stage in the process is microinsurance,” Mr. Beltran explained in the interview.
Microinsurance involves low premium payments as well as simpler application and claim processes.
“Through this scheme, they will be protected from calamities and they won’t slide back to poverty,” Mr. Beltran added.
The cash transfer program, formally called Pantawid Pamilyang Pilipino Program, has 2.3 million household beneficiaries this year. Their ranks are targeted to increase to three million next year.
Reynaldo M. Vergara, who heads the Insurance Commission’s Actuarial Division, said in a separate interview that the government aims to insure about a fifth of the population by the end of 2012 from 16.65% currently. -- S. Q. Meniano
Posted on October 03, 2011 11:42:32 PM
TACLOBAN CITY -- Beneficiaries of the government’s conditional cash transfer program -- supposedly some of the poorest of the poor -- are being targeted for microinsurance coverage next year, a senior economic official said here recently.
Finance Undersecretary Gil S. Beltran, executive director of the National Credit Council, said in a recent interview here that the Department of Finance is in talks with the Department of Social Welfare and Development to tap cash transfer beneficiaries who are part of state livelihood programs.
“With livelihood programs in place for beneficiaries, the third stage in the process is microinsurance,” Mr. Beltran explained in the interview.
Microinsurance involves low premium payments as well as simpler application and claim processes.
“Through this scheme, they will be protected from calamities and they won’t slide back to poverty,” Mr. Beltran added.
The cash transfer program, formally called Pantawid Pamilyang Pilipino Program, has 2.3 million household beneficiaries this year. Their ranks are targeted to increase to three million next year.
Reynaldo M. Vergara, who heads the Insurance Commission’s Actuarial Division, said in a separate interview that the government aims to insure about a fifth of the population by the end of 2012 from 16.65% currently. -- S. Q. Meniano
Saturday, September 24, 2011
IC stepping up campaign against unlicensed insurers
BusinessWorld
Finance
Posted on September 21, 2011 09:59:40 PM
TACLOBAN CITY -- The Insurance Commission (IC) wants the registration of unlicensed insurance providers completed by the end of this year as part of efforts to convince poor households to avail of microinsurance.
Ma. Lourdes L. Ramos of the IC’s public assistance information division said the regulator has been stepping up the enforcement of the joint memorandum circular issued by the IC, Cooperative Development Authority (CDA) and Securities and Exchange Commission (SEC), that sets the government’s policy on informal insurance activities.
“Unlicensed insurance activities are usually done by cooperatives.
These are the groups that think it’s okay to do that. We want them to be formalized, place them on the mainstream and regulate their activities,” Ms. Ramos said in an interview during the three-day financial literacy roadshow on microinsurance in this city.
Under the joint IC-CDA-SEC Memorandum Circular 1-2010 issued January 29, 2010, all entities engaged in insurance activities are required to secure a certificate of authority from IC.
Informal insurance schemes should have closed by January, while those that want to formalize and continue to engage in the insurance business have up to this year to secure a certificate of authority.
“We want to protect the interest of members [of these informal insurance schemes] by regulating their activities. That way, clients are assured that they will get what’s due them,” Ms. Ramos said.
Joselito S. Almario, Department of Finance-National Credit Council (DOF-NCC) deputy executive director, said 2.9 million Filipinos are covered by informal insurance schemes not certified by the regulator.
“Formalizing these unlicensed insurance providers will help people appreciate the importance of securing insurance and assure their benefits,” Ms. Almario said -- S. Q. Meniano
Finance
Posted on September 21, 2011 09:59:40 PM
TACLOBAN CITY -- The Insurance Commission (IC) wants the registration of unlicensed insurance providers completed by the end of this year as part of efforts to convince poor households to avail of microinsurance.
Ma. Lourdes L. Ramos of the IC’s public assistance information division said the regulator has been stepping up the enforcement of the joint memorandum circular issued by the IC, Cooperative Development Authority (CDA) and Securities and Exchange Commission (SEC), that sets the government’s policy on informal insurance activities.
“Unlicensed insurance activities are usually done by cooperatives.
These are the groups that think it’s okay to do that. We want them to be formalized, place them on the mainstream and regulate their activities,” Ms. Ramos said in an interview during the three-day financial literacy roadshow on microinsurance in this city.
Under the joint IC-CDA-SEC Memorandum Circular 1-2010 issued January 29, 2010, all entities engaged in insurance activities are required to secure a certificate of authority from IC.
Informal insurance schemes should have closed by January, while those that want to formalize and continue to engage in the insurance business have up to this year to secure a certificate of authority.
“We want to protect the interest of members [of these informal insurance schemes] by regulating their activities. That way, clients are assured that they will get what’s due them,” Ms. Ramos said.
Joselito S. Almario, Department of Finance-National Credit Council (DOF-NCC) deputy executive director, said 2.9 million Filipinos are covered by informal insurance schemes not certified by the regulator.
“Formalizing these unlicensed insurance providers will help people appreciate the importance of securing insurance and assure their benefits,” Ms. Almario said -- S. Q. Meniano
Road show aims to increase awareness of microinsurance
Business World
Finance
Posted on September 19, 2011 04:24:17
TACLOBAN CITY -- The government yesterday kicked off a road show aimed at increasing awareness of microinsurance and risk protection.
Joselito S. Almario, deputy executive director of the Department of Finance-National Credit Council (DOF-NCC), said financial literacy seminars will be held in 15 other regions after Eastern Visayas.
Through this road show, he said the government is hopeful microinsurance would reach the poor communities.
“It has been an impression that insurance is only for those who are in the higher class. We are promoting microinsurance because this is intended for the low-income families. Premium on this product can be as low as P30 a month,” Mr. Almario told BusinessWorld at the sidelines of the seminar here yesterday.
Only 13% of the country’s population has life insurance while only 1% is covered by non-life insurance, he noted.
Since the government introduced microinsurance last year, however, he said commercial insurance companies have gained some two million clients.
After the financial literacy seminars, Mr. Almario said the government aimed to form a corps of microinsurance advocates from government, insurance companies, civil society, support organizations, and donors.
“These future microinsurance advocates are envisioned to help address two causes of low insurance coverage among the low-income sector -- the lack of awareness of insurance and low financial literacy level,” he said.
The road show is being held by the Insurance Commission with assistance from the DOF-NCC, German International Cooperation-Microinsurance Innovations Program for Social Security (GIZ-MIPSS) and Asian Development Bank-Japan Fund for Poverty Reduction (ADB-JFPR).
GIZ-MIPSS senior finance adviser Dante O. Portula said in a separate interview the international agency has been assisting the government under a four-year program that will expire in 2012.
“We have to popularize microinsurance. Disasters such as illnesses, injuries, or even death of family members, loss of property or natural catastrophes could happen to anybody -- but low-income families have to cope even harder with these risks because the effect on their limited financial possibilities could be fatal,” Mr. Portula said.
He said GIZ has been assisting the government capacitate insurance providers. -- Sarwell Q. Meniano
Finance
Posted on September 19, 2011 04:24:17
TACLOBAN CITY -- The government yesterday kicked off a road show aimed at increasing awareness of microinsurance and risk protection.
Joselito S. Almario, deputy executive director of the Department of Finance-National Credit Council (DOF-NCC), said financial literacy seminars will be held in 15 other regions after Eastern Visayas.
Through this road show, he said the government is hopeful microinsurance would reach the poor communities.
“It has been an impression that insurance is only for those who are in the higher class. We are promoting microinsurance because this is intended for the low-income families. Premium on this product can be as low as P30 a month,” Mr. Almario told BusinessWorld at the sidelines of the seminar here yesterday.
Only 13% of the country’s population has life insurance while only 1% is covered by non-life insurance, he noted.
Since the government introduced microinsurance last year, however, he said commercial insurance companies have gained some two million clients.
After the financial literacy seminars, Mr. Almario said the government aimed to form a corps of microinsurance advocates from government, insurance companies, civil society, support organizations, and donors.
“These future microinsurance advocates are envisioned to help address two causes of low insurance coverage among the low-income sector -- the lack of awareness of insurance and low financial literacy level,” he said.
The road show is being held by the Insurance Commission with assistance from the DOF-NCC, German International Cooperation-Microinsurance Innovations Program for Social Security (GIZ-MIPSS) and Asian Development Bank-Japan Fund for Poverty Reduction (ADB-JFPR).
GIZ-MIPSS senior finance adviser Dante O. Portula said in a separate interview the international agency has been assisting the government under a four-year program that will expire in 2012.
“We have to popularize microinsurance. Disasters such as illnesses, injuries, or even death of family members, loss of property or natural catastrophes could happen to anybody -- but low-income families have to cope even harder with these risks because the effect on their limited financial possibilities could be fatal,” Mr. Portula said.
He said GIZ has been assisting the government capacitate insurance providers. -- Sarwell Q. Meniano
Subscribe to:
Posts (Atom)
