MICROCAPITAL BRIEF: Filipino Government and Private Sector Representatives Approve Draft of “National Strategy for Micro-insurance”

Filipino government and private sector representatives have approved a draft for the “National Strategy for Microinsurance,” which is set to launch on January 28, 2010, after a series of consultations with stakeholders. Under the draft, stakeholders will be responsible for providing insurance policies under a regulatory framework, monitoring informal insurance schemes and promoting financial literacy. Additionally, insurers will be encouraged to form partnerships with community-based organizations to increase their outreach. “The Finance department had previously said that the 42 million beneficiaries of the government’s microfinance program are the potential clients of microinsurance schemes.”

Representatives include members from the National Credit Council; the Insurance Commission; the Cooperative Development Authority; Bangko Sentral ng Pilipinas; Securities and Exchange Commission; Department of Health; Philippine Health Insurance Corp; National Anti-Poverty Commission; Chambers of Mutual Benefit Association, Inc; Risk Management Solution, Inc.; Coop Life Mutual Benefit Services Association; Cooperative Insurance System of Philippines; Philippine Life Insurance Association; Philippine Insurers and Reinsurers Association; Microfinance Council of the Philippines, Inc.; and the Association of Health Maintenance Organization of the Philippines, Inc.

By: Stefanie Rubin, Research Assistant

Additional Resources:

Business World: “Gov’t, Industry Finalizing Microinsurance Strategy,” http://www.bworldonline.com/main/content.php?id=1549