Philippines to join ASEAN disaster risk insurance facility
By Chino S. Leyco
In a statement, Finance Secretary Carlos G. Dominguez III said yesterday that the Philippines is set to join this month five other members of the ASEAN along with Japan in operating a disaster risk insurance facility.
Dominguez III assured Japan Deputy Prime Minister and Finance Minister Taro Aso of the Philippines’ commitment to sign the Memorandum of Understanding (MOU) on the establishment of the Southeast Asia Disaster Risk Insurance Facility (SEADRIF).
The first product of this facility, which was formed with technical support from the World Bank, is the establishment of a regional catastrophe risk insurance program for Lao PDR and Myanmar.
By signing the MOU, the countries agree to collaborate on setting up and operating SEADRIF, which is initially co-chaired by Japan and Singapore.