Philippines: MSMEs told to get disaster insurance

Micro, small and medium enterprises (MSMEs) in Davao Region are urged to avail Micro Disaster Risk Insurance (MicroDRI) product to secure investments and risk financing options.

The MicroDRI project is a public-private partnership project of the Department of Trade and Industry (DTI), Cebuana Lhuillier Insurance Solutions (CLIS), AXA Charter Ping, and the GIZ Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia (RFPI Asia). It launched its insurance product called MicroBiz Protect Wednesday, June 26.

“We are already starting in encouraging [entrepreneurs] and we hope to have better understanding on the risks of the enterprises as we study the risk-mapping with the Disaster Risk Reduction Management (DRRM). We want to promote insurance for MSMEs against natural calamities like typhoons and floods,” GIZ RFPI Asia program director Antonis Malagardis said in an interview Thursday.

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