2023.12.11
On November 22, the Japan International Cooperation Agency (JICA) signed a Record of Discussions with the Government of the Republic of the Philippines in Manila for the Project for Strengthening Financial Resilience of Public Asset to Natural Disasters by Improvement of Public Insurance, a technical cooperation project.
The Philippines has one of the highest frequencies of exposure to natural disasters among Southeast Asian countries. Although it has suffered a total loss of approximately $23 billion due to the natural disasters that have occurred since 1990, it has not been able to build sufficient financial mechanisms to support the improvement of public infrastructure’s resilience against such disasters, and securing funds for recovery in the event of a disaster has always been an issue.
Signing Ceremony
In light of this situation, this project aims to promote the comprehensive and adequate insurance of public assets in the Philippines, doing so by strengthening the insurance underwriting and management capacity of the Government Service Insurance System (GSIS)—the country’s public insurance underwriter for public assets. The project will thereby contribute to the enhancement of the financial resilience of public assets against natural disasters, and to the achievement of SDGs Goals 11 (Sustainable cities and communities) and 13 (Climate action).
Details for the project are provided below.
| Country | Republic of the Philippines |
|---|---|
| Project title | Project for Strengthening Financial Resilience of Public Asset to Natural Disasters by Improvement of Public Insurance |
| Planned implementation period | 36 months |
| Executing agency | Government Service Insurance System (GSIS) |
| Target region | Metro Manila |
| Specific project details (provisional) | In the Philippines, where the risk of natural disasters is high, this project aims to comprehensively and adequately insure public assets under the GSIS against such disasters, doing so by enhancing the ability of the GSIS to (1) evaluate appropriate replacement costs; (2) calculate risk-based insurance premium rates; (3) underwrite, control loss, and manage and procure insurance; and (4) raise awareness of and promote public insurance services, thereby contributing to the enhancement of the financial resilience of public assets against natural disasters. |
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