The Philippine government, led by the Bureau of Treasury, has launched the National Insurance Indemnity Program (NIIP) to insure strategic government assets, particularly school buildings, InsuranceNewsAsia.com has reported.
Finance Secretary Benjamin E. Diokno emphasizes the program’s role in strengthening financial resilience and safeguarding national assets, aligning with President Ferdinand R. Marcos Jr.’s administration’s focus on infrastructure projects.
The NIIP, managed by the Government Service Insurance System (GSIS), is designed to mitigate risks and fund recovery from disasters such as typhoons and earthquakes. This initiative is crucial for a country prone to natural disasters, as noted by Monetary Board Member Rosalia V. de Leon.
In its 2024 pilot, the NIIP covers 132,862 Department of Education school buildings, supported by a GSIS fund of P843.11 billion for disaster insurance. BTr Officer-in-Charge Sharon P. Almanza acknowledges the GSIS’s partnership in this flagship program, aiming for enhanced disaster resilience and protection of educational infrastructure.
BusinessNewsAsia.com