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PASAY CITY, May 24, 2024 — The Japan International Cooperation Agency (JICA) and the Government Service Insurance System (GSIS) have launched a Technical Cooperation Project (TCP) to enhance the financial resilience of public assets to the risks of natural disasters through the improvement of public insurance in the Philippines.
This initiative, which began with the establishment of a Joint Coordinating Committee (JCC) and deployment of Japanese experts, officially kicked-off today, Friday.
At the ASEAN+3 meeting last year, Disaster Risk Financing was established as a regular agenda item under the ASEAN+3 finance track, underscoring its importance to the region. Relative to the Disaster Risk Financing Initiative, JICA has committed to its first cooperation project in the Philippines which focuses on exploring insurance solutions and other financial products, facilitating knowledge exchange and developing technical solutions.
JICA Director Takehiro Kido said, “Through this project, we aim to leverage Japan’s knowledge and experience as a disaster-prone country, like the Philippines, to establish reasonable insurance premiums that account for the vulnerability of public assets to disaster risk. This will ultimately promote pre-disaster investment as well, which JICA has extensively collaborated on with the Government of the Philippines.”
Over the next three years, the project aims to bolster GSIS’s ability to reference replacement values and verify the adequacy of insurance amounts. It also seeks to minimize potential damage and financial losses, enabling faster recovery.
The JCC, primarily composed of officials and staff from GSIS, Department of Finance (DOF), Bureau of Treasury (BTr), and the JICA Expert Team, will provide guidance in determining replacement costs, calculating risk-based premium rates, enhancing underwriting capacity, and raising awareness of public insurance services.
During the first three months of implementation, GSIS and the JICA Expert Team will proceed with developing a detailed design survey to outline specific activities and expected outcomes for the project, aligning with the DOF’s National Disaster Risk Financing and Insurance Strategy (NDRFIS) and the BTr’s ongoing development of the National Asset Registry System (NARS).
JICA reaffirmed its commitment to supporting GSIS’s capacity development, which may enhance the increase of insurance coverage of public assets and protecting the country’s critical investments and development achievements against disaster risks. The Philippines is currently considered as the most vulnerable country in the world, while the country will host the next Asia-Pacific Ministerial Conference on Disaster Risk Reduction (APMCDRR) in partnership with the United Nations Office for Disaster Risk Reduction (UNDRR) this coming October in Manila. By maintaining strong cooperation and collaborative efforts, both Japan and the Philippines aspire to provide a more resilient and secure future for the Filipino people. (/)
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About JICA:
The Japan International Cooperation Agency (JICA) is the executing agency of Japanese Official Development Assistance (ODA), which handles technical cooperation, ODA loans and investment, and grant aid, as well as cooperation volunteers and disaster relief programs. JICA is the world’s largest bilateral aid agency with its scale of operations amounting to about JPY 2,745 billion for JFY 2022 and a worldwide network of almost 100 overseas offices including the Philippines.
For more information on JICA and JICA Philippines’ activities, please log on to https://www.jica.go.jp/english and https://www.jica.go.jp/philippine/english/index.html. Follow our Facebook page for more updates: https://www.facebook.com/jicaphilippines