The Philippines’ Department of Finance (DOF) has expressed its appreciation towards Canada for its help in strengthening the country’s microinsurance industry, a positive step in helping more Filipinos have some form of insurance.
“I would like to thank the Canadian people… for their assistance in the microinsurance industry,” Finance Secretary Carlos Dominguez III said at the 69th anniversary celebration of the Insurance Commission (IC) on Friday.
“This is certainly a big field that has to be strengthened, and we always appreciate assistance of the Canadian people. I want to assure the Canadian ambassador that none of their taxpayers’ money is going to be wasted,” he added.
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According to Insurance Commissioner Dennis Funa, the Philippines’ insurance penetration rate is at 1.75% for 2015. He added that the IC will work towards increasing the penetration rate, with microinsurance as one of its avenues.
“We will pursue continued growth through microinsurance,” Funa told the
Business Mirror. “We will reach those in the provinces, the poor people, so will continue to promote that.”
According to the IC, around 26 million Filipinos, or roughly one-fourth of the population, participate in microinsurance as of the third quarter of 2016.
“That is why I made special mention of the Canadians because they have been helping us in the microinsurance industry,” said Dominguez. “That is very important. You know, microinsurance is people who pay PHP20 (C$0.53) a day so that they get insurance of half a million pesos (C$13,170), so that is very important for inclusivity and coverage of their risk.”
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