The Bureau of Local Government Finance (BLGF), through its Local Debt Monitoring and Evaluation Division (LDMED), held a workshop and focus group discussion (FGD) on the Sub-National Property Insurance Management on 25 October 2019 at the DOF Building participated by various financial institutions, and national and local governments.
The workshop was conducted as part of the initiatives of the BLGF to develop and promote the improvement of resource management systems, collection enforcement mechanisms and credit utilization schemes at the local levels. With the support of the Asian Development Bank (ADB), the workshop and FGD revisited the Republic Act No. 656, otherwise known as the Property Insurance Law amid the new norm brought about by climate change.
Accordingly, the Philippines was ranked among the top three (3) countries most-at-risk for natural disasters for the past three (3) years. And as such, the fiscal reform being sought by the Bureau intends to contribute in strengthening the country’s disaster resilience through an improved national and local government disaster risk transfer mechanisms and fiscal tools, including insurance and/or re-insurance of government properties.
Mr. Andrew Harris, Director of Gallagher Insurance, Risk Management and Consulting Firm in Singapore, commenced the morning session of the workshop while Ms. Lydia Orial, ADB Project’s Insurance Policy Consultant, commenced the FGD in the afternoon.