Thursday, April 30, 2015

Insurance Commission Chief highlights importance of roadmap in preserving economic gains



Insurance Commission Commissioner Emmanuel Dooc stressed the need to have a regional insurance roadmap to sustain the resiliency of the economies and protection of citizens in Asia and the Pacific.

In his speech during the opening of the two-day meeting on Disaster Risk Finance – APEC Roadmap for Resilient Economies being held at the SMX Convention Center in Bacolod City, the capital city of Negros Occidental, from April 29-30, 2015, Dooc said governments should take on a pro-active posture on disasters instead of being reactive.

He said funds that are being used in addressing calamities could be used instead to further boost economic growth.

"It becomes imperative for us to put up a roadmap to make our region resilient,” he said.

Relatively, the Insurance Commission chief highlighted the importance of microfinance in alleviating the lives of the poor.

For one, he stressed the need for an effective financial insurance program, which he said “should provide economic opportunities not just for the elite but for the broad cross section of the population.”

He said the Philippines, for one, had experienced the benefits of having a microinsurance system after Typhoon Yolanda (Haiyan) struck Eastern Visayas in November 2013.

He said nearly half a billion pesos worth of micro-insurance benefits, at an average of Php 5,000-10,000 per policy holder, was released after the calamity.

"Insurance benefits are not dole-outs , which impair the dignity of the recipient. Premiums were derived from honest labor,” he said.

Dooc disclosed that the Philippines currently holds the top position among 31 countries in Asia and Oceania in terms of microinsurance penetration.

He noted that there will always be microinsurance initiatives, "for there will always be poor among us.”

He, however, stressed that “the poor should not be poor” for life, and one effective way of ensuring this is through microfinance initiatives.

"Providing the roadmap for them to be there tomorrow is our responsibility today. With all the resources behind us, we cannot fail,” he added. (PNA/PCOO News Release)

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