TYPHOON DAMAGE. Members of Iglesia ni Cristo’s SCAN Worldwide ferry residents and their pets to greater grounds amid floods alongside Araneta Avenue in Quezon Metropolis on Wednesday (July 24, 2024). The Bureau of the Treasury stated on Thursday (July 25) the restore and rehabilitation of public faculties broken by Storm Carina can be coated below the Nationwide Indemnity Insurance coverage Program. (PNA photograph by Ben Briones)
MANILA, Philippines – The Bureau of the Treasury (BTr) stated it would file a declare below the Nationwide Indemnity Insurance coverage Program (NIIP) for the injury incurred by 45 public faculties in eight areas attributable to Storm Carina.
In a press release on Thursday, the BTr stated the NIIP, which started on Jan. 1, 2024, supplies complete cowl to authorities belongings in opposition to fireplace, lightning, typhoons, floods, earthquakes, and volcanic eruptions.
This system is a part of the nation’s Catastrophe Threat Finance technique, which goals to guard the federal government’s fiscal well being, present rapid liquidity post-disaster, and scale back the affect of disasters on essentially the most weak.
For its pilot run, the BTr secured protection for 132,862 college buildings nationwide, with an insured worth of P843.11 billion.
The BTr, citing knowledge from the Division of Schooling (DepEd), stated injury to public faculties has amounted to P308.5 million.
The BTr, DepEd, and the Authorities Service Insurance coverage System (GSIS) are actively coordinating the submitting of insurance coverage claims below the NIIP.
“The implementation of this system underscores the dedication of the Bureau and the Division of Finance to make sure the nation’s monetary resilience in opposition to disasters. We’re actively coordinating with each DepEd and GSIS to make sure the well timed evaluation and payout of this system,” Nationwide Treasurer Sharon Almanza stated.
As soon as a payout is confirmed, the DepEd will use the funds for the restore and reconstruction of the broken faculties.
“I commend the Bureau of the Treasury for its proactive steps in implementing the Nationwide Indemnity Insurance coverage Program. Defending our nationwide belongings is essential for making certain the financial safety of our individuals. Broken college buildings pose a major menace to this safety, as they’re the very locations the place we nurture the potential of our nation’s biggest treasure—our college students,” Finance Secretary Ralph Recto stated.
“Poor college amenities negatively affect each academics and college students, resulting in decrease human capital improvement, diminished financial productiveness, and chronic poverty. Thus, we should prioritize investing in resilient college buildings to safe a greater future for our youngsters and our nation,” Recto stated.
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