The Philippines’ new NIIP is insured by the Government Service Insurance System. Credit: SUNG YOON JO/Shutterstock.com.

The Philippines’ Bureau of the Treasury (BTr) has launched the NIIP to provide comprehensive insurance coverage for key government assets.  

This initiative is designed to bolster the country’s financial resilience against disasters. 

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The programme, which is insured by the Government Service Insurance System (GSIS), is set to mitigate financial losses from various disasters such as typhoons and earthquakes, ensuring funds are available for post-disaster reconstruction.  

Compared with single asset insurance purchase, the NIIP adopts a portfolio approach that helps in spreading risk and optimising the existing premium budget. 

The Philippines’ former treasurer and monetary board member Rosalia V. De Leon expressed her enthusiasm for the programme’s launch, which she led during her tenure.  

Leon said: “I am excited to see this programme finally come to fruition. This is just one of the many programmes the BTr implements to enhance our resilience against disasters.  

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“Our vulnerability to natural disasters makes it imperative for us to act now and implement solutions that would help us become more resilient and recover faster.”  

The NIIP’s 2024 pilot programme will initially cover around 132,862 school buildings under the Philippines Department of Education, valued at more than 800bn pesos ($14.39bn).  

The BTr has financed the premium for this pilot, leveraging the excess payout from the Catastrophe Bond, with the policy set to commence on 1 January 2024. 

BTr officer-in-charge Sharon Almanza said: “The programme will provide financial protection for our schools in the event of disasters. We are also grateful to the GSIS, who continues to be our partner in finding appropriate solutions to protect government assets against unforeseen losses.”