August 18, 2024 | 12:00am
MANILA, Philippines — State-run pension fund Government Service Insurance System (GSIS) will expedite the insurance claims of public schools affected by Typhoon Carina to ensure the speedy repair of damaged buildings.
In a statement, GSIS said the National Indemnity Insurance Program (NIIP) would fast-track the repairs and ensure recovery from the typhoon.
“This insurance coverage will provide critical funds to rebuild classrooms and minimize learning disruptions. Without this program, the government would face significant challenges in allocating resources for repairs,” GSIS president and general manager Wick Veloso said.
About P1.6 billion is needed to repair affected schools. The Department of Education earlier reported that over 300 classrooms were destroyed and 1,500 rooms were damaged.
More than 132,000 public school buildings are protected by the NIIP, which provides comprehensive insurance cover for government assets against fire, lightning, typhoons, floods, earthquakes and volcanic eruptions.
The Bureau of the Treasury purchased a one-year GSIS insurance policy valued at P843 billion for all school buildings nationwide. The program aims to accelerate recovery efforts by providing immediate financial assistance after disasters.
“By safeguarding public schools, we are helping ensure that students can continue their education uninterrupted,” Veloso said.
Over the next few years, the NIIP aims to extend coverage to hospitals and other infrastructure, including roads and bridges.
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