The Bureau of the Treasury (BTr) said Thursday it will file a claim under the National Indemnity Insurance Program (NIIP) to cover the damage sustained by 45 public schools across eight regions because of the heavy rainfall induced by Typhoon Carina.
It said the NIIP, which commenced on Jan. 1, 2024, provides comprehensive cover to government assets against fire, lightning, typhoons, floods, earthquakes and volcanic eruptions.
The BTr secured coverage for 132,862 school buildings nationwide, with a total insured value of P 843.11 billion for the pilot run.
The BTr said with costs of damages amounting to at least P308.5 million for public schools, the Department of Education (DepEd) and the Government Service Insurance System (GSIS) are actively coordinating the filing of insurance claim under the NIIP.
Once a payout is confirmed, the DepEd will be able to utilize the funds for the repair and reconstruction of the schools.
“I commend the Bureau of the Treasury for its proactive steps in implementing the National Indemnity Insurance Program. Protecting our national assets is crucial for ensuring the economic security of our people. Damaged school buildings pose a significant threat to this security, as they are the very places where we nurture the potential of our nation’s greatest treasure—our students,” Finance Secretary Ralph Recto said.
“Poor school facilities negatively impact both teachers and students, leading to lower human capital development, reduced economic productivity, and persistent poverty. Thus, we must prioritize investing in resilient school buildings to secure a better future for our children and our country,” he said.
National Treasurer Sharon Almanza said the implementation of the program underscores the commitment of the agency and the Department of Finance to ensuring the nation’s financial resilience against disasters.
“We are actively coordinating with both DepEd and GSIS to ensure the timely assessment and payout of the program,” she said.
The program is part of the country’s Disaster Risk Finance strategy, which aims to protect the government’s fiscal health, provide immediate liquidity post-disaster, and reduce the impact of disasters on the most vulnerable.
Other instruments under the strategy are the Quick Response Fund, the Local and National Disaster Risk Reduction and Management Fund and the Disaster Stand-by Loan facilities secured by the DOF.
Be the first to comment