The Government Service Insurance System (GSIS) of the Philippines has entered into a three-year partnership with the Japan International Cooperation Agency (JICA) to strengthen the protection of government properties and assets against disasters.
Wick Veloso, GSIS president and general manager, said the initiative falls under the mandate of Republic Act No. 656, also known as the Property Insurance Law. This law requires GSIS to insure all government properties, covering a wide range of insurance types, including fire, engineering, marine, aviation, bonds, automobile and personal insurance.
The partnership was formed in response to a directive from President Ferdinand Marcos Jr, who instructed GSIS to work with the Department of Finance to improve public insurance services. Focus areas for improvement include underwriting processes, loss control measures, insurance procurement and increased public awareness of insurance.
“We are grateful to the Government of Japan and JICA for this technical cooperation project. There is a real and compelling need to review outdated practices, old insurance models and archaic underwriting systems,” Veloso said in a Manila Bulletin report.
Sakamoto Takema, Chief Representative of JICA, highlighted the project’s alignment with the objectives of the Sendai Framework, which focuses on disaster risk reduction, prevention of new losses and speeding up recovery processes. He underlined the growing importance of robust public insurance systems in the face of increasing natural disasters due to climate change. Sakamoto also noted the importance of risk-based insurance premiums in this context.
Both the Philippines and Japan are located in the Pacific Ring of Fire, a region known for its vulnerability to natural disasters such as typhoons and earthquakes. Japan’s advances in earthquake preparedness provide a backdrop to this partnership.
Elsewhere in the region, recent data presented at the November meeting of the International Oil Pollution Compensation Fund revealed that compensation claims of PHP1.4 billion ($25.3 million), $26.4 million and €2.7 million ($2.9 million) have been made so far for the sinking of a Philippine tanker.
