Treasury implements insurance program for gov't assets

ABS-CBN News

MANILA — The Bureau of the Treasury on Tuesday said it has implemented the National Insurance Indemnity Program (NIIP) to provide coverage for strategically important government assets.The NIIP will initially cover 132,862 Department of Education (DepEd) school buildings with an approximate value of over P800 billion. The BTr said it covered the premium for the pilot program using the excess payout it received from the Catastrophe Bond. The insurance policy started on January 1.Insured by the Government Service Insurance System (GSIS), the NIIP aims to protect government finances from unexpected losses due to disasters like typhoons and earthquakes, and ensure access to funding post-disaster for reconstruction.Unlike the single-asset insurance purchase, the program uses a portfolio approach to spread out the risk and maximize the available premium budget.<ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/12/05/23/philippine-debt-hits-p1448-trillion-in-october">Philippine debt hits P14.48 trillion in October</a></li></ul>

The National Insurance Indemnity Program will initially cover 132,862 Department of Education school buildings.

Treasury implements insurance program for gov't assets | ABS-CBN

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Treasury implements insurance program for gov't assets

Treasury implements insurance program for gov't assets

ABS-CBN News

Published Jan 02, 2024 10:30 AM PHT

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Updated Jan 02, 2024 11:01 AM PHT

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Treasury

Bureau of the Treasury

National Insurance Indemnity Program

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