TYPHOON DAMAGE. Members of Iglesia ni Cristo’s SCAN Worldwide ferry residents and their pets to larger grounds amid floods alongside Araneta Avenue in Quezon Metropolis on Wednesday (July 24, 2024). The Bureau of the Treasury mentioned on Thursday (July 25) the restore and rehabilitation of public colleges broken by Hurricane Carina might be lined below the Nationwide Indemnity Insurance coverage Program. (PNA picture by Ben Briones)
MANILA, Philippines – The Bureau of the Treasury (BTr) mentioned it is going to file a declare below the Nationwide Indemnity Insurance coverage Program (NIIP) for the injury incurred by 45 public colleges in eight areas because of Hurricane Carina.
In an announcement on Thursday, the BTr mentioned the NIIP, which started on Jan. 1, 2024, gives complete cowl to authorities property in opposition to hearth, lightning, typhoons, floods, earthquakes, and volcanic eruptions.
This system is a part of the nation’s Catastrophe Danger Finance technique, which goals to guard the federal government’s fiscal well being, present speedy liquidity post-disaster, and cut back the influence of disasters on probably the most weak.
For its pilot run, the BTr secured protection for 132,862 college buildings nationwide, with an insured worth of P843.11 billion.
The BTr, citing information from the Division of Training (DepEd), mentioned injury to public colleges has amounted to P308.5 million.
The BTr, DepEd, and the Authorities Service Insurance coverage System (GSIS) are actively coordinating the submitting of insurance coverage claims below the NIIP.
“The implementation of this system underscores the dedication of the Bureau and the Division of Finance to make sure the nation’s monetary resilience in opposition to disasters. We’re actively coordinating with each DepEd and GSIS to make sure the well timed evaluation and payout of this system,” Nationwide Treasurer Sharon Almanza mentioned.
As soon as a payout is confirmed, the DepEd will use the funds for the restore and reconstruction of the broken colleges.
“I commend the Bureau of the Treasury for its proactive steps in implementing the Nationwide Indemnity Insurance coverage Program. Defending our nationwide property is essential for guaranteeing the financial safety of our individuals. Broken college buildings pose a major risk to this safety, as they’re the very locations the place we nurture the potential of our nation’s best treasure—our college students,” Finance Secretary Ralph Recto mentioned.
“Poor college amenities negatively influence each academics and college students, resulting in decrease human capital growth, decreased financial productiveness, and protracted poverty. Thus, we should prioritize investing in resilient college buildings to safe a greater future for our youngsters and our nation,” Recto mentioned.
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