ZAMBOANGA CITY - The Zamboanga region
is the tenth stop of a 16-region roadshow on microinsurance advocacy campaign
spearheaded by the Insurance Commission and the Department of Finance –
National Credit Council.
The Training on
Microinsurance Advocacy (TOMA) was held at the Garden Orchid Hotel, Zamboanga
City from May 8-10, attended by representatives of the local government,
national government agencies, insurance companies, intermediaries, civil
society, support organizations and donors/development partners.
On May 11, the
culminating event billed as “Magpaseguro
para Protektado: Advocacy Seminar on Microinsurance” educated representatives of both the public
and the private sector about the framework and status of microinsurance in the
Philippines, emphasizing the respective roles each one can take in the advocacy
of microinsurance.
This campaign is one
of the government’s initiatives in partnership with the German International
Cooperation – Microinsurance Innovations Program for Social Security
(GIZ-MIPSS) and the Asian Development Bank-Japan Fund for Poverty Reduction
(ADB-JFPR) to enhance financial literacy on microinsurance, especially of the
low-income sector.
Dante Portula,
GIZ-MIPSS Senior Finance Advisor, stated that with support from all insurance
associations and other private sector institutions, the microinsurance roadshow
is anticipated to further push for the increased
awareness of and appreciation for microinsurance and risk protection.
Access to
appropriate and affordable risk protection instruments for the low-income
sector faces obstacles: unaffordable and inadequate insurance products,
persistence of informal insurance schemes and low appreciation of the
importance of microinsurance.
The government,
through the initiatives of the Insurance Comission and its partners, continues
the momentum of opportunities opened by the National Strategy for
Microinsurance and the Regulatory Framework for Microinsurance launched in
2010.
The nationwide microinsurance roadshow
is scheduled to grace seven cities in Luzon, three in Visayas and six in Mindanao
from 2011-2012. (MCMR/NBE-PIA9)
