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PIA Press Release
Tuesday, January 31, 2012

 

“Gabi ng Parangal” culminates Microinsurance month

by Domingo B. Natividad V

QUEZON CITY, Jan 31 (PIA) -- The ceremonial awarding of the heralds of microinsurance in the country will mark the culmination of the celebration of the Microinsurance Month, Tuesday night, Jan. 31, 2012 at the Philippine International Convention Center (PICC).

Themed as “Gabi ng Parangal at Pasasalamat sa mga Tagapagtaguyod ng Microinsurance,” the event is meant to recognize and honor the microinsurance partners in the Philippines, who have tangibly supported the microinsurance industry with the number of policies contracted under the mutual benefit associations, life and non-life insurances.

Earlier, a group of microinsurance stakeholders in Metro Manila were provided training on microinsurance advocacy (TOMA) at the One Tagaytay Place from January 18-20, 2012. Also, an advocacy seminary (AS) on microinsurance was conducted at the Diamond Hotel on January 27, 2012.

Both events were slated as part of a nationwide roadshow on the “Financial Literacy on Microinsurance” campaign propelled by the Department of Finance – National Credit Council (DOF-NCC) and the Insurance Commission (IC) this year.

Microinsurance is a continuing program of the Aquino government that gained the support of various multilateral agencies Asian Development Bank (ADB) and the German Technical Cooperation (GIZ) targeted to help alleviate poverty in the country.

Designed for the low income group, microinsurance products are priced affordably for easy access by its target market. Typically, the premium or contribution per policy ranges from less than P1 to P20 a day. This means that the premium on a microinsurance can be as low as P30 per month with a maximum sum of guaranteed benefit not more than P200,000.

On January 10, 2007, Malacanang declared January 2007 and every year thereafter as the “National Microinsurance Month.” (RJB/DBNV/ PIA-NCR)

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