Province to avail of catastrophe insurance
LINGAYEN– The provincial government through the Provincial Disaster and Risk Reduction Management Office will soon avail of the Joint Catastrophe Risk Insurance Pilot Program for local government units (LGUs).
The Sangguniang Panlalawigan acted on but deferred the approval of the resolution authorizing the payment of the annual insurance premium of the province of Pangasinan for 2015-2016 in the said insurance program.
The resolution, which was deferred for further discussions, said Pangasinan is one of the provinces in the country “that is prone to disaster considering the millions of pesos of damages being incurred by the province due to onslaught of typhoon, flooding and the like in the area.”
“The province has participated in the Joint Catastrophe Risk Insurance Pilot Program for LGUs of the Department of Finance in collaboration with the World Bank where the Government Service Insurance System will be the insurer” to provide LGUs immediate liquidity after the occurrence of a disaster,” the resolution noted.
The insurance program will cover vital infrastructure facilities in the province for P20 million.
The cost of the premium will be sourced from the unexpected balances of the Calamity Fund 2012-2014, as provided in the Supplemental Investment Program No. 4 of the province for calendar year 2015, said resolution authors, Board Members Angel Baniqued Jr. and Liberato Villegas.
The two lawmakers said the program is beneficial to the province since it will strengthen the operational preparedness, readiness, and its early recovery. (Johanne Macob)
Share your Comments or Reactions
Powered by Facebook Comments
