By Francis Allan L. Angelo
The Bureau of the Treasury (BTr) will file a claim under the National Indemnity Insurance Program (NIIP) to address the damage sustained by 451 public schools across eight regions due to Typhoon Carina.
The NIIP, which began on January 1, 2024, provides comprehensive coverage for government assets against natural calamities such as typhoons, floods, earthquakes, and volcanic eruptions.
For its initial implementation, the BTr insured 132,862 school buildings nationwide, with a total insured value of PHP 843.11 billion.
Damages from Typhoon Carina have been estimated at PHP 308.5 million.
The BTr, in coordination with the Department of Education (DepEd) and the Government Service Insurance System (GSIS), is actively pursuing insurance claims under the NIIP.
Once confirmed, the DepEd will utilize the funds for the repair and reconstruction of the affected schools.
“I commend the Bureau of the Treasury for its proactive steps in implementing the National Indemnity Insurance Program. Protecting our national assets is crucial for ensuring the economic security of our people. Damaged school buildings pose a significant threat to this security, as they are the very places where we nurture the potential of our nation’s greatest treasure—our students,” Finance Secretary Ralph G. Recto said in a statement.
He emphasized the importance of investing in resilient school infrastructure to enhance human capital development and economic productivity.
National Treasurer Sharon P. Almanza highlighted the program’s role in ensuring the nation’s financial resilience against disasters. “We are actively coordinating with both DepEd and GSIS to ensure the timely assessment and payout of the program,” Almanza said.
The NIIP is a component of the country’s Disaster Risk Finance strategy, aimed at protecting the government’s fiscal health, providing immediate liquidity post-disaster, and mitigating the impact of disasters on vulnerable populations.
Other instruments in this strategy include the Quick Response Fund, the Local and National Disaster Risk Reduction and Management Fund, and the Disaster Stand-by Loan facilities secured by the Department of Finance.
