Philippines

Study visit on risk management and agricultural insurance in Spain
A delegation from the Philippine Government visited Madrid, Spain to learn about private-public partnerships in agricultural insurance. The visit aimed to support ongoing reforms in the Philippines and explore the role of the private sector in agricultural insurance. Currently, agricultural insurance in the Philippines is implemented by the public-sector insurer, but only one third of farmers and fisherfolk are insured. The government plans to make major reforms to increase cost-efficiency and value for farmers. The Spanish agricultural insurance scheme, managed by AGROSEGURO, is considered a
13
Oct
In 2014, GIIF started supporting CARD-Pioneer Microinsurance Inc (CPMI), a joint venture between CARD MRI and Pioneer Insurance in the Philippines, in developing, pricing and deployment of the country’s first private-sector led crop insurance product, named Binhi (“seed”). The goal with the project was to bring in technical support through actuarial experts from IFC, to analyze historical agricultural damage and weather data, to develop a risk-pricing system that would ultimately allow CPMI to strategically manage its typhoon risks and set a sustainable price for its customers.The agribusiness
26
Jan
The Philippines is highly dependent on the agribusiness sector, which employs close to one third of its workforce and takes up to 40% of the country’s land. The country and the agricultural sector are also highly vulnerable to climate risks; it is ranked among the world’s highest disaster prone countries, and it is ranked the 3rd most disaster prone country in the world, experiencing multiple typhoons a year. These natural events cause significant damage to farms and the assets of small-holder farmers. The high risk of typhoons is one of the main reasons why most banks are unwilling to extend
Philippines: Competitive Markets and Enabling Policy Environment
Competitive markets are best geared to respond to farmers’ need and offer tailor-made insurance products. It is the government’s responsibility to ensure a level playing field. This is particularly important in countries where state-owned insurers compete with the private sector. Policymakers and the regulator have to create a framework that provides all market players, public and private, the same access to infrastructure and services, such as access to data on weather or agricultural production. In countries where premiums are subsidized, all insurance companies have to be eligible to
MIPSS – Microinsurance Innovations Program for Social Security
The core objective is to improve risk protection for low-income Filipinos across the country through the introduction of affordable and comprehensive microinsurance products.
Natural Catastrophe Insurance for Low Income Groups in Asia
The core objective is to offer insurance services against the effects of extreme weather events in order to enhance the financial stability of financial cooperatives by protecting their credit portfolios. The insurance benefits are passed on to the low-income members of these institutions.
RIICE – Remote sensing-based Information and Insurance for Crops in Emerging economies
The core objective is to provide better information on rice crop growth for food security policy and to reduce the vulnerability of smallholders in rice production caused by natural catastrophes.
Climate and Catastrophe Risk Assessment
The overall aim of the project is to co-develop new catastrophe risk models for floods in the Philippines and cyclone in Bangladesh, and to quantify the impacts of climate change on flood risk, to support risk management decisions and risk-based financing.
FoodSECuRE – Food Security Climate Resilience Facility
The core objective of the project is to financially and programmatically support community-centered early action to reinforce and build climate resilience.
Op-ed: Binhi Micro-Crop Insurance Program
In a Business Mirror (Philippines) Op-ed, Dennis B. Funa, the Philippines's insurance commissioner, wrote that the Binhi Micro-Crop Insurance Program of CARD Pioneer Microinsurance Inc. will benefit smallholder farmers face typhoon risks. When leading portfolios of micro-finance institutions are protected by insurance, farmers are also protected. The Binhi Micro-Crop Insurance is supported by the Global Index Insurance Facility and the Government of Canada.