The Japan International Cooperation Agency (JICA) signed a Record of Discussions (R/D) with the Government of the Republic of the Philippines on November 22 in Manila on the technical cooperation project “Enhancing the Resilience of Public Assets against Natural Disasters through Public Insurance Improvement”.
The Philippines is one of the countries in Southeast Asia with the highest frequency of natural disasters, and has suffered losses totaling approximately US$23 billion from natural disasters that have occurred since 1990. The challenge is to secure funds for restoration in the event of a disaster.
In light of this situation, this project will contribute to improving financial resilience against natural disasters by providing comprehensive and adequate insurance coverage for public assets through strengthening the structure and capacity of the Public Service Insurance Corporation, the public insurance underwriting organization for public assets in the Philippines, in relation to underwriting and accumulation management. Contribute to SDG Goal 11 (Building inclusive, safe, resilient, and sustainable cities and human settlements) and Goal 13 (Urgent response to climate change and its impacts).
© Source JICA