AS part of the country’s Disaster Risk Finance strategy, the Bureau of the Treasury (BTr) will be filing a claim under the National Indemnity Insurance Program (NIIP) for the damages sustained by 45 public schools across 8 regions due to Typhoon Carina.
The costs of the damages have amounted to at least P308.5-M. Once a payout is confirmed, the Department of Education (DepEd) will be able to utilize the funds for the repair and reconstruction of the said 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. Poor school facilities negatively impact both teachers and students, leading to lower human capital development, reduced economic productivity, and increased poverty. Thus, we must prioritize investing in resilient school buildings to secure a better future for our children and our country,” Finance Secretary Ralph G. Recto said.
The NIIP, which commenced on January 1, 2024, provides comprehensive cover to government assets against fire, lightning, typhoons, floods, earthquakes, and volcanic eruptions. For its pilot, the BTr secured coverage for 132,862 school buildings nationwide, with a total insured value of P843.11-B.
Editor’s Note: This article has been sourced from the Department of Finance Facebook Page.
