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45 public schools that were damaged by Typhoon Carina and the southwest monsoon (Habagat) will be restored and rebuilt, according to a claim that the Bureau of the Treasury (BTr) will make under the National Indemnity Insurance Program (NIIP), the Department of Finance (DOF) announced on Thursday.
Launched in January, the National Insurance Program (NIIP) protects government property from a range of natural calamities, such as earthquakes, typhoons, floods, and volcanic eruptions. The program covered a total of P843.11 billion in insured value, or 132,862 school buildings countrywide, throughout its test period.
The anticipated damage to public schools is P308.5 million, therefore the Finance Department, BTr, the Department of Education (DepEd), and the Government Service Insurance System (GSIS) are coordinating the filing of insurance claims. After the settlement has been verified, DepEd will be able to use the money for rebuilding and restoring the damaged schools.
Ralph Recto, the secretary of finance, commended the Bureau of the Treasury for its initiative in putting the NIIP into effect. “Protecting our national assets is crucial for ensuring the economic security of our people,” he said.
Recto stressed that unsafe school buildings are a serious threat to this security, having an impact on teachers and pupils as well as lowering economic production, delaying the development of human capital, and prolonging poverty. To guarantee a brighter future for the youth of the nation and the nation as a whole, he emphasized the significance of investing in robust school structures.
National Treasurer Sharon Almanza emphasized the dedication of the DOF and Treasury to disaster-proof finance… “To ensure the timely assessment and payout of the program, we are actively coordinating with both DepEd and GSIS,” Almanza stated.
The government’s Disaster Risk Finance plan, which seeks to safeguard the country’s financial stability, offers quick access to cash after a disaster, and lessen the impact of disasters on the most vulnerable, includes the NIIP as a crucial element. The Disaster Stand-by Loan facilities backed by the DOF, the Local and National Disaster Risk Reduction and Management Fund, and the Quick Response Fund are further tools in this plan.