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3,000 MSMEs eyed for insurance product

A public-benefit federal enterprise is targeting 2,000 to 3,000 micro, small and medium enterprises (MSMEs) in the city to avail of the Micro Disaster Risk Insurance for Micro Small and Medium Enterprises (MicroDRI) product that was launched on Wednesday.

The Deutsche Gesselschaft für Internationale Zussamenarbeit (GIZ) GmbHhas partnered with the Department of Trade and Industry (DTI) along with Cebuana Lhuillier Insurance Solutions (CLIS) and AXA Charter Ping An in developing risk financing options for MSMEs to secure investments in their respective value chains.

The natural catastrophes (NatCat) insurance product is focused on securing the lives of entrepreneurs, by developing non-life insurance products against typhoons, floods and other calamities.

“You know there are one million enterprises in the Philippines and we wanted to contribute (by enrolling) at least 1.5 percent to two percent to our program. For Davao City, we would be targeting at least two to three thousand,” Antonis Malagardis, program coordinator for GIZ Regulatory Framework Promotion of Pro-poor Insurance Markets in Asia (RFPI Asia II), said during the product launching at the Marco Polo Hotel.

Malagardis said interested enterprises can get in touch with the DTI negosyo center so they can be advised on availing the product.

“There will be a payout given to them up to P500,000, the average is P250,000 to P300,000 depending on the risk due to flooding, earthquakes, droughts and other natural calamities,” he said.

The feature of the product also covers smoke, falling aircraft, vehicle impact and explosion and riot strike that causes malicious damages.

He also added that they would be doing further study on risk mapping of the locations wherein they will be coordinating with the Disaster Risk Reduction Management Office (DRRMO).

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