This year’s National Microinsurance Forum, held last January 23
at The Manila Hotel, had
as its theme, “Sustainable
and Inclusive Finance for
Climate Resiliency.” This
annual event is held in
the month of January, in
celebration of the National
Microinsurance Month and
provides a platform to disdation, CARD Mutually
Reinforcing Institutions
and CARD Pioneer Microinsurance Inc.
385 representatives of Microinsurance-Mutual Benefit Associations (Mi-MBAs),
Microfinance Institutions
(MFIs), Cooperatives
(Coops), partner government and private sector
institutions, and microinsurance providers and
promoters in the country
attended the forum. Forum topics included ways
to foster a microinsurance
ecosystem that not only
advances financially sustainable microinsurance
operations but also enhances potential for delivering greater social impact. Attendees listened to
discussions on strategies
and initiatives for dealing
with climate challenges
and disasters, using digital
technologies, and improving customer experience
to create a future where
microinsurance not only
adapts to change but also
helps build a resilient and
sustainable world.
Citi Philippines
CEO Paul Favila gave
the opening remarks and
shared the various financial inclusion programs
supported by Citi Foundation and Citi initiatives that
support climate action,
“We are working together
to contribute to Citi’s commitment globally, as well
as to the Environmental,
Social and Governance
(ESG) goals of the Philippines.”
He added, “Our
commitment to a more
sustainable future cuts
across our businesses,
functions and teams. Citi
pledged $1 Trn to sustainable finance by 2030,
which aligns with the
United Nations’ Sustainable Development Goals.
Of this amount, $500 Bn
is committed to environmental finance. Citi has
committed to achieving
net zero emissions associated with our financing
activities by 2050, and net
zero emissions for our operations by 2030.”
Keynote speaker, Philippine Insurance
Commissioner Atty. Reynaldo Regalado discussed
the strategic directions
for microinsurance in the
country, focusing on the
institutionalization of financial literacy, collaboration,
growth, and digitalization.
He also emphasized the
role of the microinsurance
sector in recovery and rebuilding efforts, “It is important for us to have the
mechanisms and services
that will help secure the
financial stability and resiliency of our people especially those who are in the
marginalized sector of our
society.”
(From left to right) Dr. Jaime Aristotle Alip, MiMAP Chairman Emeritus and CARD MRI Founder and Chair Emeritus, Atty. Reynaldo Regalado, Philippine Insurance
Commissioner and Citi Philippines CEO Paul Favila.
(From left to right) George Mina, General Manager of
PLIA, Lorenzo Chan Jr., President & CEO of Pioneer
Inc. and Board Member of CPMI, Jonathan Batangan,
President of MIPAP and Executive Director of Cebuana
Lhuillier Foundation Inc., Dr. Jaime Aristotle Alip, Chairman Emeritus of MiMAP and Founder and Chair Emeritus of CARD MRI, Atty. Reynaldo Regalado, Philippine
Insurance Commissioner and Michael Rellosa, Trustee
and Executive Director of PIRA, in the panel discussion
on Microinsurance policy issues.
At the panel discussions, industry experts
pointed out challenges
being faced by the microinsurance sector, such as
the instability of the economy, concerns on taxes
and finding the right balance for pricing strategies,
among others.
The forum also
highlighted the vulnerability faced by the Philippine agricultural sector
due to climate change
and the gaps in agri-insurance. The importance of
multi-sectoral partnerships
in achieving climate-smart
agriculture and building
adaptive and sustainable
communities were highlighted during the second
panel discussion. Finally,
the event explored best
practices and key learnings in digitizing insurance
processes. It stressed the
need for continued development of new digital
solutions, especially in the
far-flung areas, to foster
innovation and inclusivity
in the society.
About MiMAP (RIMANSI)
The Microinsurance MBA Association of
the Philippines Inc. (MiMAP) or RIMANSI helps
professionalize the management of microinsurance mutual benefit associations (Mi-MBAs) and
microinsurance programs
to provide affordable, comprehensive, and quality
risk protection to millions
of poor people in Asia and
the Pacific. Towards this
purpose, MiMAP assists
Mi-MBAs in developing
risk management solutions, building capacities,
advocating for appropriate
policy environment, and
pursuing research and development agenda.
Citi Foundation
The Citi Foundation works to promote
economic progress and
improve the lives of people in low-income communities around the world.
We invest in efforts that
increase financial inclusion, catalyze job opportunities for youth, and
reimagine approaches
to building economically vibrant communities.
The Citi Foundation’s
“More than Philanthropy”
approach leverages the
enormous expertise of Citi
and its people to fulfill our
mission and drive thought
leadership and innovation.
For more information, visit
www.citifoundation.com.
About Citi
Citi is a preeminent banking partner for
institutions with cross-border needs, a global leader
in wealth management
and a valued personal
bank in its home market of the United States.
Citi does business in 160
countries and jurisdictions,
providing corporations,
governments, investors,
institutions and individuals with a broad range of
financial products and services.
Additional information may be found at
www.citigroup.com | Twitter: @Citi | LinkedIn: www.
linkedin.com/company/citi
| YouTube: www.youtube.
com/citi | Facebook: www.
facebook.com/citi.
