GSIS provides insurance for 25 typhoon-prone provinces
The state insurer will be ready to give immediate payouts to local governments most prone to be hit by typhoons.
The Government Service Insurance System (GSIS) has announced a P10-billion parametric insurance fund for government buildings, courtesy of the World Bank and the U.K. Department for International Development.
This will cover the losses incurred by national government offices during strong typhoons and earthquakes, as well as immediate disaster response funds for 25 duly-identified provinces. These are Albay, Aurora, Batanes, Cagayan, Camarines Norte, Camarines Sur, Catanduanes, Cebu, Davao del Sur, Davao Oriental, Dinagat Islands, Eastern Samar, Ilocos Norte, Ilocos Sur, Isabela, Laguna, Leyte, Northern Samar, Pampanga, Quezon, Rizal, Sorsogon, Surigao del Norte, Surigao del Sur and Zambales.
The areas were specifically selected because of their high exposure to adverse weather conditions, GSIS said.