Advance mag-isip: Dominguez eyeing UK insurance for Build, Build, Build projects
It’s better to be sure than sorry.
Finance Secretary Carlos Dominguez III went to get expert advice from British insurance firm Lloyd’s, as he sought to protect big-ticket infrastructure projects being built by the Duterte administration.
“We are embarking on a large infrastructure program and we expect to spend somewhere 150 and 170 billion US dollars in improving our physical infrastructure. Leaving it and building it without thinking about risk management is irresponsible,” Dominguez told Lloyd’s executives during a sidelines meeting during the economic team’s trip to London.
It’s particularly timely to get insurance for these projects with the Philippines prone to disasters. Lloyd’s actually offers a Disaster Risk Facility to suit this need.