Typhoon-Prone Philippines Plans Cover on Infrastructure Losses
Hit by an average of 20 typhoons every year, the Philippines is among countries most exposed to more extreme weather events due to climate change.
Photographer: Charism Sayat/AFP/Getty Images
The Philippines is readying an insurance plan that will protect the Southeast Asian nation from infrastructure losses caused by natural disasters, seeking to better respond to climate change risks.
The government will put in place a national indemnity insurance program to provide financial protection for strategically important assets like school buildings, hospitals, roads and bridges, Finance Secretary Benjamin Diokno said in a mobile-phone response to Bloomberg queries. The program will “ensure immediate funding for the rehabilitation and repair of these critical assets,” he said.