45423-001: Capacity Building for Microinsurance | Asian Development Bank

Philippines: Capacity Building for Microinsurance

Sovereign (Public) Project | 45423-001 Status: Closed

Project Details

Project Officer
Aoki, Hiroyuki Southeast Asia Department Request for information
Country
  • Philippines
Modality
  • Technical Assistance
Sector
  • Finance
 
Project Name Capacity Building for Microinsurance
Project Number 45423-001
Country Philippines
Project Status Closed
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 8258-PHI: Capacity Building for Microinsurance
Japan Fund for Poverty Reduction US$ 1.00 million
Strategic Agendas Inclusive economic growth
Drivers of Change Partnerships
Sector / Subsector

Finance / Insurance and contractual savings

Gender Equity and Mainstreaming
Description
Project Rationale and Linkage to Country/Regional Strategy
Impact Increased coverage of low-income households to contingent risks
Project Outcome
Description of Outcome Expanded microinsurance market
Progress Toward Outcome
Implementation Progress
Description of Project Outputs

Improved level playing field for microinsurance providers

Improved capacity to develop new microinsurance products

More efficient distribution network

Established consumer protection scheme for microinsurance business

Enhanced financial literacy campaign formulated at LGU level and production of knowledge product

Maintained capacity of coordinated efforts among stakeholders

Status of Implementation Progress (Outputs, Activities, and Issues)

TA completion date has been extended for another year. Revised completion date is 1 March 2017. This extension will allow time to complete remaining activities under the TA such as _Microinsurance Risk based Capital (RBC)_ to be incorporated in the industry-wide RBC under another on-going SEPF TA and _Distribution Channels and Consumer Protection Framework_. Furthermore, we still have a component of financial literacy campaign at selected local government unit level, but we have to wait for the national election this year to avoid any political implication. At the end of the implementation, the publication of knowledge product has been planned.

Status Update of Activities:

1. Revised Performance Standard: The performance standard for microinsurance is revised based on the amended Insurance Code. Exposure of final draft and finalization is expected in Oct-Nov 2016. Launching of the circular is scheduled in Jan 2017 during the MO month celebration.

2. Distribution Channels and Consumer Protection: Exposure of final draft and finalization is expected in Oct-Nov 2016. Launching of the framework and circular is scheduled in Jan 2017 during the MO month celebration.

3. Microinsurance Risk Based Capital: The process should be synchronized with that of the industry-wide RBC.

4. Enhanced Financial Literacy Capaign at Local Government Unit: Selection of 3 LGUs, one each from the country's major islands namely: Legazpi City, Tacloban City, and Cagayan de Oro City. Initial meetings with selected LGUs is schedule on October to early November 2016. MI Advocacy Training will be in November 2016.

5. Production of Knowledge Products: Interviews with stakeholders will be conducted on the 2nd week of October. Finalization of the Draft Assessment Report will be in Nov 2016 and the conduct of the assessment conference will be done during the MI month celebration in Jan 2017.

Geographical Location
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design
During Project Implementation
Business Opportunities
Consulting Services International consultants shall be engaged for 23 pm namely, Microinsurance Business Devt Specialist, Insurance Supervision Specialist, Consumer Protection Specialist, Information, Education and Communication Specialist and National Consultants (60 person months); microinsurance development specialist, regulation specialist, microinsurance business specialist, financial literacry specialist and national project assistant.
Procurement International consultants shall be engaged for 23 pm namely, Microinsurance Business Devt Specialist, Insurance Supervision Specialist, Consumer Protection Specialist, Information, Education and Communication Specialist and National Consultants (60 person months); microinsurance development specialist, regulation specialist, microinsurance business specialist, financial literacry specialist and national project assistant.
Responsible ADB Officer Aoki, Hiroyuki
Responsible ADB Department Southeast Asia Department
Responsible ADB Division Public Management, Financial Sector and Trade Division, SERD
Executing Agencies
Department of Finance
DOF Building
Bangko Sentral ng Pilipinas Complex
Roxas Blvd., Manila, Philippines
National Credit Council
4th Floor, DOF Building
BSP Complex, Roxas Blvd.
Malate, Manila
Timetable
Concept Clearance 27 Sep 2012
Fact Finding 18 Jul 2012 to 20 Jul 2012
MRM -
Approval 11 Dec 2012
Last Review Mission -
Last PDS Update 28 Sep 2016

TA 8258-PHI

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
11 Dec 2012 13 Aug 2013 13 Aug 2013 01 Mar 2016 01 Mar 2017 -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
0.00 1,000,000.00 200,000.00 0.00 0.00 0.00 1,200,000.00 11 Dec 2012 608,923.38

Project Data Sheets (PDS) contain summary information on the project or program. Because the PDS is a work in progress, some information may not be included in its initial version but will be added as it becomes available. Information about proposed projects is tentative and indicative.

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Title Document Type Document Date
Capacity Building for Microinsurance Technical Assistance Reports Dec 2012

Safeguard Documents See also: Safeguards

Safeguard documents provided at the time of project/facility approval may also be found in the list of linked documents provided with the Report and Recommendation of the President.

None currently available.

Evaluation Documents See also: Independent Evaluation

None currently available.


The Public Communications Policy (PCP) establishes the disclosure requirements for documents and information ADB produces or requires to be produced in its operations to facilitate stakeholder participation in ADB's decision-making. For more information, refer to the Safeguard Policy Statement, Operations Manual F1, and Operations Manual L3.

Requests for information may also be directed to the InfoUnit.

Tenders

No tenders for this project were found.

Contracts Awarded

No contracts awarded for this project were found

Procurement Plan

None currently available.