|Project Name||Capacity Building for Microinsurance|
|Project Type / Modality of Assistance||Technical Assistance
|Source of Funding / Amount||
|Strategic Agendas||Inclusive economic growth
|Drivers of Change||Partnerships
|Sector / Subsector||
Finance / Insurance and contractual savings
|Gender Equity and Mainstreaming|
|Project Rationale and Linkage to Country/Regional Strategy|
|Impact||Increased coverage of low-income households to contingent risks|
|Description of Outcome||Expanded microinsurance market|
|Progress Toward Outcome|
|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.
|Summary of Environmental and Social Aspects|
|Stakeholder Communication, Participation, and Consultation|
|During Project Design|
|During Project Implementation|
|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|
Department of Finance
Bangko Sentral ng Pilipinas Complex
Roxas Blvd., Manila, Philippines National Credit Council
4th Floor, DOF Building
BSP Complex, Roxas Blvd.
|Concept Clearance||27 Sep 2012|
|Fact Finding||18 Jul 2012 to 20 Jul 2012|
|Approval||11 Dec 2012|
|Last Review Mission||-|
|Last PDS Update||28 Sep 2016|
|Approval||Signing Date||Effectivity Date||Closing|
|11 Dec 2012||13 Aug 2013||13 Aug 2013||01 Mar 2016||01 Mar 2017||-|
|Financing Plan/TA Utilization||Cumulative Disbursements|
|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|
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|Title||Document Type||Document Date|
|Assessment of Microinsurance as Emerging Microfinance for the Poor: The Case of the Philippines||Reports||Jan 2017|
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