Philippines : City Disaster Insurance Pool Project

Sovereign Project | 51312-001

The Philippine City Disaster Insurance Pool (PCDIP) will be structured as a dedicated insurance pool to provide cities with cost-effective, parametric insurance providing near-immediate payouts for post-disaster response.

Project Details

  • Project Officer
    Ainabe, Benita
    Southeast Asia Department
    Request for information
  • Country/Economy
    Philippines
  • Sector
    • Finance
Project Name
City Disaster Insurance Pool Project
Project Number
51312-001
Country / Economy
  • Philippines
Project Status
Proposed
Project Type / Modality of Assistance
  • Loan
Source of Funding / Amount
Loan: City Disaster Insurance Pool Project
Source Amount
Ordinary capital resources US$ 100.00 million
Strategic Agendas
  • Environmentally sustainable growth
  • Inclusive economic growth
Drivers of Change
  • Governance and capacity development
  • Knowledge solutions
  • Partnerships
Sector / Subsector
  • Finance / Insurance and contractual savings

Gender
No gender elements
Description
The Philippine City Disaster Insurance Pool (PCDIP) will be structured as a dedicated insurance pool to provide cities with cost-effective, parametric insurance providing near-immediate payouts for post-disaster response.
Project Rationale and Linkage to Country/Regional Strategy
The Philippines is widely regarded as one of the world's most disaster-prone countries and most likely to be economically impacted by disasters. The proposed Philippine Disaster Insurance Pool Project (PCDIP) seeks to narrow the funding gap between available funds and post-disaster response costs at local government unit (LGU) level in the event of medium-to-high severity events. PCDIP will allow the cities to become self-sustaining in managing disaster risk and protecting and rehabilitating their assets and infrastructure in the event of damage.
Impact

Safer, adaptive and disaster resilient communities enhanced

Outcome

Financial preparedness for disasters is improved

Outputs

PCDIP established and made operational

DRF capacity of cities increased.

Geographical Location
Nation-wide

Safeguard Categories

Environment
FI-C
Involuntary Resettlement
FI-C
Indigenous Peoples
FI-C

Summary of Environmental and Social Aspects

Environmental Aspects
Involuntary Resettlement
Indigenous Peoples

Stakeholder Communication, Participation, and Consultation

During Project Design
During Project Implementation

Contact

Responsible ADB Officer
Ainabe, Benita
Responsible ADB Department
Southeast Asia Department
Responsible ADB Division
Public Management, Financial Sector and Trade Division, SERD
Executing Agencies
Department of Finance

Timetable

Concept Clearance
19 Jun 2018
Fact Finding
12 Feb 2024 to 23 Feb 2024
MRM
17 May 2024
Approval
-
Last Review Mission
-
Last PDS Update
30 Mar 2021

Funding

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.

The Access to Information Policy (AIP) recognizes that transparency and accountability are essential to development effectiveness. It establishes the disclosure requirements for documents and information ADB produces or requires to be produced.

The Accountability Mechanism provides a forum where people adversely affected by ADB-assisted projects can voice and seek solutions to their problems and report alleged noncompliance of ADB's operational policies and procedures.

In preparing any country program or strategy, financing any project, or by making any designation of, or reference to, a particular territory or geographic area in this document, the Asian Development Bank does not intend to make any judgments as to the legal or other status of any territory or area.

Title Document Type Document Date
City Disaster Insurance Pool Project: Concept Paper Concept Papers Jun 2018

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.


Related Publications

None currently available.


The Access to Information Policy (AIP) 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.