Session hall of the House of Representatives at the Batasan Complex in Quezon City (PNA file photo)
MANILA – The House of Representatives has adopted a resolution supporting the establishment of a multi-actor partnership (MAP) for the enhancement of climate and disaster risk financing and insurance (CDRFI) in the Philippines.
During a plenary session Wednesday night, the chamber passed House Resolution 1264, which promotes MAP on CDRFI that is aligned with the priorities of the Philippine Development Plan 2023-2028 and the Philippines' Sustainable Finance Roadmap in promoting the development of insurance products covering climate and disaster risks.
Bohol Rep. Edgar Chatto, author of the resolution, said CDRFI is an innovative and viable mechanism that a vulnerable country such as the Philippines can take to ensure that financial shocks due to loss and damage from the impacts of climate change are dealt with effectively.
"CDRFI creates the space to minimize and respond to the impacts of disasters and to build back better by ensuring that necessary resources are available to respond to and recover from potential losses, including providing financial assistance to micro, small, and medium enterprises to enhance their resilience to crises and disasters," Chatto said.
He said CDRFI would maintain and enhance socio-economic resilience and human development, strengthen national productivity, and reduce pressure on public spending post disaster to maintain fiscal and financial stability.
By introducing MAP on CDRFI, Chatto said this would create an enabling environment for the design of relevant and appropriate risk-sharing and risk transfer instruments in collaboration with other agencies and in partnership with the private sector.
He said the MAP would include representatives from the Executive and Legislative branches of the government, particularly the Department of Environment and Natural Resources, National Economic and Development Authority, Climate Change Commission, Securities and Exchange Commission, and the Department of Finance, the local government units, private sector, insurance providers, academe, non-government actors, and civil society. (PNA)
