The government plans to engage the services of Lloyd’s of London and the World Bank for an appropriate insurance protection structure to protect the government’s assets and properties.
Finance Secretary Carlos Dominguez III, during the Philippine delegation’s visit in London this week, discussed with officials of Lloyd’s of London and the World Bank the possible insurance structures that could be applied to cover the Philippines’ expanding roster of government assets and properties.
Dominguez said he took the opportunity to meet with executives of Lloyd’s, the world’s leading insurance and reinsurance market, to learn about global best practices and ways of strengthening the Philippines’ fiscal resilience to varied risks in the event of disasters and climate-change related incidents.
“We are embarking on a large infrastructure program and we expect to spend somewhere $150 billion and $170 billion in improving our physical infrastructure. Leaving it and building it without thinking about risk management is irresponsible,” Dominguez told Lloyd’s officials during the meeting.
Dominguez said the government’s growing list of assets would include underground rails, long-span bridges, light rail and additional railways, airports and seaports under President Duterte’s centerpiece program ‘Build, Build, Build’.