Originally published: March 17, 2008
Source: Asian Development Bank
The Japan Fund for Poverty Reduction (JFPR), managed by the Asian Development Bank (ADB), has announced a US$1 million grant to improve access to insurance in the Philippines. The grant will help to develop and implement guidelines and standards for an insurance service that will cater to the needs of low-income people and their families. JFPR is an untied grant facility established by the Japanese Government and ADB in May 2000.
Insurance providers for the poor in the Philippines currently face difficulties in sustaining their businesses due to a lack of skills, inefficient premium collection and weak claim processing procedures. The project complements ADB's US$150 million Microfinance Development Program Loan for the Philippines, approved in October 2005, and a US$900,000 grant for the Developing Financial Cooperatives Project approved in 2006.
To read the complete article, please click here.
Related news: