A Brief on the Country’s Implementation of Local Disaster Resilience Insurance Fund - Philippines

In the Philippines, continuous exposure to frequent disaster losses poses major constraints to achieving the country’s socio-economic development goals. Some years are worse, for example in 2013, Typhon Yolanda (Haiyan) caused estimated PhP571 billion (US$12.5  billion) in damage and loss. Catastrophe models show that the Philippines faces estimated disaster losses of PhP141 billion (US$3 billion) or 1.2 percent of GDP in direct losses to public and private assets every year. This model also estimates that the government experiences PhP26 billion (US$557 million) or 1.7% of total government expenditure in emergency response costs every year.