Photo courtesy: Department of Finance
The Department of Finance (DOF) is taking the lead in a regional effort to strengthen disaster resilience by developing a global initiative that will help Southeast Asian countries protect critical public assets and maintain essential services in the wake of natural disasters.
The proposed Southeast Asia Disaster Risk Insurance Facility Sovereign Asset and Fiscal Empowerment (SEADRIF-SAFE), was discussed during the 8th SEADRIF Technical Meeting held in Kyoto, Japan, on October 1.
Member countries agreed to explore the creation of SEADRIF-SAFE, which is being spearheaded by the Philippines through the DOF. The initiative represents a major step forward in building a more coordinated and financially secure response to the growing risks posed by natural hazards in the region.
“Disasters are not just national problems – they are regional challenges that demand global solutions. Through SEADRIF-SAFE, which the Philippines champions, we are taking a proactive and united step to protect what truly matters: our people and the public assets they rely on,” Finance Secretary Ralph Recto said.
SEADRIF-SAFE will integrate disaster insurance directly into development projects financed by bilateral and multilateral partners. This will ensure that key public infrastructure, such as hospitals, schools, roads, and government buildings, are financially protected, enabling governments to sustain operations and swiftly recover after disasters.
By embedding insurance into development financing, governments will have immediate access to recovery funds, reducing delays in rebuilding efforts and ensuring continued delivery of essential public services.
The DOF said the initiative complements the Philippines’ ongoing efforts to strengthen disaster risk financing and aligns with its upcoming ASEAN+3 Finance Process co-chairmanship with Japan in 2026, where enhancing regional cooperation on climate and disaster resilience will be a key priority.
At the domestic level, the DOF is rolling out a National Indemnity Insurance Program to provide comprehensive insurance coverage for government assets, particularly school buildings, through the Government Service Insurance System (GSIS).
The department is also working with the Global Shield Secretariat and the Institute for Climate and Sustainable Cities to establish improved climate-disaster risk financing and insurance mechanisms tailored to the country’s needs.
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