The Department of Finance (DOF) is spearheading a new regional initiative that will enable Southeast Asian nations, including the Philippines, to safeguard vital public assets and ensure the uninterrupted delivery of essential services to citizens in the aftermath of natural disasters.
This initiative fulfills President Ferdinand R. Marcos, Jr.’s commitment to shield Filipino families and communities from the impacts of disasters.
“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 G. Recto said.
“Hindi lang ito basta-basta paghahanda sa mga kalamidad. Paraan ito para tiyakin na matatag ang ating ekonomiya at kinabukasan, hindi lang para sa Pilipinas, kundi para sa buong Southeast Asia,” he added.
At the 8th Technical Meeting of the Southeast Asia Disaster Risk Insurance Facility (SEADRIF) held in Kyoto, Japan last October, member countries agreed to explore the creation of the SEADRIF Sovereign Asset and Fiscal Empowerment (SEADRIF-SAFE) Facility, a pioneering initiative championed by the Philippines through the DOF.
The SEADRIF-SAFE will embed disaster insurance directly into development projects financed by bilateral and multilateral partners. This ensures that critical public assets such as hospitals, schools, roads, and public buildings are financially protected, allowing governments to continue serving citizens even after disasters strike.
This also means that when a disaster strikes, governments can start rebuilding immediately since funds are already available.
By pooling risks at the regional level, member countries can reduce insurance costs, expand coverage, and accelerate recovery efforts, making communities safer and more resilient.
The initiative supports the DOF’s efforts to enhance disaster risk financing and insurance in the Philippines and complements the country’s upcoming ASEAN+3 Finance Process Co-Chairmanship with Japan in 2026, where strengthening regional cooperation on disaster and climate resilience will be a key priority.
At the local level, the DOF is already implementing a National Indemnity Insurance Program (NIIP) to ensure government assets, especially school buildings, are protected against disasters through a comprehensive insurance coverage provided by the Government Service Insurance System (GSIS).
As the national authority responsible for mobilizing crucial financial resources for climate actions and solutions, the DOF is also leading the establishment of enhanced climate-disaster risk finance and insurance mechanisms for the Philippines in partnership with the Global Shield Secretariat and Institute for Climate and Sustainable Cities (ICSC).
DOF HEARTS Series
This series showcases how the DOF is funding the nation’s HEARTS (H-health, E-education, A-agriculture and environment, R-roads and infrastructure, T-technology, and S– security and social protection) to bring us to Bagong Pilipinas.
