The Government Service Insurance System (GSIS) and the Bureau of the Treasury (BTr) have signed a memorandum of understanding (MOU) for a P1-trillion insurance cover for some government assets.
With the MOU, government assets in 25 provinces in the Eastern seaboard will have an insurance cover of P1 trillion, the GSIS said in a statement posted on its website.
Rolando Macasaet, GSIS chairman and acting president and general manager, and Rosalia de Leon, national treasurer, signed the MOU in Intramuros, Manila last November 14.
The GSIS said the MOU provides catastrophe risk insurance to roads and bridges under the jurisdiction of the Department of Public Works and Highways as well as schools under the Department of Education in the said area for a one-year period.
“Catastrophe risk insurance provides immediate cash that government infrastructure and facilities need to restore operations after such disasters as storm surges, volcanic eruptions, typhoons, and earthquakes, including fire,” the agency said. – Angela Lorraine Celis