Kyoto: The Department of Finance (DOF) is spearheading the creation of a global initiative that will enable the Philippines and other Southeast Asian nations to safeguard vital public assets and ensure the uninterrupted delivery of essential services to citizens in the aftermath of natural disasters.

According to Philippines News Agency, Finance Secretary Ralph Recto emphasized the regional nature of disaster challenges at the 8th Technical Meeting of the Southeast Asia Disaster Risk Insurance Facility (SEADRIF) held in Kyoto, Japan on October 1. He announced the exploration of the SEADRIF Sovereign Asset and Fiscal Empowerment (SEADRIF-SAFE) Facility, which the Philippines is championing through the DOF.

The DOF explained that SEADRIF-SAFE aims to integrate disaster insurance into development projects funded by bilateral and multilateral partners. This integration is designed to financially protect public assets such as hospitals, schools, roads, and public buildings, ensuring the continuity of government services post-disaster.

The initiative will allow governments to begin rebuilding efforts immediately after a disaster, with funds readily available. It aligns with 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-chairship with Japan in 2026.

At the national level, the DOF is implementing a National Indemnity Insurance Program to protect government assets, especially school buildings, with comprehensive insurance coverage from the Government Service Insurance System. Additionally, the DOF is collaborating with the Global Shield Secretariat and the Institute for Climate and Sustainable Cities to establish improved climate-disaster risk finance and insurance mechanisms for the Philippines.