MANILA – The Department of Finance (DOF) is leading efforts to establish a global initiative that would help the Philippines and other Southeast Asian countries protect vital public assets and maintain essential services after natural 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 Recto said in a statement Wednesday.

During the 8th Technical Meeting of the Southeast Asia Disaster Risk Insurance Facility (SEADRIF) held in Kyoto, Japan on October 1, member countries agreed to explore the creation of the SEADRIF Sovereign Asset and Fiscal Empowerment (SEADRIF-SAFE) Facility, an initiative spearheaded by the Philippines through the DOF.

According to the DOF, the SEADRIF-SAFE Facility would integrate disaster insurance into development projects funded by bilateral and multilateral partners to ensure that public assets—such as hospitals, schools, roads, and public buildings—are financially protected.

This setup would allow governments to begin rebuilding immediately after disasters since funds would already be available.

The DOF said the initiative aligns with the Philippines’ efforts to strengthen disaster risk financing and insurance and complements its upcoming ASEAN+3 Finance Process co-chairship with Japan in 2026, where regional cooperation on disaster and climate resilience will be a key priority.

At the national level, the DOF is implementing a National Indemnity Insurance Program to ensure government assets, especially school buildings, are covered through comprehensive insurance provided by 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 enhanced climate-disaster risk finance and insurance mechanisms for the country.

(PNA)