5 November 2013 – The Philippines participated in the International Microinsurance Conference held from September 10 to 11 at Hilton Hotel, Abuja, Nigeria. The event was organized by the National Insurance Commission (NAICOM) under the leadership of CEO Fola Daniel, in collaboration with development partners such as Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) and the Making Finance Work for Africa (MFW4A).

Microinsurance, being an essential element of the financial system, provides the low-income population with products and services for the management of financial risks. The microinsurance learning session provided the best avenue to exchange information on the current situation and the potential of microinsurance in Nigeria and learn from international best practices.

Mr. Joselito Almario, the current director of the Fiscal Policy and Planning Office of the Philippine Department of Finance (DOF) was one of the lecturers who discussed about microinsurance in the Philippine setting. Mr. Almario concurrently holds the position of Deputy Executive Director of National Credit Council (NCC-DOF), a body composed of both government and private sector representatives tasked in creating and enabling policy and regulatory environment in the Philippines in the past decade, and recently in the formulation and development of the Philippine National Strategy and Regulatory Framework for Micro Finance.

Mr. Almario discussed the experience of the Philippines in inclusive insurance with regards to the policy and regulatory framework. He also talked about the government’s engagement and support to market development, as well as how policy and regulation is synchronized with other financial institutions serving the low-income market such as insurers, cooperatives and banks.

He pointed out the importance of trust as a foundation for sustainable microinsurance market growth and stressed the important role of developing a facilitative environment for microinsurance in the Philippines.

The Philippines and Nigeria both belong to the group of developing countries and so it is believed that the strategies and techniques of marketing development and the creation of trust among microinsurance stakeholders as discussed by Mr. Almario were highly applicable to Nigeria.

The event was attended by policy-makers, insurance practitioners, microfinance operators and insurance consumers from the international arena.

Dr. Ngozi Okonjo-Iweala, Finance Minister and the Coordinating Minister for the Economy and Nigerian State Finance Minister Dr. Yeriman Lawan Ngama were also among the attendees.

The Philippine Embassy in Abuja was represented in the event by Finance Officer Jabar C. Guro and Cultural Officer Felisa V. Ramos. They assisted Mr. Joselito Almario for the duration of his stay in Abuja. END