Project Bagong Araw PREMIUM Rolled Out to Help Yolanda Victims
Years after Typhoon Yolanda washed out the towns of Eastern Visayas, the Canadian Cooperative Association (CCA) in partnership with the Center for Agriculture and Rural Development, Inc. (CARD), the Microinsurance MBA Association of the Philippines, Inc. (MiMAP) and the Microventures Foundation (MVF) launched the Bagong Araw Philippines: Rebuilding through Micro-insurance and Women’s Microenterprises (Bagong Araw PREMIUM Project). This project aims to help micro-entrepreneurs affected by the typhoon to establish sustainable livelihoods.
The Bagong Araw PREMIUM Project is a 42-month project, which started in the first quarter of 2016. The CCA serves as the project coordinator with the CARD as the lead coordinator in the country. It targets to help a total of 1600 Sari-Sari Store owners focusing on capacity building trainings to improve their businesses and on research, development and launch of microinsurance products to reduce the stakeholders’ vulnerability to disasters.
The project rolled out focusing first on business management, product diversification and expansion and business continuity planning. This is spearheaded by the MVF who is responsible for the design and implementation of activities related to improving businesses and increasing resiliency.
On the other hand, the MiMAP, being known as the microinsurance technical resource center, is tapped to manage the research and development to promote risk protection among the stakeholders, which will be the focus on the next half of the project implementation.
The Bagong Araw PREMIUM Project is a $4,848, 93- project funded by the Global Affairs Canda (GAC) as part of its commitment to help typhoon Yolanda victims. The Project will run until March 1, 2019.