Citi Foundation worked on financial management workshop for microinsurers
Forty-two participants from 17 Microinsurance MBAs within the RIMANSI network were primed on recent developments related to financial management in a three-day workshop last September 27-29 in Pasig City. The workshop was primarily supported by Citi Foundation under the Building Microinsurers Capacities for Greater Financial Inclusion program.
Aimed on improving the practitioners’ skills in handling financial concerns, the workshop covered key topics on compliance requirements, basic accounting, performance indicators, internal controls, financial statements analysis, investments and tax management.
Aneth Ng-Lim, Citi Philippines Director on Public Affairs and Corporate Citizenship, recognized the efforts of the people behind Microinsurance MBAs and committed the help of Citi Philippines in varied initiatives. To jumpstart the workshop proper, Ng-Lim recounted personal finance emphasizing the relevance of practicing financial management in the participants’ personal lives.
Newly released compliance on International Financial Reporting Standards (IFRS) 17 – Insurance Contracts and IFRS 9 – Financial instruments were also detailed to the participants by representatives from SyCip Gorres Velayo (SGV) & Co.
Wilfredo Llanto, RIMANSI Independent Director and member of Financial and Risk Review Committee (FRRC) served as the main resource person of the workshop. Moving forward, a financial management manual is being formed to encapsulate the processes and practices of the Mi-MBAs, as a result also of the conducted workshop.