The microinsurance- mutual benefit association (Mi-MBA) model of the Philippines was introduced in line with its function of achieving greater financial inclusion during the International Forum for Sustainable Asia and the Pacific held last July 12 to 13, 2016 in Yokohama, Japan.
Mi-MAP`s executive director, Mr. Jun Jay Perez, discussed his presentation “Mutual Microinsurance Sector’s Experience in Promoting Financial Inclusion and Resiliency among the Poor and Low-Income Households in the Philippines”. Using statistics, he profiled the Philippines which served as foundation for the presentation. He then highlighted that thorough research, forged partnerships with monitoring agencies, and policy advocacy, flourished the mutual microinsurance sector in the country. Microinsurance was cited as a supporting entity in risk reduction by providing resources in time of unforeseen expenditures. Mi-MAP was also introduced to the international panel. He reiterated that the association is moving towards one direction of greater financial inclusion.
Financial inclusion is a pivotal contributor to sustainable development and climate change adaptation. This intensified the call, which is further highlighted by several Sustainable Development Goals or SDGs, to provide easy access to appropriate financial services to the marginalized.
The said discussion was also included in the parallel session entitled “Role of Financial Inclusion in Climate Change Adaptation and the SDGs” which was moderated by Mr. Kazuto Tsuji of the Japan International Cooperation Agency. The parallel session`s over-all theme focused on how the poor can be empowered to take a stand and to eventually adapt to changing climate.