The government and the private sector work together with microinsurance mutual benefit associations to bring microinsurance to millions of Filipinos.
In these challenging times brought on by the pandemic, microinsurance has become an important lifeline for Filipinos with low income and limited access to mainstream insurance services. Microinsurance has come a long way in the Philippines, from a coverage of less than three million low-income Filipinos in 2007, the number has surged to 40 million individuals in 2019.
For the second half of the year, 266 CARD MRI members and staff visited the Microinsurance MBA Association of the Philippines Inc. (MiMAP, also known as RIMANSI). These participants visited for the Lakbay Aral organized by CARD MRI wherein staff and members are introduced to partner organizations and institutions.
On October 17, 2019, MiMAP Board officers and members had a dialogue with the Insurance Commission (IC). The association presented key sectoral updates to the IC. Important matters such as the IFRS17 implementation, the Mi-MBA tax exemption and the proposed self-regulatory organization (SRO) for Mi-MBAs were discussed.
The Microinsurance MBA Association of the Philippines Inc. (MiMAP) or RIMANSI, conducted a Governance and Anti-Money Laundering Act (AMLA) Workshop for 42 newly elected board members and senior staff of nine microinsurance mutual benefit associations (Mi-MBAs), from October 9-11, 2019 at the Bayview Park Hotel in Ermita, Manila.
The Microinsurance MBA Association of the Philippines Inc. (MiMAP) or RIMANSI accompanied RAFI Micro-Finance Inc. (RMF), Surigao Economic Development and Microfinance Foundation Inc. (SEDMFI) and Tulay Sa Pag-unlad Inc. (TSPI) MBA from September 10-12, 2019 in a study tour to selected Mi-MBA Offices in Luzon and their partner MFI’s branch offices.