The Philippines is working with fellow Association of Southeast Asian Nations (Asean) members on initiatives that will help communities recover faster from the impact of natural disasters and climate change, the Finance department said. “We are working with the different Asean countries as well as our different agencies to improve catastrophic reinsurance, to improve the standards for construction of homes and buildings. We are working with [the]Department of Environment and Natural Resources and Department of Agriculture to mitigate the effects of climate change,” he said. Dominguez said climate change had led to flashfloods in Cagayan de Oro and Iligan, two of Mindanao’s highly urbanized cities, and in the major food-producing province of Bukidnon. The Parametric Insurance Pilot project will have quick-disbursing payouts where amounts will depend on loss triggers determined through a catastrophic risk model developed by the Finance department in 2014.

Source: Manila Times October 19, 2017 18:00 UTC