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Philippines : BSP grants P3.65-billion insurance capital this YEAR.

P3.65-billion insurance capital would be fully funded by the Bangko Sentral ng Pilipinas (BSP) this year after a three-year buildup.

The insurance fund has been sanctioned by the Monetary Board to cover the replacement costs for the BSP s estimated P7.5 billion worth of properties.

The central bank s properties have a net value of P1.8 billion at the time of approval.

The last P850-million installment would be published within this year, completing the P3.65 billion insurance fund grounded on the documents.

The same documents indicated that the P3.65-billion fund has already factored in the difference in insurance needs between the replacement cost or its approximation which amounts to P5.6 billion, and the net worth of the BSP properties of P1.8 billion.

BSP properties comprises buildings and machineries, and the contents of these buildings. The fund will not cover paintings, antiquities, and other artworks inside BSP buildings.

The GSIS insurance is granted for high-ranking officials and directors such as the BSP governor, the three deputy governors, Monetary Board members and top directors. The DOLI is mainly protection for bank examiners who are regularly sued by banks regulated by the BSP.

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Publication:Mena Report
Date:Feb 5, 2014
Words:210
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