Date Posted: Nov. 29, 2019

Government Service Insurance System (GSIS) Chairman and Acting President and General Manager Rolando Ledesma Macasaet and National Treasurer Rosalia de Leon of the Bureau of the Treasury (BTr) (second and third from right) hold the signed memorandum of understanding (MOU) that insures government assets in 25 provinces in the Eastern Seaboard for PhP1 trillion. The MOU provides catastrophe risk insurance to roads and bridges under the jurisdiction of the Department of Public Works and Highways (DPWH) and schools under the Department of Education (DepEd) in the said area for a one-year period. Catastrophe risk insurance provides immediate cash that government infrastructure and facilities need to restore operations after such disasters as storm surges, volcanic eruptions, typhoons, and earthquakes, including fire. Deputy Treasurer Sharon Almanza (extreme left) and GSIS EVP Nora Malubay of the Core Business Sector (extreme right) witnessed the MOU signing in Intramuros, Manila, on 14 November 2019.