Dispatch for december 4 , 2013 ( wednesday ) , 4 pia calabarzon pr , 12 weather watch,

CLIMBS CAC in Cebu City.

Another CAC will be set up by CLIMBS in Tacloban City which will be operational on December 8, 2013. The IC was invited to participate and observe how Microinsurance providers process payments after catastrophic events.

Meanwhile, the traditional non-life insurance providers have committed to deploy their personnel to strategic areas in the Visayas in the first week of December 2013 to further expedite the processing and release of the insurance proceeds to the covered victims. A Claims Action Center in Tacloban City Hall is expected to be launched on 13 December 2013.

Immediately after the launch of the ―Agarang Proseso‖ program, Microinsurance providers have already released substantial amounts of claims for covered fisherfolks, farmers, vendors and members of the marginalized sector in Tacloban, Ormoc, Samar Southern Leyte and Biliran and in other affected areas in the Visayas: § Php83,641,400.00 – for non-life claims § Php811,000.00 – for death claims § Php680,000.00 – for relief assistance Through its efforts, an active industry player facilitated the release of insurance claims of at least 8,000 insurance policyholders amounting to Php60,000,000.00.

Microinsurance providers have additionally approved PhP110,000,000.00 for release to more than 19,000 beneficiaries and claimants in the affected area. This amount is expected to be released in the first week of December 2013.

In furtherance of its mandate and to provide an even much faster relief to ―Yolanda‖ victims, the Insurance Commission pushes further for a quicker insurance claims processing. The Insurance Commission has called upon the industry players to process and release payments to the affected insuring public without the necessity of an actual claim filed before them.

Moreover, the Insurance Commission is seriously entertaining the possibility of requiring insurance providers to release insurance proceeds to covered ―Yolanda‖ victims without relying mainly on traditional documentary proofs and notices of loss. Extensive discussions on ―satellite imaging‖ and ―crisis mapping‖ as basis for the payment of property insurance proceeds, in lieu of the traditional and actual documentary proof and professional adjustment, have already been made.

If implemented, the processing and release of property insurance claims would be even quicker and more expeditious.

Agarang Proseso program is a collective effort and undertaking of the Insurance Commission and all industry stakeholders. Ongoing coordination with the industry stakeholders is being made to ensure proper and prompt actions of all concerned.

The affected policyholders, planholders, beneficiaries and other concerned persons are advised to visit the Insurance Commission‘s website at www.insurance.gov.ph for updates and other announcements the Commission may issue from time to time. |TOP| PDIC sold assets for P72.07-M at Housing Fair of HUDCC Source: http://www.dof.gov.ph The Philippine Deposit Insurance Corporation accepted offers to buy four properties resulting to a sale amounting to P72.07 million during the recently-concluded 8 th Housing Fair organized by the Housing and Urban Development Coordinating Council (HUDCC) and held at the SM Megamall, Mandaluyong City last October 25 to 27, 2013.

The assets included three residential properties located in the cities of Antipolo, Bacolod and Tacloban; and a commercial property measuring 2,011 sqm. situated along Taft Avenue in Pasay City. Three of the sold properties were owned by closed banks under PDIC liquidation. The Pasay City property is a PDIC-owned asset.

The Corporation‘s Real and Other Properties Acquired (ROPA) Disposal Committee approved the offers to buy last October 29, 2013 on installment basis up to seven years, at 6% interest rate. PDIC offered up to 20% discount from the minimum disposal price for offers to buy in cash and 10% discount for installment purchases.

The PDIC reported that a total of 67 potential buyers registered during the three-day Housing Fair.

The PDIC offers for sale properties through public biddings, negotiated sale, and housing fairs. Interested buyers are invited to access and use the PDIC‘s Property Finder located in the PDIC website, www.pdic.gov.ph to access information on the various properties and assets being offered for negotiated sale.

The participation in housing fairs, along with the regular conduct of public biddings and the provision of the Property Finder, is in line with the PDIC‘s strategic direction to expeditiously dispose non-financial assets, as outlined in its medium-term Roadmap to 2016. As Liquidator of closed banks, PDIC disposes assets acquired from closed banks to benefit the uninsured depositors and creditors by way of helping enhance recovery of their deposits and investments.