At present, about 3.1 million poor Filipinos have been covered by the government program on microinsurance since the project was started in 2010, said Emmanuel F. Dooc, chairman of the Insurance Commission, the government supervisory agency.
Microinsurance offers as low as P1 per day worth of buying one of the government-approved 59 microinsurance products, with the government wanting to cover the poor with the basic product BBK, for "Buhay, Bahay at Kabuhayan" (health and accident, house and livelihood), he
Or the premium could go higher but should not go beyond 5 percent of the total earning of a policyholder, he
A microinsurance policy could have an insurance coverage of P10,000 to as much as P200,000.
said the commission wanted to cover all the households in the population's 27 percent below the poverty level.