Bagong Araw Philippines: Rebuilding through Microinsurance and Women’s Microenterprises (PREMIUM)

The Philippines is one of the most disaster-prone countries in the world. Each year, the country suffers from damages and losses brought about by natural disasters. On November 8, 2013, Typhoon Haiyan (locally known as Yolanda) hit the country, leaving some $17.5 billion in damages.

Small home-based retail shops are an integral part of Philippine society, not only as places to purchase household goods but as community meeting places for updates on information and current events.  In times of disaster, the local store is one of the first places people go for supplies. Yet, the shops themselves are ill-prepared to cope with catastrophe and often experience property, inventory, and business interruption losses.

CDF Canada’s PREMIUM project is helping 1,600 sari-sari store owners in Leyte and Samar provinces to break the cycle of vulnerability to calamities by providing needed business training, insurance protection, and financing to expand or upgrade product offerings.