The Cebu provincial government in the Philippines has approved Sugbo Segurado, an accident and life insurance plan designed to cover a wide range of government officials and workers.  

This initiative is aimed at providing financial security to qualified provincial officials, regular employees, job-order and contractual workers, and co-terminus workers of the provincial government. 

Sugbo Segurado’s coverage extends to the governor, vice governor, and provincial board members.  

Additionally, mayors, vice mayors, and councillors of the municipalities and component cities within the province, as well as all qualified barangay officials, appointed and volunteer barangay workers, are included.  

The plan also encompasses all teaching and non-teaching personnel of the Department of Education, sarent-Teacher Association Federation presidents of public schools in Cebu, and canyoneering guides in Badian and Alegria municipalities.  

To oversee the implementation of this ordinance, the provincial government will establish the Sugbo Segurado Committee. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

This body will be responsible for prescribing and promulgating the necessary regulations.  

Initially, 10m pesos (~$178,000) has been allocated from the provincial budget for the insurance scheme, with provisions for additional funding when required. 

Insurance Commission Cebu District Office officer-in-charge Terence Vanessa Tomol has communicated to Cebu Governor Gwendolyn Garcia that the insurance scheme is eligible for registration with the Insurance Commission, the national insurance regulator.  

Tomol added: “The Insurance Commission has pledged its full support to Cebu Province in this endeavour.”  

In other recent developments within the insurance sector in the Philippines, Malayan Insurance partnered with Atradius to offer trade credit insurance (TCI) to businesses.  

This insurance product, also known as accounts receivable insurance, is intended to cover sales contracts and assist policyholders in recovering losses within the limits of their TCI plan.  

The introduction of TCI is expected to bolster the insurance industry in the Philippines by providing a broad spectrum of businesses with protection against non-payment risks.