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Federico C. Pascual
Pascual was first appointed as an independent director of the Bank in 2014 and currently serves as independent director of five of PNB’s subsidiaries and affiliate.
He is also a member of the Bureau of Customs’ Multi-Sectoral Governing Council and holds key leadership positions in various businesses.
His past experiences include a 20-year stint at PNB as well as leadership roles in organizations such as Government Service Insurance System, National Reinsurance Corporation, Department of Trade and Industry, Philippine Stock Exchange, Cultural Center of the Philippines, Bankers Association of the Philippines, Philippine National Construction Corporation, and San Miguel Corporation.
The non-life industry has been directed to implement sustainable catastrophe insurance premium rates and formally establish the Philippine Catastrophe Insurance Facility (PCIF), according to a circular issued by Insurance Commissioner Dennis Funa, dated 12 April.
He also announced a consultation with the sector to determine the rates, inviting companies to send representatives to a technical working group for the PCIF and help draw up the structure, governance and other implementation details of the facility.
The Philippine Catastrophe Insurance Facility Technical Working Group (PCIF-TWG) is formed, composed of representatives from the lnsurance Commission and representatives from non-life insurance companies and National Reinsurance Corporation of the Philippines (Nat Re) to work out the details of the PCIF.
BusinessWorld
February 19, 2021 | 12:06 am
THE INSURANCE Commission (IC) plans to launch this quarter the Philippine Catastrophe Insurance Facility (PCIF) that will help guard the country against natural disasters.
The PCIF will help nonlife insurance companies better manage disaster-related exposures and expand the sector’s capacity to take on more risks, the Department of Finance said in a statement on Thursday, citing a report from the IC.
“We recognize the significant role that the nonlife insurance industry should play in ensuring the Philippines’ catastrophe resilience and in bridging the catastrophe insurance gap that we need to urgently address as our country is among the most vulnerable to the onslaught of natural calamities,” Insurance Commissioner Dennis B. Funa was quoted as saying.