Philippine congress passes mandatory environmental insurance coverage bill
It will require project owners and operators to compensate environmental damages.
The Philippine House of Representatives has approved a bill mandating environmental insurance coverage for environmentally-critical projects (ECPs), according to local media reports.
House Bill 0144, or the Mandatory Environmental Insurance Coverage Act, was passed on 1 June and subsequently transmitted to the Senate.
It will require ECP owners and operators to secure environmental insurance coverage to compensate for health and property damage, rehabilitation, remediation and clean-up costs due to environmental damage resulting from the projects.
It will be required before construction or operations can start, reports said.
Insurers will then be required to pay all claims to a special escrow in government depository banks which will pay out beneficiaries.