A House lawmaker has filed House Bill No. 5409 to establish a national flood insurance program aimed at providing affordable coverage for households, farmers, and small businesses in flood-prone areas.
The proposed National Flood Insurance Authority would manage a state fund offering coverage up to P5 million for homes and P10 million for small businesses, with premiums based on risk and discounts for resilient properties.
The measure mandates flood insurance for all government-backed loans on properties in flood zones and requires lending institutions to inform borrowers of insurance requirements.
The program would also map flood-hazard zones, manage subsidies, and coordinate with disaster and insurance agencies to improve disaster response.
Lawmaker JC Abalos emphasized the program’s urgency due to the country’s high disaster risk and recurring flood damage despite costly control projects.
Source: PhilNews24 | October 11, 2025
