CARD MRI’s Zero Dropout Program receives P270K aid from microinsurance companies

The Zero Dropout Program of CARD Mutually Reinforcing Institutions (CARD MRI) received P278,425 worth of scholarship assistance from the two microinsurance arms of CARD MRI, namely CARD MRI Insurance Agency, Inc. (CaMIA) and CARD Pioneer Microinsurance, Inc. (CPMI).

The donations were generated from the microinsurance policies sold by the two companies from January to June this year. For every policy sold, at least P2.50 was pledged for the scholarship program, according to CPMI Chief Operating Officer Roselito Magpantay. In the first half of the year, the two companies sold 111,370 microinsurance policies, specifically referred to as the Sagip Plan.

“The unique concept of Zero Dropout Program made CaMIA and CPMI to start an initiative to reach more children in the Philippines who are willing to finish their schooling,” said COO Magpantay.

According to Vener Abellera, president of CaMIA, the initiative is in support to the “One Family, One Graduate” education campaign of CARD MRI. “Aside from microinsurance, we also consider education as one of the important safety nets every Filipino should have,” President Abellera added. children from poor families finish elementary.

Available figures from the Department of Education (DepEd) show that the elementary dropout rate is still at six percent (6%) level since 2008 to 2013. Moreover, the 2013 Functional Literacy, Education and Mass Media Survey (FLEMMS) survey revealed that about four million Filipino children are out-of-school where 3.5% of them are 6-14 years old. These children came from families who are living below the poverty line and do not have the capacity to send their children to school.

“Education is a powerful weapon to eradicate poverty. At CARD, we always envision that no student will be a school dropout regardless of social standing,” said Dr. Jaime Aristotle B. Alip, founder and chairman of CARD MRI.

The four financial institutions of CARD MRI, CARD, Inc., a social development organization; CARD Bank and Rizal Bank, both microfinance-oriented rural banks; and CARD SME Bank, a thrift bank, provide various education loan programs, including the Zero Dropout Program, at 1% interest rate only.

To date, the Zero Dropout Program has supported more than 454,000 children in their journey towards a better future. ance for family members. It also insures properties from unexpected events such as fires, floods, storms, and earthquakes.

CARD-Pioneer Microinsurance Inc. is the country’s first non-life insurance company specifically created to address income loss of the marginalized Filipinos arising from calamity and agriculture woes, while CaMIA is the microinsurance agent of CARD MRI.