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Section 1
Creation of an Inter-Agency committee on Government Property Insurance
Section 1. Creation of an Inter-Agency committee on Government Property Insurance.
An Inter-Agency Committee on Government Property Insurance is hereby created to formulate the necessary policies, rules and regulations, which shall ensure that key properties, assets and other insurable interests of the Government are insured comprehensively and adequately.
The Committee shall be composed of the following:
a. DOF
-Chairman
b. Office of the Executive Secretary
-Co-Chairman
c. DBM
-Member
d. Insurance Commission, DOF
-Member
e. GSIS
-Member
The DOF, through the Bureau of the Treasury, shall provide the necessary technical and administrativesupport services to the Inter-Agency Committee.
The Inter-Agency Committee shall likewise consult other government agencies or instrumentalities and other stakeholders concerned in the formulation of the necessary policies, rules and regulations on the matter, as may be necessary.
Section 2
Functions of the Inter-Agency Committee
Section 2. Functions of the Inter-Agency Committee.
The Inter-Agency Committee shall have the following functions:
a. Formulate the necessary policies, rules and regulations that shall ensure that key properties, assets and other insurable interests of the government are properly and adequately insured;
b. Develop the appropriate monitoring and reporting mechanisms that could be adopted to ensure that all key properties, assets, facilities and other insurable interests of the government are insured comprehensively and adequately;
c. Assess the utilization and management of the GIF presently being administered by the GSIS;
d. Review and evaluate the existing inventory of all government properties, assets, facilities and other insurable interests that are actively insured;
e. Define and determine high-risk key government properties, assets and other public facilities which should be insured annually; and
f. Propose appropriate legislative measures or executive issuances, as necessary, as regards insuring key government properties, assets, facilities and other insurable interests.
Section 3
Submission of Terminal Report to the President
Section 3. Submission of Terminal Report to the President.
The Inter-Agency Committee shall submit a terminal report to the President within one (1) year after the Committee has been convened.
The Inter-Agency Committee shall cease to exist after it has submitted its terminal report to the President.
Thereafter, the DOF shall continue to undertake, as necessary, the vital activities related to ensuring that all key properties, assets, facilities and other insurable interests of the Government are comprehensively and adequately insured, including inventory of key properties and assets of the government, as well as implementing the monitoring and reporting mechanisms to ensure that government agencies continue to insure their properties and follow the guidelines prescribed by the Inter-Agency Committee.
Section 4
Funding
Section 4. Funding.
The funds necessary for the implementation of this Order shall be charged against the current appropriation of the members of the Inter-Agency Committee and other appropriate funding sources, subject to existing budgeting, accounting and auditing laws, rules and regulations.
Section 5
Separability
Section 5. Separability.
Should any part or provision of this Order be held unconstitutional or invalid, the other parts or provisions not affected thereby shall continue to be in full force and effect.
Section 6
Repeal
Section 6. Repeal.
All orders, rules or regulations, issuances, or any part thereof inconsistent with the provisions of this Order are hereby repealed or modified accordingly.
Section 7
Effectivity
Section 7. Effectivity.
This Order shall take effect immediately.
DONE, in the City of Manila, this 7th day of August, in the Year of Our Lord, Two Thousand and Seventeen.
(SGD.)
RODRIGO ROA DUTERTE
By the President:
(SGD.)
SALVADOR C. MEDIALDEA
Executive Secretary