The Philippine Overseas Employment Administration has issued the suspension of the Php 2,000 expanded compulsory insurance coverage for OFWs headed back to their respective countries.
Earlier in March 2022, POEA issued Memorandum Circular 10 which outlines the Implementing Guidelines on the Expanded Compulsory Insurance Coverage for Rehires and Direct Hires.
The website of Paramount Life & General Insurance Corporation (PLGIC), one of the insurance companies accredited by POEA to offer insurance to OFWs, lists the annual premiums at $36 (Php 2,000) which includes benefits of up to $15,000 for death insurance, money claims benefit of up to $1,000 per month, as well as compassionate visits, medical evacuation, repatriation and more.
However, the agency suspended the measure highlighting the ‘improving state of global health’ as well as the high vaccine rollout and opening of borders.
“The implementation of the expanded compulsory insurance coverage shall be temporarily suspended pending the consultations and dialogue among the recruitment industry stakeholders, and submission of an offer from the insurance providers, for the improved package of services beneficial to the needs of OFWs.