Formalizing grassroots social security: The Experience of CARD in the Philippines: Jaime Aristotle B. Alip and Takayoshi Amenomori
The Philippines is one of the few countries in the world where microinsurance is recognized and regulated by the government. Microinsurance has become an emerging industry in the country as mutual benefit associations affiliated with microfinance organizations have proliferated. The pioneer of this development is the Center for Agriculture and Rural Development (CARD) which was founded in 1986. In 1994 it introduced an innovative microfinance programme to provide burial and other forms of insurance to its members. This mutual fund later grew into the CARD Mutual Benefit Association (CARD MBA). This association is the life insurance arm of a network of several institutions operated by CARD including CARD itself, a rural bank, a training organization known as the Development Institute and a property insurance provider among others.