A Philippine party-list representative is pushing for a measure that would raise the third-party liability insurance paid out to victims of commercial vehicle accidents.
Earlier this week, AGRI representative Willbert Lee filed House Bill No. 8498, which will raise the compulsory third-party liability insurance in the country to PHP6.7 million (US$120,000), PHP100,000 (US$1,795) higher than its current figure.
According to a report from the Philippine Daily Inquirer, the accident indemnity claims for death and injury caused by a commercial vehicle will also be increased from PHP15,000 to PHP 1 million under the bill. It also removes the need for proof of driver’s fault or negligence.
2019 statistics revealed that the country suffers from 12,000 vehicle-related fatalities every year. The country’s capital of Manila recorded more than 115,000 road incidents in 2018 alone. WHO figures in 2016 put the estimated road fatalities at 12,690.
As of Jan. 1, 2023, the Philippines’ Land Transportation Office (LTO) recorded 13.9 million registered vehicles in the country.
Elsewhere in the Philippines, AXA has announced a partnership with Toyota for a “pay-how-you-drive” policy that factors in how the vehicle is used when computing for the premium due using a connected device that monitors vehicles.
What are your thoughts on this story? Please feel free to share your comments below.
