Phillip General Insurance will support Cambodia's informal economy by expanding access to insurance and financial education without charge.
The insurer will become the second insurance provider to join government efforts to onboard and incentivise the informal sector, said the article on news platform Khmer Times.
Minister Hem Vanndy, Chair of the Coordinating Committee for Developing the Informal Economy, noted the company’s interest, pointing out that informal workers remain among the most vulnerable groups in the national economy, said the article.
Said Jeffrey Chew, CEO of Phillip General Insurance, “We believe that the informal economy has real potential to grow the national economy. We want to give them access to financial and insurance services and financial literacy so that they can protect themselves.”
The Ministry of Industry, Science, Technology & Innovation and Phillip General Insurance are expected to sign a Memorandum of Understanding to formalise their cooperation. According to the article, Phillip General Insurance’s support will include third-party liability for motorcycles, personal accident coverage and financial literacy education.