SEDPI offers Group Renewable Term Insurance (GYRT) in partnership with CLIMBS, a service more catered to common Filipino households.
Term insurance provides protection against emergencies for a specific period of time. As lifetime coverage is not always needed, term insurance provides cheaper premiums with larger benefits. On average, investment-linked insurance schemes charge PhP80,000 in premiums.
For the same PhP1 million coverage, individual term life insurance premiums can be as low as PhP5,500 for ages 21-30 and cap around PhP21,000 for ages 51-60. SEDPI’s Group Yearly Renewable Term has PhP500,000 life benefits and PhP500,000 accident benefits. For ages 18-60, the premium is PhP4,000. This makes it even more affordable compared to individual term insurance policies. Due to its affordability, participation in group insurance is high.
Group insurance means that one contract is issued to cover a group of people. In this case, SEDPI is the policyholder. As a SEDPI member, one is entitled to access this group insurance program, even if they are abroad.
OFWs dealing directly with Philippine-based insurance agents are constrained by a lack of international selling licenses. Since SEDPI is the policyholder an directly deals with CLIMBS, OFWs can participate in the insurance program. Eligibility is determined by membership to SEDPI, and the process does not require rigorous underwriting due to the large number of members.
Yearly Renewable insurance indicates that the insurance protection coverage is active for one year. The annual premium must be paid in order to restart coverage for the following term.
The group’s performance based on mortality rates is evaluated each year. A higher mortality rate may mean a higher adjusted premium the following year, but a lower mortality rate than average can lead to a lower premium for the group.
SEDPI members in Mindanao have exhibited lower mortality rates, and SEDPI is in negotiations with CLIMBS to lower the premium for this group.
Enter keyword GYRT on Vince Rapisura’s Facebook messenger to join.
SEDPI offers the Social Welfare Protection Program (SWePP), where members can avail microinsurance coverage for their families in the Philippines or themselves. SWePP is a consolidated microinsurance and social safety net program and provides security and protection to low-income SEDPI members.
Insurance is not an investment. You are not after financial gain. It is for protection against financial losses and involves exchanging the uncertain prospect of large losses for the certainty of small, regular premium products.
His daughter, Rica Caneta, is a private school teacher. She has been helping him sell some of his works, “I made a hanging cabinet and a storage cabinet with the extra wood from the previously commissioned projects. I sold them for P2,500 and P3,000 respectively. Rica is working from home so she takes some time to promote my pieces through social media.” 
Federic’s son, Drake, is an animal handler and is supporting the family through these times, “My children are providing financial support we need. Our monthly expenses are usually P10,000 which was primarily covered through my business.” He has discovered the potential of taking his business online to help it grow, “I would need around P10,000 to buy materials for future orders. Online sales have made me realize that professional guidance in promoting our business would really help it expand.”
However, these sales do not provide stability for the pisonet. 
JJS Suds is a connection to the local community, “We would normally have 30 to 50 customers a day before the lockdown. We are lucky if there are five customers these days. Our daily revenue would reach up to P15,000 per day and that target is now P5,000.” John has had to cut corners to adapt to the new normal, “We had seven workers on a daily basis and now there are only two at any given time. The store is only open for limited hours because customers no longer come in late at night. It has led to slower service delivery. We have also started using electric fans.”
Communication is a constant with John’s regular clientele. The staff coordinate with customers on Facebook. John has also decided to bring the business to his regulars, “We also support our personnel needs by helping with the laundry and delivery. The shop currently relies on delivery modality to remain operational. Finding alternative solutions is necessary to keep the business running.”
Pureza’s shop is her saving grace during the uncertainty, “We need P9,000 for our household expenses and about P7,000 for the store.” The store is a constant for her. Its history in the community mirrors Pureza’s presence and determination, “We reinvest all of our profits into the shop. I’m obtaining inventory through other channels because I want to see my store grow despite the circumstances.”
The city was distributing P2,000 for tricycle drivers which Jhun was unable to collect, “I believe it is because my house is far from the collection point. The local government did provide us with rice and sardines on two occasions. We have also received grocery items from 
Inflation of necessary supplies during a disaster event makes business continuity an even greater challenge. Edwin’s main concern is procuring inventory, “We pick up essential ingredients from outside the local area because of lack of availability. The city’s clustering policy during the lockdown prevents vendors from sourcing some of the vegetables we need from Bukidnon.” The scarcity in supply and increase in price has forced Edwin to shut down despite being able to operate under COVID-19 safety guidelines. “The price of vegetables has inflated by 20 to 30%. Rice and grains have only gone up 10%. However, these cumulative prices make it impractical to continue operations.” The emerging caterer hopes that small businesses will receive the aid they need to carry on after the restriction, “We would appreciate logistical support, availability of supplies from the National Capital Region and other key cities, tax relief, and easing of local cluster market restrictions.”
Keeping their office is the biggest challenge, “Our maintenance cost fluctuates between P5,000 to P10,000 and the rental fee for the office is P7,000. We have used our savings to continue paying the rent and any vehicle maintenance that was necessary.” Shirly also has to consider the family expenses, “My sister works in Hong Kong and has sent us remittance of P20,000 during the lockdown. We were able to use the money for four months of household expenses. If we can resume operations soon, we would only need P5,000 to start functioning again.”
Multiple income-generating opportunities are a proven solution for many small businesses to sustain their needs. The COVID-19 restrictions have limited these prospects to entrepreneurs. Giselle currently works as a cashier for a university. It is the only stable income for the household. The lack of earnings has forced her to take loans, “My husband has a van that he would use for delivery operations. He would regularly work for Lazada but that has also stopped since March.” Loss of revenue sources has multifold consequences for microentrepreneurs. “We have lost around P19,000 a month since the lockdown. We also had an SUV that we would rent out through the Grab app. Unfortunately, we had to give it back to the dealership because we were unable to cover the monthly payment or the driver’s salary.”