HISTORY

The SEDP - Simbagsa Pag-Asenso Inc. (A Microfinance NGO) is a dynamic and pro-active development institution of the Diocese of Legazpi committed to the total advancement of the entrepreneurial poor that is why the institution introduced the micro-lending that incorporates savings program intended to relieve financial stress and help them secure and even improve the financial status of their families. However, it only addresses relatively simple life cycle events and minor emergencies. The issue on deaths requires a greater level of support so that the involved family does not slide back down the slippery slope of poverty.

SEDP is officially registered with the Securities and Exchange Commission in December 2003. Prior to the official registration with the Securities and Exchange Commission, SEDP Inc. began offering Basic and Credit Life Benefits to its members since 1999 through the Members Mutual Fund (MMF) program. MMF provides loan protection coverage, emergency medical assistance to members, burial assistance to member including members’ dependents financed from SEDP members’ contribution.

MMF was initially designed to cover members’ loan redemption and burial assistance in the case of members and/or dependents death. After several years of program implementation SEDP revisited and revised the Policies and Guidelines defined in Members Mutual Fund (MMF) to better serve the members according to their needs and to respond to the rising adversity experienced by our members during death of one of the family members.

As a result of policy enhancement, in April of 2006 SEDP introduced the Members’ Mutual Benefit Program (MMBP). MMBP policy enhancement includes burial assistance to members including their dependents, loan redemption and refund to members with loan balance at the time of death, and Value-Added Services (VAS) provisions that facilitates enrollment of SEDP members to Philheath, assists members of their Enterprise Development, Scholarship program, and most importantly providing Spiritual Formation activities to members and scholars.

Furthermore, in 2016 the Insurance Commission issued a regulation that prohibits the microfinance institutions of offering an in-house insurance-like program. In compliance SEDP explored and prepared the regulatory requirements to comply with the directive. Fortunately, RIMANSI Organization for Asia and the Pacific Inc. (RIMANSI) which later known as the Microinsurance MBA Associations of the Philippines, a technical service provider that assists microfinance institutions in putting up its own Mutual Benefit Association (MBA) was able to assists SEDP in securing the License to Operate.

Finally, in 2009 the Simbag sa Emerhensya asin Dagdag Paseguro Mutual Benefit Association (SEDP MBA) Inc. was born. SEDP MBA was officially registered with the Securities and Exchange Commission (SEC) on February 17, 2009, as a non-stock, non-profit association and subsequently issued an Insurance License No. 2009-22-0 on August 27, 2009, by the Insurance Commission to operate as Microinsurance Mutual Benefit Association or Mi-MBA.

Simbag sa Emerhensya asin Dagdag Paseguro Mutual Benefit Association Inc. (SEDP MBA) © 2021 | ALL RIGHTS RESERVED

Illustration & Icons by Streamlinehq