MI­CRO CROP IN­SUR­ANCE FOR FARM­ERS LAUNCHED

Agriculture - - Relief -

CARD PI­O­NEER Mi­croin­sur­ance Inc (CPMI), a leader in non-life mi­croin­sur­ance, re­cently launched the Binhi Crop In­sur­ance Pro­gram. The prod­uct was de­vel­oped by CPMI and the In­ter­na­tional Fi­nance Cor­po­ra­tion (IFC) to help both farm­ers and mi­cro fi­nance in­sti­tu­tions (MFIs). With the pro­tec­tion of crop in­sur­ance, farm­ers are bet­ter able to weather the ad­verse ef­fects brought about by calami­ties. The risks of the farm­ers are bet­ter pro­tected, thus giv­ing fi­nan­cial in­sti­tu­tions a bet­ter in­cen­tive to lend to these farm­ers.

Geric Laude, CEO and pres­i­dent of CPMI, says, “The good news is that farm­ers are spared from wor­ries be­cause now they can get much needed re­lief and [will be] able to pay back their [loans] in case their crops get dam­aged by ty­phoons or flood. We are also ex­cited to add value to the crop in­sur­ance sec­tor by im­ple­ment­ing our stan­dard of fast and ef­fi­cient claims set­tle­ment.”

The crop in­sur­ance will ini­tially be of­fered to mem­bers of CARD Mu­tu­ally Re­in­forc­ing In­sti­tu­tions (CARD MRI). It aims to reach out to as many as 200,000 farm­ers by end of 2018. Af­ter its pilot run, the Binhi Crop In­sur­ance Pro­gram will be made avail­able to other farm­ers and part­ners across the coun­try.

A joint ven­ture be­tween CARD MRI and Pi­o­neer, CPMI in­tends to de­velop and de­ploy rel­e­vant and af­ford­able non-life mi­croin­sur­ance prod­ucts. IFC, a mem­ber of the World Bank Group, is the largest global de­vel­op­ment in­sti­tu­tion that col­lab­o­rates with the pri­vate sec­tor in de­vel­op­ing coun­tries to cre­ate op­por­tu­ni­ties for all.

Laude adds, “The launch of [the] Binhi Crop In­sur­ance Pro­gram is con­sis­tent with our com­pany’s mis­sion to lend sup­port to the coun­try’s marginal­ized sec­tor. In ef­fect, by sup­port­ing their liveli­hood, we help farm­ers im­prove the qual­ity of their lives.”

As a sym­bol of sol­i­dar­ity, Com­mis­sioner Em­manuel Dooc from the In­sur­ance Com­mis­sion, Dr. Jaime Aris­to­tle Alip from CARD MRI, Yuan Xu from IFC, and Lorenzo Chan, Jr. from Pi­o­neer were present dur­ing the press launch. Mean­while, to rep­re­sent farm­ers, Ray­mundo Floren­cia, re­ceived a pol­icy in the Cer­e­mo­nial Award­ing of the prod­uct.

“Thank you very much. This will greatly help us,” said the farmer rep­re­sen­ta­tive.

From left: Card Pi­o­neer Mi­croin­sur­ance, Inc. (CPMI) CEO and pres­i­dent Geric Laude, In­ter­na­tional Fi­nance Cor­po­ra­tion coun­try man­ager Yuan Xu, farmer rep­re­sen­ta­tives Rey­mundo and Floren­cia Es­calera, In­sur­ance Com­mis­sioner Em­manuel Dooc, CARD MRI founder...

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