PCIC pays P1-B indemnity to farmers

The insurance arm of the Department of Agriculture (DA) has released P1 billion in indemnity payment to farmers from January to September following weather disturbances that hit the country.

According to the Philippine Crop Insurance Corp. (PCIC), the payment allowed 130,166 rice farmers and 26,047 corn farmers to restart their operations after farm damage. The money also allowed farmers to minimize financial losses, and prevent the significant disruption in the supply of food in the market.

“Financial assistance is critical especially after such unfortunate incidents. We have to help our farmers replant, to ensure a stable supply and prevent spikes in food prices,” PCIC president and chief executive officer Jovy Bernabe said.

PCIC also aims to further improve its services, process claims more quickly and increase the number of beneficiaries.

It has opened a number of extension offices this year and proposed to hire more people.

“Extreme weather conditions have highlighted the value of crop insurance in recent years. As more farmers and fisherfolks avail of our services, we will make sure the agency has the necessary manpower to serve their needs,” Bernabe said.

For 2018, PCIC targets P65 billion in insurance coverage for some two million farmers, up 30 percent from last year’s P50 billion and 32 percent from the 1.5 million beneficiaries.

This year, PCIC’s main program includes free crop insurance coverage for the two million farmers and fisherfolks with priority given to those listed under the registry system for basic sector in agriculture.

PCIC is providing free crop insurance coverage using the P3.5 billion premium subsidy provided by the government under the 2018 General Appropriations Act.