ILOILO CITY, April 25 (PNA)– The Philippine Crop Insurance Corporation (PCIC) under the Department of Agriculture launched Friday an insurance program for crop lands in Western Visayas with an allocation of Php 30 million for full insurance premium subsidy for marginalized farmers and fisherfolk whose agricultural crops and livelihood were damaged by typhoon Yolanda last November 2013.
DA-PCIC Acting senior vice president Norman Cajucom said the amount will hopefully cover the insurance premium subsidy in Iloilo, Capiz, Aklan, Antique and Guimaras.
Typhoon-affected farmers and fisherfolks are enjoined to see their respective municipal agriculture officer for possible inclusion in the list to avail of full insurance premium subsidy.
Similarly, the PCIC board of directors also approved full premium subsidy of Php 50 million in Region 8 covering the provinces of Leyte, Southern Leyte and Biliran and another Php 8 million for Region 7 covering the provinces of Cebu, Bohol and Negros Oriental.
Cajucom said the insurance subsidy targets some 25,000 farmers and fisherfolks in Region 6 with a maximum of Php 2,000 insurance premium each beneficiary.
The municipal agriculture offices in the provinces are currently updating their listing of typhoon-affected farmers to avail of the free insurance premium.
Cajucom said that President Benigno Aquino III had ordered the release of Php 1.83 billion government subsidy for subsistence farmers and fisherfolks and for government financing institutions to assist the affected farmers.
On the other hand, PCIC Reg. Dir. Charlito Brilleta disclosed that PCIC had already paid Php 20 million worth of crop insurance claims in 2013 and another Php 11 million worth of claims in the first quarter of 2014.
Under the new program, the utilization of full government premium subsidy will cover the underwriting policies that include the coverage of rice, corn, high value crop, coconut, livestock, non-crop agricultural assets, fisheries, and term-life accident and dismemberment security scheme.
For crops, the farmer must be tilling not more than seven hectares while for livestock like cattle, carabao, horse, swine, goat and sheep, the coverage must be under the non-commercial mortality insurance category.
Coverage in fisheries include inland fishpond with a maximum of 5,000 square meters; mariculture parks and offshore fishcage and pen for a maximum of 100 square meters; and seaweed farm with a maximum of 500 square meters.
Non-crop agricultural assets include fisheries with a maximum of three units of fishing boats and fish cage and pen facilities within the allowed area; livestock such as poultry, piggery, house or stable used for housing of animals; and farming that covers a maximum of three agricultural equipment and machines used in farming operations.
The term insurance covers subsistence farmers and fisherfolks under the accident and dismemberment security scheme with an amount of Php 50,000 per farmer or fisherfolk.
The insurance program starts April 1, 2014 until December 31, 2014 or upon full utilization of the premium subsidy fund.(PNA)