Palawan offers crop insurance payout to farmers

Palawan offers crop insurance payout to farmers | Daily Tribune

Despite being the backbone of our food system, Filipino farmers face constant risks, ranging from typhoons and droughts to pests and crop diseases. While crop insurance is available to offer protection, claiming the benefits quickly and conveniently remains a significant challenge, especially for farmers in geographically isolated and economically disadvantaged areas.

Last year, the Philippine Crop Insurance Corporation (PCIC) insured more than 4.2 million farmers to the tune of P141.56 billion. However, many insured farmers could not access their payouts due to limited banks in rural communities. They spend on transportation to reach the nearest bank where they can get the payout while others are forced to rediscount their checks at unreasonable rates.

To support and protect the nation’s most essential yet vulnerable workforce, the Palawan Group of Companies and the PCIC have signed a memorandum of agreement (MoA) to enhance the delivery of crop insurance payouts and expand financial access for millions of local farmers.

Under the MoA, Palawan Group’s nationwide network of more than 3,500 pawnshop and remittance branches, which remain open even on weekends and holidays, will serve as convenient locations to claim crop insurance benefits. The group’s digital wallet app, PalawanPay, will also be made available to farmers to receive funds, pay bills and manage transactions from their mobile devices, without the need for traditional bank accounts.

PCIC president Atty. Jovy C. Bernabe, who signed the MoA together with Palawan Group co-founder and deputy chairman Angelita M. Castro, said accessible and inclusive crop insurance disbursement will ensure that “our farmers receive their benefits in a faster, cheaper and more convenient way” while being spared from the cost of encashing or rediscounting checks.

“We’re proud to partner with PCIC and serve our underserved communities. We believe this collaboration marks the beginning of a broader rollout of meaningful, inclusive solutions that benefit Filipino farmers everywhere,” Castro said.

‘BrickTech’

Through its “BrickTech” approach of blending physical accessibility with digital convenience, the Palawan Group is helping modernize the way government services reach the people. This initiative of shifting toward a more responsive, technology-driven public service delivery bridges the gap between government support and the communities that need it most.

Lisa Lou Castro-Sabado, chief business development officer of the Palawan Group, describes the partnership with PCIC as a shared mission to uplift and protect the nation’s farmers.

“Our farmers work tirelessly to feed the nation, yet their livelihoods remain among the most fragile. With PalawanPay, we’re building a bridge that connects farmers to the fast, reliable disbursement of insurance claims — reliable, dependable, and trustworthy service that reaches every corner of the Philippines,” Third Librea, CEO of PalawanPay, said.

As climate-related risks and financial inequality continue to affect the agricultural sector, this partnership between the Palawan Group and PCIC is a timely and crucial step forward.

Palawan Group also aims to strengthen its role in promoting financial inclusion by continuing to grow its services and digital innovations designed for farming communities. By leveraging insights from the partnership, the group plans to explore new collaborations, make transactions easier, and offer financial tools that match the changing needs of Filipino farmers.

One of the fastest-growing financial institutions in the country, the Palawan Group is the market leader in the industry with over 70,000 branches, Pera Padala outlets, and PalawanPay Money Shops nationwide. Its wide range of services include pawning, domestic and international remittances, microinsurance, bill payment, electronic mobile phone loading, cash-in and cash-out of e-wallets, money exchange, ATM withdrawal, and cash disbursements. Additionally, the company sells jewelry and gold bars, catering to customers looking to invest in valuable assets.

Meanwhile, the PalawanPay app provides access to other financial services, including bill payments, mobile load top-ups, and scan-to-pay QR Ph codes. The app also features integrated functionality for pawn renewal, purchasing jewelry and gold items, ProtekTODO personal insurance, and claiming international remittances.