He noted that storms and flooding can severely disrupt farmers’ finances, destroying not only their expected income but also the money invested in seeds, fertilizer and other agricultural inputs.
“We need an insurance system that helps our farmers get back on their feet instead of forcing them deeper into debt. This measure will ensure that the people who feed our nation have something to fall back on when disaster strikes,” Dy said.
Under House Bill 10365, lawmakers seek to amend the PCIC charter to expand insurance coverage and protect more farmers and fisherfolk from losses caused by natural disasters.
The measure also seeks to strengthen and broaden the agricultural activities and risks that may be covered by the state-run insurer amid changing conditions in the agriculture sector.
“For a farmer, one typhoon can mean losing the crop, the money spent on seeds and fertilizer, months of labor, and the income the family was counting on. Without adequate protection, one disaster can become years of debt,” Dy said.
The Isabela lawmaker stressed that agricultural insurance should go beyond compensating farmers and fisherfolk for their losses. It should also provide them with the means to resume production, including replanting crops and repairing damaged equipment.
Dy said protecting agricultural livelihoods would also strengthen the country’s food security by allowing producers to recover more quickly from disasters.
“When our farmers and fisherfolk are protected, they will recover faster. When they recover faster, our food production will be more stable,” he said.
