P10 million set for farm insurance

ILOILO — Thousands of farmers and fisherfolk in Iloilo who remain outside the government’s subsidized agricultural insurance program are set to gain coverage as the provincial government moves to close the gap with a P10-million insurance fund.

The allocation was transferred this week to the Philippine Crop Insurance Corp. (PCIC) under the province’s Sustainable Insurance of the Government for Upscaling and Revitalizing Agri-Fishery Development and Opportunity program, according to Geron Magbanua, acting head of the Office of the Provincial Agriculturist.

The fund will cover farmers and fisherfolk listed in the Registry System for Basic Sectors in Agriculture (RSBSA) but not included in the subsidized insurance program.

Magbanua said 80 to 90 percent of RSBSA-listed beneficiaries are already covered by PCIC-funded insurance, leaving about 10 percent without coverage.

“More or less, there is a 10 percent gap, so we have to close the gap,” Magbanua said.

He said some farmers are excluded due to land ownership issues, their status as farm workers or alternate beneficiaries, or their decision not to obtain insurance.

The initiative also aims to provide faster financial recovery following disasters.

Magbanua said the province previously provided direct financial assistance to calamity-hit farmers, but aid could take time to release because of documentary and processing requirements. Under agricultural insurance, indemnity claims could be released in about two months, he said.

The PCIC invited the province to participate in its partnership insurance program amid strong demand for agricultural insurance in Iloilo.