Saturday, October 31, 2015

PCIC SETS ASIDE P732-M FOR TYPHOON LANDO-AFFECTED FARMERS

The Philippine Crop Insurance Corp. (PCIC) has set aside some P732 Million to compensate insured farmers for losses they incurred due to Typhoon Lando.

The typhoon’s strong wind and heavy rain wreaked havoc on ready-to-harvest rice, corn and high-value commercial crops in over much of Luzon Island for several days starting on October 17.

A rapid assessment conducted by the PCIC’s regional offices over seven regions and 34 provinces, including Luzon’s island-provinces, showed that some 95,000 hectares of insured farms, owned or operated by 110,000 farmers, were damaged.  

Total indemnity payment required was estimated at some P732- Million.  

In a report to Agriculture Secretary Proceso J. Alcala, PCIC President Jovy C. Bernabe said he has issued strict instruction to his agency’s staff “to assist affected farmers and speed up processing of damage claims in less than the 20-day regulation period.”

The same PCIC report showed that the rice sector suffered the most, with 89,786 farmers tilling some 77,165 hectares posted an estimated loss of over P513 Million. The high-value commercial crops sector followed, with 17,793 farmers and about 16,863 hectares posting an estimated loss of over P116 Million. Corn came in third with 391 farmers and over 415 hectares affected, with total estimated damage at P1.640 Million.

Among the regions, the most affected in terms of number of farmers were Region I, with 40,226 farmers affected; followed by Region III, 32,715; and then Region II, 10,568. In terms of hectarage, most affected was Region III, with some 32,793 hectares of mostly rice lands destroyed; followed by Region I, 22,058 hectares; and Region II, 12,085 hectares. In terms of estimated losses, Region III topped the list with almost P385.684 Million; followed by Region I, P126.404 Million; then Region IV-A, P81.106 Million; Region II, P66.649 Million; Region IV-B, 37.799 Million; and Cordillera Administrative Region, P14.594 Million.

Crop insurance has been identified as one of the key climate change-adaptation measures by the Department of Agriculture, which also exercises supervision over the PCIC. Toward this end, the PCIC has embarked on a program to broaden the availability of its insurance products. From less than half a million covered farmers some three years ago, the PCIC has expanded the number of insured farmers to 917,814 by end of last year, and plans to increase further its coverage to breach 1,000,000 mark this year.  

An effective insurance program marked by quick indemnity payments allow the insured farmers to recoup a significant portion of the investments lost due to regular and extreme weather disturbances, which in turn allow them to immediately rehabilitate their farms. # Source - (Allan Retamar, PCIC)/www.da.gov.ph

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