PCIC allocates P571M in insurance payouts for typhoon-hit farmers – BusinessWorld Online
The Philippine Crop Insurance Corp. (PCIC) set aside an initial P571.3 million to cover crop insurance payouts to farmers affected by Typhoon Tino (international name: Kalmaegi) and Super Typhoon Uwan (Fung-wong), according to the Department of Agriculture (DA).
The DA said about 65,176 insured farmers in 14 regions were affected by the two typhoons, based on PCIC reports. Initial assessments indicate losses of around P147.3 million for rice, P55.6 million for corn, and P224.3 million for high-value crops.
Some P119.4 million in payouts will likely go to the Bicol Region, which recorded the highest number of claimants at 10,958.
Agriculture Secretary Francisco P. Tiu Laurel, Jr. was quoted in a statement as saying, that a wider crop insurance coverage is becoming increasingly critical as climate change drives more frequent and severe weather events.
“Hopefully, more of our agricultural stakeholders can be covered by the PCIC so the sector can better cope with disasters,” he said.
Based on the latest figures from the DA, damage to agriculture caused by the two typhoons totaled P4.13 billion, including P3.17 billion from Uwan and P968.16 million from Tino.
The combined losses from the two typhoons totaled 19.2 million metric tons in crop output, affecting 43,882 hectares of agricultural area and about 84,357 farmers and fisherfolk. — Andrei Vonn E. Villamiel
