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Manila Bulletin devider Business devider PCIC allocates P500M for disaster-affected farmers, fisherfolk

PCIC allocates P500M for disaster-affected farmers, fisherfolk

Published Dec 30, 2023 08:21 am

At A Glance

  • The Philippine Crop Insurance Corp. (PCIC) has allocated P500 million as credit support for 2024 under its Survival and Recovery Loan Program.<br>The loan program could assist up to 20,000 borrowers impacted by calamities such as the El Niño phenomenon<br> Disaster-affected small farmers and fisherfolk in declared calamity areas can access up to P25,000 per borrower at 0% interest through the ACPC's SURE Loan program<br>The loans, aimed at funding rehabilitation of farming and livelihood activities, are disbursed through ACPC's partner lending conduits<br>The Department of Agriculture, along with other agencies, is implementing measures to mitigate the impact of the expected prolonged dry spell on food production<br> Interventions include repairing and rehabilitating irrigation canals, cloud-seeding, dispersal of farm animals, provision of alternative livelihoods for farmers and fishermen, implementation of low-water-use technology for rice farming, and a quick-turnaround strategy

The Department of Agriculture (DA) has announced that small farmers and fisherfolk facing potential disasters next year will be able to access financial assistance.

Agriculture Secretary Francisco P. Tiu Laurel Jr. said the Philippine Crop Insurance Corp. (PCIC) has allocated P500 million as credit support for 2024 under its Survival and Recovery (SURE) loan program managed by the Agriculture Credit Policy Council (ACPC).

Laurel said this loan program could assist up to 20,000 borrowers who might be impacted by calamities such as the El Niño phenomenon.

Under the SURE loan program, disaster-affected small farmers and fisherfolk in declared calamity areas can access up to P25,000 per borrower at zero interest.

The loans, aimed at funding rehabilitation of farming and livelihood activities, are disbursed through ACPC's partner lending conduits, such as cooperatives, nongovernment organizations, associations, rural banks, or cooperative banks.

“The Philippine Crop Insurance Corp. [PCIC] has been tasked to indemnify affected farmers, and between June and November this year has insured 1.27 million farmers, around 76 percent of the target group,” Laurel said.

Sometime around January to June 2024, Laurel said the PCIC will insure P1.8 billion to 916,759 or nearly a million farmers and fishermen.

Last Friday, the DA chief said that they, along with other agencies within the Interagency Task Force on El Niño, have begun implementing measures to lessen the impact of the anticipated prolonged dry spell on food production.

These interventions include repairing and rehabilitating irrigation canals, cloud-seeding, distributing farm animals, providing alternative livelihoods for farmers and fishermen, promoting low-water-use technology for rice farming, and implementing a quick-turnaround strategy.

“We are leaving no stones unturned in our effort to ease the impact of El Nino on our farmers and fishermen as well as consumers,” Laurel said.

“by ensuring food production is sufficient, and supply is secure during the expected dry spell that could affect a majority of provinces and millions who depend on agriculture and fisheries,” he added.

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Francisco Tiu Laurel Jr. AGRICULTURE SECRETARY Department of Agriculture
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