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Manila Bulletin devider Business devider DBM releases P900 million for first-quarter crop insurance

DBM releases P900 million for first-quarter crop insurance

Published Apr 7, 2024 06:46 am

In light of the ongoing El Niño phenomenon, the Department of Budget and Management (DBM) has provided P900 million to cover crop insurance premiums for farmers and fisherfolk in the country.

Budget Secretary Mina F. Pangandaman announced on Sunday, April 7, that the funding has been released to the state-owned Philippine Crop Insurance Corp. (PCIC) through a Notice of Cash Allocation (NCA).

Pangandaman said the P900 million allocation is for the first quarter's insurance premiums and is a part of the P4.5 billion Special Allotment Release Order (SARO) for 2024 intended for the PCIC's support and operations.

"In light of the escalating challenges posed by climate change, which heightens the risks to both our economy and food security, it becomes imperative to prioritize the provision of financial security and insurance to empower our farmers and fishermen,” Pangandaman said in a statement. 

“This assistance is intended to help them safeguard their means of living, ensuring they can continue their activities despite unforeseen events," she added.

To recall, President Marcos earlier assured farmers of expanded government assistance in their efforts to secure a sustainable harvest. 

"Ang ating pagtutulungan na mapaunlad ang ating sector ng agrikultura ay isa lamang sa mga pangunahing hakbang tungo sa pagbuo ng isang Bagong Pilipinas— kung saan walang nagugutom at ang lahat ay masigabong kumikilos para sa mas masaganang kinabukasan," the President expressed.

[Our collaboration to develop our agricultural sector is just one of the key steps towards building a New Philippines—where no one goes hungry, and everyone is actively working towards a more prosperous future]

In 2023, the PCIC had provided insurance coverage to over 2.3 million farmers and fisherfolk registered under the Registry System for Basic Sectors in Agriculture (RSBSA), surpassing the target number of beneficiaries by 44,855.

This year, the PCIC's authorized allocation of P4.5 billion under the FY 2024 General Appropriations Act (GAA) is expected to fully fund the crop insurance premiums for more than 2.292 million farmers as planned.

PCIC's primary mandate is to provide insurance protection to farmers against losses arising from natural calamities, plant diseases, and pest infestations of crops as well as against damage to or loss of non-crop agricultural assets including but not limited to machinery, equipment, transport facilities, and other related infrastructures due to perils insured against.

Related Tags

Philippine Crop Insurance Corp. Department of Budget and Management (DBM) Budget Secretary Amenah F. Pangandaman
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