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Manila Bulletin devider Philippines devider National devider House panel OKs bill providing crop insurance for farmers, fisherfolk, boosting PCIC

House panel OKs bill providing crop insurance for farmers, fisherfolk, boosting PCIC

Published Dec 7, 2020 05:35 pm

The House Committee on Government Enterprises and Privatization chaired by Parañaque City Rep. Eric Olivarez has approved a consolidated measure seeking to provide crop insurance for farmers and fisherfolk and strengthen the financial and organizational capacity of the Philippine Crop Insurance Corp. (PCIC).

Bataan Rep. Jose Enrique "Joet" Garcia III moved for the approval of House Bills No. 2649, 3858, and 7627 as a consolidated measure. Garcia’s motion was seconded by House Assistant Majority Leader and Rizal  Rep. Fidel Nograles.

AAMBIS-OWA partylist Rep. Sharon Garin, main proponent of HB 7627, asked his colleagues to support their proposals, which seek to amend Presidential Decree 1467 or the law creating the PCIC. 

“It is about time for us to look into this. The typhoons are erratic and insurance is the  only way for them (farmers, fisherfolk)  to survive this and hopefully, that it will help in the food security of our country,” she said, citing that the estimated damage brought about by typhoon “Quinta" and super typhoon “Rolly" had reached P 5.5 billion.

"If our farmers are happy, then we have a happy country,” she stressed. 

The consolidated measure seeks to extend insurance coverage not only for farmers but also to fisherfolk. 

It also expands coverage to other types of crops that can be insured by the PCIC, from rice and corn only, to include high value commerce crops, livestock, aquaculture and fishery, agroforestry, and forest plantations. 

Garin noted that the bill also authorizes the PCIC to extend  life and accident insurance coverage for farmers, fisherfolk, and their dependents. 

The bill seeks to strengthen the PCIC by increasing its authorized capital stock from P2 billion to P10 billion.

Increasing PCIC’s capital stock will help mobilize the assistance granted to small farmers and fisherfolk and cater to their needs more effectively, Garin said. 

The bill mandates the PCIC to insure properties and facilities of the government used in agriculture-fishery-forestry projects, including reinsurance coverage underwritten by private and government insurance companies.

Likewise, this bill increases the penalties against persons who institute spurious crop insurance claims or allow others to do so.

“A strengthened PCIC will be able to further protect the interest of farmers and fisherfolk by providing them insurance protection against losses, thus, helping stabilize the income of agricultural producers and promoting the flow of credit in the countryside,” Garin said.

Officials of the Department of Agriculture (DA) and the National Economic and Development Authority (NEDA) have expressed full support to the passage of the bill. 

Other principal authors of the bill are  Pangasinan Rep. Tyrone Agabas, and COOP-NATTCO partylist Rep. Sabiniano Canama. 

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