“This is the biggest amount that the national government has set aside for premium subsidy in the history of PCIC,” PCIC Senior Vice-President Norman R. Cajucom told BusinessWorld.

He said they are aiming to cover P38 billion worth of farm investments this year and subsidize the premium contributions of 1.1 million farmers.

Of the allotted amount, P1.18 billion will provide full subsidy to farmers in the 20 poorest provinces in the country. These are Abra, Agusan del Sur, Camarines Sur, Davao Oriental, Eastern Samar, Ifugao, Kalinga, Masbate, Mountain Province, North Cotabato, Northern Samar, Romblon, Samar, Siquijor, Sultan Kudarat, Surigao del Sur, Zamboanga del Norte, Zamboanga del Sur, Sarangani, and Apayao. “For areas not included in the 20 poorest of the poor, we also allocated P183 million for rice and corn programs. The premium subsidy is 55% and each farmer beneficiary puts up 45%,”he added.

PCIC President Jovy C. Bernabe said P165 million will go to the three Samar provinces and P50 million to Leyte and Biliran provinces. Some 70,000 farmers in Eastern Visayas are expected to benefit from free insurance.

“After the series of natural disasters in the past two years, we expect that more people will seek protection for their investments. It is now easier for us to convince farmers to participate in crop insurance because they’ve seen the negative impact of calamities,” Mr. Bernabe said.

The Department of Agriculture has also set aside P322 million for rice and corn insurance programs nationwide. The government targets to have 25% of rice and corn farmers insured by 2016, or double the current 12%.

The PCIC last year paid P540 million to about 50,000 insured farmers nationwide for losses caused by natural calamities, accidents, and pests and disease infestations.

Source - http://www.bworldonline.com/