The Iloilo provincial government has turned over P10 million to the state-owned Philippine Crop Insurance Corp. (PCIC) to expand insurance protection for farmers and fisherfolk vulnerable to losses from El Niño, La Niña, typhoons, pest infestations and other calamities.
Gov. Arthur Defensor Jr., Provincial Administrator Raul Banias and Provincial Agriculturist Geron Magbanua led the turnover of the check to PCIC Region 6 officials on Tuesday morning, Sept. 1, for the implementation of the province’s Sustainable Insurance of the Government for Upscaling and Revitalizing the Agricultural Development and Opportunities (SIGURADO) program.
The allocation will finance insurance coverage for beneficiaries of the provincial government’s agriculture and fishery projects and programs, providing farmers and fisherfolk financial protection against livelihood losses caused by unforeseen events.
The provincial government launched the SIGURADO program in 2024, when Defensor allocated P15 million for its pilot implementation.
Under the program, the Provincial Agriculture Office (PAO) facilitates the registration with PCIC of qualified farmers who are not yet covered, with the provincial government paying the P2,000 insurance premium.
Once insured, farmers whose crops are damaged by calamities may receive up to P20,000 in insurance benefits from PCIC, depending on the corporation’s assessment of the damage.
Defensor said the provincial government traditionally sets aside funds every year to assist farmers affected by calamities.
To make the assistance more systematic and increase the benefits available to farmers, however, the province decided to facilitate the registration of unregistered farmers with the Department of Agriculture’s Registry System for the Basic Sectors in Agriculture (RSBSA), enabling them to avail themselves of PCIC crop insurance.
The insurance mechanism could also reduce the need for municipalities to declare a state of calamity simply to extend financial assistance to farmers, since insured beneficiaries can claim compensation for qualified losses.
Defensor assured that the SIGURADO program would continue because it has already been embedded in the PAO’s programs for the agricultural sector.
Coverage is not limited to rice farmers. The program also covers corn and other high-value crop growers, fisherfolk and other agriculture and fishery sectors that may suffer losses from calamities.
The initiative is intended to strengthen the financial safety net of Iloilo’s agriculture and fishery communities as extreme weather and other disasters continue to threaten their livelihoods.
Source - https://www.panaynews.net
