The Department of Agriculture (DA)-Philippine Crop Insurance Corporation (PCIC) on Thursday said it is set to launch a parametric insurance program that seeks to innovate and expedite insurance claims among rice farmers.

In a statement, Agriculture Secretary Francisco Tiu Laurel Jr. said the innovative system would help “reduce losses and accelerate recovery” among local farmers during extreme weather disturbances.

“Timely release of insurance claims keeps farmers engaged in production. It provides not just financial support, but a real lifeline during times of distress. This is in line with the vision of President Ferdinand R. Marcos Jr. of a food-secure nation and a resilient, modernized farming sector,” he said.

In particular, the PCIC will use a cutting-edge insurance model system to compute compensation within three to five days after a storm exits.

PCIC President Jovy Bernabe emphasized that the program will complement, not replace, the current indemnity-based insurance and is expected to be piloted during the upcoming wet harvest season between September and October.

“This innovation will usher in a faster and more objective claims settlement system that not only protects farmers during climate-related calamities but also strengthens the resilience and sustainability of our agricultural sector for years to come,” he said.

Instead of “time-consuming” field inspections, the PCIC’s parametric insurance program will utilize remote sensing technologies for the measurement of wind velocity during the onslaught of typhoons.

Its georeferenced farm data will also be integrated with satellite imagery for verification, while available weather information on typhoons’ direction and intensity will be used for the assessment of areas affected.

Its pilot test, meanwhile, is expected to be rolled out for the upcoming wet harvest season, which typically starts by mid-September to October.

Source - https://www.pna.gov.ph