Extreme weather event affected over 80,000 farmers across 10 regions.

The Philippine Crop Insurance Corporation (PCIC) has provided an initial estimate of PHP666.7 million in insurance payouts to assist farmers impacted by Severe Tropical Storm Kristine, according to Agriculture Secretary Francisco P Tiu Laurel Jr.

In a report submitted to Tiu Laurel, PCIC president JB Jovy Bernabe outlined preliminary findings from PCIC’s rapid assessment of farms insured through the agency and affected by the storm, which took place between Oct. 22 and 25.

Farm damage caused by Severe Tropical Storm Kristine

According to Bernabe, the storm caused damage to approximately 86,066 insured farmers across 10 regions, with substantial losses occurring in Central Luzon, the Bicol region, and Mimaropa (Region 4B).

The affected crops include rice, high-value fruits and vegetables, and fisheries, with the current breakdown of expected indemnities estimated at PHP413.6 million for rice, PHP167.9 million for high-value crops, and PHP27.7 million for fisheries.

“We have set aside an initial amount of P667 million for insurance payments to around 86,066 farmers,” Bernabe said, noting that PCIC is working to expedite the claims process.

Tiu Laurel emphasised the importance of prompt processing to support the recovery of the agriculture sector, instructing PCIC to take all possible steps to accelerate the payout of insurance claims.

PCIC urged to prepare for further damage assessment

Additionally, Tiu Laurel directed the agency to prepare for further damage assessments due to Super Typhoon Leon, which, according to the Philippine Atmospheric, Geophysical, and Astronomical Services Administration (PAGASA), could still have an indirect impact on agriculture despite being unlikely to make landfall.

PAGASA has warned that the typhoon’s wide reach and high winds could cause coastal surges and increase flood risks.

Tiu Laurel said the Philippine agriculture sector’s recovery pace depends majorly on how quickly support can be delivered to the affected communities.

“That is why I have ordered all agencies of the Department of Agriculture, including attached corporations such as the NFA (National Food Authority) and PCIC, to conduct quick needs assessments so that help can be provided immediately,” he added.

Emergency loans post-Typhoon Carina

Focusing on disaster recovery, the Government Service Insurance System (GSIS) recently earmarked PHP18.5 billion for emergency loans to support members and pensioners affected by Typhoon Carina and the southwest monsoon across the National Capital Region, Batangas, and Rizal.

The Social Security System (SSS) also activated its calamity loan program for members in areas that the National Disaster Risk Reduction and Management Council (NDRRMC) has declared to be under a state of calamity.

Source - https://www.insurancebusinessmag.com