The Filipino farmers can look forward to more government support. The House
Committee on Appropriations finally approved the funding provision of a
bill tht will strengthen the Philippine Crop Insurance Corporation of PCIC.
With the approval of more funding for the Philippine Crop Insurance
Corporation, the agency will now strengthen its capability to give farmers
additional government support for enhanced agricultural production. The
Revised Charter of the Philippine Crop Insurance Corporation was initiated
to ensure food security, intensify agri production promote agri credit and
effectively broaden the coverage of mandatory crop insurance. The
substitute bill amending a provision of this bill is more beneficial to our
The Filipino farmer and fisherman will now be covered with life and
accident term insurance. The Board of Directors of PCIC will determine
this. As to the crop insurance, this will be worth the amount of the
production inputs, the value of the labor of hired workers, and a portion
of the projected value of the crops.
According to sources, the new bill is seen to improve the capability of
banks and other financial institutions to give loans to farmers and
fisherfolks. Insurance provided by PCIC will also cover government-financed
agrifishery, forestry projects nd government-owned properties and
facilities used for these projects. Reinsurance coverage for these
properties and facilities under the private ad government insurance
companies will also be ensured by PCIC. However, PCIC will require the
participation in crop insurance of all palay growers and other crops vital
to food security. Under the supervised credit program, all farmers securing
production loans under the supervised credit program will also be required
to participate in crop insurance.
As for self-financed farmers, they too will be covered if they put
themselves under the supervision of agricultural-production technicians.
Subsistence farmers who are cultivating not more than 7 hectares of
farmlands and fishermen cultivating not more than five hectares of
fishpond, sea weed oyster or mussel farms will be given premium subsidy
from the government. The premium rates, according to PCIC president Jovy
Bernabe will be reasonably affordable.