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PIA Press Release
2009/10/08

Insuring risks eyed to mitigate losses from natural calamities

Tacloban City (October 8) -- The onslaught of Ondoy and Pepeng, which caused the damage of agricultural crops, property and even lives of many, brings to fore the importance of Risk Management for food security.

The tropical storm 'Ondoy' struck an area focused on agriculture, resulting in a nearly 120 million U.S. dollars loss in crops. In some areas, every the ready to harvest rice was destroyed.

The Philippine government has come up with a range of risk management programs for farmers and other agricultural stakeholders such as price stabilization measures, typhoon and/or drought relief, livestock and feed subsidies, fertilizer and other input subsidies as well as subsidized crop insurance schemes.

Crop insurance is a risk management mechanism designed to even out agricultural risks and blunt the consequences of natural disasters to make losses, especially to the marginalized farmers, more bearable.

Starting April up to December 31, 2009, the Philippine Crop Insurance Corporation has been offering 20% premium discount for participating rice farmers.

To make the crop insurance program more affordable to the subsistence rice farmers, the Department of Agriculture Regional Field Office Unit 8 has included the provision of crop insurance whereby the DA Regional Field Office shoulders 50% of the remaining insurance premium.

This means that if the premium is P890, if 20% is discounted the premium to be paid is only P712. With the Department of Agriculture subsidizing 50% of the remaining premium, the farmer will only have to pay P356.

The rice farmer's premium share, therefore, for every P10,000 worth of insurance coverage is P356 only. The maximum P20,000 sum insured per hectare for rice farmers that will avail of the DA premium subsidy.

In case of crop damage due to typhoon, flood, landslide, drought, earthquake, volcano eruption, crops pests and diseases, the assure farmer must file a Notice of Loss within ten days from the occurrence of loss.

The farmer will then be left with nothing but he could immediately start to replant soon after the calamity because they can claim for damages from the PCIC. (PIA 8) [top]

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