Farmers will better hedge against crop damage by pests or natural disasters under the Binhi Crop Insurance Program launched by non-life insurer, CARD Pioneer Microinsurance Inc.
The International Finance Corp. and the insurer conceived the program to help farmers and micro finance institutions maintain crop insurance. Since the risks of the farmers are better protected, financial institutions can more confidently lend to them.
Geric Laude, CEO and president of CPMI said “farmers will be able to pay back their loan even if their crops are damaged by typhoons or flood. We assist the crop insurance sector by fast and efficient claims settlement.”
Initially, the crop insurance will be offered to members of CARD Mutually Reinforcing Institutions, and then it will reach out to as many as 200,000 farmers by end of 2018. After its pilot run, the program will be made available to other farmers and partners across the country.
Laude added that “the launch of Binhi Crop Insurance Program is consistent with our company’s mission to lend support to the country’s marginalized sector. In effect, by supporting their livelihood, we help farmers improve the quality of their lives.”
“Thank you very, very much. This will greatly help us,” said Raymundo Florencia, who represented the farmers. Florencia received the policy in the ceremonial awarding of the product witnessed by Insurance Commissioner Emmanuel Dooc, Dr. Jaime Aristotle Alip from CARD MRI, Yuan Xu from the IFC, and Lorenzo Chan, Jr. from Pioneer.
A joint venture between CARD MRI and Pioneer, CPMI develops relevant and affordable non-life microinsurance products. The IFC, a member of the World Bank Group, is the largest global development institution that collaborates with the private sector in developing countries to create opportunities for all.