Land Bank of the Philippines and the Philippine Crop Insurance Corp. piloted the disbursement of crop insurance claims through the bank’s prepaid cards to farmers whose crops were affected by calamities and disasters.
“Through our partnership with PCIC, we aim to enhance the delivery of insurance claims and make our banking services more accessible to farmers. This forms part of LandBank’s digital thrust of promoting financial inclusion to make banking more convenient for every Filipino,” said LandBank president and chief executive Cecilia Cayosa Borromeo.
The first batch composed of farmer-beneficiaries from Region 1 received a combined P46,400 worth of initial indemnity claims credited through their prepaid cards on Jan. 30, 2023.
PCIC requested 52,236 prepaid cards and of the total, LandBank has released 34,847 cards to PCIC. The agency will facilitate card distribution to enable farmer-beneficiaries to conveniently receive indemnity claims in succeeding disbursements schedules.
The bank is also ramping-up the card production for 17,389 farmer-beneficiaries nationwide as endorsed by PCIC.
Under a memorandum of agreement signed in April 2022, LandBank agreed to provide prepaid cards and facilitate the timely crediting of insurance proceeds to around 1.8 million farmers registered with the PCIC.