The Philippine Crop Insurance Corp. (PCIC) announced over the weekend that it may soon release at least P666.5 million in indemnity funds to support farmers affected by Severe Tropical Storm Kristine.
PCIC president JB Jovy Bernabe said a rapid assessment of PCIC-insured farms identified 86,066 farmers impacted by the storm across ten regions, with the majority in Central Luzon, the Bicol Region and Mimaropa (Region 4B).
The primary losses were in rice, high-value crops and fisheries, with estimated insurance payouts of P413.6 million for rice, P167.9 million for high-value crops and P27.7 million for fisheries.
“We have set aside an initial P667 million for insurance payments to around 86,066 farmers,” Bernabe said.
Agriculture Secretary Francisco Tiu Laurel Jr. urged the PCIC to expedite the processing of insurance claims and maximize assistance to help farmers recover swiftly from the disaster.
He also directed the PCIC to prepare for the disastrous impact of super typhoon Leon.
“The speed of recovery in agriculture after a disaster depends on how quickly the government can deliver financial aid and inputs to farmers and fisherfolk. That’s why I’ve instructed all agencies under the Department of Agriculture, including attached corporations like the NFA [National Food Authority] and PCIC, to conduct swift needs assessments so help can be delivered without delay,” Tiu Laurel said.
