PCIC releases P347M in indemnity to calamity-hit farmers —DA

The Philippine Crop Insurance Corporation (PCIC) has released around P347 million worth of indemnity to insured farmers affected by recent natural disasters, the Department of Agriculture (DA) said Thursday.

In a statement, the DA said the amount released by the PCIC will “help rebuild the lives and livelihoods of insured farmers and fisherfolk heavily affected by extreme weather disturbances that hit the country recently.”

The PCIC is an attached agency of the DA. Its principal mandate is to provide insurance protection to farmers against losses arising from natural calamities, plant diseases, and pest infestations of their palay and corn crops as well as other crops.

The DA said the amount released by the PCIC to farmers represents initial payment on the P1.5 billion worth of estimated damage reported by the agency’s clients in its seven administrative regions. 

“The balance are in various stages of processing, and will be released within 10 days following the completion of required documents,” it said.

Damage were reported by around 121,000 insured farmers and fisherfolk whose standing rice, corn, high-value crops, livestock holdings, fisheries, and other assets supporting their operations were affected.  

The PCIC is under strict orders from Agriculture Secretary William Dar to quickly undertake verification and adjustment activities and release the indemnity funds accordingly, according to the DA.

“PCIC has been attending to the needs of farmers and fisherfolk that have been impacted by various adverse geological and climate events this year,” it said.

“These include the Taal Volcano eruption in January and the series of typhoons in the past few months, namely Pepito, Quinta, Rolly, and Ulyssses, that came with either extra-ordinary wind strength or unusual volume of rain that have caused severe flooding,” it added.—AOL, GMA News