Gov’t readies P187m for farm losses
With farm losses reaching billions of pesos, the Philippine Crop Insurance Corp. and the Agricultural Credit Policy Council (ACPC) are accelerating efforts to provide financing to farmers and fishers hit by typhoons and flooding.
In a statement, the state-owned insurer said it earmarked P187 million to indemnify farmers affected by flooding and other damage from three typhoons and the enhanced southwest monsoon.
Payments will be made to 24,987 farmers across eight regions, mostly in Luzon. This covers losses incurred between Aug. 1 and Aug. 26.
The majority of beneficiaries are located in Central Luzon, accounting for 9,636 farmers. Central Luzon followed with 3,874.
Rice farmers accounted for the largest share of insurance claims, totaling P132.9 million.
Those cultivating high-value crops and corn came next with P42.1 million and P9.3 million, respectively.
Meanwhile, the ACPC said it is simplifying access to emergency funding for affected farmers and fisherfolk by offering zero-interest, collateral-free loans that could be credited on the day of approval.
Eligible farmers and fisherfolk may secure up to P35,000 in loans, payable over as long as three years, through its Calamity Loan Component of its Agri-Recover Program.
“The program is designed to provide quick working capital to help affected producers restart farming, fishing and other livelihood activities after disasters disrupt production,” the ACPC said in a statement.
The ACPC said it pared down the requirements to speed up access to credit, allowing the same-day crediting of approved loans.
Applicants need only to be registered with the Registry System for Basic Sectors in Agriculture and have a valid bank or financial account where approved loan proceeds can be deposited.
