PCIC teams up with GCash for digital payouts
The Philippine Crop Insurance Corp. (PCIC) has partnered with e-wallet platform GCash to fast-track indemnity payments to insured farmers nationwide.
A memorandum of agreement signed between PCIC, an enterprise under the supervision of the Department of Agriculture (DA) and the Ayala Group’s GCash formalized their partnership on streamlining the payout system.
“In line with the government’s financial inclusion agenda, this initiative provides farmers with easy access to financial tools and services, even in remote areas,” the DA said in a statement over the weekend.
“It envisions to uplift agricultural communities and ensure resilience, inclusivity and innovation for farmers nationwide,” it added.
Inefficient system
The accord aims to eliminate delays and address inefficiencies associated with issuing physical checks by depositing payments directly into farmer-beneficiaries’ GCash accounts using the latter’s Funds Disbursement Service (FDS).
FDS is a GCash self-service disbursement tool that allows the release of funds to GCash accounts in real time.
GCash’s digital ecosystem will be introduced to insured farmers, enabling them to save, invest and access microfinancing tools for resilience and financial growth.
“This innovation not only aligns with the government’s goal of financial inclusivity but also supports PCIC’s push for digitalization and process efficiency,” PCIC president Jovy Bernabe said.
“Your commitment to this partnership demonstrates our shared goal of empowering the agricultural sector through innovation. Together, we are paving the way for a more resilient and financially inclusive future for our farmers and fisherfolk,” Bernabe said.
PCIC is the implementing agency of the government’s agricultural insurance program. Its mandate is to provide insurance protection to farmers against losses arising from natural calamities, plant diseases and pest infestations of their palay, corn and other crops.
The state firm also protects insured farmers against damage to or loss of noncrop agricultural assets, including but not limited to farm machines, equipment, transport facilities and other related infrastructure.
PCIC offers insurance products that cover rice and corn crops, high-value crops, noncrop agricultural assets, livestock, fisheries and credit as well as life term.
