Gov’t Readies P187M for Farmers Hit by Typhoons, Floods

MANILA, Philippines — The Philippine government is preparing P187 million in insurance payouts for farmers and fisherfolk affected by recent typhoons and floods. The Philippine Crop Insurance Corp. (PCIC) and the Agricultural Credit Policy Council (ACPC) are accelerating efforts to provide financing to those hit by the enhanced southwest monsoon and three typhoons. In a statement, the state-owned insurer said it earmarked P187 million to indemnify 24,987 farmers across eight regions, mostly in Luzon, for losses incurred between August 1 and August 26. Central Luzon accounts for the largest number of beneficiaries with 9,636 farmers, followed by another region with 3,874. Rice farmers received the largest share of insurance claims, totaling P132.9 million. Those cultivating high-value crops and corn followed 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. INQ