TACLOBAN CITY – After 30 years of partnership, the Philippine Crop Insurance Corporation (PCIC) formally inked a deal with Rural Bank of Dulag (Leyte), Inc.
PCIC president Jovy Bernabe said this is to recognize rural banks that have been acting as underwriter of the state crop insurance agency.
“Our services will only improve faster with the help of rural banks since they have direct contacts with farmers,” Bernabe said.
Natividad Yu, RB Dulag manager, said that crop insurance is one of their strategies to ensure that farmers will have more capacity to repay their loans.
“There is security if farmers have crop insurance but we have to educate them first,” said Yu who has been providing loan with insurance premium to about 800 farmers in Leyte.
“Part of their loan is for crop insurance. That is their security to be able to borrow money. We don’t allow farmers to avail financing without that,” Yu said. The bank has 800 farmer clients in Leyte province.
The bank has been a crop insurance underwriter since 1981 but it was only yesterday that the PCIC formally inked the deal.
RB Dulag started its banking operations in 1978. Its main office is located in Dulag, Leyte. Branches are located in Tacloban City, Ormoc City, Baybay City and Abuyog, Leyte. (SARWELL Q.MENIANO)