The Philippine Crop Insurance Corporation (PCIC) has tied up with the Provincial Government of Capiz to insure the farm investments of the province’s rice farmers against natural calamities and pests and diseases.
Some 5,000 rice farmers tilling approximately 5,000 hectares of farmland will be provided insurance protection under the local government-initiated program called “Viable Insurance for Capiz Farmers” or the VIC Farmers Program. The farmers are from the province’s 16 municipalities as well as Roxas City, the provincial capital.
The VIC Farmers Program provides “multi-risk rice crop insurance,” which provides insurance cover that ranges from P10,000 to P15,000 per hectare. The insurance policy is bundled with accident and dismemberment security scheme insurance package worth some P50,000. It is an innovative disaster mitigation and risk transfer strategy for the farm sector.
The program was launched on April 14, 2012 in a ceremony witnessed by Agriculture Secretary Proceso J. Alcala. During the program, Capiz Governor Victor A. Tanco presented PCIC President Atty. Jovy C. Bernabe a symbolic check worth some P3.22 Million representing the premium subsidy under the program.
The PCIC has embarked on forging ground-breaking partnerships with Local Government Units to insure en masse more farmers and fisherfolk and boost farming. An innovative strategy, this partnership not only provides LGUs a viable strategy for carrying out its mandated frontline services to farmers and fisherfolk, but also leverages their limited funds for agricultural and fisheries services. On the part of the PCIC, the partnership shores up its premium income.
Other provinces that have forged similar schemes with PCIC are Cebu, Negros Occidental and Isabela.