The Provincial Government of Isabela (PGI) and Philippine Crop Insurance Corporation (PCIC) renew the Memorandum of Agreement (MOA) for the implementation of Phase IV of the Bojie-Rodito Opportunities-Paneguro sa Pananim (BRO-PSP) program, a one of the ten priority programs for agriculture sector under the administration of Governor Faustino G. Dy III and Vice Governor Rodito Albano. The program provides the allocation of funds in the amount of Php10.000 million to fully subsidize the farmers’ share on crop insurance premium for two (2) cropping seasons (2012 wet cropping and 2012-2013 dry cropping seasons).
The initial amount of Php7.000 million was remitted to PCIC Regional Office II on June 8, 2012 for the wet season, while the remaining Php3.000 million is reserved for the following dry cropping season. Under the phase IV of the program, some 11,000 marginalized rice and corn farmers tilling not more than one (1) hectare are covered under the crop insurance program for an estimated total amount of insurance cover of Php118.000 million, while around 1,000 fisherfolk in the coastal municipalities are covered under the Accident and Dismemberment Security Scheme with a total sum insured of Php50.00 million.
The BRO-PSP was initially implemented in 2010-2011 dry cropping season with fund allocation of Php3.000 million covering 7,000 farmers, and additional fund allocation of Php5.000 million for the succeeding two cropping seasons (2011 wet cropping and 2012-2012 dry cropping seasons), benefitting almost 9,000 farmers.
To date, PCIC has already paid Php8.351million for claims indemnity directly to 3,137 farmer-claimants for the past three (3) cropping seasons since the initial MOA was signed on September 2, 2010.