Nearly 81,000 agricultural producers in Western Visayas have already received P488 Million in indemnity this year, for the loss of their crops and other assets that have been insured with the PCIC.

The losses have been attributed to various causes, but largely due to pest and diseases, drought and flooding that occurred in the region from January of this year. 

About 212 of these farmers were awarded checks worth a total of P1.176 Million in a simple ceremony attended by newly installed Agriculture Secretary William Dar in Jaro, Iloilo City on 24 September 2019.

Rice farmers dominated the claimant-awardees.   They accounted for 80.64% of the total number, or 56,103 of the total 80,730 farmers, fisherfolk and agricultural producers, and received 79.91% of the funds paid, or P390 Million out of the total P488 Million.

Records at the PCIC-Regional Office VI show that of the P488 Million indemnity payments, P138 Million was paid out for standing crops damaged by drought, P279 Million by pests and diseases; and P48 Million by typhoon and flooding.  Ten million (P10 Million) was paid out for loss of livestock and P4.5 Million for damaged to fisheries and non-crop agricultural assets and credit and life-term insurance claims.

PCIC paid the insurance through its quick-turnaround payment system that cuts processing period from the reglementary 60 days to only 20 days. 

PCIC-RO VI has enrolled 335,543 farmers, fisherfolk and agricultural producers in the various insurance programs thus far this year.  The number is expected to significantly increase at the start of the main cropping season that starts in October.

PCIC is the sole agricultural crop insurance firm in the country. It operates insurance programs covering, rice and corn, fisheries, livestock, high-value crops, non-crop agricultural assets, credit, and life-term insurance for the producers and their families.