23 December 2021
Luther Romeo Salting
Acting Senior Vice President
PCIC ready to pay insured farmers and fisherfolk P828.072 Million for Typhoon Odette damages
The Philippine Crop Insurance Corporation (PCIC) stands ready to indemnify insured farmers and fisherfolk for crops, animals and other farm properties damaged in the wake of Typhoon Odette.
Initial estimates made by the PCIC put the amount of farm losses among insured farmers and fisherfolk at around P828.072 Million.
The amount represents first estimate of damage largely to standing rice, corn and high-value crops (HVC) in over 63,695 hectares of farms in 28 provinces and six regions. Other losses include livestock and non-crop agricultural and fisheries assets, mostly small boats or bancas. The damage is subject to further validation by the field personnel of PCIC.
The number of insured farmers and fisherfolk affected stands at 79,217, about 89% of whom come from the Visayas.
Among crops, HVC sustained the greatest damage, at 47% of the total estimate, or P389.206 Million. Rice accounted for nearly 17%, at P140.691 Million; and corn, nearly 12% at P99.129 Million. By size of farms affected, rice topped the list with 28,809 hectares of damaged crops; HVC with 19,156 hectares; and corn, 15,730 hectares.
Among the regions, Central Visayas (Region VII) suffered the most with cost of damage estimated at P464.565 Million, or 56.1% of the total estimate; followed by Western Visayas (Region VI), with P173.119 Million, 20.91%; and Eastern Visayas (Region VIII), with P90.159 Million, 10.89%. Caraga (Region XIII) sustained estimated losses at P75.299 Million, over 9% of total estimated damage; MIMAROPA (Region IVB), P18.173 Million, 2.19%; and Northern Mindanao (Region X), P6.757 Million, less than 1%.
PCIC has a standing order to the regional and head office staffs to ensure quick payment for all damage claims, especially in times of widespread calamity.
PCIC indemnifies its insured farmers and fisherfolk within 20 working days from the date of filing of notice of loss, provided these are properly supported by documents. This time frame is much shorter than the 60 days allowed by law.
Typhoon Odette roared through the six regions from December 16, when it made landfall in Siargao Island, bringing strong winds with speed from 195kph to 260 kph and torrential rain. It was the 15th and the strongest typhoon in the country this year.