The Philippine Crop Insurance Corporation (PCIC) showcased on June 23, 2015 the PCIC Agricultural Insurance Program as a Financial Risk Management and Mitigating Approach of the Philippines to lessen the burden and impact of natural calamities, extreme weather events caused by climate change, and fortuitous events. The event was the International Exposure Study Visit Program on Financial Risk Management and Agricultural Insurance and Guarantee for Sustainable Rural and Agricultural Development conducted by the Asia-Pacific Rural and Agricultural Credit Association (APRACA) and Center for Training and Research in Agricultural Banking (CENTRAB).
PCIC Senior Vice President Norman R. Cajucom and Manager Rodelia A. Pagaddu discussed the background, organizational structure, regular agricultural insurance programs, special agricultural insurance programs, innovative insurance products, 2014 accomplishments, 2015 targets, 5-year insurance production and claims paid, marketing activities and linkages of PCIC.
SVP Cajucom explained that in the last five years of operation, the PCIC experienced an accelerated increase in insurance production and number of farmers and fisherfolk covered due to expansion of PCIC’s regular agricultural insurance programs and special agricultural insurance programs, such as: DA-LBP Sikat Saka Rice Insurance Program, DA-NIA 3rd Cropping Rice Insurance Program, DA-Weather Adverse Rice Areas Crop Insurance Program; Insurance Program for Farmers and Fisherfolk Listed under the Registry System for Basic Sectors in Agriculture (RSBSA); Insurance Program for Farmers Participating in the DA, DAR and LBP Agrarian Production and Credit Program (APCP) and Credit Assistance Program for Program Beneficiaries Development (CAP-PBD); and Insurance Program for Farmers and Fisherfolk directly affected by Typhoon Yolanda. In 2014, PCIC registered a Php 35.0 Billion amount of cover benefitting 915,275 farmers and fisherfolk and paid indemnity claims of Php 735 million to 79,743 farmers and fisherfolk.
There were twenty (20) participants from the following countries: Bangladesh, Cambodia, Nepal, Sri Lanka, Myanmar, India, Vietnam and the Philippines. The Study Program Team was led by Ms. Lecira V. Juarez, Managing Director, APRACA-CENTRAB, and Mr. Marlowe U. Aquino, Project Manager, IFAD-APRACA FinServAccess.