CARD Pioneer launches crop insurance for farmers
Non-life insurer CARD Pioneer Microfinance Inc. has urged farmers to get a crop insurance under the Binhi Crop Insurance Program.
The microinsurance program was conceived with the International Finance Corp., the investment arm of the World Bank, to help farmers and micro finance institutions maintain crop insurance, the Manila Times said.
Since the risks of the farmers are better protected, financial institutions can more confidently lend to them. In turn, farmers will be able to pay back their loan even if their crops are damaged by typhoons or flood.
The insurance is expected to cover to as many as 200,000 farmers by end of 2018. It will be replicated to other farmers after. The program is will support farmers’ livelihood and improved the quality of their lives.