Farmers to be given free climate-based crop insurance
Senator Cynthia Villar, Chairman of Senate Committee on Agriculture and Food, is now pushing for a law that will give farmers free climate-based crop insurance.
Villar said the law, which will also scrap the distribution of calamity funds to farmers, is now being drafted and is hoped to be passed by the end of the year.
The bill aims to strenghten the resiliency of small farmers against climate change and extreme weather risks by establishing the regulatory framework and program for a free weather index-based crop insurance.
Villar said that instead of farmers asking the Department of Social Welfare and Development (DSWD) for calamity funds, they will just have to claim for an insurance coverage from participating insurance firms once a calamity hit their farms.
Bohol 3rd District Representative Arthur C. Yap is also currently pushing for a slightly similar measure in the Congress.
To recall, the former Agriculture Secretary has earlier filed House Bill No. 3560 or an “Act mandating the Philippine Crop Insurance Corporation (PCIC) to offer index-based insurance coverage and allowing it to engage in reinsurance.”
He also sought P10 billlion in additional funding for the PCIC, way above its current budget of P2 billion, to expand the farmers’ crop insurance coverage.