The Department of Budget and Management (DBM) has authorized the issuance of a special allotment release order amounting to P4.5 billion and its corresponding notice of cash allocation of P900 million for the first quarter of the year to cover the crop insurance premium of subsistence farmers and fisherfolk in the country.
In a statement, the DBM said the Philippine Crop Insurance Corp.’s (PCIC) authorized appropriation of P4.5 billion under the 2024 General Appropriations Act is expected to cover the full cost of crop insurance premiums of over 2.292 million targeted farmers.
“In light of the escalating challenges posed by climate change, which heightens the risks to both our economy and food security, it becomes imperative to prioritize the provision of financial security and insurance to empower our farmers and fishermen,” Budget Secretary Amenah Pangandaman said.
“This assistance is intended to help them safeguard their means of living, ensuring they can continue their activities despite unforeseen events,” she added.
In 2023, the PCIC was able to insure more than 2.3 million farmers and fisherfolk listed under the Registry System for Basic Sectors in Agriculture.
This exceeded the target number of beneficiaries by 44,855.
The corporation’s primary mandate is to provide insurance protection to farmers against losses arising from natural calamities, plant diseases and pest infestations of crops as well as against damage to or loss of non-crop agricultural assets including, but not limited to, machinery, equipment, transport facilities and other related infrastructures due to perils insured against.
