The Iloilo provincial government has allocated PHP10 million to help close the insurance coverage gap among farmers and fisherfolk who are not covered by the Department of Agriculture’s subsidized insurance program.
Office of the Provincial Agriculturist Acting Head Geron Magbanua said Friday the fund was transferred this week to the Philippine Crop Insurance Corp. (PCIC) under the province’s Sustainable Insurance of the Government for Upscaling and Revitalizing Agri-Fishery Development and Opportunity (SIGURADO) program.
The allocation will cover farmers and fisherfolk who are registered in the Registry System for Basic Sectors in Agriculture (RSBSA) but were not included in the subsidized insurance program.
Magbanua said about 80 percent to 90 percent of those listed in the RSBSA receive insurance coverage funded by the PCIC, leaving a gap of about 10 percent.
“More or less, there is a 10 percent gap, so we have to close the gap,” he said in a phone interview.
He said some farmers may not be covered because of land ownership concerns, because they work as farm workers or alternates, or because they are not interested in obtaining insurance for personal reasons.
Magbanua said the provincial government previously provided financial assistance to farmers affected by calamities, but the release of aid took time because of processing requirements.
With PCIC insurance, indemnity claims can be released in about two months, he said.
The PCIC also invited the provincial government to participate in its partnership insurance program because of the strong demand for coverage in Iloilo, Magbanua said.
The provincial government allocated PHP15 million for the program in 2023, followed by PHP10 million each in 2024 and 2025. The latest allocation will be used until the fund is exhausted this year.
Iloilo has more than 200,000 farmers, excluding fisherfolk, with the total number of beneficiaries across other agriculture and fishery sectors estimated at about 250,000, Magbanua said.
Another component of SIGURADO is life insurance coverage for job-order agriculture technicians, although the details are still being finalized. (PNA)
