House OKs stronger crop insurance bill for farmers, fisherfolk – Dy

MANILA, Philippines — The House of Representatives approved, on third and final reading on Wednesday, a bill that seeks to strengthen the Philippine Crop Insurance Corp. (PCIC) so it can broaden its coverage of qualified farmers and fisherfolk against losses from natural calamities; fortuitous events; plant, livestock, and fish diseases; and pest infestations.

HB 10365passed with 201 affirmative votes, zero negative votes, and zero abstentions.

House Speaker Faustino “Bojie” G. Dy III, one of the authors of House Bill No. 10365, stressed on Sunday the importance of the measure, saying: “We need an insurance system that helps our farmers get back on their feet instead of forcing them deeper into debt. This measure will ensure that the people who feed our nation have something to fall back on when disaster strikes.”

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“For a farmer, one typhoon can mean losing the crop, the money spent on seeds and fertilizer, months of labor, and the income the family was counting on. Without adequate protection, one disaster can become years of debt,” he added.

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Dy served three terms as governor of Isabela, one of the country’s major food baskets.

READ: PCIC allots P36m in payouts for farmers affected by flooding

Under the bill, PCIC coverage would extend beyond traditional palay and corn crops to include the following:

• high-value crops
• livestock
• aquaculture and fishery products
• agroforestry crops
• forest plantations

Coverage may also include the following:

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agricultural machinery, equipment, transport facilities and related infrastructure, as well as life and accident term insurance for farmers and fisherfolk.

The measure also provides that agricultural insurance should, as far as practicable, cover production inputs, the market-valued labor of farmers or fisherfolk and their households and hired workers, and a portion of the expected yield.

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The PCIC would also be authorized to do the following:

• offer parametric or index-based and other innovative insurance products
• enter into public-private partnerships, joint ventures, and similar arrangements with agricultural cooperatives, farmers’ associations, and other private-sector participants
• retain government premium subsidies for qualified subsistence farmers cultivating not more than three hectares, subject to periodic review, while requiring that any premium share paid by them remain reasonably affordable

Dy said the expanded protection would help farmers and fisherfolk recover faster and return to production, strengthening both family livelihoods and the country’s food security.

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He pointed out that “insurance is not simply compensation after a loss. It can mean having the resources to plant again, repair equipment, restore a livelihood, and continue producing food for our communities.” /atm