PCIC Releases Over PHP501 Million in Indemnity Claims to Farmers in Western Visayas and Negros Occidental

Strategic Insights -

The Philippine Crop Insurance Corp. (PCIC) has been providing critical financial support to farmers affected by natural disasters and pests in Western Visayas and Negros Occidental. From January to July 31 this year, the PCIC has paid out over PHP501 million in indemnity claims to 125,949 farmers. The majority of these claims, amounting to PHP242.19 million, were for losses due to pests caused by drought. Rice farmers were the most affected, with PHP154.46 million paid out to 39,988 farmers under the PCIC's banner program.

Key Takeaways:

  • The PCIC has released over PHP501 million in indemnity claims to 125,949 farmers in Western Visayas and Negros Occidental from January to July 31 this year.
  • The majority of the claims, worth PHP242.19 million, were for losses due to pests caused by drought, with rice farmers being the most affected, receiving PHP154.46 million.
  • The PCIC has also paid out PHP87.68 million for floods and typhoons, PHP91.94 million for drought, and PHP57.53 million for diseases.
  • The claims covered 76,704 notices of loss (NL) in the last quarter of 2024, and 49,245 farmers since January to July 31 this year.
  • Alicia Arnaldo, officer-in-charge for the Regional Manager of the PCIC Office in Western Visayas, encouraged farmers to always visit their municipal agriculture's office to know about the program and practice best farming practices.
  • The PCIC will continue to accept notices of loss from farmers affected by tropical cyclones Crising, Dante, and Emong, and the southwest monsoon until Aug. 14.

Statistics:

  • PHP500.73 million in indemnity claims paid out by the PCIC since January to July 31 this year.
  • 125,949 farmers in Western Visayas and Negros Occidental received indemnity claims.
  • PHP242.19 million for losses due to pests caused by drought.
  • PHP154.46 million for rice farmers under the PCIC's banner program.
  • PHP87.68 million for floods and typhoons.
  • PHP91.94 million for drought.
  • PHP57.53 million for diseases.
  • 76,704 notices of loss (NL) in the last quarter of 2024.
  • 49,245 farmers since January to July 31 this year.
  • Over PHP15.79 million ready for distribution to 4,105 NLs.

Sources:

  • "PCIC releases over P500M in indemnity claims to farmers in Western Visayas and Negros Occidental" by Philippines News Agency (August 12)