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Friday, May 31, 2024

DBM releases P4.5b to cover crop insurance

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The Department of Budget and Management (DBM) has released P4.5 billion to cover the crop insurance premium of farmers and fishermen in the country.

Budget Secretary Amenah Pangandaman ordered last March 19 the release of P4.5 billion and its corresponding notice of cash allocation for January to March 2024 in the amount of P900 million to the Philippine Crop Insurance Corp. (PCIC).

Pangandaman said the allotment was meant to assist the agriculture sector cope with the impact of the El Niño dry spell and other natural challenges.

“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,” Pangandaman said in a statement.

“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 state-run PCIC, mandated to provide insurance protection to farmers, was able to insure more than 2.3 million farmers and fishermen listed under the Registry System for Basic Sectors in Agriculture, overshooting the target number of beneficiaries by 44,855.

For this year, the PCIC’s authorized appropriation of P4.5 billion under the 2024 budget is expected to cover the full cost of crop insurance premiums of over 2.292 million farmers.

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