The Philippine Crop Insurance Corporation (PCIC) has a PHP1 billion available indemnification fund to pay for the losses incurred by farmers following the onslaught of typhoons Rolly and Quinta, the Department of Agriculture (DA) said on Tuesday.
“The farmers only need to coordinate with their respective regional government offices for assistance,” Roy Abaya, DA director for field operations service, said in a virtual conference.
Farmers with registered farmlands may avail of the crop insurance, he added.
Other than the PCIC, the Agricultural Credit Policy Council (ACPC) will provide those affected by the calamity with PHP25,000 from their Survival and Recovery (SURE) loan program.
At present, ACPC has a standby fund of PHP300 million wherein a loan of up to PHP25,000 (PHP5,000 for emergency and PHP20,000 for recovery) will be provided, with zero interest and no collateral payable in 10 years, Abaya said.
DA’s quick response fund (QRF) also maintains some PHP400 million, he said, adding that farmers can avail of this by presenting their damage reports.
“Depende kung ano ang nasira sa kanila (Depending on what was damaged in their properties), we can provide,” he said.
As of noon of November 3, DA recorded some PHP2.56 billion losses in the agriculture industry.
“These financial assistance are on top of the available reserve seeds that will be distributed to the affected farmers,” Abaya added.
On Monday, DA Secretary William Dar said they will be facilitating the distribution of 133,000 bags of rice seeds and 17,545 bags of corn seeds for replanting.
For the livestock and poultry industry, DA will also shoulder the distribution of medicines and biologics. It will also provide small ruminants and native chickens to those heavily affected by the calamity.
For the fisheries sector, the agency is readying some 10 million pieces of tilapia and milkfish fingerlings as well as fishing gears and paraphernalia for distribution. (PNA)