News Details

Crop insurance payouts for victims of ‘Kristine’ to total P666.5 million

NPO

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November 5, 2024

BUSINESS WORLD

TROPICAL DEPRESSION Kristine could trigger indemnification payments for farmers of at least P666.5 million, the Department of Agriculture (DA) said.

In a statement, the DA said that the Philippine Crop Insurance Corp. (PCIC) estimated that 86,066 farmers across 10 regions were affected by the storm.

More than half of the affected PCIC-insured farms are from Central Luzon, the Bicol Region, and Mimaropa.

“The damage was primarily in rice, high-value crops, and fisheries. Expected insurance payments were estimated at P413.6 million for rice, P167.9 million for high-value crops, and P27.7 million for fisheries, PCIC President Jovy C. Bernabe said.

Agriculture Secretary Francisco P. Tiu Laurel, Jr. instructed the PCIC to expedite the processing of the insurance claims to help farmers recover.

“The pace of recovery for agriculture after a disaster like this will be determined by how quickly the government can provide inputs and financial assistance to farmers and fisherfolk,” Mr. Laurel  said. 

Mr. Laurel also called on the PCIC to prepare for potential damage that might be inflicted on by Super Typhoon Leon.

In a bulletin posted on Nov. 1, the government weather service, known as the PAGASA, said Leon has weakened into a severe tropical storm and exited the Philippine Area of Responsibility (PAR).

“Although the weather bureau projects that Leon will not make landfall in any part of the country, it had gale-force winds extending over 600 kilometers from its center and could generate storm surges of up to 12 meters high, which may cause significant damage to the farming and fishery sectors,” DA said.

The Philippines experiences about 20 tropical cyclones each year.

 PAGASA has logged about 12 tropical cyclones entering the Philippine Area of Responsibility. Two are expected to enter PAR this month.