The Philippine Crop Insurance Corp. (PCIC) said it will release P93.8 million in indemnity to farmers in three regions affected by Typhoon Julian.
The compensation will cover losses incurred by 10,781 insured farmers cultivating rice, corn and high-value crops in the Cordillera Administrative Region (CAR), Region I and Region II.
Agriculture Secretary Francisco Tiu Laurel Jr. emphasized the importance of swift indemnification to support farmers’ financial recovery and bolster confidence in the PCIC.
“We need to immediately indemnify our farmers to restore their financial health so they can quickly recover from this calamity. Fast-tracking the release of their insurance claims will foster confidence in the PCIC among our farmers and encourage more investors in agriculture,” he said.
The agency said of the affected farmers, 6,585 are from Region I, 2,355 from CAR and 1,841 from Region II.
The majority of the damage, estimated at P62.3 million, occurred in Region I, with rice farms accounting for the most significant losses at P51.3 million.
PCIC president Jovy Bernabe assured the DA of the prompt provision of assistance to the affected farmers and expedite the processing of their damage claims.
