The Department of Agriculture (DA) has turned over partial crop insurance payment amounting to P7.5 million to banana farmers in Nabunturan, Compostela Valley recently.
Through DA’s Philippine Crop Insurance Corp. (PCIC) and Land Bank of Philippines (LBP), the initial checks were released to 58 banana farmers from different cooperatives in Compostela alone.
PCIC Regional Manager Boni–facio Pales said that they are expecting to complete the release of the remaining indemnity checks amounting to P13 million to around 90 banana farmers after a week.
“This is the help of the DA Secretary to those who are hardly hit by Typhoon Agaton early this year,” Pales said.
Agriculture Secretary Proceso Alcala assured the banana growers that DA would be prioritizing the crop insurance program, which will be included in the 2015 budget.
He also asked the LBP to introduce more agricultural insurance and loan programs that would eventually support the livelihood of the banana growers.
This crop insurance program is in partnership of DA’s PCIC and Department of Agrarian Reform to protect the high valued crops and livestock of the farmers against natural calamities.