State-run Philippine Crop Insurance Corp. (PCIC) on Monday said that it is ready to respond to claims by insured farmers in Luzon, whose rice and corn crops were damaged by the recent typhoons and southwest monsoon.
PICC, the lone agricultural insurance firm in the country, has assessed damage to insured farms in four regions—including the Cordillera Administrative Region and Region 1 (Ilocos), Region 3 (Central Luzon) and Region 4 (Calabarzon)—and has set aside some P110 million in indemnity for the affected farmers.
In a report to Agriculture Secretary Proceso Alcala, PCIC said that its initial assessment showed that crops in some 25,971 hectares of insured farms, tilled by 20,382 farmers, were damaged by southwest monsoon.
The PCIC assured the affected farmers that payment of their claims would be released in 20 days or less, after these have been filed.
The most affected crop sector was rice, where over 25,878 hectares tilled by 20,287 farmers, were damaged. Cost of crop loss was estimated at P109 million. The corn sector sustained damage in some 93 hectares tilled by 95 farmers. Loss was estimated at P853,000.
James Konstantin Galvez